8 Oct 2015 11:30
Tinkoff Bank acquires additional part of Svyaznoy Bank's credit card portfolio
Moscow, Russia - 8 October 2015. TCS Group Holding PLC (TCS) (the 'Group'), Russia's leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, today announces that Tinkoff Bank has acquired an additional part of Svyaznoy Bank's credit card portfolio with a total volume of RUB 3.33 bn. The acquisition was completed via two transactions in early October, with the consideration undisclosed. In total and inclusive of the June and July 2015 transactions, Tinkoff Bank has now acquired RUB 6.43 bn worth of Svyaznoy Bank's credit card portfolio.
Oliver Hughes, CEO of Tinkoff Bank, commented on the deal: "The recent transactions with Svyaznoy Bank are in line with our current growth strategy. We continue to attract new high-quality customers by cautiously stepping up credit cards issuance, and we are also seizing opportunities of inorganic growth, such as the acquisition of high-quality loan portfolios from other players in the market. The acquired portfolios are successfully integrated, and we may consider further transactions of this kind going forward."
Tinkoff Bank meets all of its obligations to Svyaznoy Bank's customers by offering them the best terms of service and access to its advanced services and technology.
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For enquiries: | |
Tinkoff Bank Darya ErmolinaHead of PR + 7 495 648-10-00 (ext. 2009) d.ermolina@tinkoff.ru
| Tinkoff Bank Larisa ChernyshevaIR Department + 7 495 648-10-00 (ext. 2312) ir@tinkoff.ru
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FTI Consulting London Elena Kalinskaya +44 (0) 020 3727 1279
| FTI Consulting Moscow Maria Shiryaevskaya +7 495 795-06-23
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About the TCS Group Holding PLC
TCS Group Holding PLC is an innovative provider of online retail financial services operating in Russia through a high-tech branchless platform. In order to support its branchless platform, the Group has also developed a "smart courier" network covering almost 600 cities and towns in Russia, which allows next day delivery to many customers.
Since its launch in 2007 by Mr Oleg Tinkov, a renowned Russian entrepreneur with a long track record of creating successful businesses, the Group has grown into a leader in the Russian credit card market. As of 1 August 2015, the Group has issued over 5.2 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. The Group's other innovative lines of business include Tinkoff Insurance, which enables the Group to underwrite and sell its own innovative online insurance products.
As of 30 June 2015, the Group's total assets amounted to RUB 122.2 bn, net loans and advances to customers stood at RUB 75.6 bn and customer accounts (deposits) amounted to RUB 71.7 bn. In 2Q15, the Group generated a net profit of RUB 0.4 bn and net interest income of RUB 6.4 bn. As of 30 June 2015, the Group is well capitalised with the total capital ratio and Tier 1 capital ratio of 19.6% and 15.0%, respectively, in accordance with Basel III methodology.
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and Tinkoff Bank. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. The Group and Tinkoff Bank wish to caution you that these statements are only predictions and that actual events or results may differ materially. The Group and Tinkoff Bank do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Group and Tinkoff Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group, Tinkoff Bank and their respective operations.