Egidaco Investments PLC, the Parent Company of TCS Bank Expects Accounting Losses Due to Weakening Rouble
Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff. Credit Systems’ Bank (TCS Bank), announced today that, according to preliminary figures for fourth quarter 2008, the Group expects to show accounting losses as a result of the sliding Rouble. The Rouble:US Dollar and Rouble:Euro exchange rates fell sharply in November and, particularly, in December. As a result, there is a possibility that Tinkoff may find itself in breach of some of its undertakings to bondholders and other lenders. These assumptions are preliminary and the exact figures will appear as soon as the