REG-TCS Group Holding PLC TCS Group Retains PwC as External Auditor Following Tender

TCS HoldingAnnouncement

16/07/2018 15:25

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   TCS Group Holding PLC (TCS)
   TCS Group Retains PwC as External Auditor Following Tender

   16-Jul-2018 / 17:23 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   TCS Group Retains PwC as External Auditor Following Tender

   Moscow, Russia - 16 July 2018. TCS Group Holding PLC (TCS LI) (the
   "Company"), Russia's leading provider of online retail financial services
   via its Tinkoff.ru financial supermarket, and an EU public interest
   entity, today announces that, following a competitive tender process
   overseen by the Audit Committee and conducted in accordance with the
   relevant EU Regulation and the FRC's best practice guidelines, the Board
   has decided to retain PricewaterhouseCoopers Limited ("PwC") as auditor of
   the Company for the financial year commencing 1 January 2019.

    

   PwC will be subject to mandatory rotation in 2028. This appointment
   remains subject to approval by shareholders at the Annual General Meeting
   to be held in 2019.

    

   Martin Cocker, Chair of the Company's Audit Committee, said:

    

   "We indicated our intention last year to tender the external auditor role
   in Summer 2018 and have now conducted a robust, fair and transparent
   process which has resulted in the Audit Committee's recommendation to
   retain PwC. I am pleased this recommendation has been accepted by the
   Board and I would like to thank all the firms who took part in the tender.
   We look forward to continuing to work with PwC."

    

   Ilya Pisemsky, Chief Financial Officer of Tinkoff Bank, commented:

    

   "We look forward to continuing to work with this stellar global
   organisation, which provides a very high standard of service to its
   clients. As a leading digital player, we also have a shared approach with
   PwC to using the best available technology to ensure our cooperation is as
   efficient and as effective as possible.''

    

   For enquiries:
                                 Tinkoff Bank
   Tinkoff Bank
                                 Larisa Chernysheva
   Darya Ermolina                IR Department
   Head of PR
                                 + 7 495 648-10-00 (ext. 2312)
   + 7 495 648-10-00 (ext. 2009)
                                  2 ir@tinkoff.ru
    1 d.ermolina@tinkoff.ru
                                  

   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. TCS
   Group includes Tinkoff Bank, mobile virtual operator network Tinkoff
   Mobile, Tinkoff Insurance, and Tinkoff Software DC, a network of
   development hubs across Russia.

   The Group was founded in 2006 by the Russian entrepreneur Oleg Tinkov and
   has been listed on the London Stock Exchange since October 2013.

   With no retail branches, the Group serves its customers remotely via
   online channels and its call centre and operates a network of over 2,500
   representatives to ensure smooth delivery of its products. The network
   covers all of Russia and allows next day delivery to most customers.

   The Group's key business is Tinkoff Bank, Russia's first and only direct
   bank offering both own brand and partner retail financial services via its
   Tinkoff.ru platform. The product range includes daily banking (credit and
   debit cards, payments, money transfers), savings, investments, loyalty
   programmes, travel services, SME services, mortgage platform, and
   insurance. With its special focus on mobile business, the bank offers
   mobile applications both for its customer base (Mobile Bank) and beyond it
   (Traffic Fines, MoneyTalk, Card 2 Card instant money transfers).

   As at 1 May 2018, the bank was the second largest player in the Russian
   credit card market, with a market share of 11.7%. The 1Q18 IFRS net income
   of TCS Group Holding PLC amounted to RUB 5.7 bn, ROE grew to 68.5%.

   Banki.ru, Russia's largest financial news portal, named Tinkoff Bank the
   Bank of the Year 2016. In October 2016 Tinkoff Bank was named the largest
   independent global direct bank by Frost & Sullivan. In 2015 and 2016, the
   Global Finance magazine named Tinkoff Bank as the Best Consumer Digital
   Bank in Russia. In 2016, the bank also won Global Finance's Best
   Integrated Consumer Bank Site award and was named the Best Digital Bank in
   the CEE by Euromoney. The bank's mobile application was recognised as the
   best in Russia by Markswebb Rank & Report for three consecutive years in
   2014, 2015 and 2016, and by Deloitte for four consecutive years from 2013
   to 2016.

    

   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.

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   ISIN:          US87238U2033
   Category Code: MSCM
   TIDM:          TCS
   LEI Code:      549300XQRN9MR54V1W18
   Sequence No.:  5752
   EQS News ID:   704973


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:d.ermolina@tinkoff.ru
   2. mailto:ir@tcsbank.ru


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