In "Yandex" has announced when the plan to close the deal with Sberbank

Yandex and Sberbank plan in the third quarter to close the deal, involving the termination of cooperation on the "Yandex.Market" and "Yandex.Money", says the company.

As part of the deal, Yandex will buy the 45% share of Sberbank in the "Yandex.Market" over 42 billion, consolidating 100% of the company, and selling Bank share in "Yandex.Money" in the amount of 25% plus 1 ruble for pre-2.4 billion rubles (Bank now owns 75% minus 1 ruble "Yandex.Money").

It notes that the part of shares of "Yandex.Market" will be allocated under the motivation program of employees. All employees of the group of companies "Yandex.Market" will continue its work under the leadership of General Director Maxim Grishakova.

According to the report, the service "Yandex.Money" to the end of the year will hold a re-branding and change the name. The "Yandex.The money" will continue to work for users and partners in the usual way. On the service, you will still to log in using "Yandex" and credit card "Money" will work until the end of the validity period, after which they can be reissued.

As specified in the message by buying the Bank's share in "Yandex.Market", Internet-the company intends to implement a new development strategy of the online trade. In particular, "Yandex" will greatly enhance the integration of Market with other services of the company.

In addition, "Yandex" intends to develop its own FINTECH services.

"Yandex" intends to make better use of ecosystem services to make a purchase, select, and delivery of goods faster and more convenient for users. For example, drivers that are connected to the platform of "Yandex.Taxi", and couriers cooperating with "Yandex.Food" and "Shop" will be able to deliver the orders for "last mile", and the integration of Market with "Search" and "Zen" will offer new scenarios of purchases and new services. The market will also be able to reduce logistics costs and to attract buyers", - stated in the message.

The new strategy also involves increasing investment in the development of the marketplace.

"People are increasingly buying products online instead of going to the store. This is due to several key properties online that are important to people: a huge range of millions of products in one place, reliable and quick shipping, affordable prices. These three areas will be our focus in the development of Internet Commerce. In addition, we will continue to develop "Yandex.Market" as a platform on which tens of thousands of our partners - sellers of goods - can find a buyer", - are reported words of the managing Director of the group of companies "Yandex" Tigran Khudaverdyan.