The Board of Directors of TCSGH Plc, the 100% shareholder of Tinkoff Bank, has today approved the transfer of shareholder’s authority over the Group’s Russian business to a Management Company, controlled by the Russian executive team of Tinkoff Bank, led by the Chairman of the Management Board and 15-year Tinkoff veteran, Stanislav Bliznyuk. These changes will come into effect after receiving all necessary regulatory approvals in Russia.

The ring-fencing of the Russian business facilitates the transfer to the bank’s executive team, consisting of Russian residents, the authorities required to ensure continued stable and efficient operations of the systemically important Tinkoff Bank and its affiliated companies, including Tinkoff Insurance, LLC TCS, LLC T-Finance, Tinkoff Mobile.

Commenting on the conclusion of the trust management agreement, covering powers and liability matters, Chairman of the Management Board of Tinkoff Bank, Stanislav Bliznyuk, said: “The bank’s management believes that at this time it is imperative for our Russian resident team to have full operational control over the Group’s Russian business in the best interests of our customers, shareholders and all stakeholders.  I have been working in Tinkoff Bank since 2006, as have my colleagues, and we are taking full responsibility for management of the Russian business going forward. For customers, regulators and shareholders alike, the trust management agreement that we have put in place will ensure the continued and stable operations of the bank and the other Russian operating companies. There can be no doubt about the team’s track record and what we are trying to deliver.”