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SSA - AFK Sistema PAO News Story

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Large Cap
Market Cap £2.83bn
Enterprise Value £10.51bn
Revenue £7.49bn
Position in Universe 267th / 1785

EXCLUSIVE-Russia's Sberbank to sell VisionLabs stake to Sistema -sources

Tue 21st September, 2021 12:54pm
By Tatiana Voronova
    MOSCOW, Sept 21 (Reuters) - Russia's biggest bank Sberbank
 SBER.MM  plans to sell its 25% stake in biometrics company
VisionLabs to Sistema  AFKS.MM  to focus instead on its
investment in rival group Speech Technology Center, two sources
close to Sberbank and Sistema told Reuters on Tuesday. 
    Sberbank controls Speech Technology Center, which competes
with VisionLabs in the face and voice recognition business. This
business is booming in Russia where biometric technology is
being used to facilitate payments in the Moscow metro or in food
shops. The technology is also used for security and other
public-to-private needs.*:nL8N2MF4BF 
    Sberbank has just over a 25% stake in VisionLabs which it
bought four years ago from VisionLabs founders and the Sistema
VC fund, part of the Sistema conglomerate, which has businesses
in telecoms, agriculture, forestry and some other areas. 
    The sources said to avoid conflict of interest it was
decided that a company linked to Sistema would buy Sberbank's
stake back.     
    "It was decided that a company linked to Sistema would buy
Sberbank out," the source close to Sistema said. The sources did
not say how much the stake in VisionLabs would cost Sistema. 
    Sistema VC and Sberbank declined to comment. 
    Sberbank has been expanding into businesses outside banking,
including food delivery and cyber security to diversify its
activities into fast growing e-commerce.*:nL8N2M72E3 
    Sberbank, with dozens of non-banking assets under its
umbrella already, targets around 60% of total revenue from
non-core areas by the end of this decade.*:nL5N2L131Z
    Sberbank executives have said the bank may conduct initial
public offerings of some of its so-called "ecosystem" companies
that are outside its mainstream banking business.
($1 = 73.2130 roubles)

 (Reporting by Tatiana Voronova.
Writing by Katya Golubkova. Editing by Jane Merriman)
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