TCS Group Holding PLC Announces Results of 2020 AGM
Limassol, Cyprus - 24 August 2020. TCS Group Holding PLC (Company), Russia's leading provider of online retail financial and lifestyle services via its Tinkoff.ru financial ecosystem, announces the results of its Annual General Meeting of shareholders (AGM) held earlier today.
The AGM was held at the registered office of the Company in Limassol, Cyprus and had a quorum of 857,469,243 votes present, corresponding to 93.2606% in number of the votes carried or conferred by the shares giving a right to be present and vote at the meeting. The AGM was chaired by Mr. Constantinos Economides, Chairman of the Board of Directors.
The AGM duly passed all resolutions, in particular:
1. Re-appointment of PricewaterhouseCoopers Limited as auditor of the Company at a remuneration to be determined by the Board of Directors.
2. Re-election of Mr. Jacques Der Megreditchian to the Board of Directors.
3. The remuneration of the members of the Board of Directors for the year 2020 is capped at US$530,000.
4. The Board of Directors was granted authority to buy back class A shares or interests in class A shares including global depositary receipts, up to the maximum (10% of subscribed capital) permitted by Cyprus law.
The Meeting also received and accepted the Company's Annual Report for 2019.
The Chairman of the Audit Committee and Remuneration Committee of the Board of Directors remain respectively Mr. Martin Cocker and Mr. Jacques Der Megreditchian.
Copies of the resolutions passed at the AGM (other than resolutions concerning ordinary business) have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's National Storage Mechanism which is located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
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About Tinkoff Group
TCS Group Holding PLC is an innovative provider of online retail financial services. It includes Tinkoff Bank, mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in major Russian cities, and Tinkoff Education. The Group is currently developing Tinkoff ecosystem, which offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has been listed on the London Stock Exchange since October 2013.
The Group's key business is Tinkoff Bank, a fully online bank that serves around 11 mn customers and forms the core of the Tinkoff ecosystem.
Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 13.5%. The 2Q 2020 IFRS net income of TCS Group Holding PLC amounted to RUB 10.2 bn. The ROE was 40.0%.
With no branches, the Group serves all its customers remotely via online channels and a cloud-based call centre. The centre is staffed by over 10,000 employees, making it one of the largest in Europe. To ensure smooth delivery of the Group's products, the Group has a nationwide network of over 2,500 representatives.
In 2018, Global Finance named Tinkoff Bank the world's Best Consumer Digital Bank, and in 2019, 2018, 2016 and 2015, the Best Consumer Digital Bank in Russia. In 2017 and 2013, the Banker recognised Tinkoff Bank as the Bank of the Year in Russia. The bank's mobile app has been consistently praised by local and global independent experts as the best of its kind (in 2013, 2014, 2015, 2016 by Deloitte and in 2018 by Global Finance).
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and Tinkoff Bank. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. The Group and Tinkoff Bank wish to caution you that these statements are only predictions and that actual events or results may differ materially. The Group and Tinkoff Bank do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Group and Tinkoff Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group, Tinkoff Bank and their respective operations.