Tinkoff Bank

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Tinkoff Bank
Native name
Тинькофф банк
FormerlyTinkoff Credit Systems
Founded2006 in Moscow, Russia
FounderOleg Tinkov
Key people
Stanislav Bliznyuk (Chairman of the Management Board)[1]
Revenue$1.02 billion[2][3] (2017; 2017)
$1.8 billion[4] (2021)
$86 million[4] (2021)
Total assets$17.9 billion[4] (2021)
Total equity$2.39 billion[4] (2021)
OwnerTCS Group
Number of employees
18,000 (2018) Edit this on Wikidata
RatingWithdrawn (2022)[5]

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.[6] The bank does not have branches and is considered a neobank.[7] It is the second largest provider of credit cards in Russia,[8] and is the world's largest digital bank, as measured by number of customers.[9] As of March 2022, Tinkoff Bank has had its credit rating withdrawn in compliance with sanctions imposed as a result of Russia's invasion of Ukraine.


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][7] In 2007, the bank received investment from Goldman Sachs.[9] 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.[8]

In 2013, a Russian named Dmitry Agarkov attempted to sue the bank for 24 million roubles ($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 The legal action was later withdrawn by both the parties after an undisclosed settlement was reached.[16][17][18][19]

In 2015, the bank was officially renamed Tinkoff Bank,[20] and was also named the Best Internet Retail Bank in Russia by the Global Finance magazine.[8]

Mobile phone showing a pie chart.
Tinkoff Bank's app in 2015

In December 2019, Tinkoff launched Russia's first fully digital ATM, without keyboard or the ability to print receipts.[21] In the 2019 financial year, Tinkoff announced revenue increases of 33%.[21] Tinkoff Bank has updated its app to include cinema and hotel tickets, as well as booking holidays through the bank's subsidiary, Tinkoff Travel.[9] In March 2020, shares in the bank fell after Oleg Tinkov, who owns a 40% share in the bank, was indicted by the US Department of Justice.[22][23] Also in 2020, the bank helped fund German mobile banking startup Vivid Money, which is supported by solarisBank and Visa.[24]

After the sale of part of the stake and the conversion of the remaining 35% into ordinary shares in early 2021, Oleg Tinkov ceased to be the majority shareholder of the TCS Group.[25]

In February 2021, Tinkoff Bank took first place in the ranking of the Top 50 Russian banks, according to The Banker. The position is due to the increasing role of online banking during the Covid-19.[26]

29 March 2021 Tinkoff Bank filed a lawsuit in the Moscow Arbitration Court. The bank accused the mobile operator MTS of unfairly setting tariffs for sending SMS and demanded compensation in the amount of more than 1 billion roubles. MTS disagrees with the accusations.[27] A similar claim, but for 436.8 million roubles, against another operator of the Russian "big three" company, VimpelCom, was filed at the end of May.[28]

In the April rating The World's Best Banks from Forbes, Tinkoff Bank was ranked fifth among Russian banks.[29]

In October 2021, Tinkoff launched e-commerce division (part of Tinkoff Business), headed by Ilya Kretov, new arrival and ex-CEO at eBay Russia.[30]

In October 2021, Central Bank of Russia granted the license to "Tinkoff Capital" asset management company, the part of "Tinkoff bank", allowing portfolio management. Since its foundation in June 2019, "Tinkoff Capital" has been permitted to manage investment, private pension and private equity funds. As per October 2021, net capital of "Tinkoff Capital" are estimated at 30 billion dollars.[31] In the same month, TCS Group, managing company of "Tinkoff Bank", founded "Tinkoff Global PTE" in Singapore, focused on markets of South-East Asia according to group's international expansion strategy.[32] In the same month, the Central Bank of Russia added Tinkoff Bank in the list of systemically important credit institutions as a result of bank's overweight development and customer base.[33]

In March 2022, Tinkoff Bank had its credit rating withdrawn in compliance with sanctions imposed as a result of Russia's invasion of Ukraine.[34]

The European Union adopted sanctions against the bank in its 10th package in February 2023.[35]


From 2006 to 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).[36][37][38] For the 2016 cycling season, Tinkoff Bank became the sole sponsors of the cycling team.[39]

In 2018, Tinkoff became the sponsor of the Russian comedy TV competition KVN with a contract for three years.[40] The same year, Tinkoff sponsored a Depeche Mode concert in Moscow.[41]

In September 2019, Tinkoff also became sponsor of tennis player Daniil Medvedev.[42]

From February 2020 to May 2022, Tinkoff was the title sponsor of the Russian Premier League.[43]


