Yandex to acquire Acropol Bank

AK&M 04 May 2021 16:33

Yandex has agreed to acquire commercial bank ACROPOL joint-stock company for RUB 1.1 billion, including RUB 75 million in a capital premium for the purchase, Yandex informed.

The transaction will be closed once approved by the Bank of Russia. Yandex filed a related application with the regulator on April 28, 2021.

A portfolio of liquid securities and funds held on accounts with the Bank of Russia account for more than 85% of the targeted bank's assets.

Yandex is a multinational IT company. Yandex is the world's fourth biggest search engine in terms of the number of queries processed. In 2020, Yandex's net profit increased by 116% to RUB 24.1 billion ($326.9 million). Consolidated revenue increased by 24% to RUB 218.3 billion (RUB $ 2.956 billion).