Russian tycoon Tinkov sells stake in TCS Group to billionaire Potanin

Oleg Tinkov, Chairman of the Board of Administrators of Tinkoff Financial institution, attends a session of the St. Petersburg Worldwide Financial Discussion board (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov

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LONDON, April 28 (Reuters) – Russian businessman Oleg Tinkov, who final week criticized Russia’s warfare in Ukraine, has bought his 35% stake within the firm he based to a agency managed by Russian billionaire Vladimir Potanin, the businesses stated on Thursday.

The property of Tinkov-founded TCS Group Holding (TCSq.L) embody Russia’s second-biggest bank card issuer, Tinkoff Financial institution, which a number of days after Tinkov’s anti-war assertion stated it had determined to rebrand and drop its founder’s identify. learn extra

Potanin’s Interros Holding didn’t say how a lot it paid for the stake in TCS however the latter’s share worth has plummeted since Russia invaded Ukraine in February, triggering sweeping Western sanctions on Russia. (TCSq.L)

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It was the second deal this month wherein Potanin has snapped up banking property, having beforehand purchased Rosbank from Societe Generale (SOGN.PA) when the French lender exited the Russian market. learn extra

Cyprus-based TCS’ steady of corporations beneath the Tinkoff model span sectors from banking and insurance coverage to cell phones.

Potanin, 61, is the top of mining large Norilsk Nickel (Nornickel)(GMKN.MM), which has benefited from excessive metals costs in latest months. He’s Russia’s second-richest man with a fortune of $17.3 billion, in keeping with Forbes journal.

Tinkov, 54, stepped down as chairman of Tinkoff Financial institution in 2020 after being identified with acute leukaemia. In 2021 he ceded management of the TCS Group.

TCS quoted him as saying on Thursday that now was “the proper time for me to retire and commit extra of my time to taking care of my well being and my beloved household.”

Final week, he condemned what he known as Moscow’s “loopy warfare” in Ukraine and stated 90% of his countrymen didn’t assist it. learn extra

In saying its rebranding after Tinkov’s criticism of the Ukraine invasion, Tinkoff Financial institution stated: “The corporate has lengthy ready for this. Current occasions have made the choice extra related.”

President Vladimir Putin calls Russian actions in Ukraine a “particular navy operation” to defend Russian-speaking inhabitants from persecution. Ukraine says it’s combating an imperial-style land seize and that Putin’s claims of persecution are nonsense.

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Reporting by Peter Hobson, enhancing by Mark Trevelyan and Cynthia Osterman

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