Russian Internet Giant Yandex to Challenge Former Partner Sberbank in Fintech
- Yandex, TCS owners discuss $5.5 billion cash-and-shares deal
- Sberbank CEO Gref aims to turn his bank into a tech company
A visitor walks past a logo displayed in the reception area at the headquarters of Yandex NV in Moscow.
Photographer: Alexander Zemlianichenko Jr./BloombergThis article is for subscribers only.
Months after Russia’s leading technology company ended a partnership with the country’s biggest bank, the two are heading for a showdown as they build rival ecosystems.
Yandex NV said it’s in talks to buy Russia’s leading digital bank for $5.48 billion on Tuesday, a challenge to former partner Sberbank PJSC as the state-controlled lender seeks to reposition itself as a technology company that can provide consumers with services from food delivery to telemedicine.