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Russian bank VTB says to shut only office in India

REPRESENTATIVE IMAGE: The logo of VTB bank is seen at a branch office in Vienna, Austria, September 5, 2016. REUTERS/Heinz-Peter Bader/File Photo

MOSCOW (Reuters) - Russian bank VTB has decided to close its only office in India to cut costs but will continue to work in India, the bank said on Tuesday.

"The decision to shut the branch in India was taken as part of a strategy of VTB Group aimed at optimising costs. We will continue to work on the Indian market, expanding our cooperation with local partners," the bank said in a statement.

While closing its office in New Delhi, VTB added that it saw commodities and investment banking as priority areas for the bank in India.

VTB is also planning to cut costs in Europe by slimming down its operations to focus on Frankfurt.

(Reporting by Alexander Winning and Kira Zavyalova; Editing by Andrey Ostroukh)