Russia's Sberbank moves to buy stake in MF Technologies JV

Credit: REUTERS/MAXIM SHEMETOV

MOSCOW, Oct 29 (Reuters) - Russia's largest lender Sberbank SBER.MM said on Tuesday it had signed a non-binding agreement with lender Gazprombank GZPRI.MM to buy a minority stake in joint venture MF Technologies.

MF Technologies was set up by Megafon MFON.MM, Gazprombank, Rostec and USM holdings in 2018 and holds a stake in Mail.Ru Group MAILRq.L.

Sberbank said it plans to sign a binding agreement with Gazprombank this year.

A banking source and a source close to Mail.ru told Reuters on Monday that Gazprombank was in early stage talks to sell its indirect stake in Mail.Ru.

(Reporting by Andrey Kuzmin; writing by Tom Balmforth; editing by Jason Neely)

((Tom.Balmforth@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.