- Qiwi (NASDAQ:QIWI) forms a joint venture along with Otkritie Bank and Tochka to develop digital banking service Tochka for a broad range of services for small- to medium-sized businesses.
- As a result Qiwi now sees 2018 total adjusted net revenue up 18%-22% from 2017, compared with its previous view of a 15%-20% increase.
- Otkritie Bank will hold a 50% plus 1 share of the venture, while Qiwi will hold 40% and Tochka management will hold 10% minus 1 share. Qiwi and Otkritie Bank will each hold 45% of economic interest, with Tochka management holding the remaining 10%.
- Qiwi's 2018 guidance for payment services segment net revenue, adjust net profit, and payment services segment net profit remains unchanged.
- Its forecast still only includes H1 actual revenue and expenses from its Rocketbank project, since Qiwi says it's not in a position to provide reliable estimates for revenue or expenses for the project.
- Source: Press Release
- Previously: Qiwi boosts year revenue forecast to include 1H Tochka, Rocketbank result (May 23)
- Now read: QIWI: Strong Leadership In The Online Payments Market In Russia
Original article