By NNN-PTI
Mosco : In a move that, if successful, could provide ICICI Bank a faster penetration into the Russian market, Moscow Bank of Reconstruction and Development today said it is in talks with India’s largest private sector lender for a tie-up to sell products like mortgage loans.
“We are talking to ICICI Bank. The deal may be finalised soon and we feel this will be a win-win situation for both the banks,” MBRD Chairman Sergey Zaytsev said.
ICICI Bank had set up shop in Russia in 2006 and was second Indian Bank to launch operations here after State Bank of India and Canara Bank opened their joint venture.
“While nothing specific has been finalised, ICICI Bank in Russia, on continuous basis, explores options for tie-ups and collaboration,” ICICI Bank spokesperson told PTI.
Zaytsev said initial discussion with ICICI Bank are in the area of mortgage loans and co-operation can be enhanced to other areas later.
Asked whether MBRD — in which Russian conglomerate Sistema has a majority stake of 91 per cent — would also be dealing in home loans, an area of expertise for ICICI Bank, Zaytsev said they are not active in this segment and mortgage loan was the mainstay.
To a question on the timeframe by when the agreement would be signed, he said various rounds of discussions have been held and a formal decision is expected soon.
Zaytsev said that the tie-up would provide ICICI Bank a facility to expand in various regions of Russia and MBRD has large scale operations across Russia and other CIS countries.