TCS Group Holding PLC (TCS)
TCS Group ring-fences its Russian business and transfers shareholder's authority over
Tinkoff Bank to the Russian management team led by Chairman of the Management Board Stanislav Bliznyuk
Limassol, Cyprus, 07 April 2022 - The Board of Directors of TCSGH Plc, the 100% shareholder of Tinkoff Bank, has today approved the transfer of shareholder's authority over the Group's Russian business to a Management Company, controlled by the Russian executive team of Tinkoff Bank, led by the Chairman of the Management Board and 15-year Tinkoff veteran, Stanislav Bliznyuk. These changes will come into effect after receiving all necessary regulatory approvals in Russia.
The ring-fencing of the Russian business facilitates the transfer to the bank's executive team, consisting of Russian residents, the authorities required to ensure continued stable and efficient operations of the systemically important Tinkoff Bank and its affiliated companies, including Tinkoff Insurance, LLC TCS, LLC T-Finance, Tinkoff Mobile.
Commenting on the conclusion of the trust management agreement, covering powers and liability matters, Chairman of the Management Board of Tinkoff Bank, Stanislav Bliznyuk, said: "The bank's management believes that at this time it is imperative for our Russian resident team to have full operational control over the Group's Russian business in the best interests of our customers, shareholders and all stakeholders. I have been working in Tinkoff Bank since 2006, as have my colleagues, and we are taking full responsibility for management of the Russian business going forward. For customers, regulators and shareholders alike, the trust management agreement that we have put in place will ensure the continued and stable operations of the bank and the other Russian operating companies. There can be no doubt about the team's track record and what we are trying to deliver."
Commenting on the signing of the agreement, Tinkoff's founder Oleg Tinkov said: "Tinkoff has come a long way over the last 15 years. Over this period the management has done an amazing job of turning Tinkoff into one of the best fintech companies in the world. The Tinkoff team knows how to react and adapt quickly to challenges, and always finds the best solutions for our customers. During these uncertain times the bank needs to have the ability to remove obstacles to doing business, flexibility and speed. The Board of Directors has therefore decided to transfer additional management functions to the experienced Russian management team from the Board of Directors in Cyprus. Our customers' interests are our primary concern; we believe this decision will allow the bank to continue strengthening its position in the market despite the external challenges facing the industry today."
About TCS Group
TCS Group is an innovative provider of digital financial and lifestyle services. Branchless since its inception in 2006, TCS developed a full range of in-house proprietary technology solutions and services, including digital banking, brokerage, acquiring and other merchant solutions, insurance, SME banking and much more.
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