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Russia's Sberbank, Yandex Creating Joint Venture, Bank to Invest $500 Million

© REUTERS / Valentyn OgirenkoUnplugged computer monitors are seen through a glass door in the office of the Russian internet group Yandex in Kiev, Ukraine, May 29, 2017
Unplugged computer monitors are seen through a glass door in the office of the Russian internet group Yandex in Kiev, Ukraine, May 29, 2017 - Sputnik International
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Russian state-owned bank Sberbank and the Yandex Internet-related services company are establishing a joint venture based on the Yandex.Market platform, the companies said in a joint press release.

Yandex office in Moscow - Sputnik International
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MOSCOW (Sputnik) — Sberbank will invest 30 billion rubles ($500.5 million) in the joint venture, according to therelease.

The agreement of intent reads that the firms will develop an e-commerce ecosystem including the purchase and sale of goods, including digital goods, as well as related products and services.

At the time of the transaction, the partners estimate the entire enterprise at 60 billion rubles ($1 billion) without account for the future synergy. The parties will have equal shares in the joint company.

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