UPDATE 1-Russia's TCS Group launches London IPO to raise up to $750 mln
* Group to use proceeds to grow its retail business
* Consumer lending one of most promising sectors in Russia
MOSCOW Oct 3 (Reuters) - 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 lending business.
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 receipts (GDRs).
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