Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict
TCS Group, the parent firm of digital lender Tinkoff Bank, is set to acquire a 51% stake in Russian ATM solutions provider Bankom, an Interfax report said.
The financial value of the deal was not disclosed.
As per the Unified State Register of Legal Entities, TCS Group’s affiliate entity TCS LLC has already acquired a 30.85% stake in Bankom.
Sergei Rabotko, who solely owned Bankom, now owns 69.15% of the company and will remain its co-owner and CEO.
Bankom offers a full range of services for ATMs, point-of-sale terminals, and other payment equipments.
It has service and design departments, adaptive manufacturing capability, an assembly shop and a creative solutions laboratory.
Tinkoff Bank said it has been partnering with Bankom since the launch of its ATM network. Upon completion of the deal, Bankom will be integrated into the firm’s ecosystem.
It will continue to develop solutions for the TCS Group and provide support services while catering to other clients.
Tinkoff Bank deputy head Anatoly Makeshin: “Tinkoff ATMs are an important channel of communication with our clients. Given the demand for this area, we decided to integrate Bankom into the Tinkoff ecosystem to strengthen the bank’s internal competencies.
“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.”
With a 35.1% stake in TCS Group, the Oleg Tinkov family trust is its principal shareholder.
However, last month, the UK government imposed sanctions on Oleg Tinkov, the founder of Tinkoff Bank.