Yandex NV And Sberbank Of Russia Finalizes Yandex.Money Joint Venture


Thursday, 4 Jul 2013 05:02am EDT 

Yandex NV and Sberbank of Russia OJSC announced that the completion of the previously announced joint venture for electronic money solutions. Under the terms of the deal, Sberbank has acquired 75% interest (minus one ruble) in the charter capital of Yandex.Money for approximately $60 million. The key objective of this strategic partnership is to drive innovation in online retail payment solutions. The Yandex-Sberbank joint venture aims to create a general-purpose payment solution for small and medium-sized businesses, as well as to make recurring payments and transactions simpler for both online and offline customers. 

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