Russia's TCS bank reassures over credit law
MOSCOW Dec 12 (Reuters) - Russian online bank TCS said it is in full compliance with amendments to a consumer credit law, assuaging fears that its business model would be hurt due to how it delivers its credit cards to customers.
TCS's shares slid in November on a local media report that the finance committee of the State Duma lower house had approved amendments to a consumer lending bill that would require cards to be issued at a bank office, to prevent unsolicited mass mailings. TCS distributes credit cards by courier to its customers.
"The new, clarified wording (of the amendments to the consumer credit law)... states that a credit card can be delivered to any address indicated by the borrower," TCS said, adding that consent must be provided by a customer.
"We are in full compliance with these legislative requirements," said Oliver Hughes, CEO of TCS in a statement.
The credit delivery amendments to the consumer credit law, passed in the second of three readings on Wednesday according to Duma documents, also caps interest rates on retail loans. (Reporting by Megan Davies and Maria Kiselyova; Editing by Elaine Hardcastle)
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