Bank World of Privileges– Indian-owned Sentro Group buys majority stake in Russian Bank

 

 

 

For Immediate Release

Date    ^4th October 2023                                                                                                                    

                                                                                                                                             

·       A29-year-old Russian bank founded in the post-Soviet Union era was recentlyacquired by an Indian Dr Naveen Rao, Chairman of the Sentro Group through hiscompany Sentro Service LLC. registered in Russia

                                                                                                                                             

 

New Delhi, 4^th October 2023— Sentro Group announces successful acquisition of 50,001% shares of Russian Bank World of Privileges

 

Share in the bank is acquired to facilitate trade between India and Russia firstly supporting Our Prime Minister Narender Modi's 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, and 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 the chairman of the 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 investors from Russia to invest in the Indian market through FPI license and other legal methods. It will boost the Indian market and provide an opportunity for the best returns to Russians on their investments” said Dr. Naveen Rao, founder and chairman of Sentrogroup.

 

“Currently Bank is engaged in providing services to CIS country's nationals, providing the best rates and least commission on individual transfers.  Bank carries the 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.

• From 1994 to 2012, Bank WestLB Vostok (CJSC) was a subsidiary of the German commercial bank WestLB AG (WestLB). Dusseldorf, Germany).
• On July 05, 2013, Bank "WestLB Vostok" (closed joint-stock company) was reorganized in the form of transformation into Bank "Expo Capital" (limited liability company).
• On July 02, 2014, the name of Expo Capital Bank (Limited Liability Company) was changed to Savings and Credit Service Bank (Limited Liability Company), abbreviated name: SKS Bank (LLC).
• On June 10, 2022, the name of the Bank "Savings and Credit Service" (limited liability company) was changed to Bank "Mir Privilegies" (limited liability company), abbreviated name: MP Bank (LLC).

  The Bank is a professional participant in the securities market and has licenses as a professional participant of the securities market:

• License for dealer activities № 177-05424-010000, issued by the Bank of Russia on July 19, 2001. ;
• Brokerage license № 045-14040-100000 was issued by the Bank of Russia on October 11, 2017. ;
• License for depository activities № 045-14041-000100 issued by the Bank of Russia on October 11, 2017.

  The Bank is a participant in the system of compulsory deposit insurance (a certificate of inclusion of the Bank in the register of banks participating in the system of compulsory deposit insurance issued by the State Corporation Deposit Insurance Agency, participant number № 895, date of inclusion 08.09.2005).

 

  The bank will become a member of another self-regulatory organization for brokerage, dealership, and depository activities until 14.11.2023.

 

  The Bank is a member of the Association of Banks of Russia.

 

  The Bank successfully develops and implements its own unique software. One of the main developments of the Bank is the SKS Team application - a unique multifunctional sales application that allows you to issue banking, insurance, and financial products remotely anywhere in Russia. Cross-platform web application adapted for mobile devices (Compatmum Certificate, Instructions, and Software Cost). The application "SCS Team" is included in the Unified Register of Russian Software (registration number 15484 of 08.11.2022).