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Gref denies Sberbank breaking up with Yandex

Economy 16.07.2019 | 13:39
German Gref
German Gref

MINSK, 16 July (BelTA) – President, Chairman of the Board of PAO Sberbank German Gref has refuted rumors that Sberbank had severed its partnership with Yandex, BelTA has learned.

German Gref said: “Not true. There are no reasons for that.”

German Gref went on saying: “We have very kind partnership relations. We are partners in a number of major projects. There would be no sense in breaking up. I have profound respect, I am a member of the board of directors at Yandex. I hope we will always cooperate. There are definitely no reasons for us to go our separate ways. We can work together in some projects, can compete in other ones, but we are definitely not going to severe the relations.”

On 9 July TASS quoted the online media The Bell as saying that Yandex and Sberbank were dissatisfied with their partnership. In particular, Sberbank was displeased with the fact that the marketplace Beru had failed to hit the first-year KPI. Moreover, two sources close to both companies or familiar with the situation claimed that the partners had already suggested concepts for ending cooperation but no decision to stop doing business together had been made.

In April 2018 Sberbank and Yandex sealed the deal to set up an online shopping joint venture. The enterprise was evaluated at RUB60 billion back then. German Gref stated then that they intended to use Yandex.Market to create a Russian Amazon.

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