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    TCS   US87238U2033

TCS GROUP HOLDING PLC

(TCS)
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TCS : Russia's central bank looking for investor in Otkritie bank - sources

12/08/2020 | 07:40am EDT

MOSCOW, Dec 8 (Reuters) - Russia's central bank is looking for an investor in bailed-out Otkritie bank, but has drawn a blank with an approach to internet giant Yandex, two sources close to the matter told Reuters.

Otkritie, once Russia's biggest private bank, was bailed out by the central bank in 2017 along with two other private banking groups. All three were struggling with mounting bad assets and a lack of capital.

The central bank plans to sell Otkritie, in full or in parts, either directly or via an initial public offering in 2021-2022 to recover some funds spent on the bailout.

Two state bankers told Reuters the central bank had started to look for potential investors for Otkritie and had approached Yandex asking it to consider buying the bank, but that the company had shown no interest.

Yandex, which was in talks to buy online bank Tinkoff in a $5.5 billion cash-and-share deal earlier this year, wants to develop a banking business on its own after the deal with Tinkoff fell apart, the sources said.

In a statement to Reuters, Yandex said it was not, and had not been, in talks to buy Otkritie from the central bank.

The central bank and Otkritie did not reply to Reuters requests for comment. (Reporting by Tatiana Voronova Additional reporting by Elena Fabrichnaya and Polina Nikolskaya Writing by Katya Golubkova Editing by Mark Potter)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
TCS GROUP HOLDING PLC -2.64% 64.06 Delayed Quote.100.00%
YANDEX N.V. -3.59% 63.25 Delayed Quote.-9.10%
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Financials (USD)
Sales 2021 1 623 M - -
Net income 2021 738 M - -
Net Debt 2021 - - -
P/E ratio 2021 17,5x
Yield 2021 0,10%
Capitalization 12 916 M 12 916 M -
Capi. / Sales 2021 7,96x
Capi. / Sales 2022 6,95x
Nbr of Employees 25 970
Free-Float 78,0%
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Mean consensus HOLD
Number of Analysts 14
Average target price 54,26 $
Last Close Price 65,80 $
Spread / Highest target 9,42%
Spread / Average Target -17,5%
Spread / Lowest Target -54,4%
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NameTitle
Constantinos Economides Chairman
Jacques der Megredichyan Independent Non-Executive Director
Martin Robert Cocker Independent Non-Executive Director
Alexios Ioannides Director
Maria Trimithiotou Director
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