Gazprombank opens office in India.

20/12 Tass 109

NEW DELHI, December 20 (Itar-Tass) - Russia's major Gazprombank on
Monday announced the opening of its office in India. The presentation
ceremony was held within the fourth Russian-Indian forum on trade and
investment with the participation of RF Deputy Prime Minister Sergei
Ivanov, as well as the leadership of Russian and Indian major companies
and banks.
"For the development of Russian-Indian cooperation it is necessary to
improve the financing of mutual trade," Ivanov stressed. "The introduction
of payment-settlement mechanisms based on the existing credit lines and
financial guarantees of credit institutions of our countries already
yields results, but so far supports only a small part of the trade
turnover." According to the deputy prime minister, the opening of
Gazprombank's office in India is particularly important in this connection.
The office will focus on representing Gazprombank's interests and
promotion of its products on Indian financial markets. One of the first
transactions after the opening of the office will be the organisation of
financing of MTS India company (Sistema Shyam Teleservices in Indian
rupees equivalent to 200 million US dollars. The money will be provided
during next year for the implementation of the company's investment
programme.
-0-ezh/ast


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