Media: Yandex Negotiating Bank Acquisition

The company considers Akropol bank, owned by Evgeniy Davydovich, CEO of Svyaznoy Group 

The deal is at the due diligence stage, writes The Bell referring to its sources. The sale and purchase agreement is expected to be signed in the coming days. The IT company spokesperson told The Bell that Yandex was interested in obtaining a banking license and considers all options.

 The bank's assets are estimated at 1.24 billion rubles. The last year loss amounted to 82 million rubles. The credit institution ranks 324^th in the Interfax-100 banks’ ranking.

 Yandex has no plans to open branches or disburse loans. In fact, the company is acquiring a banking license. They are going to develop fintech on their own after the company got their fingers burned on a failed deal with Oleg Tinkoff. At the same time, according to the newspaper, Yandex does not have a dedicated team that can develop its own fintech from scratch.

 Source: The Bell materials

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