Bank World of Privileges– Indian owned Sentro Group buys majority stake in Russian Bank
A 29-year-old Russian bank founded in the post-Soviet Union era was recently acquired by an Indian Dr Naveen Rao, Chairman of the Sentro Group through his company Sentro Service LLC. registered in Russia
Sentro group announces successful acquisition of 50,001% shares of Russian Bank World of Privileges
Share in bank is acquired to facilitate trade between India and Russia firstly supporting Our prime minister Narender Modi vision to transact international trade through Indian rupees. The new entity aims to facilitate the Rupee-Ruble trade and ease transactions between the two countries as trade and commerce grows with India becoming a preferred supplier of goods for Russia.
“Our vision is to support the ruble/ rupee payments for Russians visiting India and Indians traveling to Russia, using Indian and Russian settlement systems like UPI, RU pay card, paytm, Bharat pay, MIR in combination with our own technology. It will help individual payments for students studying in Russia and tourists visiting Goa and other parts of India. Indians will be able to settle their online payments through Indian payment settlement systems” said advisor to chairman of board Alexi Voronov.
“We wish to partner with Indian banks and other financial institutions for mutual NOSTRO/VOSTRO accounts, and similarly bank wants to expand its services through broker license, targeting retail investor from Russia to invest in Indian market through FPI license and other legal methods. It will boost Indian market and provide opportunity for best returns to Russian on their investments” said Dr. Naveen Rao, founder and chairman of Sentrogroup.
“Currently Bank is engaged in providing services to CIS countries nationals, providing best rates and least commission on individual transfers. Bank carry vision to expand its reach in other countries including expansion in CIS, Saudi Arabia and UAE etc.” said chairman of Board Denis Kornilov.
Bank "World of Privileges" (limited liability company) is a commercial bank operating on the basis of the universal license of the Bank of Russia to conduct banking operations with funds in rubles and foreign currency (with the right to attract funds of individuals to deposits) without the right to carry out banking operations with precious metals №3224 dated June 15, 2022. The Bank provides a wide range of services and products for both customers and partners, including the provision of investment and financial services, as well as operations in the financial markets on its own behalf and at its own expense.