Sberbank to invest USD 400 mln in ecommerce

Monday 1 February 2021 14:22 CET | News

Russia-based Sberbank has announced a USD 400 million investment in the online retail space as it seeks to become one of the country’s leading ecommerce players, according to Moscow Times.

The financial institution, which is fast moving into the technology space and rebranded to ‘Sber’ in 2020, has signed a MOI (memorandum of interest) to to invest some 30 billion rubles (USD 392 million) into Goods.Ru and to buy an additional stake in the outfit from M.Video-Eldorado Group for another four billion rubles (USD 52 million).

As a result, ‘Sber’s stake in Goods.Ru will reach 85%, while 10% will be retained by M.Video-Eldorado Group, and 5% will stay with M.Video founder’, according to Sberbank. The deal is set to be completed in the first half of 2021, subject to financial checks and audits.

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Keywords: Sberbank, Russia, investment, ecommerce, online retail, online shopping,, Sber, financial institution, bank
Categories: Banking & Fintech
Countries: Russian Federation
This article is part of category

Banking & Fintech