Salmon, a fintech startup built by former executives of Tinkoff, has moved to expand its financial footprint by acquiring Bank St Rosa, a Philippine licensed bank. In conversation with RBC, Pavel Fedorov, a co-founder of Salmon and a former co-chairman at Tinkoff, outlined the strategic intent behind the deal.
The authorities in the Philippines gave their approval for the transaction, a green light that paves the way for Salmon to broaden its service portfolio in Southeast Asia while preserving the core continuity of the banking license involved. While the financial terms remained undisclosed, the parties anticipate the closing to occur within the coming weeks, with Salmon set to acquire a majority stake in the lender, roughly 60 percent.
Acquiring a licensed bank matters because it enables Salmon to offer a wider range of regulated financial services. Fedorov indicated that the platform plans to attract customer deposits, issue plastic debit and credit products, and support financing for small and medium enterprises. This expansion would position Salmon as a more comprehensive financial services provider, capable of delivering integrated banking and digital payments solutions to a broader customer base.
In the broader corporate landscape, the parent entity TCS Group, which includes Tinkoff Bank and its insurance arm, has previously explored internal structural changes as part of reorganizational strategies that sometimes involve jurisdictional shifts. Industry observers note that such reorganizations can affect how services are delivered and regulated across different markets.
Beyond this, there has been discussion about workforce mobility within the group. Historical restrictions tied to overseas employment of staff from certain regions have shaped how the company expanded talent across borders. The evolving regulatory and operational environment continues to influence expansion plans and the ability to deploy specialized expertise in new markets.