Yandex (NASDAQ and MOEX: YNDX), one of Europe’s largest internet companies and the leading search provider in Russia, today announced that it has completed acquisition of 100% of Acropol Bank.
The transaction received an approval from the Central Bank of Russia on July 5, 2021. As previously disclosed, the total consideration amounted to approximately RUB 1.1 billion (appx. $14.7 million), of which RUB 75 million (appx. $1 million) represented premium to the capital.
As a result of the transaction, Yandex obtained all Acropol’s licenses, including universal banking license, 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.
