Squire, Sanders & Dempsey partners Andreas Fillmann (Financial Services) and Karl M. Walter (Corporate) have advised and represented Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on obtaining a banking license for a branch in Germany – VietinBank’s first overseas banking license and the first Vietnamese bank branch in Germany.
Established in 1988, after being separated from the State Bank of Vietnam, VietinBank is one of the two largest commercial banks of Vietnam and the country’s largest listed lender. VietinBank’s total assets account for over 20 percent of the market share of the whole Vietnamese banking system. VietinBank's growth in 2010 was 50 percent in both total assets and revenue, and its profit in the first half of this year has jumped 81 percent to nearly 3 trillion dong (US$150 million).
The German Federal Financial Supervisory Authority (BaFin) has now formally issued the banking license for VietinBank. In this complex application procedure, which marks a significant market first and a new development for VietinBank and the Vietnamese banking system, Squire Sanders is proud to have advised VietinBank and to assist the bank in its future development in Germany and abroad.
Andreas Fillmann and Karl M. Walter commented: “This is a major new step for VietinBank and we were delighted to be involved at every stage of the process. With our global reach and the depth of our banking and corporate expertise we were well placed to advise the bank on this important project which will provide a significant platform for its commercial operation and expansion in Europe and beyond.”
Squire, Sanders & Dempsey (UK) LLP