New Delhi, July 2023, Sber has organized an M&A deal in respect of an Indian company for a Russian client, enabling the Russian company to enter the Indian market by acquiring a functioning business in its sector.
All settlements between the parties were carried out on the basis of a letter of credit issued by Sber via its branch in India. Sber has also committed to supporting the transaction by organizing logistics, legal documentation, and translation into English.
This is the first time the bank has carried out a Russian-Indian M&A deal with payment via a letter of credit. The transaction was completed in just one month, which is several times faster than the average time for such operations.
Anatoly Popov, Deputy Chairman of Sberbank’s Executive Board” As part of its international agenda, Sber is actively expanding operations in India: we are rapidly building both the size of the business in our India branch and the range of financial tools available to our clients. Sber is a reliable partner for relationships between Russian and Indian counterparties. In particular, using letters of credit for settlements guarantees the safekeeping of funds and security of payments.”
PJSC Sberbank is Russia’s largest bank and a leading global financial institution. Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the key lender to the national economy and one of the biggest deposit takers in Russia. The Government of the Russian Federation represented by the Ministry of Finance of the Russian Federation is the principal shareholder of PJSC Sberbank owning 50% plus one voting share of the bank’s authorized capital, with the remaining 50% minus one voting share held by domestic and international investors. The bank has a major distribution network in Russia with about 14,000 branches. It holds general banking license No. 1481 dd. August 11, 2015, from the Bank of Russia. Official websites of the bank: www.sberbank.com (Sberbank Group website), www.sberbank.ru.