12 Oct 2021 13:50
TCS Group Holding PLC (TCS) Correction: Tinkoff included in the CBR list of systemically important banks 12-Oct-2021 / 15:50 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Tinkoff included in the CBR list of systemically important banks Correct headline addedMoscow, Russia - 12 October 2021. Tinkoff Bank has been included into the Central Bank of Russia's list of 13 systemically important banks.
The decision was made based on a number of factors, including the strong growth of Tinkoff's business and customer base, the Bank of Russia said in a statement.
As of today, the CBR considers a total of 13 banking institutions to be systemically important; together they account for around 77% of the Russian banking sector's total assets.
Oliver Hughes, CEO of Tinkoff Group, said:
"The inclusion of Tinkoff Bank into the Central Bank of Russia's list of systemically important banks is a recognition of Tinkoff's role in the country's financial system and a coming of age. This has come about as a result of the strong development of our business and rapidly growing number of customers in our ecosystem. Tinkoff already meets CBR regulatory requirements for systemically important banks and this will not mean a change in strategy or in our plans to grow our customer base.
"While always remaining a fintech trail-blazer in spirit, in recent years we have become a high-profile and large player in the market. We already have over 17 million Russian citizens in our ecosystem and this number is growing by the day. Tinkoff is the third-largest bank in the country by the number of active retail customers. It is important to note that much of this growth comes from our customers' recommendations to friends and relatives, which is testament to the quality of our products and high level of service.
"Tinkoff is the world's first neobank to be named a systemically important financial institution. This is a fantastic success story and is the result of the team's innovation and tireless efforts over the past 15 years. It is hard to imagine that when we launched Tinkoff back in 2006, we were ranked bank number 822nd in Russia. Now we are among the largest, most systemically-important and reliable banks in the country.
"I would like to thank all our customers for recommending Tinkoff to their friends. And of course, a Big Thank You to the whole Tinkoff Team."
About Tinkoff Group
TCS Group Holding PLC is an innovative provider of online retail and SME financial services. It includes Tinkoff Bank, its mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, its asset management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in major Russian cities, and Tinkoff Education. The Group is currently developing Tinkoff ecosystem, which offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has been listed on the London Stock Exchange since October 2013.
The Group's key business is Tinkoff Bank, a fully online bank that serves over 16 mn customers and forms the core of the Tinkoff ecosystem. Tinkoff is the 3rd largest retail bank in Russia in terms of active client-base.
Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 14.3%. The 2Q'21 IFRS net profit of TCS Group Holding PLC amounted to RUB 16.1 bn. The ROE was 46.1%.
With no branches, the Group serves all its customers remotely via online channels and a cloud-based call centre. The centre is staffed by over 10,000 employees, making it one of the largest in Europe. To ensure smooth delivery of the Group's products, the Group has a nationwide network of over 10,000 representatives.
Global Finance named Tinkoff Bank the world's Best Consumer Digital Bank in 2020 and 2018, and the Best Consumer Digital Bank in Russia in 2020, 2019, 2018, 2016 and 2015. Tinkoff was also named the Best European Retail Bank of the Year by Retail Banker International in 2020. In 2021, the Banker recognised Tinkoff Bank as Russia's Best-Performing Bank. The bank's mobile app has been consistently praised by local and global independent experts as the best of its kind (in 2013, 2014, 2015, 2016 by Deloitte and in 2018 by Global Finance). | ||||||
| ISIN: | US87238U2033 |
| Category Code: | MSCM |
| TIDM: | TCS |
| LEI Code: | 549300XQRN9MR54V1W18 |
| Sequence No.: | 124104 |
| EQS News ID: | 1240137 |
| End of Announcement | EQS News Service |
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