Russia’s Potanin snaps up third finance deal amid Ukraine turmoil

By Mark Trevelyan

LONDON (Reuters) -Russian billionaire Vladimir Potanin’s Interros team explained on Monday it had bought United Card Services, part of International Payments Inc, its third offer in three months as it snaps up financial assets from prospective buyers exiting the Russian sector.

World wide Payments confirmed it was exiting its Russian enterprise as it produced its 1st quarter results on Monday. The benefit of the deal was not disclosed.

Potanin, 61, is the head of mining huge Norilsk Nickel (Nornickel), which has benefited from large metals prices in modern months. He is Russia’s second-richest person with a fortune of $17.3 billion, in accordance to Forbes journal.

The billionaire has moved quick to just take edge of opportunities thrown up by hurried asset sales considering that Russia invaded Ukraine on Feb. 24, triggering sweeping western sanctions and prompting hundreds of worldwide enterprises to withdraw.

On April 11, French lender Societe Generale stated it would give up Russia and choose a 3 billion euro ($3.3 billion) profits strike from offering its Rosbank device to Interros.

Last 7 days, Interros purchased a 35% stake in TCS Team Holding from the group’s founder, businessman Oleg Tinkov, for an undisclosed sum.

Tinkov told the New York Instances that offer was a “fire sale” forced on him by the Kremlin just after he condemned what he identified as Russia’s “mad war” in Ukraine, now nearing the conclude of its 10th week.

In a information launch, Interros explained the most current deal was aimed at acquiring its banking enterprise, and it would concentration on boosting UCS’s expert services for smaller and medium-sized buyers.

(Reporting by Mark Trevelyan enhancing by John Stonestreet)