By John Meyer, financial consultant – Eurasia Business News, May 02, 2022

Russian businessman Oleg Tinkov sold a stake in TCS Group, owning 35% of shares in Tinkoff Bank, to Interros, owned by the oligarch Vladimir Potanin at a significant discount.

“I sold for pennies“, said Tinkov in an interview with the New York Times. The Russian banker did not name the exact amount of the transaction, noting that he sold a stake in TCS Group for 3% of what he considered fair value.

“I was forced to sell because of my statements,” Tinkov said. Earlier, the Russian businessman sharply criticized the Kremlin’s actions in Ukraine.

At the same time, Oleg Tinkov stressed that he was already thinking about selling his stake in the Tinkoff group. He stated that he was grateful to Potanin for giving him the opportunity to get at least some money from the sale of the company.

“I can’t discuss the price. It’s a hostage state – you take what you’re offered. I could not discuss the conditions,” said Tinkov.

Last week, Interros Group bought 35.08% of TCS Group, buying this stake from Oleg Tinkov.

Tinkoff bank is a Russian online bank launched under this name by Oleg Tinkov in December 2006.

The Tinkoff ecosystem, in addition to the bank and the insurance company, includes such projects as Tinkoff Business, Tinkoff Investments, Tinkoff Mobile (virtual mobile operator), Tinkoff Travel (a platform for buying railway and air tickets, booking hotels and renting cars), as well as lifestyle services. Not so long ago, TCS Group also decided to develop international business and announced interest in the markets of Southeast Asia and Latin America.

As of September 2020, Tinkoff Bank was the third among Russian banks in the retail products sector in terms of demand among the population.

In January 2022, it became known that TCS Group bought the Swiss cryptocurrency service Aximetria. Aximetria provides crypto trading services to customers, as well as physical debit cards allowing users to pay for goods and services using their crypto holdings.

In the same month, TCS Group announced the opening of Tinkoff Global PTE in Singapore. Tinkoff Global PTE entered the TCS Group in October 2021.

Update to come.

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