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8/9/2017, 1:09 PM (Source: TeleTrader)
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Sberbank to become 50% partner in Yandex.Market

Intention to turn Yandex.Market into a joint venture was expressed by Yandex LLC and PAO Sberbank on Wednesday. The Russian search giant and largest lender revealed they plan to build an e-commerce system with "simple and secure payment solutions," including consumer lending.

Sberbank will invest 30 billion rubles ($500 million), doubling the valuation of the entity and equaling the stakes, the press release said and added the transaction is expected to close by the end of the year.

"The proposed investment will strengthen Yandex.Market’s position in the e-commerce segment allowing us improve our logistics capabilities, accelerate the wide-scale introduction of Checkout on Yandex.Market and enhance our value proposition to domestic and international merchants," said Maxim Grishakov, the platform's chief executive.

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