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Constitutional change shuts door on Viktor Orban comeback
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Russia’s state-controlled internet major VK (VKCO) has sold its 25% stake in digital lender Tochka Bank to Interros of Vladimir Potanin’s for RUB21.2bn ($255mn), paving the way for Potanin’s T-Technologies to consolidate up to 100% of the bank, according to The Bell citing VK disclosure.
As covered by IntelliNews, both T-Technologies (the former TCS Banking Group controlling online bank Tinkoff) and Interros (main shareholder of Norilsk Nickel metals major) are controlled by sanctioned Russian oligarch Vladimir Potanin.
Potanin bought the bank from the exiled founder Oleg Tinkov, as the as yet unsanctioned Potanin was picking up existing Western assets and rebuilding his banking empire.
T-Technologies also expanded into tech and fintech, with deals such as buying 64% of Tochka fintech service, 10% stake in Russian internet major Yandex (YNDX), and cloud major Selectel.
Tochka Bank is an online bank and fintech provider that focuses on small and medium-sized enterprises and serves around 800,000 clients.
VK appears to have exited the investment at a substantial profit. The Bell said the company bought the stake in 4Q23 for RUB11.6bn ($140mn) and sold it for almost twice that amount. VK also received RUB4.3bn ($52mn) in dividends during the holding period.
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