Russian IT-giant Yandex announced the purchase of Acropol Bank for 1.1 billion rubles.

According to the company, thanks to this Yandex will receive licenses, including universal banking license.

It is noted that from the specified amount, 75 million rubles is a premium to the capital for the purchase of the bank. Its capital following the results of the last year has exceeded one billion rubles.

The major shareholder of Acropolis is Yevgeny Davydovich, the CEO of Svyaznoy, who owns 90.29% of the bank.

After the deal Yandex will obtain a banking license. It will enable the IT-company to develop financial and technical direction and to launch products for the users of such branch.

Yandex submitted the application for acquisition of the bank to the Central Bank on Wednesday, April 28. The deal is expected to close after the necessary approvals are obtained.

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Author: Ksenia Gustova