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Yandex, one of the few search engines globally with a higher local market share than Google, has recently made strides in fields ranging from taxis and e-commerce to entertainment. The prospective deal will represent a major shake-up of Russia’s tech and banking markets at a time when major state-run companies are encroaching on both sectors.
Mr Tinkoff suggested a merger to Yandex founder Arkady Volozh at a conference in 2019. “The question for Yandex is: are they with Tinkoff or Sber?” Mr Tinkoff said. “If we fully merge with Yandex, then the capitalisation of the united company will be more than $20bn and Sberbank won’t know what hit it, because these two companies have the most talented staff.”
https://www.ft.com/content/abbb0d7a-71cf-46c9-9b4d-611fc527665c
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