Tinkoff, a prominent Russian online bank, has unveiled plans to issue up to 130 million additional shares as part of a strategic move to integrate Rosbank, a fellow lender, into its holding structure. The announcement, made on Tuesday, underscores the evolving landscape of Russia’s banking sector.
Both Tinkoff and Rosbank fall under the umbrella of billionaire Vladimir Potanin’s Interros group, pointing to the consolidation efforts within Potanin’s holdings. The proposed integration is anticipated to bolster Potanin’s position in the Russian banking arena.
Ahead of a crucial shareholder meeting scheduled for May 8, TCS Holding, the parent company of Tinkoff, disclosed its intention to finance the integration through the issuance of shares priced at 3,423.62 roubles ($36.73) each. Alexei Malinovsky, Chairman of the TCS Board, highlighted that a capital multiplier ranging between 0.9 and 1.1 could be applied to ensure a fair valuation for Rosbank.
Pending approval at the forthcoming shareholder meeting, the transaction is expected to be finalized by the conclusion of the third quarter of this year, according to statements from the company.
Interros, under the stewardship of Potanin, emerged as a significant player in the Russian financial landscape following its acquisition of a controlling interest in Rosbank from Societe Generale of France in 2022. This move was followed by the acquisition of a 35% stake in TCS from businessman Oleg Tinkov.
Potanin has emphasized that both Rosbank and Tinkoff will retain their distinct licenses, brands, and operational teams. Rosbank will continue its focus on corporate and private clientele, while Tinkoff aims to expand its existing retail customer base of 40 million.
The financial landscape, denoted by the conversion rate of $1 equaling 93.2050 rubles, underscores the economic context within which these developments unfold.
