OREANDA-NEWS. June 23, 2015. TCS Group Holding PLC (TCS LI) (the 'Group'), Russia's leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, today announces that Tinkoff Bank has signed an assignment agreement with Svyaznoy Bank to transfer part of Svyaznoy Bank's credit card loan portfolio  to Tinkoff Bank. The size of the assigned loan portfolio and financial details of the transaction are not disclosed.

The acquisition of a portion of Svyaznoy Bank's credit card portfolio will add a substantial number of new high quality and low risk customers to Tinkoff Bank.

Commenting on the transaction, Oliver Hughes, CEO of Tinkoff Bank, said: "This is a logical move for Tinkoff Bank as we look at different ways to cautiously grow our loan book, including inorganic opportunities. This transaction will add a number of new high quality customers to Tinkoff Bank's customer base and will help us to drive further growth. To ensure a smooth and seamless transfer of these customers we have developed a brand new technology for portfolio integration."