Sberbank puts extra money in Rambler, raising stake in rival to Yandex

Credit: REUTERS/Maxim Shemetov

Russia's largest bank, Sberbank, will invest around 2 billion roubles ($27.63 million) in Rambler Group, raising its stake in the media company to 55%, the lender said on Wednesday.

MOSCOW, July 29 (Reuters) - Russia's largest bank, Sberbank SBER.MM, will invest around 2 billion roubles ($27.63 million) in Rambler Group, raising its stake in the media company to 55%, the lender said on Wednesday.

Rambler is the smaller rival of Russia's most popular search engine, Yandex YNDX.O, from which Sberbank is moving to divorce on two joint projects -- Yandex.Market and Yandex.Money.

"Sberbank plans to invest additionally in Rambler Group as part of a new round of equity financing to ensure the group's absolute leadership in the market," said the bank, whose profits were hit by soaring provisions against bad loans in the face of the coronavirus outbreak.

Sberbank, which acquired a 46.5% stake in Rambler in 2019, said it will channel new investments into Rambler's online cinema Okko and will aim at strengthening Rambler's position in the online media industry and the market for e-tickets to events.

($1 = 72.3777 roubles)

(Reporting by Andrey Ostroukh, Editing by Timothy Heritage)

((andrey.ostroukh@thomsonreuters.com; +7 495 775 1242;))

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