Sberbank buys Yandex.Dengi in Russian consolidation

Buying Yandex-owned online payment firm, Yandex.Dengi

Russian bank; Sberbank is buying Yandex-owned online payment firm, Yandex.Dengi (Yandex.Money) in a deal worth USD60m reports StrategyEye. The deal will spawn a joint venture between the pair, with Sberbank owning 75% and Russian search engine Yandex controlling the remaining 25%. The pair says that the JV will focus on combining their skills to create online retail payment services.

“Yandex.Money products have become an industry standard for electronic payments in Russia. We are investing not just in internet technology, but rather in an independent profitable business which is keen to considerably expand its customer base,” says Sberbank CEO, German Gref.

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