Regulator clears TCS Bank to acquire Insurance Company Moscow
MOSCOW. July 31 (Interfax) - The Federal Anti-Monopoly Service (FAS) has cleared Egidaco Investments PLC and Tinkoff Credit Systems Bank (TCS Bank) to acquire 100% of Insurance Company Moscow LLC (ICM), the FAS said in a statement.
Egidaco, which holds 100% of the voting shares in TCS Bank, will receive 80.08% of shares in ICM and TCS Bank will get 19.92%.
ICM, which is not conducting active insurance operations but is licensed to do so, is being sold OJSC AlfaStrakhovaniye. It will be renamed Tinkoff Online Insurance.
TCS Bank chief owner Oleg Tinkoff said at the beginning of June that the bank might purchase an insurance company in June. He did not identify it other than to say it might be a major Moscow-based insurer.
In February, an inter-district branch of the Federal Tax Service (N46) registered Tinkoff Online Insurance LLC and Tinkoff Online Life Insurance LLC, according to the SPARK-Interfax database. Both organizations are domiciled at the same Moscow address as TCS Bank. Vadim Stasovsky, the head of Tinkoff-Invest LLC, is listed as the CEO of both new companies.
Tinkoff founded TCS Bank in 2006 for direct marketing of credit cards. The bank later began accepting deposits from the public.
TCS Bank was the 64th biggest Russian bank by assets as of the end of the first half of 2013 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
