Russian bank VTB has decided to close its only office in India as part of its 'ongoing cost optimisation strategy', but will continue operations in the country.
VTB Bank had launched its New Delhi branch in April 2008. The branch holds an Indian banking licence for transactions in national and foreign currencies.
"We have decided to close our Indian office as part of our ongoing cost optimisation strategy. We will continue our operations in the Indian market and further develop our partner and client network in the country," VTB said in a statement.
It, however, added that the Indian commodities market remains a priority for VTB Group.
"We also see potential in investment banking in India following the successful transactions VTB has already completed in the country," the release said.
The Russian government is the majority shareholder of VTB Bank, with 60.9 per cent 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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