Gref rated the division of assets with VK as “the flourishing of relations”
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The head of Sberbank, German Gref, described the current interaction with the VK team as “the flowering of relations” between the companies. He expressed this opinion to journalists during an online press conference at the Eastern Economic Forum (WEF). He added that the asset swap, which became known at the end of August, became possible only due to the level of mutual understanding that the companies have reached to date.
“As for the division of assets, we have a very constructive relationship with VK – we are very pleased with the way both business relations and the relationship with the VK team are developing <...>. To everyone’s satisfaction, we found a solution to this problem that we faced. Of course, we are now at the stage, let’s say, of the flowering of our relations with VK and we will develop them. This deal became possible precisely because of the level of mutual understanding that we have today,” Gref explained (quote according to TASS).
About the asset exchange, in which he also participated “Yandex‘, the companies announced on August 23. It is assumed that VK will exit the O2O Holding joint venture with Sberbank and receive 100% of the Delivery Club food and grocery delivery service, which will subsequently be transferred to Yandex in exchange for the Zen and Novosti platforms. Sberbank will retain the remaining assets of O2O Holding, including Citydrive carsharing, Samokat and Kitchen on the District food delivery services, and Foodplex restaurant business services. The deal is expected to close by the end of 2022.
Gref also said that in connection with this, Sberbank had to change the concept of developing its ecosystem, including reducing the number of areas of activity in which the company will focus. In particular, the interests of the Sber ecosystem lie in the sphere of e-comm. “We will develop in this direction,” Gref pointed out.
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