Yandex Yandex became a joint venture and Savings Bank

Sberbank of Russia and today the company Yandex announced an agreement to form a joint venture based on Yandex. As stated in the company combining banking infrastructure and Internet technology, Sberbank and Yandex will develop and promote new solutions for retail payments online.

In the framework of three-quarters of Sberbank acquires stake in Yandex for 60 million U.S. dollars. While Yandex keeps blocking stake (25% plus one ruble). Lead the joint venture Jane Zavalishina, the current head of Yandex. The board of directors will include three representatives of the Savings Bank of Russia (Denis Bugrov, Victor Orlov and Alexander Torbakhov) and two representatives of Yandex (Arkady Volozh and Jane Zavalishina).

Yandex technicians and Sberbank already begun preparing for the implementation of joint projects. New products will be produced under the brand and technology-based Yandex. After closing the deal, users will money.yandex.ru customers non-bank credit organizations "Yandex", acting under the license of the Bank of Russia.

Completion of the transaction is scheduled for the first quarter of 2013. At the moment, all of the key terms agreed. Closing is subject to the fulfillment of such transactions to the usual procedures, including obtaining necessary approvals from the regulators.