Sberbank charts major India expansion plan

RUSSIA'S MAJORITY STATE-OWNED Sberbank is preparing a major expansion in India and plans to seek regulatory approval within three years to convert its existing branches into a wholly owned subsidiary, CEO Herman Gref said.

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The lender, which is the key intermediary in rupee-ruble settlements and facilitates nearly 65-70% of Indian exports to Russia, aims to transform into a full-fledged bank in India over the next decade. With Russia maintaining a trade surplus in billions of US dollars in rupee, the bank’s expansion will help the Russian investors deploy the money gainfully in India.