Yandex Bank, former HSBC subsidiary excluded from list whose ownership change requires presidential permission

MOSCOW. Sept 30 (Interfax) - A subsidiary bank of Yandex and a former subsidiary of the UK's HSBC have been excluded from the list of lending institutions whose change in ownership requires special Russian presidential permission, according to the order posted on the portal for the official publication of legal acts.

A special procedure to coordinate transactions with the shares of a number of banks has been in force since October 2022. A list of Russian lending institutions was published at the time regarding a ban established on transactions with shares and stakes, as well as contributions to charter capital, unless special permission has been received from the president for the transactions. This list mainly includes the subsidiaries of banks from unfriendly countries, though there are also entities of Russian companies in the IT and e-commerce sectors whose ownership composition involved foreign holding companies.