Iran's President Raisi warns Israel against any missteps
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TCS Group, the owner of Russian digital bank Tinkoff, announced on 7 April that it would hand over direct governance of its Russian business to the bank’s executive team. In a press release, the company said that the move was designed “to ensure continued stable and efficient operations of the systemically important Tinkoff Bank and its affiliated companies.”
TCS operates Russia's only purely online bank, as well as an affiliated insurance company, mobile provider and other related financial services. The group was listed on the London Stock Exchange, with a capitalisation topping $20bn in 2021.
The board of directors of TCS Group Holding, which owns 100% of the shares in Tinkoff Bank, will hand over shareholder’s authority for the group’s Russian business to the bank’s executive team, led by 15-year Tinkoff veteran Stanislav Bliznyuk.
“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,” said Bliznyuk, who is chairman of the management board of Tinkoff Bank.
“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.”
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