We study the analog of semi-separable integral kernels in H of the type K(x,x′)={F1(x)G1(x′),F2(x)G2(x′),a<x′<x<b,a<x<x′<b, where −∞≤a<b≤∞, and for a.e.\ x∈(a,b), Fj(x)∈B2(Hj,H) and Gj(x)∈B2(H,Hj) such that Fj(⋅) and Gj(⋅) are uniformly measurable, and ∥Fj(⋅)∥B2(Hj,H)∈L2((a,b)),∥Gj(⋅)∥B2(H,Hj)∈L2((a,b)),j=1,2, with H and Hj, j=1,2, complex, separable Hilbert spaces. Assuming that K(⋅,⋅) generates a Hilbert-Schmidt operator K in L2((a,b);H), we derive the analog of the Jost-Pais reduction theory that succeeds in proving that the modified Fredholm determinant det2,L2((a,b);H)(I−αK), α∈C, naturally reduces to appropriate Fredholm determinants in the Hilbert spaces H (and H⊕H). Some applications to Schrödinger operators with operator-valued potentials are provided.