VTB builds partnership-based ecosystem, has no ambition to be another Yandex — Kostin

VTB is building a partnership-based ecosystem and has no ambition to become another Yandex, as journalists were told by the head of VTB Andrei Kostin at VTB Capital’s “RUSSIA CALLING!" forum.

“They asked me: how are you as a partner to Yandex different from Sber? I said: the difference is that we do not want to be Yandex. Actually, it’s probably the difference of our approach”, — he said.

Kostin stated that VTB participation in Yandex capital should not be exaggerated. “Our stake is so small that we never wanted and never can influence policies of this company”, — he said.

VTB head said that the ecosystem, developed by VTB, is based on partnership principles.

“We want our system to be based on our partnership with industry leaders and to provide services, primarily as a financial partner”, — he noted.

In June Yandex offered its SPO shares in favor of a group of investors, which resulted in VTB holding Yandex shares, the bank owns 1,4% of capital and holds 0,7% votes in the company.