Photo: Oleg Yakovlev / RBC
“Yandex” in its annual report said the risks to its brand because of the cooperation of Sberbank and AliExpress. Earlier in January it was reported about possible creation of joint venture with participation of a credit institution and a Chinese company
The documentation of the Internet company States that the possible joint venture of the Sberbank and the Chinese company AliExpress in electronic Commerce has the potential to compete with Yandex and have a negative impact on the brand.
The company noted that the business of “Yandex.Money” is now managed through a joint venture with Sberbank, which itself “Yandex” is a minority partner. “Our options are limited is to ensure the further development of this business in accordance with the style, which is peculiar to the whole “Yandex”, — the report says.
In mid-January, the newspaper “Kommersant” reported about a possible joint venture with the participation of Sberbank and Alibaba in the first half of 2017. “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”, — said the interlocutor of the edition.
In November of last year, Sberbank announced plans to create their own project in the field of Internet trading. It was about the appearance of a network of organizations created around a single technological platform and the use its services for elaboration of proposals to clients and access to them.