Russian financial group Otkritie plans to increase its ownership in the Russian payment system Qiwi from its current 8.85% to 63.85%, paying about $700mn (€624mn) for the stake, Vedomosti daily reported on June 13.
Qiwi specialises in payment services via physical, online and mobile channels, processing over RUB69bn (€1bn) of cash and electronic payments per month and servicing more than 18mn virtual wallets and 157,000 kiosks and terminals.
Earlier this year, Otkritie purchased a diamond-producing unit of Lukoil for $1.45bn (€1.29bn) and applied for an acquisition of Rosgosstrakh Bank from the top 50 bank list.
Otkritie became a Qiwi shareholder in 2015, when it contributed its Contact money transfer system and Rapida payment processing platform in exchange for 5.6mn Qiwi shares (vs. the 4.0mn it currently owns).
"There have been no major joint product developments that we have seen, future products could easily be developed on a commercial basis and we do not believe Qiwi has searched widely for strategic investors," Renaissance Capital said in a research note.
"For Otkritie spending $700mn to increase its exposure to early stage Russian fintech seems aggressive," the note added. "We believe the transaction might be aimed at better positioning Qiwi from a regulatory perspective."
Related Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
EBRD boosts Ukraine financing to record €2.9bn in 2025 amid war
The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9bn in finance in Ukraine in 2025, up from €2.4bn a year earlier, the EBRD said in a press release. The EBRD ... more