Russian bank gets 'golden share' from Yandex

Mon 28 September 2009 13:30, Editors

Russian bank gets 'golden share' from Yandex

The biggest Russian search engine Yandex last week announced it has issued a so called ”golden“ share, a  priority share, to the Serbank (Savings Bank of the Russian Federation)  which is Russia’s largest bank.

With the share, with only a nominal value of 1 euro, Serbank now has the right to veto accumulation of stakes in Yandex N.V. It doesn't however give the Serbank any rights to play part in operating decisions or take place in the board.

The bank is controlled by the Russian government, which makes it "ok" for the bank to get the golden share. Would the bank have been a commercial business they would not have met the criteria.

Yandex has revenues of more than $300 million in 2008, making it a very profitable company. It is not clear why the bank got this share.

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