Sentro Group said it has acquired a majority stake in a Russian bank, World of Privileges, for an undisclosed sum. The acquisition of 50.001 per cent ownership in the 29-year-old, post-Soviet era lender is aimed at facilitating rupee-ruble trade, as per an official statement.
The group said it is eyeing to ease transactions between the two countries, as trade and commerce grows with India becoming a preferred supplier of goods for Russia.
“We wish to partner with Indian banks and other financial institutions for mutual Nostro/Vostro accounts, and the bank wants to expand its services through broker licence, targeting retail investor from Russia to invest in Indian market through FPI licence and other legal methods,” the group’s Founder and Chairman Naveen Rao said.
The vision is to support the ruble/rupee payments for Russians visiting India and Indians travelling to Russia, using Indian and Russian settlement systems like UPI, RU pay card, another senior official said.
At present, the bank is engaged in providing services to CIS countries nationals, and wishes to expand in India, CIS, Saudi Arabia and the UAE.
Source: Economic Times