Page 97 - RusRPTNov19

used by the bank to expand the credit portfolio, ahead of the tightening regulations for retail loans that are coming into effect in 2H19. Vedomosti reminds that another major retail player TCS Group also recently boosted its capital to comply with the new regulations. As reported by bne IntelliNews , in June TCS carried out an SPO , raising $300mn on London Stock Exchange with the issue of new GDRs. The analysts estimated that the issuance may improve current first-tier capital ration of 14% by 4.5pp and local Russian Accounting Standards ratios approximately by 2pp.
97 RUSSIA Country Report November 2019 www.intellinews.o