Tinkoff Bank

Tinkoff Bank

Native name	Тинькофф банк
Formerly called	Tinkoff Credit Systems
Industry	Bank
Founded	2006 in Moscow, Russia
Founder	Oleg Tinkov
Headquarters	Moscow, Russia
Owner	Oleg Tinkov
Website	www.tinkoff.ru

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.^[1] The bank does not have branches or ATMs.^[2] As of 2016, Tinkoff Bank has a credit rating of B+ on the Fitch Ratings and B2 on the Moody's Rating,^[3][4] and is the second largest provider of credit cards in Russia.^[5]

History

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.^[6][7][8] 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.^[9][10][2] In 2013, Tinkoff was listed on the London Stock Exchange, raising $1.1 billon,^[11][6] and in the same year, the bank was named the Bank of the Year by the Financial Times' Banker magazine.^[5]

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 The legal action was later withdrawn.^{[12][13][14][15]}

In 2015, the bank was officially renamed Tinkoff Bank,^[16] and was also named the Best Internet Retail Bank in Russia by the Global Finance magazine.^[5] 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.^[17]

Professional cycling

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 and Tinkoff-Saxo).^[18][19][20] For the 2016 cycling season, Tinkoff Bank became the sole sponsors of the cycling team.^[21]

References