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

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.