Oleg Tinkoff may sell his bank to Google

Oleg Tinkoff may sell his bank to GoogleRussian bank Tinkoff Credit Systems may be sold to a major western structure. According to the founder of the bank Oleg Tinkov, one of possible variants is Google.

In parallel with the option of selling TCS, he also allows the possibility of the IPO, which will allow his bank to attract up to $500M in the next two years. However, the further development of the bank can be done with the help of a powerful Western structure. One of the possibilities is Google, - Tinkov said. - They will not be able to create its own local credit expertise, they will have to buy it.

Tinkoff Credit Systems was established in 2007 with the support of Goldman Sachs Group. TCS’s business is based on not on classic bank deposits, but on various loans and credits. The model of bank’s operation is similar to the model of American bank Capital One Financial Corp, which became the pioneer in the credit cards distribution by mail market. At present, Russian TCS issued about 2.3M cards and is the fifth largest credit institution in Russia.

Recall that one of these days the Western press reported on the cooperation of Google and MasterCard, which resulted new bank cards emergence. The program is running in the UK and is designed for simplified interaction with Google services, for example, to buy advertising on the services of the Internet giant.