Russia’s Sberbank CIB delivers first batches of gold to India

MOSCOW, Feb 3 (PRIME) -- Sberbank (Switzerland) AG, part of Sberbank CIB – the corporate and investment arm Russia’s top bank Sberbank, has delivered the first batches of gold bars to India, Sberbank said in a statement on Friday.

Sberbank (Switzerland) AG delivered the gold bars to the Indian cities of Jaipur and Mumbai on January 27 and to New Delhi on Monday, January 30, to the Indian corporate clients authorized by the local Commerce and Industry Ministry to carry out operations with precious metals. In total, Sberbank CIB plans to deliver 20–25 tonnes of gold to 20 Indian cities in 2017.

The company also plans to launch export operations with silver “at the end of the first quarter of 2017.”

“We are gradually expanding our international presence, and entrance to the Asian markets is another serious step in this direction,” the company said quoting Sberbank CIB head of the global markets department Andrei Shemetov as saying.

“Last autumn, we received the status of an international member of the Shanghai Gold Exchange…The entrance to the Indian precious metals market, the world’s second largest market by demand for gold after China, is of the highest importance for an increase of the scale of our trade operations.”

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