The Bank of Russia has revoked Yandex Bank JSC’s brokerage license, according to a statement on the regulator’s website.
RBC, citing the Yandex Bank press service, reports that the company decided to abandon the brokerage license, considering that such services “are not a priority at this stage.”
The Bank of Russia brokerage license allows you to professionally engage in brokerage activities: conducting securities operations in the interest of the client under an agency contract or a commission contract. The license is issued indefinitely to both individuals and organizations that meet the requirements of the Federal Service for Financial Markets.
Yandex received its bank as a result of an agreement to buy Akropol Bank in April 2021 for 1.1 billion rubles. Acropolis had a universal banking license, which became the owner of Yandex Bank, whose name became Acropolis six months after the transaction.
Author:
anastasia mariana
Source: RB
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