Russian banking giant Sberbank has purchased two Summit Towers in New Delhi and plans to use the properties for a Russia-India trade and cooperation hub, according to reports from The Economic Times. The towers, which are currently under construction, are expected to be completed by 2028. The acquisition was announced at the Eastern Economic Forum in Vladivostok and forms part of the bank's broader expansion strategy in India. As reported by The Economic Times, the towers are strategically located next to the World Trade Center in the center of Delhi, creating a new foundation for long-term partnership.
As reported by The Economic Times, Sberbank announced plans in June to open a Russian Business Center in New Delhi. The center will offer Russian companies operating in India access to banking services, legal, tax, and audit support. The bank has been operating in India for more than 15 years with existing offices in New Delhi and Mumbai, along with an IT hub in Bengaluru. According to the latest reports, Sberbank is actively inviting Russian companies to become partners and join the initiative, positioning the towers as a comprehensive hub for Russian business presence in India.
According to The Economic Times, Sberbank First Deputy Chairman Aleksandr Vedyakhin confirmed that the acquisition is part of the bank's expansion in India, which includes real estate development. The bank has plans to expand its presence to ten Indian locations, representing a significant scaling of its operations in the country. This expansion comes as India and Russia seek to widen economic ties between the two nations, with the towers serving as a new infrastructural foundation for Russian business presence in India.
Recent developments show significant improvements in bilateral payment processing between Russia and India. As reported by The Economic Times, over 90% of payments from Russia to India are now processed in less than 10 minutes, compared to 60% a year ago. More than a third of payments are processed within 60 seconds, enabling real-time transactions during business conversations. Sberbank has emphasized its intention to actively continue developing payment instruments and implementing AI solutions in India in 2027, strengthening its status as the primary provider of bilateral payments between the countries.
According to The Economic Times, Sberbank First Deputy Chairman Aleksandr Vedyakhin presented data from a study by the Observer Research Foundation (ORF) on attitudes of young Indians toward various countries. The survey revealed that Russia ranked first in satisfaction with bilateral relations at 72%, significantly higher than Japan (69%), the US (56%), and China (31%). Most importantly, 72% of young Indians consider Russia a likely leading partner for the next 10 years, surpassing the US (61%) and even Japan and Australia. Vedyakhin emphasized that this data represents strong reputational capital among India's urban educated youth, but stressed the need to translate these positive perceptions into concrete business projects and Russian goods on Indian shelves.
