President, Chairman of the Management Board, TCS Bank

Oliver Hughes has headed-up ‘Tinkoff Credit Systems’, Russia’s first online financial services provider, since June 2007. Using an innovative branchless, ‘virtual’ model, TCS acquires customers primarily through online and direct mail, and is pioneering the use of Direct Marketing in financial services in Russia. Oliver Hughes and the team have already successfully moved the bank from start-up stage to highly successful business, generating $122m net profit in 2012. The bank recently passed the landmark of $1.5bn in credit card receivables and has over 3m customers. TCS bank is now a leader in the credit card market and its online programmes are a source of inspiration not just in Russia but now also globally.

Prior to joining the TCS team, Oliver Hughes was Vice President and Head of the Representative Office in Russia of Visa International (CEMEA). He joined Visa April 1998 and moved to Business Development from Payment Systems Operations in 2000. He was one of the original members of the team which established Visa’s office in Moscow in the autumn of 2000, and grew the market from approx. $1bn to almost $100bn annual spend (over 50% market-share) by 2007. He also served as a Director on the Visa Russia Board for 4 years.

Mr. Hughes worked in a number of roles in the public and commercial sectors, including a position as a social science researcher for the Slavonic and East European Division of the British Library. His work on a number of IT projects for Reebok, Shell UK and the British Library paved the way for his transfer into the payments industry.

Mr. Hughes has a long-standing connection with Russia, having a first class honours degree in Russian and French, primarily focusing on politics and history, and a Master of Arts degree in International Relations, specialising in post-Soviet politics. He also holds a Master of Science degree in Information Science and Technology. In his various roles, he has worked on several projects directly with Russian institutions and lived in the Soviet Union for six months as a student in 1991. He is fluent in both Russian and French.