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Harneys acts for TCS Group Holding PLC in IPO

2 December 2013

Harneys recently acted for TCS Group Holding PLC, the 100 per cent parent company of Tinkoff Credit Systems Bank (TCS Bank) in relation to an offering of global depositary receipts (GDRs). This included an application for the admission of the GDRs to the Official List maintained by the Financial Conduct Authority as well as trading on the main market for listed securities of the London Stock Exchange. 

TCS Bank is Russia's first bank specialising in credit cards and online consumer lending. The bank was founded by the renowned Russian entrepreneur, Oleg Tinkov. He was later joined by two financial investors, Goldman Sachs (in 2007) and Vostok Nafta (in 2008). In May 2012, Baring Vostok Private Equity Fund IV also became a shareholder. Based in Moscow, TCS Bank issues credit cards to customers in all of Russia's regions, including smaller, underserved cities.

TCS operates a branchless model, attracting customers online and through direct mail and servicing customers through its cutting edge Internet bank and call centre. TCS’s credit card market share was almost six per cent in 2012 with two million credit cards issued and more than US$1 billion in assets.
Cyprus partners Demetris Loizides, Margarita Hadjitofi, Pavlos Aristodemou and Nancy Erotocritou led the teams and were assisted by associates Sonia Hamshaw, Valentina Hadjisoteriou, Elena Xystouri and trainee Demetris Georgiades. London-based partner Simon Hudd advised on British Virgin Islands law.