This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Yandex And Sberbank Announce Joint Venture For Electronic-Money Solutions

"A leap in quality is only possible with a very strong partner. And Sberbank of Russia is the largest bank in Eastern Europe ," said Evgenia Zavalishina, chair of Yandex.Money's board of directors. "The bank's team has an extensive experience and expertise in finance, along with tens of millions of clients, many of whom do not yet have much online experience. In turn, Yandex, has tens of millions of internet users and an extensive experience in developing highly popular consumer services. By combining efforts, we are aiming to create unique products to meet the growing needs of all consumers." The deal is expected to close in the first quarter of 2013. At this time all the key terms and conditions have been agreed and the timeline for closing the deal is subject to standard conditions precedent to similar deals being satisfied, including the receipt of required regulatory approvals. Advisors to Sberbank on the deal: Sberbank CIB (financial advisor), White&Case (legal counsel), KPMG (financial, tax, commercial and IT due diligence). Advisors to Yandex: Morgan Stanley (financial advisor), WilmerHale and Laseta Partners (legal counsel).

Yandex (Nasdaq:YNDX) is one of Europe's largest internet companies providing the world with search and online services one market at a time. Yandex's mission is to help users solve their everyday problems by building people-centric products and services. Based on innovative technologies, the company offers the most relevant, locally tailored experience on all digital platforms and devices. Yandex is the leading internet search service in Russia with 60.2% of the country's search market (according to LiveInternet, November 2012) and a monthly audience of 50.4 million (according to comScore, October 2012). Yandex also operates in Turkey, Ukraine, Belarus and Kazakhstan. More information on Yandex can be found at  http://company.yandex.com

The Yandex Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10933

Yandex.Money is the largest electronic payment system on the Russian internet, offering easy, safe and reliable methods for paying for purchases online. Every day, the system adds more than 9,000 new accounts to its user base of more than 12 million. In the first three quarters of 2012, Yandex.Money's revenue exceeded RUR 370 million (see Yandex Financial Results http://ir.yandex.com/releasedetail.cfm?ReleaseID=717047 ). According to TNS, 15% of the Russian population make payments with Yanex.Money at least once in six months. 

Sberbank of Russia is the largest bank of Russia that holds about one third of the Russian banking assets. The Central Bank of the Russian Federation is the founder and major shareholder of Sberbank of Russia OJSC owning 50% plus one voting share in its Charter Capital. Other shares are held by more than 245,000 individuals and legal entities. The bank has the most extensive branch network in Russia: about 19,000 branch offices and internal structural divisions. The foreign network of the Bank is comprised of subsidiaries, branch offices and representative offices in 20 countries, including CIS countries, Central and Eastern Europe, and Turkey. In September 2012, Sberbank completed the deal on acquiring DenizBank, which is ranked as 6th among private banks in Turkey and 9th among Turkish domestic banks by total consolidated assets.

The number of the General License of the Bank of Russia for banking transactions is 1481. The bank's official website - www.sberbank.ru .

CONTACT: Investor Relations
         Dmitry Barsukov, Katya Zhukova
         Phone: +7 495 739-70-00
         E-mail: askIR@yandex-team.ru
         
         US Investor Contact
         The Blueshirt Group, for Yandex
         Alex Wellins
         Phone: +1 415 217-58-61
         E-mail: alex@blueshirtgroup.com
         
         Media Relations
         Ochir Mandzhikov, Dina Litvinova
         Phone: +7 495 739-70-00
         E-mail: pr@yandex-team.ru

Yandex Logo

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs