VTB to acquire 5% of Wildberries-Russ subsidiary bank with possibility to increase stake
MOSCOW. May 26 (Interfax) - VTB Banking Group is acquiring a 5% stake in Wildberries Bank as part of a strategic partnership with the Wildberries-Russ (RWB LLC) merged company, the Wildberries-Russ press service told Interfax.
"RWB Group and VTB plan to enter into a strategic partnership agreement. [...] VTB will acquire a 5% stake in WB Bank with the potential to increase the stake as a result of the agreement, while WB Bank, part of the RWB Group, will gain access to VTB's infrastructure, namely retail branches, an ATM network, as well as investment and other products, and mortgage lending for its clients," according to the statement.
"The deal marks the launch of the first direct partnership in Russia between one of the country's largest financial institutions and a leading player in the e-commerce segment," Wildberries-Russ said.
Citing sources, RBC earlier on Tuesday reported that the parties had agreed on the main terms and conditions of the strategic partnership, and the details would continue to be discussed in the coming months. The bank told the publication that as a first step, it would acquire a minority stake in RWB's digital financial assets. The bank did not specify what this would involve, saying that stake could be increased in the future.
"The partnership will be aimed at the joint development of the retail business and new products, and making advanced financial services more accessible," VTB said, adding that it was not thinking about transferring its own retail network.
VTB did not respond to Interfax's request.
Wildberries joined the banking market by acquiring a small regional bank (Standard-Credit, now WB Bank) in 2021. VTB, with assets of 35.6 trillion rubles, is the country's second biggest bank in the Interfax-100 ranking. WB Bank, with assets of almost 147 billion rubles, ranks 49th.
RBC said at the beginning of April, citing sources, that VTB and Wildberries-Russ were looking at options for a potential integration. It said the configuration of a deal had not been determined and the parties were still at the assessment stage. Several sources confirm that several RWB shareholders could withdraw from the asset, but the question remains as to how the buyout of the shares would be funded. Wildberries founder Tatiana Kim at the time denied there were talks about VTB buying into RWB.
The marketplace's assets were merged with advertising group Russ in 2024. The merged company, RWB LLC, is 65% owned by Wildberries LLC and 35% by Stinn LLC.
