Online retailer Wildberries & Russ (RWB) and the majority state-owned VTB Bank announced a strategic partnership on Tuesday, coming amid an ongoing dispute between digital marketplaces and commercial lenders over customer discounts.
Under the framework agreement, VTB said it will acquire an initial 5% stake in RWB’s digital financial services provider, WB Bank, with an option to increase its stake over time.
“VTB’s branch network, together with RWB’s pickup point network, will become the largest physical presence network in the country,” the bank’s supervisory board said in a statement.
The deal will allow WB Bank to plug directly into VTB’s retail branches, ATMs and credit facilities, Wildberries founder Tatiana Kim said.
In exchange, Wildberries will spearhead the integration of advanced artificial intelligence and digital tools across VTB’s banking operations.
