Yandex.Market Lab can buy an additional issue of Yandex Bank

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AK&M 06 December 2022 11:10

Russian President Vladimir Putin has allowed Yandex.Market Lab LLC to purchase 250 million shares of Yandex Bank JSC. The document is published on the official portal of legal information.

It is noted that the securities are subject to additional issuance and placement by closed subscription.

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".

Yandex is a Russian multinational company in the field of information technology. The Yandex search engine is the fourth among the world's search engines in terms of the number of requests processed.

Yandex's profit for 9 months of 2022 amounted to 40.56 billion rubles against a loss of 11.79 billion rubles a year earlier. Adjusted net profit increased by 87% to RUB 10.02 billion from RUB 5.36 billion. Revenue increased by 45% to RUB 356.9 billion from RUB 245.8 billion, adjusted EBITDA increased to RUB 46.97 billion from RUB 22.4 billion.