Both companies have signed a legally binding document to create a new company, Cognitive Pilot. Sberbank will have a 30% share in the company, while Cognitive Technologies will take 70%, according to Reuters. The two companies did not disclose financial details of the deal, which will be completed in December 2019.
The move marks the latest foray into Russia’s digital economy for the large Russian lender, which, earlier in November 2019, finalised the terms of a food delivery joint venture with Mail.Ru and agreed to buy an equity stake in the internet company.
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