Sberbank, which processes the largest share of India-Russia trade payments, is also looking at channelling rupee surplus of its investors into government securities, said Herman Gref, CEO and chairman of the executive board.
The bank is also considering the export of gold to India, having secured a licence to do so. It’s also examining entry into the education and healthcare sectors.
“We have a full banking licence here… we will expand our business in a step-by-step manner over the next three years. We will ramp up B2B business and enter into the B2C segment,” Gref said.
Gref is part of the delegation accompanying Russian President Vladimir Putin, who’s in the country for the 23rd India-Russia Annual Summit. The bank, which established its India operations in 2010, has sought Reserve Bank of India approval to open more offices.
“We have requested the central bank here to grant 10 branch licences,” Gref said.
It currently has two branches and an IT unit in Bengaluru that serves as an in-house data processing centre. It plans to set up another one in Hyderabad, he said. Over the next three years, the bank plans to invest a few hundred million dollars across various verticals, including the data centre as well as an office building.
Besides, it also intends to offer its customers a facility to invest in Indian government securities, which provide a stable return.
“We have plans to invest in government securities as an institution and also bring investors,” said Gref.
* Sberbank and JSC First Asset Management on Thursday launched their debut India mutual fund, offering Russian retail investors exposure linked to the performance of the NSE Nifty 50.