MasterCard has reportedly rejected Russia’s Sberbank’s bid to acquire its Maestro brand.
A source close to the negotiations was quoted by KyviPost as saying that Sberbank considered the possibility of buying the Maestro brand from MasterCard, but the latter refused to sell.
With the proposed move, Sberbank aims to bolster its presence in domestic as well as international market, as it is planning to enter Chinese market.
Russian law requires Visa and MasterCard both to deposit at least $2.9bn to operate in the country, which is nearly five times more than the two companies’ combined annual revenue in Russia.
MasterCard generated nearly 2% of its revenue from Russia, or nearly $167m in 2013, while Visa’s annual revenue touched $471m last year, according to an estimate.