Chief Executive of Sberbank German Gref speaks during a press conference at the Gorki state residence outside Moscow. — Reuters
MOSCOW: Russia’s Sberbank plans to continue its partnership with Yandex even though it has transferred its ‘golden share’ in the country’s leading Internet company to another entity, Sberbank’s Chief Executive German Gref said. To assuage Kremlin fears about potential foreign influence, Yandex this month approved changes to its corporate structure to establish a “public interest foundation” which would receive Sberbank’s golden share and a number of other rights.
Sberbank, Russia’s top bank, has also agreed to buy a stake in Internet company Mail.Ru, as Gref continues to transform the lender into a banking-to-online services company.
The Mail.Ru deal and the transfer of the Yandex golden share have raised questions about the future of Sberbank’s partnership with Yandex, which includes JV Yandex.Market and Yandex.Money. — AFP
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