VTB plans to maintain a presence in friendly nations. Credit: Medienstürmer on Unsplash.

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Russian banking group VTB is open to setting up new branches in other countries, TASS reported, citing the bank’s head Andrey Kostin.

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“We will see. Generally speaking, we have such ideas,” Kostin told Rossiya 24 TV channel.

In September this year, Kostin stated that the bank plans to maintain its presence in China, India, Kazakhstan, Vietnam, and other friendly nations.

Kostin has also revealed that talks to finalise the deal to buy Otkritie Bank are expected to complete in a matter of days.

“We have made significant headway, and I hope that there will be news in the near future. Negotiations are practically at the closing stage, and now the valuation needs to be agreed on. I think that this is a matter of days, not even weeks, when we will conclusively approve all parameters,” Interfax quoted Kostin as saying.

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Central Bank of Russia governor Elvira Nabiullina has also confirmed that the central bank still intends to sell Otkritie Bank to VTB.

“We are expecting an assessment literally in the next few days. Discussions on some parameters of the deal are ongoing. We have a fairly high degree of confidence that we will close the deal before the end of this year. Our intentions have not changed,” Nabiullina said on the sidelines of the Finopolis forum.

Russia’s central bank acquired a stake in Otkritie Bank following a rescue in 2017 and ever since, it has been trying to sell the stake.

Following Russia’s decision to invade Ukraine in late February this year, the central bank put those plans on hold.