Yandex Bank license revoked news

In Russia, by order dated March 6, 2023, the Central Bank of Russia decided to cancel the brokerage activities of the credit institution Yandex Bank, owned by the giant technology company Yandex.

In the statement made on the official website of the regulator, it was stated that, based on the application of the Moscow-based Yandex Bank joint stock company and the statement dated March 6, 2023, the Central Bank of Russia decided to cancel the brokerage activity license dated December 21, 2000 and numbered 045-04007- in the securities market.

According to the news of Gazetemru, Yandex had previously changed the name of Akropol Bank, which it officially bought with the approval of the Central Bank, to Yandex Bank.

Yandex closed the deal to buy Akropol Bank on July 16, 2021, by acquiring 100 percent of its shares.

The company, which has all financial activity licenses, including the bank’s universal banking license, announced that it was closed after it was approved by the Central Bank of Russia, emphasizing that it paid about 1.1 billion rubles for the acquisitions.

In the statement made by the Yandex Press Service, it was stated that the company, which aims to establish its own financial system, has a banking license with the purchase of Akropol bank, and that from now on, Yandex will improve its financial services and introduce new financial products such as loans and installment payments to the markets.

Yandex Bank continues its other banking activities except intermediation.

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