Oleg Tinkov of Russia has created a London stock market listing for his credit card business TCS to raise $750 million, according to a Reuters report.
Last year, unsecured lending to Russian households rose by 50 percent due to its developing middle class’ demands for goods and banks’ desire to profit.
“Retail is strong. This is just the right time to do an IPO – we have a solid track record behind us. We have massive growth to come,” said TCS CEO Oliver Hughes in the article.
For more on TCS’s IPO, click here.
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