Sberbank, Russia’s largest bank by assets, and Yandex, a Russian internet company, have announced a partnership to develop online retail payment services.

New products developed under the joint venture will use the Yandex.Money platform and will be released under the Yandex.Money brand.

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Herman Gref, chairman of the management board and CEO of Sberbank, said: "Expanding our presence in the digital world and developing online solutions is one of our operational priorities. In Yandex, we have found the optimal partner to significantly strengthen our position in the fast growing market of electronic commerce and internet payments."

"Yandex.Money products have become an industry standard for electronic payments in the Russian. We are investing not just in internet technology, but rather in an independent profitable business which is keen to considerably expand its customer base."

Arkady Volozh, CEO of Yandex, said: "The universe of online payments is changing at an extremely rapid pace and the potential for electronic payments extends far beyond the internet. We have long been looking for a partnership in finance to help drive our business to a new level. But this opportunity has been considered only in the context of a joint development of our service. We are very happy that Sberbank has become our partner."

The deal is expected to close in the first quarter of 2013.

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Sberbank and Yandex will form a joint venture through the acquisition by Sberbank of a 75% interest in the charter capital of Yandex. Money for $60m, with Yandex retaining a blocking interest in the joint venture (25% plus one ruble).

Yandex.Money users will remain customers of Yandex.Money, a non-banking credit organization operating under a license issued by the Central Bank of Russia.