Russian online retailer Wildberries buys Standard-Credit Bank

MOSCOW: Wildberries, one of the largest online retailers in Russia, said on Friday it had bought Standard-Credit Bank in a move to develop the company's online marketplace.

"The integration of (Standard-Credit Bank) will help us further develop the existing payment service, as well as generally improve the quality of service for buyers and sellers," the company said in a statement, adding that the move would improve the speed of payments within the platform.

Standard-Credit Bank is the 371st largest bank in Russia in terms of assets.