TCS.L Regulatory News (TCS)

TCS Group announces governance enhancements and changes to the composition of its governing bodies 

Limassol, Cyprus - 25 March 2021. TCS Group Holding PLC (LI: TCS, MOEX: TCSG) ("Company"), Russia's leading provider of online financial and lifestyle services via its Tinkoff ecosystem, announces new governance enhancements and changes to the composition of its governing bodies.  

-            Oliver Hughes appointed Executive Director on the newly expanded TCS Group Board of Directors to lead key governance and growth strategic initiatives. Oliver will continue in his long-standing role as CEO of TCS Group, managing the business and Group operations.

-            Stanislav Bliznyuk appointed Chairman of the Tinkoff Bank Management Board. This appointment has received all the necessary regulatory approvals. Stanislav has been with the Company since 2006, having served in leadership positions such as Head of Business Technology and Innovation, COO and Head of Business Development. In addition to his new responsibilities as Chairman of the Tinkoff Bank Management Board, he will retain his role as Head of Business Development. 

-            George Chesakov appointed Chairman of Tinkoff Bank Board of Directors, taking over from Stanislav Bliznyuk. George will remain CEO of Tinkoff Mobile.

The changes detailed above underscore the Group's commitment to developing and promoting its outstanding talent, deepening the management bench and continuing to strengthen the Group's corporate governance, as it maintains its trajectory of fast and profitable growth.

Stanislav Bliznyuk, Chairman of the Tinkoff Bank Management Board, commented:

"It is great to have the opportunity to bring the rich experience I have gained in a variety of leadership roles at Tinkoff to my new position as Chairman of the Tinkoff Bank Management Board. I am delighted to be part of the leadership team of one of the world's most exciting fintech stories. I look forward to creating even more value for our customers and shareholders as we accelerate towards our goal of 20m customers."

Oliver Hughes, CEO of TCS Group, commented:

"These changes will enable me to devote more time to the development of corporate governance, as well as to focus on the ambitious strategic targets we have set out to achieve. I see my appointment as an Executive Director on the TCS Group Board of Directors as a great opportunity to facilitate further communication and cooperation between the soon to be expanded TCS Group Board of Directors and our management team. I am confident this will benefit the entire Tinkoff ecosystem, which continues to innovate, grow and expand at high speed. These changes are also important in providing opportunities for development and growth for other members of our outstanding team. We have a talent pool to be proud of."

These appointments were approved by the Group's governing bodies on 25 March 2021. Stanislav Bliznyuk's candidacy has been approved by the Central Bank of the Russian Federation. All appointments will be effective from 25 March 2021. Oliver Hughes was appointed to the TCS Group Board of Directors, effective today, as an executive director. There are no other matters requiring disclosure under UK Listing Rule 9.6.13.

The composition of the three governing bodies of TCS Group are reported below.

TCS Group Holding Board of Directors:

Oliver Hughes 

Constantinos Economides 

Alexios Ioannides

Mary Trimithiotou

Martin Robert Cocker

Jacques Der Megreditchian

Tinkoff Bank Board of Directors:

George Chesakov

Stanislav Bliznyuk

Sergei Pirogov

Vadim Stasovsky

Svetlana Ustilovskaya

Tinkoff Bank Management Board:

Stanislav Bliznyuk

Ilya Pisemsky

Evgeny Ivashkevich

Valeria Pavlyukova

Viacheslav Tsyganov

Natalia Izyumova

Anatoly Makeshin

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 13 mn customers and forms the core of the Tinkoff ecosystem. Tinkoff is the 3d 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 14.0%. The 4Q'20 IFRS net profit of TCS Group Holding PLC amounted to RUB 12.3 bn. The ROE was 40.5%.

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 2,500 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).