TCS Group Acquires 7.5% Stake in St Petersburg Exchange

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TCS Group, the operator of Russia’s largest online bank Tinkoff, has entered into an agreement to buy a 7.5% stake in the St Petersburg Exchange, which is the country’s major exchange for trading foreign stocks. According to the announcement, the exchange already had business deals with TCS Group through the Tinkoff-own Investments platform.

With the acquisition, the operator expects to expand its financial instruments’ portfolio ahead of an initial public offering (IPO), which is still on the plans and could be materialized in 2022, Reuters said. Furthermore, both TCS and NP RTS, the major bourse’s shareholder, signed a memorandum of cooperation at the St Petersburg International Economic Forum.

The memorandum seeks that RTS sells the lender up to 7.5% of the St Petersburg Exchange’s share capital.

Three weeks ago, TCS Group reported a record net profit in Q1 2021. Figures highlighted that it witnessed a surge in net profit of 57% year-on-year to RUB 14.2 billion during such a period. Also, the group’s revenue skyrocketed 21% to RUB 56.8 million between January and March 2021, bolstered by non-credit businesses.

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In the same line, its number of customers grew to 14.8 million in the first quarter of the year from the 10.8 million reached last year. Moreover, the share of non-performing loans plummeted to 9.7% at the end of March 2021 from 10.3%, compared to the end of 2020.

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