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Russia's Sberbank to keep Yandex partnership


RUSSIA'S Sberbank plans to continue its partnership with Yandex even though it has transferred its "golden share" in the country's leading Internet company to another entity, Sberbank's chief executive German Gref said.

To assuage Kremlin fears about potential foreign influence, Yandex this month approved changes to its corporate structure to establish a "public interest foundation" which would receive Sberbank's golden share and a number of other rights.

Sberbank, Russia's top bank, has also agreed to buy a stake in Internet company Mail.Ru, as Mr Gref continues to transform the lender into a banking-to-online services company.

"Partnership (with Yandex) will remain," Mr Gref said, adding there could be some changes in a number of the companies' joint projects. REUTERS