Yandex.Money, payment service co-owned by Sberbank, changes chief exec

By Andrei Skvarsky.

Yandex.Money, a key Russian online payment service co-owned by Russia’s biggest lender, Sberbank, has hired Ivan Glazachev, a former top manager at Russian Standard Bank, as its chief executive.

Maria Gracheva, the previous chief executive, stays at Yandex.Money, being moved to the role of business development director. She will focus on various Fintech projects and planned expansion into new markets, Yandex.Money said in a statement.

Yandex.Money, which is a joint venture between Sberbank and Russian internet company Yandex, has also made changes to its board of directors.

In the reshuffled board, Lev Khasis, Elena Baturova, Vladislav Kreynin and Irene Shvakman are directors on behalf of Sberbank, and Alexander Shulgin, Evgeniya Zavalishina and Mikhail Parakhin directors on behalf of Yandex.

According to London-based market research company TNS, Yandex.Money is Russia’s largest online payment service. The payment service says it hosts about 30m user accounts with 15,000 new accounts opened daily. It includes a merchant division, Yandex.Checkout.

Yandex.Money’s statement said Russian Standard Bank is the third-biggest player in Russia’s acquiring industry, and that this is partly Glazychev’s work. It was also partially his achievement that the bank had “developed and implemented the biggest white label card-to-card money transfer platform, which is now used by many commercial organisations in Russia”, the statement said.

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