Sberbank’s headquarters in Moscow. Credit: Igorkhait via commons.wikimedia.org.

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Russian banking group Sberbank is planning to open another office in India by 2023, news agency TASS reported, citing Sberbank deputy CEO Anatoly Popov. 

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Popov revealed the bank’s plans while speaking to reporters on the sidelines of the Eastern Economic Forum.

Sberbank executive said the bank is planning to open one more office in India on the back of expanding cooperation between Russia and India. 

The move is also aimed at catering to the growing demand for banking products from Sberbank’s clients including exporters. 

The new office is expected to be in Mumbai, the business capital of India. 

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Sberbank has already approached a local regulator seeking permission to open the office. 

Popov said the lender is in the course of coordination, including with the Indian Ministry of Finance and expects to open new office as early as 2023. 

Sberbank’s existing office is in New Delhi and the bank has been operational in the country for over 12 years. 

The development comes as the bank faces blocking sanctions after Russia invaded Ukraine in late February this year. 

The sanctions have pushed the bank to pull back from several markets. 

Most recently, the lender sold its Kazakhstan subsidiary to government-backed financial holding Baiterek. 

Announcing the deal, the bank said: “Sberbank has decided to exit the Kazakh market owing to the current geopolitical situation and acting in the interests of the subsidiary bank’s clients.”

The bank has also agreed to sell Sberbank (Switzerland) to m3 Groupe Holding.