Tinkoff Bank

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Tinkoff Bank
Native name
Тинькофф банк
Tinkoff Credit Systems
Traded asLSETCS
Founded2006 in Moscow, Russia
FounderOleg Tinkov
Key people
Oliver Hughes (Chairman of the Management Board)[1][2]
Revenue$1.02 billion[3] (2017)
$428 million[3] (2017)
$326 million[3] (2017)
Total assets$4.61 billion[3] (2017)
Total equity$719 million[3] (2017)
OwnerOleg Tinkov
Number of employees
4,600 (2016) Edit this on Wikidata
RatingB1 (Moody's), BB- (Fitch) (2017)[4]
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.[5] The bank does not have branches and is considered a neobank.[6] As of 2016, Tinkoff Bank has a credit rating of B+ on the Fitch Ratings and B2 on the Moody's Rating,[7][8] and is the second largest provider of credit cards in Russia.[9] Tinkoff is the world's largest digital bank, as measured by number of customers.[10]


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.[11][12][13] 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.[14][15][6] In 2007, the bank received investment from Goldman Sachs.[10] In 2013, Tinkoff was listed on the London Stock Exchange, raising $1.1 billion,[16][11] and in the same year, the bank was named the Bank of the Year by the Financial Times' Banker magazine.[9]

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 The legal action was later withdrawn by both the parties after an undisclosed settlement was reached.[17][18][19][20]

In 2015, the bank was officially renamed Tinkoff Bank,[21] and was also named the Best Internet Retail Bank in Russia by the Global Finance magazine.[9]

In December 2019, Tinkoff launched Russia's first fully digital ATM, without keyboard or the ability to print receipts.[22] In the 2019 financial year, Tinkoff announced revenue increases of 33%.[22] Tinkoff Bank has updated its app to include cinema and hotel tickets, as well as booking holidays through the bank's subsidiary, Tinkoff Travel.[10] 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.[23][24] Also in 2020, the bank helped fund German mobile banking startup Vivid Money, which is supported by solarisBank and Visa.[25]


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, Tinkoff-Saxo and Tinkoff).[26][27][28] For the 2016 cycling season, Tinkoff Bank became the sole sponsors of the cycling team.[29]

In 2018, Tinkoff became the sponsor of the Russian comedy TV competition KVN with a contract for three years.[30] The same year, Tinkoff sponsored a Depeche Mode concert in Moscow.[31]

Since February 2020, Tinkoff is the title sponsor of the Russian Premier League.[32]


  1. ^ Tinkoff Bank: Management team
  2. ^ Hughes Oliver Charles // London Stock Exchange
  3. ^ a b c d e "TCS Group Audited Consolidated IFRS Results for FY2017" (PDF). Retrieved 28 October 2018.
  4. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Retrieved 1 May 2017.
  5. ^ "Русская сказка: офис мечты Олега Тинькова". Forbes (in Russian). 17 January 2014. Retrieved 22 July 2016.
  6. ^ a b "Case study: Tinkoff Credit Systems Bank – One of a kind". IBS Intelligence. 8 March 2013. Retrieved 22 July 2016.
  7. ^ "Fitch Affirms 5 Russian Consumer Lenders; Revises Outlooks on 2 to Stable". Fitch Ratings. 18 November 2015. Retrieved 22 July 2016.
  8. ^ "Рейтинг надежности банков — 2015". Forbes (in Russian). 25 March 2015. Retrieved 22 July 2016.
  9. ^ 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.
  10. ^ 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.
  11. ^ a b O'Neill, Dominic (24 October 2013). "Tinkoff IPO beats consumer credit fears". Euromoney. Retrieved 22 July 2016.
  12. ^ "Карты, деньги, 2 ярда". Kommersant (in Russian). 3 December 2013. Retrieved 22 July 2016.
  13. ^ "Операция "Copy/Paste": три примера на российском банковском рынке". Slon. 16 October 2012. Retrieved 22 July 2016.
  14. ^ "Пионер года: почему все марки Олега Тинькова хорошо продаются". Forbes. 13 January 2014. Retrieved 22 July 2016.
  15. ^ Weaver, Courtney (30 December 2015). "Lunch with the FT: Oleg Tinkov". Financial Times. Retrieved 22 July 2016.
  16. ^ Weaver, Courtney (22 October 2013). "TCS raises $1.1bn in London IPO". Financial Times. Retrieved 22 July 2016.
  17. ^ 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.
  18. ^ 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.
  19. ^ 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.
  20. ^ "[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.
  21. ^ "TCS Bank to be renamed as Tinkoff Bank in 2015". Tinkoff Credit Systems. 24 December 2014. Retrieved 22 July 2016 – via London Stock Exchange.
  22. ^ 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.
  23. ^ "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.
  24. ^ Seddon, Max (6 March 2020). "Shares tumble in London-listed parent of Russia bank Tinkoff". Financial Times. Retrieved 11 March 2020.
  25. ^ "Vivid Money taps solarisBank and Visa for launch in Germany". Fin Extra. 8 June 2020. Retrieved 15 June 2020.
  26. ^ Atkins, Ben (25 June 2012). "Tinkoff returns to cycling as Team Saxo Bank co-sponsor through 2013". Velo Nation. Retrieved 22 July 2016.
  27. ^ Westemeyer, Susan (25 June 2012). "Tinkoff Bank announced as co-sponsor to Saxo Bank". Cyclingnews.com. Retrieved 22 July 2016.
  28. ^ 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.
  29. ^ "Saxo Bank ends sponsorship of Tinkoff team". Cyclingnews.com. 15 October 2015. Retrieved 22 July 2016.
  30. ^ ""Тинькофф банк" стал спонсором КВН". Акчабар (in Russian). Retrieved 12 March 2020.
  31. ^ "Тинькофф Банк разыгрывает билеты на концерт Depeche Mode в Москве". asros.ru (in Russian). Retrieved 12 March 2020.
  32. ^ "Russian Premier League ends title sponsor search with Tinkoff deal". SportBusiness. 27 February 2020. Retrieved 11 March 2020.