25 Apr 2022 14:50

Tinkoff Bank to undergo rebranding in 2022

MOSCOW. April 25 (Interfax) - Tinkoff Bank (SPB: TCS ) will undergo rebranding in 2022 and will cease using its old brand, the company said in a statement on Telegram.

"The company has been preparing for this step for a long time, and recent events have made this decision even more pertinent," the statement said.

"Tinkoff grew out of its original spirt of a name brand a long time ago: Tinkoff is the country's second largest private bank in terms of active retail customers today, Tinkoff's business has been successfully run by a team of Russian managers for many years, and the bank is owned by tens of thousands of investors in Russia and abroad," it said.

The bank is named in honor of its founder, businessman Oleg Tinkov, who was added to the United Kingdom's sanctions list in March 2022.

Tinkov founded the bank in 2006, focusing on digital services without traditional retail locations. The bank was added to a list of systemically important Russian lending organizations last year. Its assets, which include Tinkoff Insurance and Tinkoff Mobile, totaled 1.3 trillion rubles to International Financial Reporting Standards at the end of 2021.

The bank's parent company TCS Group Holding is traded on the London Stock Exchange and the Moscow Exchange.

TCS Group's main shareholder at present is Tinkov's family trust, which owns 35.1% of the group. The group said in April that it would separate out the Russian segment of its business and transfer shareholder rights over it to a management company controlled by Tinkoff Bank's Russian management.

Tinkoff Bank was Russia's 13th largest bank by assets at the end of 2021, according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis.