Sberbank considering various opportunities for organic growth in India, does not plan to acquire banks there - Gref
NEW DELHI. Sept 11 (Interfax) - Sberbank plans to grow organically in India, and does not intend to invest in banking assets for explosive growth, the head of the bank Herman Gref said.
"We do not seek to acquire other players. We want to grow organically together with the business of our clients - Russian and Indian. We have no plans to compete with the largest banks of India," Gref said at a briefing in New Delhi.
"We do not want to jump. We strive to grow together with our countries, to develop relations between our states," he said.
Sberbank operates in India through branches.
"We are a bank, we bring Russian investors to the Indian market. Everything that is of interest to Russian business is also important for Sberbank. Besides, we serve as a kind of bridge connecting Indian companies with the Russian market," he said.
Sberbank is capable of financing large-scale projects of the two countries by virtue of its size, and would be glad to take part in them together with two countries' investors, Gref said.
All problems in conducting settlements between Russia and India have been resolved, he said.
"We have created a significant buffer for the continuity of business processes. The system is ready for dynamic growth of trade between our countries. Previously there were problems with 'stuck' rupees, but now we have found effective ways to use them. This is no longer a problem for our trade turnover," he said.
The focus is now on increasing Indian exports to Russia, but attention is also being paid to the growth of Russian exports to India, he said.
Sberbank is also currently negotiating with Indian partners on creating a special IT platform that will allow Indian companies to obtain more information about development prospects on the Russian market (about potential partners, regulation and so on), Gref said.
"We want to create a digital ecosystem for companies from Russia and India," he said.
