June 18, 2013 / 8:03 AM / 5 years ago

Russia's Tinkoff selects banks for share listing - source

MOSCOW, June 18 (Reuters) - Russian credit card supplier Tinkoff Credit Systems (TCS) has selected banks to organise a stock market listing, a source close to the placement said on Tuesday.

Sources said in May that TCS was talking to banks ahead of a possible listing, which could take place this year or early 2014 and raise several hundred million dollars.

A representative of the credit card supplier, which is backed by Goldman Sachs Group and Swedish private equity company Vostok Nafta Investment, at the time confirmed the company was considering a flotation but declined further comment.

The banks organising the initial public offering (IPO) are Goldman Sachs, JP Morgan, Morgan Stanley, Sberbank and Renaissance Capital, the source said on Tuesday.

TCS was not immediately available for comment, but a separate source familiar with the situation said that the listing is most likely to be on the London Stock Exchange .

TCS, founded and run by entrepreneur Oleg Tinkov, has been looking for outside funding to help to finance its growth plans. Tinkov said in an interview last year that the company could seek funding options such as an IPO.

One banking source previously said that TCS could raise about $500 million.

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