OREANDA-NEWS. Sberbank is strengthening economic ties between the countries of the Eurasian Union and India. Sberbank’s Indian branch together with its subsidiary bank BPS Sberbank (Belarus) signed a trilateral agreement with major Indian investment group SUN Group Enterprises Private Limited at the Saint Petersburg International Economic Forum.

As part of the agreement, the parties plan to contribute to the development of Russian and Belarusian enterprises operating in India. Notably, Sberbank in partnership with SUN Group will provide financing to localise manufacturing as part of the Make in India programme. In addition, the parties plan to contribute to the expansion of settlements in national currencies and provide corporate and trade financing to enterprises.

"The Indian market is one of the most prospective ones given the rapid growth and size of the country’s economy, but at the same time it is one of the most complicated for doing business. Our goal is to help clients of Sberbank Group achieve success in India, by providing high-quality financial services there," said Head of Sberbank’s Indian branch Alexey Kechko.

"We expect synergy from our cooperation with Sberbank to support Russian and Belarusian companies in developing industrial projects in India. It is a special pleasure for us to announce cooperation with the largest Russian bank on the day of the visit of India’s Prime Minister to the Russian Federation," said Shiv Vikram Khemka, Vice Chairman of SUN Group.

"The growing Indian market is a possibility for Belarusian enterprises to extend their presence. We feel very enthusiastic about developing our mutual cooperation and hope that we will see the establishment of new Indo-Belarusian joint ventures soon," said Chairman of BPS Sberbank Sergey Inyushin, commenting on the agreement.