ex-head of Tinkoff Oliver Hughes will work in an Uzbek bank – Kommersant

Former head of TCS Group Oliver Hughes will work in the Uzbek Kapitalbank, they report “Vedomosti” with reference to sources. According to them, Mr. Hughes will lead the development of the bank’s financial marketplace. One of the interlocutors claims that the top manager receives “a lot,” but he did not give the exact amount.

Oliver Hughes headed Tinkoff Bank in 2007 and led it until 2021. He was replaced in his position by Stanislav Bliznyuk, and Mr. Hughes remained at TCS Group as executive director. He left the group in March 2022 and moved in the UAE. In September 2023, Georgian TBC Bank announced that Oliver Hughes had taken over as head of international operations and also joined the bank’s executive committee. Vedomosti’s source suggests that Mr. Hughes will combine work in Georgian and Uzbek banks.

Kapitalbank was founded in 2001. Until March 2022, 61.5% of the shares were owned by Alisher Usmanov’s USM structures (Telecominvest and Finance TCI), after which the holding sold its share. The transaction amount was not disclosed. Now the bank is owned by seven shareholders: two unnamed legal entities (99.9995%) and five individuals who share between 0.0005%. Kapitalbank is one of the top 10 banks in Uzbekistan; it has 16 branches in the country. Its net profit at the end of the third quarter amounted to 1.128 trillion soums ($92 million).

Laura Keffer