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Harneys Cyprus advises on US$150 million sale of global depository receipts

10 May 2019

Harneys advised on the Cyprus law regulatory and tax aspects of the placing and sale of global depository receipts representing interests in class A shares in TCS Group Holding PLC (the parent company of Tinkoff Bank) by Altoville Holdings Limited, the joint-controlling shareholder of Russian consumer lender TCS Group, to raise US$150 million. Tinkoff Bank is one of the largest players in Russia’s credit card market. Morgan Stanley & Co. International plc acted as bookrunner in connection with the Placing.

Harneys Partner Nancy Erotocritou led the team and commented: “We are delighted to have acted on this transaction which showcased our growing reputation for providing expert legal advice to Russian clients.” The team also included Senior Associate Valentina Hadjisoteriou.

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