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Russia's Sberbank moves to buy stake in MF Technologies JV

Reuters - UK Focus
Updated

MOSCOW, Oct 29 (Reuters) - Russia's largest lender Sberbank said on Tuesday it had signed a non-binding agreement with lender Gazprombank to buy a minority stake in joint venture MF Technologies.

MF Technologies was set up by Megafon, Gazprombank, Rostec and USM holdings in 2018 and holds a stake in Mail.Ru Group.

Sberbank said it plans to sign a binding agreement with Gazprombank this year.

A banking source and a source close to Mail.ru told Reuters on Monday that Gazprombank was in early stage talks to sell its indirect stake in Mail.Ru. (Reporting by Andrey Kuzmin; writing by Tom Balmforth; editing by Jason Neely)