Tinkoff Bank

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Tinkoff Bank
Native name
Тинькофф банк
Tinkoff Credit Systems
Traded asLSETCS
Founded2006 in Moscow, Russia
FounderOleg Tinkov
Key people
Oliver Hughes (Chairman of the Management Board)[1][2]
Revenue$1.02 billion[3] (2017)
$428 million[3] (2017)
$326 million[3] (2017)
Total assets$4.61 billion[3] (2017)
Total equity$719 million[3] (2017)
OwnerOleg Tinkov
RatingB1 (Moody's), BB- (Fitch) (2017)[4]
Inside Tinkoff Bank's office in Moscow

Tinkoff Bank (Russian: Тинькофф банк), formerly Tinkoff Credit Systems (Russian: Тинькофф Кредитные Системы) is a Russian commercial bank based in Moscow and founded by Oleg Tinkov in 2006.[5] The bank does not have branches and is considered a neobank.[6] As of 2016, Tinkoff Bank has a credit rating of B+ on the Fitch Ratings and B2 on the Moody's Rating,[7][8] and is the second largest provider of credit cards in Russia.[9]


Entrepreneur Oleg Tinkov founded Tinkoff Credit Systems in 2006, after working with consultants from Boston Consulting Group to see if a bank without branches could work in Russia.[10][11][12] Tinkov invested around $70 million in the bank, and based the bank on the American Capital One bank; Tinkov took over the Khimmashbank corporate bank in Moscow.[13][14][6] In 2013, Tinkoff was listed on the London Stock Exchange, raising $1.1 billion,[15][10] and in the same year, the bank was named the Bank of the Year by the Financial Times' Banker magazine.[9]

In 2013, a Russian named Dmitry Agarkov attempted to sue the bank for 24 million rubles ($724,000); Agarkov had edited a 2008 credit card agreement with the bank, and his edits had been accepted by the bank. The legal action was later withdrawn by both the parties after an undisclosed settlement was reached.[16][17][18][19][20]

In 2015, the bank was officially renamed Tinkoff Bank,[21] and was also named the Best Internet Retail Bank in Russia by the Global Finance magazine.[9] In July 2016, Tinkoff Bank was part of Russia's first blockchain consortium, a private-sector coalition of banks, financial and professional services in Russia.[22]

Professional cycling[edit]

From 2006–2008, Tinkoff were the sponsors of the Tinkoff Credit Systems UCI Professional Continental cycling team. In June 2012, Tinkoff became the co-sponsors of the Team Saxo Bank, with the team being renamed Saxo Bank–Tinkoff Bank (later Saxo-Tinkoff, Tinkoff-Saxo and Tinkoff).[23][24][25] For the 2016 cycling season, Tinkoff Bank became the sole sponsors of the cycling team.[26]


  1. ^ Tinkoff Bank: Management team
  2. ^ Hughes Oliver Charles // London Stock Exchange
  3. ^ a b c d e "TCS Group Audited Consolidated IFRS Results for FY2017" (PDF). Retrieved 28 October 2018.
  4. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Retrieved 1 May 2017.
  5. ^ "Русская сказка: офис мечты Олега Тинькова". Forbes (in Russian). 17 January 2014. Retrieved 22 July 2016.
  6. ^ a b "Case study: Tinkoff Credit Systems Bank – One of a kind". IBS Intelligence. 8 March 2013. Retrieved 22 July 2016.
  7. ^ "Fitch Affirms 5 Russian Consumer Lenders; Revises Outlooks on 2 to Stable". Fitch Ratings. 18 November 2015. Retrieved 22 July 2016.
  8. ^ "Рейтинг надежности банков — 2015". Forbes (in Russian). 25 March 2015. Retrieved 22 July 2016.
  9. ^ a b c "Tinkoff Bank successfully completes RUB 3 bn bond offering with a coupon of 11.7%". The Daily Telegraph. 23 June 2016. Retrieved 23 June 2016.
  10. ^ a b O'Neill, Dominic (24 October 2013). "Tinkoff IPO beats consumer credit fears". Euromoney. Retrieved 22 July 2016.
  11. ^ "Карты, деньги, 2 ярда". Kommersant (in Russian). 3 December 2013. Retrieved 22 July 2016.
  12. ^ "Операция «Copy/Paste»: три примера на российском банковском рынке". Slon. 16 October 2012. Retrieved 22 July 2016.
  13. ^ "Пионер года: почему все марки Олега Тинькова хорошо продаются". Forbes. 13 January 2014. Retrieved 22 July 2016.
  14. ^ Weaver, Courtney (30 December 2015). "Lunch with the FT: Oleg Tinkov". Financial Times. Retrieved 22 July 2016.
  15. ^ Weaver, Courtney (22 October 2013). "TCS raises $1.1bn in London IPO". Financial Times. Retrieved 22 July 2016.
  16. ^ Taylor, Adam (8 August 2013). "Russian Man Who Got Bank To Sign Homemade Credit Card Contract Now Suing Them For Not Following Terms". Business Insider. Retrieved 22 July 2016.
  17. ^ Trotman, Andrew (8 August 2013). "Man who created own credit card sues bank for not sticking to terms". The Daily Telegraph. Retrieved 22 July 2016.
  18. ^ "$700k credit card trickster and Russia's largest on-line bank drop lawsuits". RT. 14 August 2013. Retrieved 22 July 2016.
  19. ^ Lewis, Dan (October 2014). Now I Know More: The Revealing Stories Behind Even More of the World's Most Interesting Facts. F+W. pp. 160–161. Retrieved 22 July 2016.
  20. ^ "[UPDATED] Russian Man Turns Tables on Bank, Changes Fine Print in Credit Card Agreement, Then Sues, Now Settles". NASDAQ.com. 2013-08-14. Retrieved 2018-12-07.
  21. ^ "TCS Bank to be renamed as Tinkoff Bank in 2015". Tinkoff Credit Systems. 24 December 2014. Retrieved 22 July 2016 – via London Stock Exchange.
  22. ^ Das, Samburaj (6 July 2016). "Russian Banks Form Private Blockchain Consortium". Crypto Coins News. Retrieved 22 July 2016.
  23. ^ Atkins, Ben (25 June 2012). "Tinkoff returns to cycling as Team Saxo Bank co-sponsor through 2013". Velo Nation. Retrieved 22 July 2016.
  24. ^ Westemeyer, Susan (25 June 2012). "Tinkoff Bank announced as co-sponsor to Saxo Bank". Cyclingnews.com. Retrieved 22 July 2016.
  25. ^ Rosen, Daniel M. (2008). Dope: A History of Performance Enhancement in Sports from the Nineteenth Century to Today. ABC-CLIO. p. 154. Retrieved 22 July 2016.
  26. ^ "Saxo Bank ends sponsorship of Tinkoff team". Cyclingnews.com. 15 October 2015. Retrieved 22 July 2016.