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TCS - TCS Holding News Story

$24.65 -0.1  -0.4%

Last Trade - 5:02pm

Large Cap
Market Cap £3.72bn
Enterprise Value £3.79bn
Revenue £1.65bn
Position in Universe 193rd / 1819

UPDATE 1-Russian businessman Tinkov steps down as chairman of Tinkoff Bank board

Thu 2nd April, 2020 4:40pm
(Adds quotes, background, detail)
    By Alexander Marrow
    MOSCOW, April 2 (Reuters) - Russian businessman Oleg Tinkov,
the founder of TCS Group  TCSq.L , on Thursday stepped down as
chairman of the board of Tinkoff Bank in order to focus on his
health as he battles acute leukaemia, the company said.
    Tinkov disclosed his cancer battle last month, a day after
the U.S. Department of Justice said it was charging him with
filing false tax returns, for which he could face a maximum of
six years in prison if extradited to the United States.*:nL8N2AZ11F 
    To ensure his shares in TCS continue to be held by his
family in the event of his death, Tinkov said he had initiated a
restructuring of his TCS shares from two private companies to a
Tinkov family trust in October 2019, which became effective on
March 19. 
    "I have always viewed my interest in TCS as a strategic
asset, which both my family and I intend to hold into the
future," Tinkov said in an emailed statement.  
    TCS is the parent company of Tinkoff Bank, a pioneer of
online banking technology with more than 10 million customers in
Russia and the country's second-largest credit card issuer after
market leader Sberbank  SBER.MM . 
    Known for being outspoken and making sometimes provocative
public comments, often via social networks, Tinkov commands the
attention of market players as he still owns a 40.4% stake in
the group.
    It was not immediately clear whether the share restructuring
referred to the entirety of the 40.4% stake. 
    TCS' global depositary receipts (GDRs) were down 2.4% in
London by 1518 GMT.

 (Reporting by Alexander Marrow;
Editing by Alison Williams and Susan Fenton)
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