Sberbank acquires 51% stake in Speech Technology Center

Maria Nikolova

Sberbank has acquired a 51% stake in Speech Technology Center from Gazprombank.

Sberbank Rossii PAO (MCX:SBER) has just announced a deal in the biometrics field. 

Sberbank, Gazprombank and Digital Horizon have entered into a deal under which Sberbank acquires a 51% stake in Speech Technology Center (STC) from Gazprombank. Venture company Digital Horizon has also acquired a stake in STC. Gazprombank remains a strategic shareholder of STC and will continue to play an active role in the future development of the company. The deal is scheduled to close not later than late May 2019.

The shareholders will form a new board of directors at the company, which will consist of four Sberbank representatives including the chairman of the board, two representatives from Gazprombank and one from Digital Horizon.

STC is a leading Russian developer of biometric technology. The deal is set to provide STC with access to the resources and competencies of two of Russia’s largest financial organisations, including in the field of artificial intelligence and big data. In addition, the expertise of Digital Horizon’s international team is poised to give STC additional competitive advantages in the global market, which is expected to be worth around $40 billion by 2022.

Sberbank is known as a keen adopter and developer of new technology solutions. In February this year, for instance, Sberbank announced the launch of an AI-based chatbot that will help users of electronic trading system Sberbank Markets. The new solution will initially consult clients about FAQ related to the work of Sberbank Markets. In the future, the chatbot is set to gain extra capabilities. It will inform users about trading developments, as well as about perspectives of entering into deals with various asset classes.

Read this next

blockdag

Top Crypto Millionaire Picks: ETH, SOL, BLP

The market is buzzing with the arrival of a new bull run, and savvy investors are closely watching certain cryptocurrencies that show promise for substantial returns.

blockdag

Influencer Examines BlockDAG Advances as Presale Hits $27.7M Amid Updates on Solana Transaction Fees and Injective (INJ) Price

Discover what famous YouTube influencer CryptoDexWorld has to say about BlockDAG’s presale performance and mining capabilities. More on Solana Transaction Fees and Injective (INJ) Price Updates.

blockdag

Discover the Best Altcoins to Buy: Exploring Near Protocol, Cardano, and BlockDAG’s 30,000x Potential

Explore top altcoins like Near Protocol, and Cardano, and discover BlockDAG’s massive potential. Join us!

blockdag

Crypto Influencer Crypto Rick Endorses BlockDAG Amid $27.7M Presale Success; TRON Price & BCH See Surge

Crypto Rick endorses BlockDAG, boosting its $27.7M presale amid TRON and Bitcoin Cash surges. Explore why BlockDAG is a top crypto investment.

blockdag

These Altcoins Have The Potential To Make You a Millionaire in 2024

The crypto market is witnessing a surge, and certain alternate coins are catching attention for their rapid growth.

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

<