Multi Billion Dollar Merger between Russian Tech Firm Yandex and Challenger Bank Tinkoff has been Scrapped

The recently proposed merger between Yandex, a major Russia-based tech firm, and banking challenger Tinkoff will not be finalized because the bank’s founder Oleg Tinkov has walked away from the deal.

Tinkoff’s management confirmed that all negotiations between the two parties have now been “terminated, effective immediately.” Yandex and Tinkoff had previously reached an agreement “in principle” which would have led to the tech giant acquiring the challenger bank in a $5.5…

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