Sberbank makes a joint venture with Alibaba

Russia’s Sberbank in cooperation with Chinese e-retail giant Alibaba develops new e-commerce platform. The platform will be designed for small and medium-sized businesses and will help the companies entering domestic and foreign markets. New product from Sberbank is expected to be launched in fall 2017. The development of new e-commerce platform will positively affect the stocks of both companies.

Since the beginning of May, Sberbank shares rose by 3,8% and Alibaba shares grew by 6,7%. The trade of Sberbank will be available during European session from 7:00 to 16:00 GMT. The trade of Alibaba will be available during American session from 14:40 to 21:00 GMT.

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