June 8, 2018 / 10:40 AM / 10 months ago

Russia's Sberbank says stake talks China's Alibaba have failed

MOSCOW, June 8 (Reuters) - Talks over a partnership between Russia’s largest bank Sberbank and China’s Alibaba which lasted for a year and a half have failed, Sberbank Chief Executive German Gref said on Friday.

“Therefore, we have decided to cooperate with (Russian internet group) Yandex and we will grow this project,” he said.

Sberbank said last December its talks with the Chinese e-commerce giant had finished “in their current form” as it entered into a joint venture​ agreement with Yandex but that it was talking with everyone, including Alibaba, about being another minority partner. (Reporting by Tatiana Voronova; writing by Polina Nikolskaya; editing by Jason Neely)

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