Megafon Joins with Gazprombank and Others in New Fintech Merger

[kreslik.news]

Megafon, the second largest mobile-phone operator in Russia, is creating a new company called MF Technology which will develop and release digital projects, according to a company press release.

The venture is being initiated with state-owned Gazprombank, the third largest bank in Russia, Rostekh, a state-owned defence conglomerate, and USM Holdings, a “diversified international holding company with significant interests across the metals and mining, telecoms and internet sectors”.

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USM Holdings is Megafon’s largest shareholder. Gazprombank bought a 19 percent stake in Megafon for around $1 billion in October 2017.

MF Technology will combine these companies’ ... (read more)