Russia’s Yandex in talks to buy online bank Tinkoff for $5.5 billion

MOSCOW (Reuters) – Russian bank TCS Group Holding is in talks to sell its online bank Tinkoff to Russian internet group Yandex for $5.48 billion (£4.30 billion), the two companies said on Tuesday.

The idea was first publicly floated last year when Oleg Tinkov, founder of Russia’s TCS group, suggested https://uk.reuters.com/article/idUKL8N23E2JS to Yandex’s chief executive that they combine his bank with Yandex, known as Russia’s answer to Google.

“The parties have come to an agreement in principle on a transaction that would consist of cash and share consideration worth approximately $5.48 billion or $27.64 per Tinkoff share,” Yandex said.