Sberbank, a Russia-based state run retail bank, is all set to become the second Russian bank to launch its branch in India after VTB bank – reported Business Standard. Reportedly, it is opening a branch in New Delhi as part of its plans to expand its footprint in emerging markets.
It has been reported that Sberbank, which accounts for about 25% of assets and clsoe to 33% banking capital in Russia, is eyeing India and China to generate about 5% of net income outside Russia over the next five years. The bank, along with Canada’s Magna International had recently offered to acquire a 55% stake in Adam Opel GmbH (Opel) from General Motors.
Reportedly, the bank had applied for license with India’s banking regulator, RBI to open a fully operational branch in New Delhi. It is now finalising some formalities for obtaining banking licence and hiring staff.
