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Sberbank and Yandex Announced the Formation of a Joint Venture
6.05.2018 17:07
Sberbank and Yandex  Announced the Formation of a Joint Venture

 Sberbank and Yandex   announced the formation of a joint venture based on the Yandex.Market platform. The companies intend to combine the technological capabilities of Yandex and the infrastructure and technologies of Sberbank to develop a leading B2C eCommerce ecosystem.

      At closing, the company is valued at 60 billion rubles (approximately $1.0 bln). The two partners will own equal stakes in the company. Sberbank invested 30 billion rubles (approximately $500 mln) in the new joint venture. Ten percent of the company’s shares will be reserved for future equity awards for management and employees of Yandex.Market. Maxim Grishakov, Chief Executive Officer of Yandex.Market, will head the new joint venture. 

      The new joint venture will focus on three areas. The first will be the creation of an online marketplace that offers consumers a wide range of products and provides merchants with leading order processing, logistics and delivery services. The marketplace will be responsible for processing orders, servicing clients, and organising the logistics and delivery of goods. The second area will involve developing cross-border eCommerce. The company will also continue to enhance the Yandex.Market service as a price comparison and product selection platform.

      Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.







Author: Anna Dorozhkina


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