Russia’s Sberbank divests some non-core assets

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The logo is on display in an office of Sberbank in Saint Petersburg

(Reuters) – Russia’s largest lender Sberbank has ceased to be a shareholder in some non-financial assets, the company said on Thursday, as it reviews its strategy.

Sberbank said it no longer owned Okko online cinema, Zvuk streaming service, SberCloud, online checkout terminals Evotor, and Speech Technology Center – a leading Russian developer of biometric technology.

The lender added that it will maintain partnership relations with the companies and continue implementing joint marketing and operational activities.

It didn’t say who was the new owner, or owners, of the assets.

In 2020, Sberbank said it wanted to become one of Russia’s top three e-commerce players by 2023, in a shift away from its core banking business.

(Reporting by Reuters; Editing by Kirsten Donovan)

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