Completed venture with Sberbank
The Russian internet company Yandex has completed its joint venture for electronic money solutions with financial services provider Sberbank.
Under terms of the agreement, Sberbank has paid USD60m to acquire a 75% interest in the charter funds of Yandex.Money. This would enable Sberbank’s infrastructure to be leveraged and upgrade to the latest online payments solution integrated with Yandex technology. Yandex.Money will continue serving its clients as a non-banking credit union working under a license released by the Central Bank of Russia.
The partnership is aiming to power inventions in online retail payment solutions and create universal payment solutions for businesses. Recurring payments an deals for online and offline members will be made easier.
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