Megafon chief executive Ivan Tavrin (pictured), speaking at the Reuters Russia Investment Summit, said he would consider buying a bank – preferably a small one – in order to cross-sell services to existing customers and offer mobile banking.

“We are discussing – we don’t have a decision – creating a Megafon bank,” said Tavrin.

The boss of Russia’s second-largest operator said the board would weigh up possibilities later this year.

“The quality of credit (of our customers) and services we would give is an absolute priority for us,” added Tavrin. “We would not look to get the lion’s share of the (consumer credit) market. For us, the quality will be much more important than the quantity.”

Megafon, points out the Reuters report, already has an indirect exposure to financial services through a $1 billion deal last year to buy a 50 per cent stake in handset retailer Euroset (which offers online payment services in its stores). Vimplecom, Russia’s third-largest operator, is the other Euroset owner.

If Megafon did go ahead with its bank acquisition plan it would be joining MTS, Russia’s largest mobile operator, in expanding deeper into financial services.

Sistema, MTS’ parent company, completed the purchase earlier this year of a 25.1 per cent stake in MTS Bank (formerly known as the Moscow Bank for Reconstruction and Development).

MTS, reports Reuters, expects financial services to account for up to 5 per cent of its total net profit by 2017.

Only a few mobile operators have taken the ambitious step of acquiring part or all of a bank for service diversification.

Earlier this year, Telenor and French bank Societe Generale agreed to buy the Serbian unit of Belgian banking and insurance group KBC, as part of the Norwegian operator’s strategy for introducing mobile financial services to the country.

Telenor had previously acquired a half stake in Pakistan’s Tameer

China Mobile acquired a 20 per cent stake in Shanghai Pudong Development Bank in 2010.