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Tinkoff Bank’s parent firm TCS Group has acquired a majority stake in Russian ATM solutions provider Bankom, Interfax reported.
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TCS Group’s affiliate TCS LLC has acquired a 51% stake in Bankom, according to the Unified State Register of Legal Entities.
The financial value of the deal, which saw Bankom CEO Sergei Rabotko’s stake in the firm drop to 49%, has not been disclosed.
Bankom specialises in offering a full range of services for ATMs, point-of-sale terminals, and other payment types of equipment.
Earlier this month, TCS LLC acquired a 30.85% stake in Bankom, which is believed to possess adaptive manufacturing capabilities, service and design departments, an assembly shop, and a laboratory.
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By GlobalDataTCS Group’s acquisition builds on Tinkoff Bank’s partnership with Bankom since the launch of the digital lender’s ATM network.
Bankom will become part of TCS Group’s ecosystem and continue to provide services to other clients in the market.
“This will give us the opportunity to update ATMs even faster and implement even bolder solutions. It will also significantly reduce the cost of maintaining the ATM network, which exceeds 3,300 units,” Tinkoff Bank deputy head Anatoly Makeshin had said earlier.
In a separate development, last week, Cyprus-based TCS Group announced the transfer of shareholder’s authority over Tinkoff Bank to the Russian management team led by the chairman of the management board Stanislav Bliznyuk.
The move is aimed at ring-fencing the group’s Russian business as the West pours in sanctions on Moscow over its invasion of Ukraine.
Notably, Tinkoff Bank founder Oleg Tinkov is subject to sanctions from the UK government.
