Sberbank and Alibaba decided to create a joint venture in the field of e-Commerce

Sberbank and Alibaba decided to create a joint venture in the field of e-Commerce


Moscow. 18 Jan. Sberbank and China’s Alibaba Group is thinking about creating in the first half of 2017, a joint venture in the field of e-Commerce, the newspaper “Kommersant”.

SP can only be created as a Russian legal entity in which the savings Bank will be not less than 50%, told to the edition a source close to the government. According to him, the SP will not allowed to work in the financial services industry, will provide the savings Bank.

The parties hope to create a SP in the first half of 2017, however, the terms can be moved due to the fact that the talks are difficult, the newspaper said.

It is expected that Sberbank will invest in a new company primarily money as well as marketing and logistics technology. Alibaba Group may make changes to the SP existing business for cross-border trade in Russia and the CIS, and, possibly, Turkey and some countries in Eastern Europe. “We are talking about creating a company worth several billion dollars, which will be the largest player in the market of cross-border e-Commerce in Russia and some other countries,”— emphasizes the newspaper.

In November 2016, it was reported that Sberbank is working on a project run on the basis of its “national ecosystem” of open source for example the largest global companies in the field of Internet Commerce, such as Google, Amazon and China’s Alibaba Group. An ecosystem is a savings Bank refers to the network of organizations created around a single technological platform and the use its services for elaboration of proposals to clients and access to them.

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