Horizon invests $40m in bank TCS

Capital for the all-equity transaction was sourced from Emerging Europe Growth Fund II, which closed above target on $390m in November 2008.

In 2007 and 2008, Goldman Sachs and Vostok Nafta Investment acquired stakes in the company. They are understood to be holding a combined share of 29%. In May 2012, Baring Vostock Private Equity invested $50m in the company, acquiring an 8% stake, according to reports.

Company
TCS is a branchless retail bank – the first of its kind in Russia – headquarted in Moscow. The bank was founded by Oleg Tinkov in 2006. It operates an IT platform designed for mass customer acquisitions and remote customer service.

According to CBR statistics, TCS has a market share of 6.8%. The company's net profit in 2011 was $68m with a ROE of 85% and revenues of $332m. In the first six months of 2012, its credit card portfolio expanded by 57%, amounting to $1.1bn.

People
Mark Iwashko, founding partner and CIO, led the investment on behalf of Horizon. Oleg Tinkov is a founder and majority shareholder in the bank. 

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