Tinkoff Group will transfer control over the bank to its top managers

Control over 100% of the shares of Tinkoff Bank will be transferred to its top management, headed by Chairman of the Board Stanislav Bliznyuk. The corresponding decision was made by the Cypriot TCS Group Holdings Plc, which currently owns the bank, it said in a statement. We are talking about trust management, and not about the sale of shares, follows from the release.

“For the implementation of these decisions, all necessary permits will be obtained in the manner prescribed by the legislation of the Russian Federation,” TCS said.

“The separation of the Russian segment simplifies the process of transferring all powers to the bank’s management team, consisting of Russian residents, to ensure the stable and efficient operation of the Russian systemically important Tinkoff Bank and its related and/or affiliated companies, including TKS LLC, Tinkoff Insurance, Tinkoff Mobile, the group clarified.

“I am sure that in this difficult time, flexibility and the ability to make quick but effective decisions play a decisive role. Therefore, the Board of Directors of TCSGH transfers shareholder control from the Cypriot Board of Directors to an experienced team of Russian Tinkoff managers, the words of Tinkoff founder Oleg Tinkov are quoted in the message. The trust management arrangements "will ensure full continuity in the bank's work, its high stability," Bliznyuk added.