Tinkoff Credit Systems

TCS Bank was established in 2006 by businessman Oleg Tinkov to service credit card customers remotely. In mid-2007, the bank began issuing credit cards. In 2009, it began to accept retail deposits and became part of the Deposit Insurance System.

Goldman Sachs became a co-owner in 2007, and it was joined by Vostok Nafta Investment Ltd in 2008 and Bring Vostok Private Equity Fund IV and Horizon Capital in 2012.

TCS Bank issued 1 mln credit cards in April 2011, another 2 mln in April 2012, and 3 mln in January 2013. As of January 1, 2013, the bank was the fourth largest in Russia by credit card portfolio (R48 bln) with a market share of 7.2%.

TCS Bank reported 9m12 IFRS net income of $91 mln (compared with $68 mln for 2011). In March 2011, Fitch upgraded the bank’s credit rating to B, and Moody’s followed suit the next month with a B2 rating.

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