ACRA assigned a credit rating to Yandex Bank

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AK&M 26 January 2022 17:59

Analytical Credit Rating Agency on January 26, 2022 assigned JSC "Yandex Bank" credit rating at level A(RU), outlook "stable". This is stated in the agency's message.

The credit rating of Yandex Bank JSC is due to the high probability of providing the bank with extraordinary support by the parent structure Yandex N.V. (ACRA rating — AA+ (RU), Stable outlook) with a high level of creditworthiness. At the same time, the assessment of the bank's own creditworthiness is due to a strong position on capital adequacy, an adequate position on the risk profile, as well as on funding and liquidity with a limited assessment of the business profile.

Yandex Bank (formerly JSC CB Acropolis) is a small Moscow bank in terms of assets, occupying the 190th place in terms of capital in the banking sector. In July 2021, there was a change of ownership of the bank: the parent company of the Yandex N.V. group closed the transaction for the purchase of JSC "KB "Acropolis", becoming its 100% shareholder through a subsidiary of LLC "Yandex.Market Lab". The bank's strategy provides for a change in the business model with a focus on building a modern universal credit institution providing a wide range of financial services. The priority of Yandex Bank for the next three years is the formation of high-quality product offers for individuals, as well as small and medium-sized enterprises in integration with the existing services of the group.