REG-TCS Group Holding PLC TCS Group ring-fences its Russian business and transfers shareholder's authority over Tinkoff Bank to the Russian management team led by Chairman of the Management Board Stanislav Bliznyuk

TCS HoldingAnnouncement

07/04/2022 18:30

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   TCS Group Holding PLC (TCS)
   TCS Group ring-fences its Russian business and transfers shareholder's
   authority over Tinkoff Bank to the Russian management team led by Chairman
   of the Management Board Stanislav Bliznyuk

   07-Apr-2022 / 20:22 MSK
   Dissemination of a Regulatory Announcement that contains inside
   information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
   EQS Group.
   The issuer is solely responsible for the content of this announcement.

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     TCS Group ring-fences its Russian business and transfers shareholder's
                                 authority over

       Tinkoff Bank to the Russian management team led by Chairman of the
                      Management Board Stanislav Bliznyuk

                                        

   Limassol, Cyprus, 07 April 2022 - The Board of Directors of TCSGH Plc, the
   100% shareholder  of Tinkoff  Bank,  has today  approved the  transfer  of
   shareholder's authority over the Group's Russian business to a  Management
   Company, controlled by the Russian executive team of Tinkoff Bank, led  by
   the  Chairman  of  the  Management  Board  and  15-year  Tinkoff  veteran,
   Stanislav Bliznyuk. These changes  will come into  effect after  receiving
   all necessary regulatory approvals in Russia.

    

   The ring-fencing of the Russian  business facilitates the transfer to  the
   bank's executive team,  consisting of Russian  residents, the  authorities
   required to  ensure  continued  stable and  efficient  operations  of  the
   systemically  important  Tinkoff  Bank   and  its  affiliated   companies,
   including Tinkoff Insurance, LLC TCS, LLC T-Finance, Tinkoff Mobile.

    

   Commenting on the conclusion of  the trust management agreement,  covering
   powers and liability matters, Chairman of the Management Board of  Tinkoff
   Bank, Stanislav Bliznyuk,  said: "The bank's  management believes that  at
   this time it  is imperative  for our Russian  resident team  to have  full
   operational  control  over  the  Group's  Russian  business  in  the  best
   interests of  our customers,  shareholders and  all stakeholders.  I  have
   been working in Tinkoff Bank since 2006, as have my colleagues, and we are
   taking full responsibility  for management of  the Russian business  going
   forward. For  customers,  regulators  and shareholders  alike,  the  trust
   management agreement that we have put  in place will ensure the  continued
   and stable  operations  of  the  bank  and  the  other  Russian  operating
   companies. There can be no doubt about the team's track record and what we
   are trying to deliver."

    

   Commenting on the signing of the agreement, Tinkoff's founder Oleg  Tinkov
   said: "Tinkoff has  come a  long way  over the  last 15  years. Over  this
   period the management has done an amazing job of turning Tinkoff into  one
   of the best fintech companies in the world. The Tinkoff team knows how  to
   react and adapt quickly to challenges, and always finds the best solutions
   for our customers. During these uncertain times the bank needs to have the
   ability to remove obstacles to doing business, flexibility and speed.  The
   Board of Directors has therefore decided to transfer additional management
   functions to the  experienced Russian  management team from  the Board  of
   Directors in Cyprus. Our customers' interests are our primary concern;  we
   believe this decision will  allow the bank  to continue strengthening  its
   position in the market despite the external challenges facing the industry
   today."

    

    

   For enquiries:
                                 Tinkoff IR Department
   Tinkoff PR Department
   Artem Lebedev                 Larisa Chernysheva
   + 7 495 648-10-00 (ext. 2202) + 7 495 648-10-00 (ext. 2312)
    1 pr@tinkoff.ru
                                 Andrey Pavlov-Rusinov
                                 + 7 495 648-10-00 (ext. 31010)

                                  2 ir@tinkoff.ru

    

   About TCS Group

    

   TCS Group is an innovative provider of digital financial and lifestyle
   services. Branchless since its inception in 2006, TCS developed a full
   range of in-house proprietary technology solutions and services, including
   digital banking, brokerage, acquiring and other merchant solutions,
   insurance, SME banking and much more. 

    

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   ISIN:          US87238U2033
   Category Code: MSCU
   TIDM:          TCS
   LEI Code:      549300XQRN9MR54V1W18
   Sequence No.:  154347
   EQS News ID:   1323449


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:pr@tinkoff.ru
   2. mailto:ir@tinkoffgroup.com


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