29 Apr 2021 11:47

Yandex agrees to buy Acropol bank for 1.1 bln rubles to obtain banking license

MOSCOW. April 29 (Interfax) - Yandex has agreed to buy the Acropol boutique commercial bank for 1.1 billion rubles in order to obtain a banking license, the Russian internet company said in a statement.

Of the total amount, 75 million rubles are to be allocated as a premium to the capital in order to acquire the bank. Acropol had capital of slightly more than 1 billion rubles in 2020.

Evgeny Davydovich, general director of the Svyaznoy hi-tech retail chain, is Acropolis's principal shareholder with a stake of 90.29%.

Yandex is set to obtain a banking license resulting from the deal, thus permitting the internet company to develop its fintech direction as well as launch products for users in the area.

Yandex filed the application to purchase Acropol with the Central Bank of Russia on April 28, 2021, and the deal is expected to be closed once the necessary permits have been obtained.