Reuters – Russia’s Baring Vostok to Back Local Lender

Russia-focused private equity firm Baring Vostok will invest $50 million into Tinkoff Credit Systems, a local mid-sized lender, writes Reuters. TCS is majority-owned by founder and former bicycle racer Oleg Tinkov.

Reuters – Russia-focused private equity firm Baring Vostok will invest $50 million into Tinkoff Credit Systems (TCS), a fast-growing local mid-sized lender, TCS said at the weekend.

TCS is majority-owned by founder and former bicycle racer Oleg Tinkov, who is implementing a “branchless” model that makes it possible to get a credit card at places like supermarket checkouts.

TCS did not specify the stake Baring Vostok will get. Apart from Tinkov, Goldman Sachs and Vostok Nafta Investments are among shareholders with Russia’s 101 lender by assets.

TCS’ net income was $68.4 million in 2011, up 7.5 times on the previous year, on revenue up 139 percent at $332 million, according to a recent internal presentation. (Reporting by Katya Golubkova, Editing by Douglas Busvine)