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Russia's largest bank to open branch in Delhi

business Updated: Sep 14, 2009 19:50 IST

PTI
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Russia's oldest and largest state-run retail bank - Sberbank -- will shortly open its branch in New Delhi as part of a strategy to expand in the emerging markets.

The Reserve Bank of India last month had cleared Sberbank's application for opening a fully-operational branch in New Delhi. Currently, Sberbank (Savings Bank) is completing formalities for obtaining the banking license and hiring staff.

Established in 1841, Sberbank is the largest credit institution in Russia and the former Soviet Union, accounting for about a quarter of the aggregate Russian banking assets and a third of banking capital.

Under the new strategy, the Bank plans to build a foothold in India and China to generate about 5 per cent of net income outside Russia by 2014.

Recently, General Motors agreed to sell its Opel assets to a consortium of Sberbank and Canadian Magna. According to the Banker magazine, as of July 1, 2009, Sberbank was ranked 38th in the world in terms of Tier 1 capital.

Earlier, Russia's number two state-owned VTB bank had opened a branch in India.