Sberbank Rossii OAO and Yandex Announce Joint Venture for Electronic-Money Solutions-SKRIN
SKRIN reported that Sberbank Rossii OAO and Yandex on December 19, 2012 announced a strategic partnership in the area of e-money, through the establishment of a joint venture (JV) on the Yandex.Money platform. Sberbank Rossii OAO and Yandex plan to be at the forefront of developing online retail payment solutions by combining Sberbank’s banking and Yandex’s Internet technologies. Sberbank Rossii OAO and Yandex will form a joint venture through the acquisition by Sberbank Rossii OAO of a 75% interest in the charter capital of Yandex.Money for USD 60 million, with Yandex retaining a blocking interest in the JV (25% plus one ruble). Developer teams of Yandex.Money and Sberbank have already started together on planning new projects. New products will leverage existing Yandex.Money technologies and will be released under the Yandex.Money brand.
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