Sberbank investing USD 400 million in online retail

RUSSIA / FSU POLITICS - In Brief 29 Jan 2021 by Alex Teddy
On January 28 Russia's biggest bank announced it aims to become the country's main online retailer, too. It has signed a memorandum of intent to increase its stake in Goods.Ru. The bank wants to buy an extra stake in Goods.Ru from M.Video-Eldorado Group for USD 52 million.Sber's stake in Goods.Ru will be 85% if that purchase goes ahead. 10% would be kept by M.Video Eldorado Group, and 5% would remain with Alexander Tynkovan. The deal is supposed to be finalized by mid 2021.Goods.Ru is supposed to be in all areas of e-commerce. It will collaborate with niche specialists such as the online drug store Eapteka. Goods.Ru has over 2.5 million products. It launched in 2018 and was 26th in sales in 2019 with sales of USD 135 million that year.German Gref is transforming Sber. He wants to make the bank a consumer services market leader.Sber is rumored to be talking to Citilink.Ru, which is an electronics online retailer. Online retail surged in 2020.The 5 big players in Russian online retail have under 25% of the market in total.

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