Russian lender TCS agrees to buy 7.5% stake in St Petersburg Exchange

MOSCOW, June 4 (Reuters) - TCS Group, which runs Russia’s largest online bank Tinkoff, has agreed to buy a 7.5% stake in the St Petersburg Exchange, Russia’s major exchange for trading foreign stocks, it said in a statement on Friday.

The exchange, which already works closely with TCS through the Tinkoff Investments platform, told Reuters this year it may expand the range of its financial instruments before an initial public offering possible in 2022.

TCS and the bourse’s major shareholder, NP RTS, signed a memorandum of cooperation at the St Petersburg International Economic Forum, agreeing that NP RTS would sell the lender a maximum of 7.5% of the exchange’s share capital.

Reporting by Tatiana Voronova; Writing by Alexander Marrow; Editing by Nick Zieminski