Leading Russian e-commerce group RWB announced plans for an alliance with the country's second-largest bank VTB RUS:VTBR on Tuesday, marking the first such tie-up in Russia.
VTB is set to acquire a 5% stake in RWB's WB Bank, with an option to increase its stake. WB Bank will receive access to VTB's vast financial infrastructure.
RWB said it will develop VTB's retail business by bringing its technology, IT solutions, AI and digital services know-how to traditional banking products.
The deal is widely expected to be signed during the St Petersburg economic forum next week.
Russian banks last year accused e-commerce companies of unfair competition practices due to the discounts offered to customers using cards issued by their affiliated banks.
The Russian e-commerce sector experienced explosive growth during the COVID-19 pandemic and the years of the military operation in Ukraine, helping tens of thousands of small and medium-sized companies reach customers across Russia.
Many Russian officials and top bankers have said that e-commerce platforms have become an important driver of economic growth, which is slowing due to high interest rates, Western sanctions and a strong rouble.
Other firms, including Russia's largest lender Sberbank RUS:SBER and technology giant Yandex, have tried to enter the market with their own e-commerce subsidiaries.
RWB was created through a merger in 2024 which received a blessing from the Kremlin, which is seeking more control over the booming e-commerce sector.