Yandex has closed a deal to purchase Akropol Bank

Yandex has closed a deal to purchase Akropol Bank

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Yandex has closed a deal to purchase Akropol Bank

Yandex has closed the deal to buy 100% of Akropol Bank, a representative of the Internet company told Vedomosti. As a result of the transaction, Yandex will receive licenses from Acropolis, including a universal banking license. Akropolis licenses will allow the company to develop the direction of financial services and create new products for users and partners, said his representative.

The transaction amount was 1.1 billion rubles, which is equivalent to the value of the bank’s assets: of which 75 million rubles. – capital premium for the purchase.

The fact that Yandex is negotiating the purchase of Acropolis Bank from Svyaznoy CEO Yevgeny Davydovich was reported by The Bell in March, citing sources.

In February 2020, the Kommersant newspaper reported that Davydovich bought Acropolis from the previous owner, Akhmet Palankoyev, for an amount equal to one bank’s capital. At the beginning of 2020, this amount was 1.1 billion rubles. At the moment, the capital of Acropolis is just over 1 billion rubles.

“The company got burned at the deal with [основателем и основным владельцем “Тинькофф банка” Олегом] Tinkov and made a fundamental decision to do fintech on her own. For this, she needs an almost empty license, ”one of the sources told The Bell.

On September 22, 2020 Yandex and Tinkoff Bank announced that they are negotiating a merger. The deal was valued at $ 5.48 billion. However, on October 16, TCS Group announced that Tinkoff Bank had abandoned its earlier decision. Yandex explained that they could not agree on the terms of the deal with the key shareholders of Tinkoff. At the same time, the founder of TCS Group, Oleg Tinkov, said that he had made the decision to break off the deal with Yandex after, instead of a merger, it was considered the takeover of the bank by an Internet company.

On March 10, Yandex announced the launch of the Yandex Pay payment service. With its help, users can pay for purchases using a card linked to their Yandex account. So far, the service is only available on websites in most browsers, but in the future it will work in mobile applications and offline.

The need for a new payment system for the company arose after a divorce from Sberbank. Last year, Yandex got rid of restrictions on the development of its fintech, and the state bank received the Yandex.Money service, now renamed YuMoney.

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