TCS.L Regulatory News (TCS)

TCS Group Holding PLC announces Director retirement

Limassol, Cyprus, 28 May 2021. TCS Group Holding PLC (TCS) (the Group), Russia's leading provider of online financial and lifestyle services via its Tinkoff.ru ecosystem, announces the resignation of Mr Jacques Der Megreditchian, independent non-executive director, with effect from 28 May 2021.

In accordance with LR 9.6.11, at the same time Mr.Der Megreditchian will cease to be chair of the Remuneration Committee and member of the Audit Committee. His position as chair of the Remuneration Committee will be filled by Mr.Ashley Dunster, with effect from 28 May 2021.

Mr.Constantinos Economides, Chairman of the Board, commented: 'It hardly seems 8 years since we welcomed Jacques to the Board ahead of our IPO on LSE in 2013. There have been many highlights in Tinkoff Group's life in the public arena, but these years have been interesting times, years of phenomenal growth, diversification and innovation, Tinkoff successfully challenging the status quo.  We are very grateful to Jacques for his significant contributions throughout this time and wish him all the best for the future.'

Mr.Oliver Hughes, Group CEO added: 'Jacques' 8 years as an independent non-executive director and chair of the Remuneration Committee of Tinkoff have witnessed transformational changes in the Group as we accelerate on our journey to becoming the most comprehensive, engaging and innovative financial ecosystem anywhere. All the while, Jacques has been helping us to nurture the Tinkoff DNA and entrepreneurial spirit. Jacques leaves us a large and ever deepening pool of management talent and oversaw the phasing in of wide-ranging employee share ownership and retention plans that work for the Group, for the top management team and investors. So we thank him for this, and wish him every success.'

Mr.Jacques Der Megreditchian added: 'When I joined the Board eight years ago, Tinkoff was already an exciting business. During my tenure Oleg and Oliver and their team have made a hugely successful effort which has brought fantastic modern service to clients and handsome profits to shareholders. It was very interesting for me during these eight years to take part in this process. I am sure that many further achievements for the Company still lie ahead, in Russia and abroad. I wish Company a highly successful future.'

TCS Group Holding PLC

TCS Group Holding PLC is an innovative provider of online retail financial services. Its portfolio includes Tinkoff Bank, the mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, the management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in Russia's largest cities, and Tinkoff Education. The Group is currently developing the 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 and on the Moscow Exchange.

The Group's largest business is Tinkoff Bank, a fully online bank that serves over 13 million customers and represents the core of the Tinkoff ecosystem.

Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 14.0%. The 2020 IFRS net income of TCS Group Holding PLC amounted to RUB 44.2 billion. The ROE was 40.6%.

With no branches, the Group serves all its customers remotely via online channels and a cloud-based call centre. To ensure smooth delivery of the Group's products, the Group has a proprietary nationwide network of representatives.

Global Finance named Tinkoff Bank the world's Best Digital Consumer Bank in 2018 and 2020, the Best Digital Consumer Bank in Russia in 2020, 2018, 2016 and 2015, and the Best Digital Consumer Bank in Central and Eastern Europe in 2019 and 2020. The Banker recognised Tinkoff Bank as the Bank of the Year in Russia in 2017 and 2013, and as the Best-performing Russian Bank in 2020. The bank's mobile app has consistently received top industry ratings and awards (by Deloitte in 2013, 2014, 2015, 2016 and by Global Finance in 2018 and 2020) and in 2020, was ranked by Forbes among the top-3 Best Russian Employers.