Russia's Yandex to acquire Acropol bank to develop financial services

Russia's Yandex to acquire Acropol bank to develop financial services

Moscow, Russia. Photo by Michael Parulava on Unsplash

Yandex said on Thursday it had agreed to buy mid-sized bank Acropol for 1.1 billion roubles ($14.8 million), a move that will secure a banking licence for the Russian internet company so that it can develop financial services.

Yandex has sought a means to develop its fintech offering after its split from a joint venture with state lender Sberbank last summer meant it ceded control of e-payment service Yandex.Money.

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