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2023: VK becomes 100% owner of "Деньги.Мэйл.ру "

In February 2023, it became known about the sale of Деньги.Мэйл.ру to the VK holding. The corresponding permission was signed by President RFVladimir Putin. The seller of the asset was the Cypriot P.J.V. DIGITAL FORCES LTD.

In accordance with paragraph 5 of the Decree of the President of the Russian Federation of August 5, 2022 No. 520 "On the application of special economic measures in the financial and fuel and energy spheres in connection with the unfriendly actions of some foreign states and international organizations" to allow the limited liability company VK Company to enter into a transaction to acquire 100 percent of the shares in the authorized capital of the settlement non-bank credit organization MoneyMail.Ru, "the document says, excerpt from which leads TASS.

VK will now be the sole owner of Деньги.Мэйл.ру

In October 2022, Vladimir Putin banned transactions with shares of 45 banks belonging to foreigners from "unfriendly countries." This list includes "Деньги.Мэйл.ру." They could only be sold with the approval of the head. states The ban on the purchase of shares in foreign companies without permission CENTRAL BANK OF THE RUSSIAN FEDERATION is valid until the end of 2023.

Деньги.Мейл.ру LLC is a non-bank credit institution licensed by the Central Bank of the Russian Federation to open and maintain bank accounts of legal entities, making transfers of funds on behalf of legal entities, including correspondent banks, on their bank accounts, buying and selling foreign currency in non-cash form and making money transfers without opening bank accounts, including electronic funds (excluding postal transfers).^[1]

2021: Creation of a payment joint venture

On February 12, 2021, MegaFon informed TAdviser that it had signed together with Mail.ru Group, USM, Ant Group and RDIF binding documents on the creation of two joint ventures (JVs) - payment and financial. Earlier, in 2019, the parties signed non-binding documents and announced a partnership to expand access to financial services in Russia.

Mail.ru Group, MegaFon, USM, RDIF and Ant Group create joint ventures in the field of payments and finance
Photo source: Yandex.Zen

The JV will jointly provide digital payment solutions and financial services designed to help people save when paying for services and goods in the booming Russian e-commerce segment.

Mail.ru Group will contribute assets worth 4.5 billion rubles to the payment joint venture: 100% in Dengi.Mayl.Ru RNKO and the VK Pay payment system (which will remain the financial and payment instruments of the Mail.ru Group ecosystem). Mail.ru Group will be the largest shareholder in the payment joint venture: the company's share will be 40%.

Mail.ru Group will contribute 870 million rubles to the financial joint venture in exchange for a 5.95% stake in it.

USM will contribute cash and assets to the financial JV, including 100% to ASK Renaissance, 100% to Round Bank and 100% to InPlat.

Other shareholders, including Ant Group, RDIF and MegaFon, will contribute cash, assets or both to the financial and payment JV.

Closing of transactions is expected in 2021 after a number of conditions are met, including the approval of third parties. After the completion of the transaction, more than 50% of the votes in the enterprises will belong to Russian participants.