First Russion Bank to open a branch in India

Reserve Bank of India has given permission to Russia's VTB Bank to open a branch in India. The bank will be the first Russian bank with a branch not only in India, but in the whole of Asia.

The branch will open in New Delhi by the end of the year 2008. Opening of a VTB branch in India would help boost trade between the two countries.

VTB and its subsidiaries (VTB Group) is a leading Russian banking group that has operations in the CIS (Commonwealth of Independent States) countries, Western Europe, Asia and Africa. Additionally, the bank has a regional representative, the joint Vietnamese-Russian Bank in Hanoi.

VTB Bank's main shareholder is the Russian government with a 77.5 percent stake.

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