REG - TCS Grp Hldg PLC - Tinkoff Insurance Appoints Vadim Yurko as CEO <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

24/08/2015 08:10

RNS Number : 8467W
TCS Group Holding PLC
24 August 2015
Tinkoff Insurance Appoints Vadim Yurko as CEO 
Moscow, Russia - 24 August 2015. TCS Group Holding PLC (TCS LI) (the "Group"), a leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, announces the appointment of Vadim Yurko as Chief Executive Officer of Tinkoff Insurance with effect from 1September2015. 
Vadim Yurko will be in charge of Tinkoff Insurance's corporate strategy, leading the team in itsongoing efforts to grow the profitability and market share of the business. He will also lead the development of the Tinkoff Insurance platform and services, as well as the launch of new innovative products.
Commenting on the appointment, Oleg Tinkov, the founder of TCSGroup HoldingPLC, said, "The insurance business is one of the Group's strategic priorities. Vadim Yurko is known as a highly reputable professional with an impressive track record of implementing complex and challenging projects in the banking and insurance sectors. I am pleased to see Vadim join our team and am confident that his expertise and leadership skills will help drive Tinkoff Insurance's further growth as the company continues to solidify its position in the insurance market."
Vadim Yurko said: "Tinkoff Insurance has made remarkable progress since its launch. It has become one of the most innovative online insurance businesses by leading the way in the Russian online insurance market. I am pleased to join the team and lead Tinkoff Insurance at this exciting point of its development." 
Prior to Tinkoff Insurance, Vadim Yurko has served as Chief Marketing Officer at Ingosstrakh, one of Russia's major insurance companies, from January2011. In this role he was responsible for the brand development strategy, launch and expansion of Ingosstrakh's online business and services. From 2008 to 2011, he was an Advisor to the President of OTP Bank, having served as Director for Marketing and Strategic Communications. Prior to that, Vadim Yurko was Vice President of the Marketing Department at VTB24. From 2004 to 2006, he was Deputy Chairman of the Board of Directors of the Russian Development Bank. In 2001-2004, Vadim Yurko was Vice President and Head of the Press Office at Alfa Bank. .
Vadim Yurko graduated from the Volgograd Academy of Public Administration with a degree in Public and Municipal Administration. He holds a PhD in Economics from the Russian Presidential Academy of National Economy and Public Administration.
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 Tinkoff Insurance
Tinkoff Insurance is an innovative provider of online retail insurance services and is part of TCS Group Holding PLC together with Tinkoff Bank. Founded in 2013, Tinkoff Insurance has developed an advanced proprietary IT platform and leveraged the vast expertise of Tinkoff Bank to provide a customised choice of products and superior customer service to Russian consumers. It provides convenient purchasing and claims settlement procedures which can be done online from anywhere in Russia. 
Tinkoff Insurance currently offers motor, personal accident, property and travel insurance.
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 April 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 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.

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