Russian lender Tinkoff Bank has purchased an additional part of Svyaznoy Bank’s credit card portfolio worth RUB3.33bn ($54.2m).
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The takeover was completed via two transactions in early October, Tinkoff Bank parent TCS Group said in a statement on the London Stock Exchange.
Overall, Tinkoff Bank has bought RUB6.43bn ($104.8m) worth of Svyaznoy Bank’s credit card portfolio.
Tinkoff Bank CEO Oliver Hughes said: "The recent transactions with Svyaznoy Bank are in line with our current growth strategy.
"We continue to attract new high-quality customers by cautiously stepping up credit cards issuance, and we are also seizing opportunities of inorganic growth, such as the acquisition of high-quality loan portfolios from other players in the market.
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By GlobalData"The acquired portfolios are successfully integrated, and we may consider further transactions of this kind going forward."
