Finance
Russian Bank | Bangladesh Russia's largest bank wants to open a branch in Bangladesh
Dhaka, July 21: Sberbank, Russia's largest bank, has shown interest in opening a branch in Bangladesh. Bank authorities say they want to open a branch in Bangladesh to facilitate bilateral trade and start transactions in alternative currencies to the dollar.
According to a report by the British news agency Reuters on Thursday, Sberbank authorities have already held two discussions with Bangladesh Bank regarding the opening of the branch.
Anatoly Popov, Deputy Chairman of the Executive Board of Sberbank, said that all the conditions and possibilities of opening banking services are being reviewed at the request of Russian clients doing business with Bangladeshi companies.
An official of Bangladesh Bank said that no final decision has been taken in the initial two meetings. The bank has asked about the legal conditions and required documents for opening a branch. In the second phase of the meeting, a list of information to be provided to open branches of foreign banks in Bangladesh has been informed to Sber Bank. In addition, the conditions are also stated.
A senior Bangladeshi official said that the government is also involved in taking the decision to open branches of foreign financial institutions as well as complying with banking regulations. For this reason Sberbank authorities have been advised to contact through the Ministry of Foreign Affairs of Russia.
Amatula Khanova, press attaché of the Russian embassy in Dhaka, said that the embassy does not have any official information to inform the media. A formal decision will be announced. Sberbank has received permission to set up an IT office in Bangalore, India. Moreover, a branch of this bank has been operating in India since 2010.
The new hub launched in India will play a role in the development of IT. In addition, 200 experts will be appointed there, said Sberbank authorities.
Sberbank was hit by US sanctions shortly after Russia launched a "military operation" in Ukraine in February 2022. Moreover, the bank was also withdrawn from the European market. According to experts, Russia is now looking for its trading partners in Asia as the West turns its back. And as a result of that, Sberbank is thinking seriously about conducting banking activities in India and Bangladesh.
