Sberbank confirms consultations with Yandex on restructuring of ownership in JV

Sberbank has confirmed consultations with Yandex on a possible restructuring of ownership in joint ventures.
Earlier, The Bell, citing sources, said that Yandex and Sberbank would soon announce the termination of the partnership in two joint ventures – Yandex. Money “and” Yandex. Market. ” According to the publication, the joint venture in the field of e-commerce will go to Yandex, while Sberbank, in turn, will buy 25% of Yandex. Of money”.

Yandex and Sberbank since 2013 jointly developed the payment system Yandex. Money ”(75% from Sberbank,“ Yandex ”retained a blocking stake), and since April 2018 – a joint venture based on the aggregator of goods and services“ Yandex. Market ”(brand“ I take ”, partners have 45% in the joint venture, another 10% were transferred to the formation of an option fund in favor of employees).

The head of the bank, German Gref, has been on the Yandex board of directors since 2014; in 2020, his term as a member of the board will expire. An annual meeting of shareholders has not yet been convened.

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source: rambler