The Yandex.Money service is now fully owned by Sberbank

The Yandex.Money service is now fully owned by Sberbank

A part of the asset sharing deal between Sberbank and Yandex Internet holding has been completed. As a result, Sberbank bought out Yandex’s share in the Yandex.Money payment service and became its sole owner. The second part of the deal assumes that Yandex will buy out Sberbank’s stake on the Yandex.Market e-commerce platform.

According to available data, the Internet holding sold 25% in the Yandex.Money service to Digital Assets LLC, which belongs to Digital Technologies, the sole owner of which is Sberbank. Since before that Sberbank already owned 75% of the shares of the service, after the completion of the transaction, he became its sole owner.

Let us remind you that the intention of Sberbank and Yandex to split the joint assets became known last month. As part of this process, Sberbank becomes the owner of the Yandex.Money service, while the Internet holding gets the Yandex.Market online trading platform. To do this, Yandex must buy out 45% of the shares of the trading platform from Sberbank for 42 billion rubles. The deal is expected to be fully completed in the third quarter of this year. Its holding has already been approved by the board of directors of Sberbank and the board of directors of Yandex.

It should be noted that the head of Sberbank, German Gref, commenting on this issue, noted that we are not talking about some kind of “divorce” with Yandex. “We don’t have a divorce. It’s about restructuring our joint business. We didn’t share anything“, – said Mr. Gref. He also noted that the division of assets became a necessary measure due to the strong competition “between the ecosystems of Sberbank and Yandex.”

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