Yandex has today announced the acquisition of 100% stakes of Acropol Bank for RUB 1.1 Billion (appx. $14.7 million).
In a filing with the exchange, Yandex said, “The strategic rationale for the transaction is to obtain a banking license 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 universal banking license as well as broker, dealer, and depositary licenses,” the statement said
The total consideration for the proposed transaction amounts to approximately RUB 1.1 billion (appx. $14.7 million), of which RUB 75 million (appx. $1 million) represents a premium to the capital.
“More than 85% of Acropol’s assets are represented by highly liquid instruments, including cash, government bonds as well as bonds and deposits of the Central Bank of Russia,” Yandex added.
The transaction is subject to regulatory approval by the Central Bank of Russia. Yandex applied for approval on April 28, 2021.
