Tuesday, September 24, 2013

Reuters: Technology News: Russia's Megafon in talks to start bank

Posted by Isabella on 10:12 AM

Reuters: Technology News
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Russia's Megafon in talks to start bank
Sep 24th 2013, 15:19

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Customers and staff are seen through the partially cleaned window of a Megafon shop in Moscow November 28, 2012. REUTERS/Sergei Karpukhin

Customers and staff are seen through the partially cleaned window of a Megafon shop in Moscow November 28, 2012.

Credit: Reuters/Sergei Karpukhin

MOSCOW | Tue Sep 24, 2013 9:15am EDT

MOSCOW (Reuters) - Megafon, Russia's second largest mobile phone company, is considering starting up a bank to capitalize on the market for mobile finances and cross-sell services to existing mobile customers.

"We are discussing - we don't have a decision - creating a Megafon bank," CEO Ivan Tavrin told the Reuters Russia Investment Summit. "We are very (focused) on value-added services. There are many (new) things we can do inside our industry."

Tavrin said Megafon would prefer to buy a small bank rather than acquire a license - which would likely take more time - and said the firm is talking to a number of banks. He would consider buying a bank which does not have large operations or a branch network.

(Reporting by Megan Davies, Maria Kiselyova and Anastasia Teterevleva; Editing by Douglas Busvine and Jane Merriman)

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