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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
