X5 Financial Decisions

History

2021: Establishing a Company

In mid-November 2021, it became known about the creation of X5 Financial Solutions LLC. This is a joint venture (JV) of retailer X5 Group and Alfa Bank, registered for the development of the financial service "X5 Bank" - a payment system that will be built into all business applications of services of group X5.

According to the SPARK-Interfax system, shares in X5 and Alfa Bank in the joint venture amounted to 49.99% each. Another 0.02% belongs to Alpha Investments.

The registration of a legal entity is one of the stages of cooperation in which a number of new projects and products will be implemented as part of the financial service under the X5 Bank brand, the press To Interfax services of X5 Group and Alfa Bank told Kommersant.

X5 and Alfa Bank created a company for the development of X5 Bank

For the first time, X5 Group plans to launch a financial service became known in February 2021. According to Kommersant, the project was headed by the former director of the Payments and Transfers division of Sber Kirill Dmitriyev.

In October 2021, it was reported that the X5 Bank payment service would be launched before the end of 2021. The creation of such a service in the X5 Group was called part of its strategy, which provides for the presence of the company at each stage of the client path.

According to Natalia Zagvozdina, Director of Corporate Finance and Investor Relations at X5, we are talking about launching a financial services offer for X5 loyalty card holders.

Alfa-Bank is still under its hood, we will look further, "she said.

This is not the first joint fintech project of X5 and Alfa Bank. Earlier in April 2021, partners launched a factoring financing function for partners. "Button" appeared on the multifunctional platform for suppliers Dialog X5 Retail Group. With it, partners can receive funds in one day, for this you need to remotely fill out an application for factoring at Alfa Bank.^[1]

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