VTB to open first Indian branch

Vneshtorgbank (VTB), the state-run Russian Bank has decided to open its first Indian branch by mid-February 2008, as reported by The Times of India. VTB’s president Andrei Kostin mentioned that the opening is scheduled to be around February 12 to coincide with the inauguration of Year of Russia in India and 2nd Indo-Russian Business Forum in New Delhi. India’s central bank Reserve Bank of India has accorded VTB a liscense to operate in India, while the Russian government has also given its nod. Presently, VTB is a 10.6% stakeholder in Alrosa which is worth approximately $357 million.