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    TCS   US87238U2033

TCS GROUP HOLDING PLC

(TCS)
  Report
Delayed London Stock Exchange  -  02:00 2022-03-03 am EST
3.193 USD   -.--%
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Russian bank Tinkoff suspends outgoing FX SWIFT transfers until October

07/06/2022 | 06:27am EDT
FILE PHOTO: FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

MOSCOW (Reuters) - Russian online bank Tinkoff on Wednesday said it was suspending outgoing SWIFT transfers in foreign currencies until Oct. 1 after admitting it had struggled with such transactions due to restrictions on Russia's banks.

Some Russian lenders have started charging fees for accounts in dollars and euros as the sanctions-hit sector grapples with its new reality since Moscow sent troops into Ukraine in February.

Tinkoff has introduced a commission on incoming SWIFT transfers.

The lender has not been directly targeted with sanctions, but major Russian banks have been cut off from SWIFT, the messaging system underpinning global financial transactions, transfers which Tinkoff said were 95% dependent on Western payment infrastructure.

"We are forced to admit that our efforts to ensure that our Western partners fulfilled their part of the arrangements within a reasonable and comfortable time frame for our clients have not been enough," Tinkoff said on its Telegram channel.

Tinkoff said it would donate all the money it has received from commissions and fees on foreign currency accounts and transfers to charity.

"We will make every effort to ensure that all SWIFT transfers from customers awaiting processing are fulfilled within a reasonable time frame," Tinkoff said.

"The average time frame for carrying out SWIFT transfers of Russian customers is already reaching several weeks and will continue to increase."

TCS Group ringfenced its Russian business in early April, transferring shareholder's authority over Tinkoff Bank to its Russian management team.

In a separate statement on Wednesday, Tinkoff said it had successfully facilitated a rouble cross-border payment from a Russian bank to one in Kyrgyzstan, using the Bank of Russia's Faster Payments System (FPS), a widely-used service in Russia that enables phone-to-phone instant transfers.

Tinkoff said it planned to give Russian banks access to cross-border transactions for some countries in the future.

"Transfers from foreign banks to Russia are planned to launch by the end of 2022."

(Reporting by Reuters; editing by Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
TCS GROUP HOLDING PLC 0.00% 3.193 Delayed Quote.-96.21%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.25% 60.75 Delayed Quote.-21.25%
All news about TCS GROUP HOLDING PLC
09/09TCS Group Holding PLC announces BOD changes
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07/06Russian bank Tinkoff suspends outgoing FX SWIFT transfers until October
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06/16Russia's Tinkoff introduces 3% commission on incoming SWIFT FX transfers
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Financials (USD)
Sales 2022 2 242 M - -
Net income 2022 632 M - -
Net Debt 2022 - - -
P/E ratio 2022 4,01x
Yield 2022 -
Capitalization 2 515 M 2 515 M -
Capi. / Sales 2022 1,12x
Capi. / Sales 2023 0,89x
Nbr of Employees 43 787
Free-Float 58,4%
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Number of Analysts 0
Last Close Price 12,70
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Managers and Directors
Ilya Nikolaevich Pisemsky Chief Financial Officer
Constantinos Economides Executive Director
Margarita Hadjitofi Independent Non-Executive Director
Daniel Lesin Wolfe Independent Non-Executive Director
Maria Trimithiotou Executive Director
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