VTB, 1st Russian bank to open branch in India

VTB Bank on Tuesday became the first Russian Bank to open its full service branch in the country to service corporate clients.

"The branch will mostly serve corporate clients and is designed to contribute to forging foreign trade relationship between Russia and India," VTB Bank Deputy Chairman Titov Vasily told reporters in New Delhi.

As the estimate, the branch assets in New Delhi are to exceed $ 50 million by the end of this year with equity amounting to $ 27 million, he said. Next year the branch assets likely to double to over $ 90 million, he added.

Russia's second largest lender has been operating in the country through its representative office in Delhi since 2005. Currently, two Indian banks -- State Bank of India and Canara Bank combine and ICICI Bank has branches in Russia.

Speaking on the occasion of opening of branch Russian Deputy Prime Minister Alexander Zhukov said, "I am sure that other Russian Banks will follow suit and open branches in the country." Sber Bank (the largest bank of Russia) would soon begin operations in India, he said.

Vasily said, with opening up of the branch in the country, the VTB Bank can offer banking services to Russian customers and their Indian partners, both within the existing and scheduled projects.