Sberbank Buys 75% of Yandex Online Pay Service for $60 Mln

MOSCOW, December 19 (RIA Novosti) – Russia’s largest lender Sberbank has bought 75 percent minus one share in Yandex.Dengi, an online payment system belonging to the country’s leading Internet search engine, Yandex, for about $60 million, Sberbank CEO German Gref said on Wednesday.

“I hope we’ll create new opportunities for Sberbank with this deal,” Gref told reporters.

Yandex.Dengi General Director Yevgeniya Zavalishina said the deal meant the acquisition of a new partner for the company instead of a business sale.

“We’ll get a lot of freedom [after the deal] in the implementation of plans,” she said, adding Yandex.Dengi planned to launch new services and products and these plans required Sberbank’s partnership.


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