Russia’s Sberbank studies possibilities for opening office in India

Business Materials 13 February 2008 23:32 (UTC +04:00)

( Itar -Tass) - Russia's Sberbank (Savings Bank) is studying possibilities for opening an office in India, Sberbank's CEO German Gref told reporters on Wednesday.

"We have a series of meetings with members of the government," he said, adding that the bank management plans to meet with representatives of the National Reserve Bank and the Finance Ministry.

"All of them supported Sberbank's presence on the Indian market," Gref said.

In March, the relevant documents will be submitted to the National Reserve Bank to receive permission, Prime Tass economic news agency said.

Currently, Sberbank is engaged in the talks with a consultant who will determine the list of the most in-demand services on the market of India, Prime Tass said.

In Gref's words, Sberbank will opt for a gradual entry into the Indian market, Prime Tass said.

Gref did not rule out that the bank would offer services to Indian retail customers, Prime Tass said.