Sberbank, Yandex to create 60 bln rbl JV based on Yandex.Market

MOSCOW, Aug 9 (PRIME) -- Russia’s biggest lender Sberbank and Internet giant Yandex have signed an agreement of intent to create a 60 billion ruble joint venture on the base of Yandex.Market on a parity basis, the sides said in a joint press release on Wednesday.

The companies will develop e-commerce ecosystem, comprising purchase and sales of goods, including digital, as well as related products and services.

The deal will be closed after the signing of binding documents and provision of regulatory clearance. The bank and the company expect to close the deal by the end of 2017.

(59.9886 rubles – U.S. $1)

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