Yandex Announces Acquisition of a bank to obtain a license
Moscow and Amsterdam, the Netherlands, April 29, 2021 – Yandex (NASDAQ and MOEX: YNDX), one of Europe's largest internet companies and the leading search provider in Russia, today announced that it has entered into an agreement to purchase 100% of Acropol Bank.
The strategic rationale for the transaction is to obtain a banking license required to develop Yandex FinTech vertical and launch comprehensive digital finance products and services for our users and partners. As a result of the transaction, the company will receive all Acropol’s licenses, including universal banking license as well as broker, dealer, and depositary licenses.
The total consideration for the proposed transaction amounts to approximately RUB 1.1 billion (appx. $14.7 million), of which RUB 75 million (appx. $1 million) represents premium to the capital. More than 85% of Acropol’s assets are represented by highly liquid instruments, including cash, government bonds as well as bonds and deposits of the Central Bank of Russia. Acropol doesn’t have any offline branches.
The transaction is subject to regulatory approval by the Central Bank of Russia. Yandex applied for approval on April 28, 2021.
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