Russia: Sberbank Announces $400M E-Commerce Investment

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(The Moscow Times)

Russia’s state-owned lender continues its push into the technology and consumer spheres.

Russia’s largest state-controlled bank and most valuable company — announced a $400 million investment Thursday in the online retail space as it seeks to become one of the country’s leading e-commerce players.

The lender — which rebranded to “Sber” last year — has signed a “memorandum of intent” to up its stake in the Goods.Ru marketplace and invest billions of rubles in developing the online retailer.

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