Qiwi continues its corporate reorganization, moving to divest its Russian assets to Fusion Factor Fintech Limited, a Hong Kong entity controlled by Qiwi’s current chief executive, Andrei Protopopov, according to the group’s press service cited by TASS. The arrangement underscores a broader shift in the company’s asset footprint and corporate governance structure.
Regulators in Russia and the board of Qiwi Plc reportedly approved the deal. Following the closure, Protopopov is expected to remain involved in managing the Russian assets, but will relinquish his leadership roles at Qiwi Plc. The publication indicates that the role of managing director for the Russian operations will be assumed by Alexey Mashchenkov, who has been serving as the financial director. The transition appears designed to separate Russian and international assets under distinct management lines while preserving strategic oversight of the local business segment. (TASS)
Officials highlighted that the aggregate value of Qiwi’s international assets stands at 23.75 billion rubles, reflecting the market valuation attached to the cross-border restructuring initiative. (TASS)
Earlier communications indicated that Nasdaq-quoted Qiwi sought an extended timetable for the restructuring, with a suggested completion target now set for November 11, 2023. The extension would allow the group to align regulatory approvals, financial reporting, and governance changes across jurisdictions. (Nasdaq update via TASS)
In June, Qiwi Group, the operator of the well-known Qiwi payment service, consolidated its Russian assets under a single local legal framework as the first phase of the restructuring reached completion. The plan originally envisaged a separation of Russian and international assets by September 2023, a milestone described as a critical step toward simplifying the corporate structure and improving capital allocation. (Qiwi press materials via TASS)
Analysts have noted the strategic intent behind this realignment: streamlining cross-border operations, reducing regulatory complexity, and positioning the firm to pursue growth in targeted markets while maintaining robust oversight of the domestic business. The leadership changes are viewed as a move to strengthen governance and ensure continuity in operations across regions, even as ownership and control of key assets shift. (Industry commentary via TASS attribution)
Market observers caution against over-optimism given the inherent challenges of multi-jurisdiction restructurings, including regulatory scrutiny, currency risk, and integration of disparate systems. Still, Qiwi’s approach demonstrates a deliberate effort to clarify asset ownership, reinforce compliance frameworks, and establish a clearer strategic path for both Russian and international activities. (Regulatory and market analysis reports via TASS attribution)
In sum, the company is progressing with its phased restructuring, moving to consolidate Russian assets under a defined local entity while delegating day-to-day leadership of those assets to a new executive sponsor. Cross-border asset management will continue to evolve as regulatory and market conditions unfold, with Qiwi aiming to sustain a balanced, transparent governance model across its global footprint. (Corporate disclosures and market commentary via TASS attribution)