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A New Image of Sberbank: How German Gref Decided to Reform the Country's Largest Bank
December 23, 2019 20:43

Sberbank and Group hope to create a rival to Yandex in the field of "last mile" delivery. 

During the year, German Gref and his team supplemented Sberbank’s business with a number of digital assets, including a joint venture with and a stake in Rambler. Thus, the country's largest bank turns into what Gref calls an open ecosystem. And this is the transformation of the year according to Forbes.
On July 25, Sberbank and Group (MRG) announced the creation of a joint venture in the field of transport and food delivery on the basis of Citimobil and the Delivery Club. The largest Russian bank and one of the country's major technology companies want to create a leading player in the delivery of the "last mile in Russia" and a worthy competitor to the IT giant Yandex. The joint venture will include shares in the Delivery Club and Citimobil, a share of Sberbank in Foodplex and a service for delivering goods from SberMarket stores. Sberbank will invest 38.5 billion rubles, while - 8.5 billion rubles. Thanks to the agreement on the creation of the joint venture, Sberbank will be able to gain control over 21.2% of MRG's voting shares and 1.83% of its capital in three years.

Sberbank is building an open ecosystem and is not going to limit the number of its technology partners, as German Gref, the Head of Sberbank said. In addition to, Sberbank found another major partner. On August 26, a deal was closed to purchase a 46.5% of Rambler Group from billionaire Alexander Mamut. “We invested in this company and became an equal partner in its development,” Gref said about the deal.

According to experts, it was about 9 - 11 billion rubles. Be that as it may, the investment helped Rambler Group to pay off its debts - the media asset was pledged under a loan from Trust Bank.
In October, Gref went to the Rambler office, where he got acquainted with the “atmosphere, colleagues and projects of the Rambler Group”. At a meeting with company employees, Gref said that the deal with Rambler was one of the “emotionally pleasing” ones.

Author: Anna Dorozhkina

Tags: Sberbank Russian business Russian companies   

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