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Russian conglomerate Interros has acquired a 35.08% stake in TCS Group from Tinkoff Bank founder Oleg Tinkov.

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As per Interfax’s report, the Central Bank of Russia has approved the transaction.

The financial terms of the transaction were not disclosed.

“The board of directors of TCSGH Plc (TCS Group), the 100% shareholder of Tinkoff Bank, has today been informed that family trusts associated with its founder have, in a series of transactions, disposed of their entire interest in the company,” TCS Group’s statement read.

The development comes amid the ongoing Russia-Ukraine war and the unprecedented retaliatory sanctions on Moscow.

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Interros president Vladimir Potanin said: “We genuinely believe that, with Interros as a new shareholder in combination with the bank’s best-in-class management team, Tinkoff will be able to further expand their product offering and take their customer service to the next level, thus creating substantial value for shareholders.”

Tinkov, who is subject to sanctions from the UK, has criticised the Russian invasion of Ukraine.

According to media reports, Tinkoff Bank has decided to abandon its current name and distanced itself from its founder stating that his opinion was “personal”.

Notably, Cyprus-based TCS Group has also transferred Tinkoff Bank’s shareholder’s authority to the Russian management team.

The move was aimed at sheltering the lender from sanctions, which have triggered a mass exodus of western firms operating in Russia.

Earlier this month, Interros signed a deal with French banking group Societe Generale to buy its Russian banking and insurance operations.

The deal marked the exit from Russia for the first major European financial group.