Sberbank to remain Yandex partner

Russia’s Sberbank plans to retain its partnership with Yandex although it has transferred its ‘golden share’ in the country’s leading internet organisation to another institution.

To assuage Kremlin fears about possible overseas impact, Yandex this month accepted modifications to its corporate structure to establish a “public interest foundation” which would get hold of the bank’s ‘golden share’ and different rights.

Sberbank, Russia’s pinnacle financial institution, has also agreed to buy a stake in internet operator Mail.Ru, as Gref continues to convert the lender right into a banking-to-on-line services organisation.

The Mail.Ru agreement and the handover of the Yandex’s controlling package have raised queries around the destiny of Sberbank’s partnership with the company, which incorporates joint ventures known as Yandex.Market and Yandex.Money.

“Association (with Yandex) will remain,” Gref stated, including there might be some adjustments in some of the companies’ joint projects.

He said Sberbank may take into account ending a non-compete consensus with Yandex on banking services, permitting the company to call for a banking license for Yandex.Money so it may develop charge services.

“There is no threat to Yandex.Money, they’re growing, they’re developing but to attain the next great bounce we need to determine on its destiny destiny,” Gref said.

He also stated that both companies had agreed to deepen cooperation in academic projects, without giving any other information.

Sberbank’s involvment with other companies

Sberbank, via its stake in Mail.Ru, is an indirect shareholder in AliExpress Russia, a joint operator between Asia’s biggest e-commerce firm, Alibaba, the Russian Direct Investment Fund, mobile operator Megafon and Mail.Ru.

Gref stated he noticed no violation of a non-compete settlement which limits Sberbank’s improvement of e-commerce projects to inside Yandex.Market, calling the indirect stake in AliExpress Russia “insignificant”. The bank plans to speak about with Mail.Ru whether the financial institution could take a right away role in the AliExpress joint undertaking.

As the rumor has it, the government was in talks with the central bank. They were discussing buying half of the shares plus one share stake in Sberbank, potentially using National Wealth Fund cash.

Gref reported that the bank was no longer involved within the talks however stood prepared to work with the finance ministry if it became its new controlling shareholder.
As he says, he doesn’t see any problems there. There might be some issues due ti the transition period. By the moment, there is no very last decision taken yet.