Yandex Bank and the former subsidiary of the British HSBC can change the ownership structure without special permission from the president. The corresponding order of Vladimir Putin was published on the portal of legal acts.
Author:
https://rb.ru/author/bilyk/
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The document excludes Yandex Bank and Khvoya Bank (formerly HSBC Bank) from the register of credit institutions, for transactions in which their foreign shareholders need the permission of the president.
In May 2024, Expobank bought the Russian subsidiary of HSBC. Once the deal was closed, Expobank changed the name of the organization to Khvoya Bank. HSBC itself left the Russian market in 2022.
In July 2024, the Dutch company Yandex NV sold the Russian business to a consortium of investors for 475 billion rubles. After this, Yandex NV changed its name to Nebuis Group, the company was headed by Yandex co-founder Arkady Volozh.
In October 2022, Putin signed a decree according to which 45 Russian banks with foreign capital must obtain special permission from the president to carry out transactions with their shares.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
