* Group to use proceeds to grow its retail business
* Consumer lending one of most promising sectors in Russia
MOSCOW, Oct 3 (Reuters) - Russia's TCS Group Holding, aparent company for credit card supplier Tinkoff Credit Systems,on Thursday launched a London initial public offering to raiseup to $750 million and will use proceeds to grow its retaillending business.
TCS, founded and run by entrepreneur Oleg Tinkov, has beenlooking for outside funding to help to finance the company'sgrowth plans. The bank said the IPO would also allow it todevelop payments and insurance businesses.
The company said that, as of the end of June, its net loanportfolio was nearly $2 billion and it had issued over 3.5million credit cards.
The offering will include a primary component - being soldby the company - of between $150 million and $200 million withthe balance to be sold by Oleg Tinkov and other shareholders.
It will sell shares in the form of global depositaryreceipts (GDRs).
- Tinkoff Credit Systems