Tag Archives: Sberbank

Russian corporate giants Yandex and Sberbank finalized the terms of their long-awaited ‘divorce’ late June, in a major shake-up for the country’s technology, e-commerce and online payments scenes. The breakup came with tech goliath Yandex and Russia’s largest bank, state-controlled Sberbank, announcing an agreement “to reorganize their two joint ventures” — Yandex Market and Yandex Money. Yandex will get full ownership of e-commerce platform Yandex Market, while… Source link

Yandex, Russia’s leading tech company, has agreed to split up its shared ecommerce and payment joint ventures with state lender Sberbank, bringing to an end a decade-long partnership that had soured in recent years. Under the deal, Yandex will buy out Sberbank’s 45 per cent share in ecommerce venture Yandex.Market for Rbs42bn ($604m) and sell its 25 per cent stake in payments platform Yandex.Money to the bank for Rbs2.4bn. The divorce marks the culmination of growing… Source link

MOSCOW, June 23, 2020 (GLOBE NEWSWIRE) — Yandex (NASDAQ and MOEX: YNDX), one of Europe’s largest internet companies and the leading search and ride-hailing provider in Russia, announces that it has entered into a binding agreement with Sberbank to reorganize their two Joint Ventures – Yandex.Market and Yandex.Money. As a result of this transaction, Yandex will become the controlling shareholder in Yandex.Market, while simultaneously exiting the Yandex.Money joint venture. Tigran… Source link