* Group to use proceeds to grow its retail business
* Consumer lending one of most promising sectors in Russia
MOSCOW Oct 3 Russia's TCS Group Holding, a
parent company for credit card supplier Tinkoff Credit Systems,
on Thursday launched a London initial public offering to raise
up to $750 million and will use proceeds to grow its retail
TCS, founded and run by entrepreneur Oleg Tinkov, has been
looking for outside funding to help to finance the company's
growth plans. The bank said the IPO would also allow it to
develop payments and insurance businesses.
The company said that, as of the end of June, its net loan
portfolio was nearly $2 billion and it had issued over 3.5
million credit cards.
The offering will include a primary component - being sold
by the company - of between $150 million and $200 million with
the balance to be sold by Oleg Tinkov and other shareholders.
It will sell shares in the form of global depositary