  1. ^ "TCS Group announces governance enhancements and changes to the composition of its governing bodies". Bloomberg. Retrieved 25 April 2022.
  2. ^ "TCS Group Audited Consolidated IFRS Results for FY2017" (PDF). Retrieved 28 October 2018.
  3. ^ "Рейтинг крупнейших компаний России по объему реализации продукции". Expert RA. Archived from the original on 28 October 2018. Retrieved 28 October 2018.
  4. ^ a b c d "TCS Group Audited Consolidated IFRS Results for FY2021" (PDF). Tinkoff Bank. 4 March 2022. p. 146. Retrieved 4 March 2022.
  5. ^ "Tinkoff". Retrieved 20 April 2022.
  6. ^ "Русская сказка: офис мечты Олега Тинькова". Forbes (in Russian). 17 January 2014. Retrieved 22 July 2016.
  7. ^ a b "Case study: Tinkoff Credit Systems Bank – One of a kind". IBS Intelligence. 8 March 2013. Retrieved 22 July 2016.
  8. ^ 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.
  9. ^ a b c Fawthorp, Andrew (18 August 2019). "What is Tinkoff Bank? The Russian disruptor targeting 20 million customers". NS Banking. Retrieved 11 March 2019.
  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. ^ 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. ISBN 9781440582158. Retrieved 22 July 2016.
  19. ^ "[UPDATED] Russian Man Turns Tables on Bank, Changes Fine Print in Credit Card Agreement, Then Sues, Now Settles". NASDAQ.com. 14 August 2013. Retrieved 7 December 2018.
  20. ^ "TCS Bank to be renamed as Tinkoff Bank in 2015". Tinkoff Credit Systems. 24 December 2014. Retrieved 22 July 2016 – via London Stock Exchange.
  21. ^ a b Blakey, Douglas (11 March 2020). "Tinkoff FY2019: record net income of RUB36.1bn with net loans +66%". Retails Banker International. Retrieved 11 March 2020.
  22. ^ "Russia's Tinkoff Bank Shares Fall as Founder Indicted in U.S." Agence France-Presse. 6 March 2020. Retrieved 11 March 2020 – via The Moscow Times.
  23. ^ Seddon, Max (6 March 2020). "Shares tumble in London-listed parent of Russia bank Tinkoff". Financial Times. Retrieved 11 March 2020.
  24. ^ "Vivid Money taps solarisBank and Visa for launch in Germany". Fin Extra. 8 June 2020. Retrieved 15 June 2020.
  25. ^ "TCS Group Holding PLC: Total conversion of Class B shares and reclassification and redesignation of all issued shares as 'ordinary shares'". London Stock Exchange. 7 January 2012.
  26. ^ "Top 50 Russian Banks ranking: resilience tested by the pandemic". The Banker. 1 February 2021.
  27. ^ ""Тинькофф банк" подал иск к МТС на более чем 1 млрд рублей" (in Russian). Vedomosti. 29 March 2021.
  28. ^ "Тинькофф Банк подал иск к "ВымпелКому" на 400 млн рублей" (in Russian). banki.ru. 1 June 2021.
  29. ^ "World's best banks". Forbes. 13 April 2021.
  30. ^ "Tinkoff names Ilya Kretov director, e-commerce". Finextra Research. 19 October 2021.
  31. ^ "Тинькофф Капитал получил лицензию на доверительное управление" (in Russian). ТАСС. 21 October 2021.
  32. ^ "TCS Group создала дочернюю компанию в Сингапуре" (in Russian). ТАСС. 12 January 2022.
  33. ^ "ЦБ включил Тинькофф в список системно значимых банков" (in Russian). ТАСС. 10 October 2021.
  34. ^ "Tinkoff Bank". Fitch Ratings.
  35. ^ "EU adopts 10th package of sanctions against Russia". 20 March 2023.
  36. ^ Atkins, Ben (25 June 2012). "Tinkoff returns to cycling as Team Saxo Bank co-sponsor through 2013". Velo Nation. Retrieved 22 July 2016.
  37. ^ Westemeyer, Susan (25 June 2012). "Tinkoff Bank announced as co-sponsor to Saxo Bank". Cyclingnews.com. Retrieved 22 July 2016.
  38. ^ Rosen, Daniel M. (2008). Dope: A History of Performance Enhancement in Sports from the Nineteenth Century to Today. ABC-CLIO. p. 154. ISBN 9780313345203. Retrieved 22 July 2016.
  39. ^ "Saxo Bank ends sponsorship of Tinkoff team". Cyclingnews.com. 15 October 2015. Retrieved 22 July 2016.
  40. ^ ""Тинькофф банк" стал спонсором КВН". Акчабар (in Russian). Retrieved 12 March 2020.
  41. ^ "Тинькофф Банк разыгрывает билеты на концерт Depeche Mode в Москве". asros.ru (in Russian). Retrieved 12 March 2020.
  42. ^ "Tinkoff signs sponsorship contract with Russia's top ranked tennis player Daniil Medvedev". Bloomberg.com. 24 September 2019. Retrieved 3 March 2021.
  43. ^ "Russian Premier League ends title sponsor search with Tinkoff deal". SportBusiness. 27 February 2020. Retrieved 11 March 2020.

External links[edit]

Media related to Tinkoff Bank at Wikimedia Commons