Mail.ru and Sberbank start a joint venture

RUSSIA / FSU POLITICS - In Brief 28 Jul 2019 by Alex Teddy
On July 25 it was announced that Sberbank and Mail.ru are setting up a joint venture. The agreement is due to be signed in the fall. It will then need to be approved by regulators so there is a small chance that this JV will not go ahead. It will be a platform for online to offline services in transport, food and other sectors. Mail.ru has a food delivery company called Delivery Club which will become part of this platform. Mail.ru's taxi service Citimobil will also be part of this JV. Sberbank has a 35% share in Foodplex which will be contributed to this JV. Sberbank and Mail.ru are going to divide the shares in the JV evenly. Sberbank is a state bank and as a result of this JV it will be a part owner of each of the major Runet companies: Yandex, Mail.ru and Rambler.In April 2018 Sberbank started a JV with Yandex in a bid to create a Russian answer to Amazon. In April 2019 Sberbank bought 46.5% of Rambler Group which owns search engines, an online cinema and other media outlets. Sberbank now has its finger in many pies. It has not gone unnoticed that this means more state control of large slices of the economy.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.