TCS Group to Buy 7.5% Stake in St Petersburg Exchange

TCS Group, a Russian lender which operates the country’s largest online bank Tinkoff, has signed an agreement to acquire a 7.5% stake in the St Petersburg Exchange, the Russia’s major exchange that offers foreign stocks trading.

The acquisition, as part of TCS’ cooperation with the major bourse’s shareholder, NP RTS, at the St Petersburg International Economic Forum, is expected to further facilitate the lender’s expansion of the range of its financial instruments ahead of a planned initial public offering (IPO), which would reportedly take place in 2022. 

Additionally, TCS and the St Petersburg Exchange have already worked closely through the Tinkoff investments platform prior to this transaction.

TCS Group has recently reported its financial results in Q1 2021, revealing a record net profit of RUB 14.2 billion, representing a surge of 57% year-on-year. Also, the lender’s revenue jumped 21% to RUB 56.8 million during the period, due to the strong performance of its non-credit businesses.

Another highlight is that the group’s number of customers also saw a significant growth from last year’s 10.8 million to 14.8 million in the first quarter of the year.