February 3, 2017 / 8:01 AM / 7 months ago

Russia's Sberbank to supply 20-25 tonnes of gold to India in 2017

A woman walks past a branch of Sberbank in Moscow, Russia, June 3, 2016.Maxim Zmeyev/Files

MOSCOW (Reuters) - Sberbank CIB, the investment and corporate banking unit of Russia's largest bank Sberbank, plans to supply a total of 20-25 tonnes of gold to India this year, the bank said in a statement on Friday.

Sberbank CIB started gold supplies to Indian corporate clients, who have the right to hold import operations with precious metals, on Jan. 27. The bank plans to start exporting silver to Indian clients at the end of the first quarter.

Sberbank CIB plans to supply a total of 50-60 tonnes of gold to Asia in 2017, it added.

Reporting by Katya Golubkova; editing by Polina Devitt

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