Oleg Tinkoff's sport addictions cost TCS Bank tens of millions of euros

The analysts refuse to calculate the effectiveness of these expenses. 
The parent company of the bank "Tinkoff Credit Systems" ( "TCS Bank») - TCS Group - published for the first time the cost of the contract with the cycling team Tinkoff-Saxo Cycling Team. At the end of last year, the future payments it was estimated at 1.54 billion rubles., Including RUR 512.6 million. They must be paid for in 2015, according to a TCS Group statements for 2014 under IFRS. A year earlier commitments amounted to 1.69 billion rubles. (37.5 million euros) and liabilities for 2014 was estimated at 337.3 million rubles.

Payments have increased due to the devaluation of the ruble. "The budget in euros, for them [the team] nothing has changed, but the bank's expenses in connection with this increase. This, of course, is bad and I was a little embarrassed, but what can I do about it? "- Said the founder Oleg Tinkoff Bank in December 2014 the agency" F-Sport "(a part of" Russia Today ").

This is the bank's obligations are not limited to, for example, in November 2014 the bank paid the team 27.9 million rubles, the equivalent of EUR 500 000 for the victory in the race Vuelta a Espana, said in statements..

In 2014, "TCS" earned 3.4 billion rubles. against 5.8 billion rubles. a year earlier, paying 3 billion rubles. dividends bulk totoryh got Tinkoff, controlling 50.45% stake in TCS Group. The situation with the sponsorship of the representative of "TCS Bank" declined to comment.

Tinkoff is sponsoring a cycling team since mid-summer 2012, the end of 2013, he purchased it from the former owner Bjarne Riis, who became her manager, said on the team's website. The transaction amount was not disclosed. At the same time the team has signed a three-year sponsorship deal with "TCS", Danish brokerage Saxo Bank was the second sponsor in 2014. In 2015 a contract with Saxo Bank retained, but in 2016, when the Danes will not increase funding, most likely " TCS Bank "will be the sole sponsor, Tinkoff said in a December interview.

Even if the amount of the contract with the cycling team will remain the same, the load will be more tangible for the bank, says the analyst of a large Russian investment. According to him, the bank is wiser to transfer sponsorship to the shareholder level.

Tinkoff-Saxo - one of the leading teams in the world and the cost of the bank like required to support it at this level, said CEO Dmitry Sports.ru Navosha. The Russian cycling is unlikely to even make it into the top 10 popular sports and it is unlikely that the bank operating only in Russia, received sponsorship from a real economic impact, he said.

During the crisis, even the largest Russian banks reduce costs branding. VTB remained sponsorship program, but for two years it was reduced by 25-30%, including the financing of [football and hockey clubs] "Dynamo", says the first deputy chairman of the bank Vasily Titov.