28 Apr 2022 18:47

Potanin's Interros buying 35% of TCS Group from Tinkov family after acquiring stake in Rosbank

MOSCOW. April 28 (Interfax) - Interros has announced the acquisition of a 35% stake in TCS Group from the family of Oleg Tinkov, the company said in a statement.

The transaction has been approved by the Russian Central Bank, the statement said. Details of the deal have not been disclosed.

A source with knowledge of the deal said Interros would not be required to make an offer to TCS minority shareholders.

TCS said in a regulatory filing that the board of directors of TCSGH Plc the 100% shareholder of Tinkoff Bank, had been informed that family trusts associated with its founder had, in a series of transactions, disposed of their entire interest in the company. Interros, a leading Russian investment group with a diverse portfolio of assets including in banking, has acquired an interest in TCS Group, and consequently now holds approximately 35.08% of the outstanding shares in the company, it said.

"As a long-term financial investor, Interros is committed to supporting Tinkoff in retaining its market leadership in Russia. We genuinely believe that, with Interros as a new shareholder in combination with the bank's best-in-class management team, Tinkoff will be able to further expand their product offering and take their customer service to the next level, thus creating substantial value for shareholders," said Vladimir Potanin, President of Interros.

"I'm proud that, together with my team, I have managed to build the best bank in the country entirely from scratch. Everyone in the industry would agree that Tinkoff is now one of the best digital banks in the world. It is therefore the perfect time for me to retire and devote more of my time to looking after my health and my beloved family," said Tinkoff's founder, Oleg Tinkov.

"We believe that this investment from Interros marks the start of a new phase in Tinkoff's history. Our new shareholder is clearly interested in the group's business performance, talented management team and unique DNA, which is based, first and foremost, on its "customer first" approach. Our management team remains committed to upholding Tinkoff's values, to the group's strategic business development initiatives, and to creating sustainable value for our shareholders," said Chairman of the Management Board of Tinkoff Bank, Stanislav Bliznyuk.

This is already the second mergers and acquisitions deal that Vladimir Potanin's company has made on the Russian financial market in April. Interros acquired French banking group Societe Generale's stake in Rosbank and its insurance business at the beginning of the month. Details of the deal were not given.