On August 16, CJSC Tinkoff Credit Systems completed the acquisition of Moscow Insurance Company from the Alpha Strakhovanie group, the bank informed.
The corresponding changes were made in Moscow Insurance Company's shareholder register on August 6. The company will be renamed as Tinkoff Online Insurance, change its Board of Directors and CEO.
Earlier, the Federal Antimonopoly Service permitted the entities of businessman Oleg Tinkov to acquire 100% of the shares in Moscow Insurance Company. "Russia's Federal Antimonopoly Service considered the application of the group comprising Egidaco Investments PLC and Tinkoff Credit Systems (TCS Bank) for the acquisition of 100% (80.08% and 19.92%) of the voting shares in Moscow Insurance Company, and made a decision to grant the application," the antimonopoly service informed.
CJSC Tinkoff Credit Systems (TCS Bank, tax number: 7710140679) established 1994 specializes in the market of consumer lending and customer services in all regions of Russia. The Bank participates in the deposit insurance scheme. TCS Bank offers credit cards to customers. The bank's authorized capital is RUB 1.472 billion, Oleg Tinkov owns a controlling stake. Other shareholders of the bank are Goldman Sachs, Vostok Nafta Investment and Baring Vostok Private Equity Fund IV.
IFRS net profit of TCS Bank for 2012 grew by 78.3% to $122 million. Equity capital increased 2.5-fold to $298.3 million.