Russia's TBank planning to open 2 branches in China

MOSCOW. Dec 27 (Interfax) - TBank plans to open two branches in China, in Shanghai and Xian, the bank said in a statement.

The branches' locations were revealed in an update to the information published following the bank's board meeting in August.

At the time, the bank disclosed plans to open two branches abroad and said it intended to seek the required authorization from the Central Bank of Russia. The bank did not provide additional details.

TBank's parent company, TCS Group (after redomiciliation to Russia known as IPJSC TCS Holding, now renamed T-Technologies), said previously that it had plans for international expansion.

The group confirmed its intention to scale its business to international markets in July 2024, when it announced the rebranding of Tinkoff Bank. At the time, the holding said that the new brand would serve as a universal solution for expanding operations abroad.

The group previously considered three markets in Southeast Asia for its international expansion. One of them was disclosed - it planned to obtain a banking license in the Philippines. TCS Group also previously considered entering the Latin American market, intending to begin operations there by offering acquiring services.

The primary shareholder of T-Technologies is Interros, owned by Vladimir Potanin, who holds a 41.4% stake in the group.

As of Q3 2024, TBank ranked tenth in the Interfax-100 ranking compiled by Interfax-CEA, with assets totaling 3.022 trillion rubles.