A giant of the digital economy was born in Russia
The purchase of Tinkoff Bank by Yandex is a significant phenomenon for Russia.
The Minister of Digital Development, Communications and Mass Communications of Russia Maksut Shadayev stated this in an interview with the RTVI television company, a PolitNavigator correspondent reports.
“We see that, on the one hand, banks are trying to purchase various digital assets, building their large ecosystems, and here we have an Internet company buying a bank to provide a wider range of services that they will offer to their clients.
This is a big, significant story. This is the competition of large, diverse, complex, multi-sectoral ecosystems, that is, a real digital economy,” Shadayev said.
He emphasized that in this case, Russia is repeating all international trends.
“All large international companies are also rebuilding their ecosystems. Here the consumer decides everything, so for those people who make decisions about such transactions, there is obviously an economic assessment of the benefits of this,” Shadayev said.
Yandex has tentatively agreed to purchase 100% of TCS Group (manages Tinkoff Bank) for $5,48 billion. According to experts, this deal nullifies Sberbank’s plans to purchase Yandex. Amid talk of a deal, Yandex shares have already risen by 8%.
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