Russia's Seberbank Transfer its 'Golden Share' in Yandex, But Continues to be in Partnership

Russia’s Seberbank Transfer its ‘Golden Share’ in Yandex, But Continues to be in Partnership

Russia’s Sberbank plans to continue its collaboration with Yandex. However, it has passed its ‘golden share’ in the nation’s major internet firm to another entity, Sberbank’s Chief Executive German Gref said.

To assuage Kremlin fears about potential overseas influence, Yandex this month approved adjustments to its business structure to develop a “public interest foundation,” which might receive Sberbank’s golden share and numerous different rights.

Sberbank, Russia’s top bank, has further agreed to purchase a stake in internet firm Mail.Ru, as Gref continues transforming the lender into a banking-to-online services firm.

The Mail.Ru offer and the transfer of the Yandex golden share have raised questions on the future of Sberbank’s contract with Yandex, which incorporates joint ventures Yandex.Market and Yandex.Money.

He stated Sberbank might take into account ending a non-compete contract with Yandex on banking services, permitting Yandex to request a banking permit for Yandex.Money so it may develop payment platforms.

He added that Yandex and Sberbank had agreed to increase cooperation in educational initiatives, without giving additional details.

Sberbank, through its stake in Mail.Ru, is an oblique shareholder in AliExpress Russia, a joint venture between China’s largest e-commerce agency, Alibaba, the Russian Direct Investment Fund, mobile operator Megafon and Mail.Ru.

Gref stated he saw no violation of a non-compete settlement, which limits Sberbank’s development of e-commerce initiatives within Yandex.Market, calling the oblique stake in AliExpress Russia “insignificant”.

Nonetheless, he stated that Sberbank plans to talk with Mail.Ru whether the financial institution would take a direct position in the AliExpress joint venture.