MOSCOW, March 21 Russian bank VTB has
decided to close its only office in India to cut costs but will
continue to work in India, the bank said on Tuesday.
"The decision to shut the branch in India was taken as part
of a strategy of VTB Group aimed at optimising costs. We will
continue to work on the Indian market, expanding our cooperation
with local partners," the bank said in a statement.
While closing its office in New Delhi, VTB added that it saw
commodities and investment banking as priority areas for the
bank in India.
VTB is also planning to cut costs in Europe by slimming down
its operations to focus on Frankfurt.
(Reporting by Alexander Winning and Kira Zavyalova; Editing by