Potanin Supports Integration of Rosbank and Tinkoff Bank while Preserving Brands
March 22, 2024, 9:49 am
On March 20, 2024, Vladimir Potanin expressed his support for the integration of Rosbank and Tinkoff Bank into a unified group, emphasizing the benefits for customers, shareholders, and regulators. He highlighted the importance of maintaining the best aspects of both banks, including licenses, brands, teams, and customer service standards. The integration will be based on a fair market evaluation, with Tinkoff Bank being valued at a premium. The future banking group's parameters are still being discussed, but Potanin assured that the process will retain the strengths of both institutions. The deal will be financed through a share issuance by TCS Holding, the main shareholder of Tinkoff Bank. Potanin's Interros acquired Rosbank and the group's insurers from Societe Generale in 2022, and also obtained a 35% stake in TCS Group, the parent company of Tinkoff Bank. Both banks faced Western sanctions, with Rosbank sanctioned by the US in December 2022 and Tinkoff Bank in July 2023. Stay updated on the latest news and events by following our Telegram channel.