Sberbank, Yandex Say Creating Joint Venture, Bank to Invest $500 Mln

Russia’s biggest bank combines with Russia’s biggest search-engine.

MOSCOW, (Sputnik) – Russian state-owned bank Sberbank and the Yandex Internet-related services company are establishing a joint venture based on the Yandex.Market platform, the bank will invest 30 billion rubles ($500.5 million) in the joint venture, the companies said in a joint press release.

According to the agreement of intent, the firms will develop an e-commerce ecosystem including the purchase and sale of goods, including digital goods, as well as related products and services.

At the time of the transaction, the partners estimate the entire enterprise at 60 billion rubles ($1 billion) without account for the future synergy. The parties will have equal shares in the joint company.

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