Russian internet company Yandex has completed its previously announced acquisition of mid-sized lender Acropol Bank.
The transaction closed after its secured the approval of the Central Bank of Russia.
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In a statement, Yandex said: “As a result of the transaction, Yandex obtained all Acropol’s licences, including universal banking licence, required to develop Yandex FinTech vertical.
“Acropol Bank will be consolidated in Yandex NV’s financial results as of today. The changes will be reflected in Yandex’s third quarter financial results.”
Background:
In April this year, Yandex signed an agreement to acquire 100% stake in Acropol Bank for RUB1.1bn ($14.7m).
Acropol is an online bank and does not have any brick-and-mortar locations. At the time of the announcement, the lender ranked 330th in the list of largest banks in Russia in terms of assets.
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By GlobalDataYandex offers internet related products and services. It is also one of the leading search engine providers in Russia.
Other banking deals:
In May, National Bank Trust in Russia reportedly sold around 9.1% stake of VTB Bank through an accelerated book building. The divestment generated proceeds of around $680m.
In April, Russian e-commerce company Ozon signed a deal to acquire financial services provider Oney Bank. The $10m deal will help Ozon to expand its financial services operations.
