Reuters: Private Equity: Baring Vostok invests $50 mln in TCS bank

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Baring Vostok invests $50 mln in TCS bank May 14th 2012, 05:34 MOSCOW | Mon May 14, 2012 1:34am EDT MOSCOW May 14 (Reuters) - Russia-focused private equity firm Baring Vostok will invest $50 million into Tinkoff Credit Systems (TCS), a fast-growing local mid-sized lender, TCS said at the weekend. TCS is majority-owned by founder and former bicycle racer Oleg Tinkov, who is implementing a "branchless" model that makes it possible to get a credit card at places like supermarket checkouts. TCS did not specify the stake Baring Vostok will get. Apart from Tinkov, Goldman Sachs and Vostok Nafta Investments are among shareholders with Russia's 101 lender by assets. TCS' net income was $68.4 million in 2011, up 7.5 times on the previous year, on revenue up 139 percent at $332 million, according to a recent internal presentation.

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