Russian VTB Bank to Shut Its Only Office Branch in India

Posted on:23 Mar 2017 09:52:58
Russian VTB Bank to Shut Its Only Office Branch in India
23 March 2017 Current Affairs: The Russian VTB Bank has announced its intention to close its only office in India as part of its ongoing cost optimisation strategy.

However, the bank will continue operations in the country and further develop their partner and client network in the country.

The VTB Bank was launched in India in New Delhi in April 2008. The branch holds an Indian banking licence for transactions in national and foreign currencies.

 Russian government is the majority shareholder of VTB Bank with 60.9 percent of the voting shares.

The Delhi branch focused on trade financing, foreign exchange transactions, corporate lending, settlement and cash services, and opening Rouble accounts for Russian tax residents operating in India.

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