Shareholders of the main structure of “Tinkoff” approved the move from Cyprus to Russia
The shareholders of TCS Group (“Tinkoff Bank” and “Tinkoff Insurance”) have approved the company’s move from Cyprus to one of the special administrative districts in Russia, Interfax reports with reference to the group’s announcement.
It is not yet known to which of the two special administrative districts TCS Group will move — in Vladivostok or Kaliningrad. However, the group has already started the process of deregistration in Cyprus and re-registration in Russia.
In addition, the shareholders decided on further actions regarding the redomicilation of the main structure to Russia. The press service of Tinkoff Bank says that this will preserve the rights of all shareholders of the Tinkoff Group, including foreign ones, as well as increase the manageability and sustainability of the group’s business for the period until the sanctions regime against Russian companies abroad is lifted.
The general meeting of shareholders approved the introduction of appropriate changes to the company’s charter, authorized capital and company management on the effective date of the re-registration of the group in Russia.
Earlier, the relocation process was approved by the main shareholder of this company – “Interros” Volodymyr Potanin, who owns 35% of the group. “Interros” has already moved to a special administrative district on the Far Eastern island of “Russian”. The representative of the company said that the practice of moving foreign structures to such areas has already demonstrated its effectiveness.
In mid-December 2023, “Interfax” reported on the plans for the complete relocation of TCS Group from Cyprus to Russia. Since the beginning of 2024, the holding has prohibited employees from working remotely outside the Russian Federation, except for Armenia, Belarus and Kazakhstan, where the organization has its development centers.