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Russia's Yandex To Buy Acropol Bank for US$ 14.8 M

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Madona Gasanova
29.04.21 23:30
618
Russian internet giant Yandex had agreed to buy mid-sized bank Acropol for 1.1 billion roubles ($14.8 million), reads an official statement of the company. A move will enable it to develop its financial services through the acquisition of a banking license.
 
The possession of a license will allow the company to develop the direction of financial services and launch new products for users and partners. Yandex is providing over 70 Internet-related products and services, including transportation, search and information services, e-commerce, navigation, mobile applications, and online advertising. 
 
Yandex has long sought a means of developing its fintech offering but split from a joint venture with state lender Sberbank last summer, ceding control of e-payment service Yandex.Money in the process.
 
In September last year, Yandex wanted to acquire Tinkoff Bank. It was assumed that the company will buy out all 100 percent of the shares of TCS Group (the head structure of the credit institution), including minority shares. The deal was estimated at US$ 5.48 billion, but in mid-October the parties abandoned their plans. In Yandex Oleg Tinkov was called the culprit of the breakdown of the transaction, local media reported. 
 
Tinkov, one of the richest persons in Russia, on the other hand, accused Yandex of wanting not to unite, but simply to buy the bank, and said that he had lost the desire to sell the organization to someone. The businessman also said that he did not believe in this "bureaucratic company", and in the future his bank could buy Yandex itself.
 
The Acropol transaction is still subject to regulatory approval by the central bank, says Yandex.