Russian internet company Yandex has signed an agreement to acquire 100% stake in Acropol Bank.

As agreed, Yandex will pay around RUB1.1bn ($14.7m) as consideration.

Acropol is a mid-sized bank. It ranks 330th in the list of largest banks in Russia in terms of assets, according to Reuters.

More than 85% of the bank’s assets include highly liquid instruments, including cash, government bonds as well as bonds and deposits of the Central Bank of Russia.

Also, Acropol doesn’t have any offline branches.

The deal will enable Yandex to secure a banking licence as it seeks to accelerate the development of financial services.

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In a statement, Yandex said: “The strategic rationale for the transaction is to obtain a banking licence 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 licences, including universal banking licence as well as broker, dealer, and depositary licences.”

The completion of the deal subject to regulatory approval by the Central Bank of Russia.

Headquartered in Moscow, Yandex offers internet related products and services. It is also the leading search engine provider in Russia.

Earlier this week, Yandex reported strong quarterly results recording a 39% growth in total revenue.