RCS - TCS Grp Hldg PLC - Tinkoff buy part of Svyaznoy credit card portfolio <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

16/07/2015 11:33

RNS Number : 5312Q
TCS Group Holding PLC
18 June 2015
Tinkoff Bank Acquires Part of SvyaznoyBank's Credit Card Portfolio
Moscow, Russia- 18June 2015. TCS Group Holding PLC (TCS LI) (the 'Group'), Russia's leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, today announces that Tinkoff Bank has signed an assignment agreement with SvyaznoyBank to transfer part of SvyaznoyBank's credit card loan portfolio to Tinkoff Bank. The size of the assigned loan portfolio and financial details of the transaction are not disclosed. 
The acquisition of a portion of SvyaznoyBank's credit card portfolio will add a substantial number of new high quality and low risk customers to Tinkoff Bank. 
Commenting on the transaction, Oliver Hughes, CEO of Tinkoff Bank, said: "This is a logical move for Tinkoff Bank as we look at different ways to cautiously grow our loan book, including inorganic opportunities. This transaction will add a number of new high quality customers to Tinkoff Bank's customer base and will help us to drive further growth. To ensure a smooth and seamless transfer of these customers we have developed a brand new technology for portfolio integration." 
For enquiries:
Tinkoff Bank
Darya Ermolina
Head of PR
+ 7 495 648-10-00 (ext. 2009)
d.ermolina@tinkoff.ru
Tinkoff Bank
Larisa Chernysheva
IR Department
+ 7 495 648-10-00 (ext. 2312)
ir@tinkoff.ru
FTI Consulting London
Maria Shiryaevskaya
+44 (0) 20 3727 1677
FTI Consulting Moscow
Olga Lundquist
+7 495 795-06-23
About the Group
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  2015, the Group has issued over 5 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 Online Insurance, which enables the Group to underwrite and sell its own innovative online insurance products, and Tinkoff Mobile Wallet, mobile payment solutions and financial services for Russian consumers. 
As of 31 December 2014, the Group's total assets amounted to RUB 108.8 bn, net loans and advances to customers stood at RUB 74.6 bn and customer accounts (deposits) amounted to RUB 43.4 bn. In 2014, the Group generated a net profit of RUB 3.4 bn and net interest income of RUB 30.8 bn. 
The Group is well capitalised with the total capital ratio and Tier 1 capital ratio of 20.2% and 14.8% at 31 March 2015, 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.

This information is provided by RNS
The company news service from the London Stock Exchange
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