OREANDA-NEWS. The deal to buy Tinkoff Bank's parent company, TCS Group, will not take place, as the parties could not reach an agreement, TCS Group said in a statement on the London stock exchange.

"After further discussions, including with the controlling shareholder Tinkoff, the parties agreed not to make a potential transaction. Thus, negotiations between the parties regarding a potential transaction have been terminated and will take effect immediately," the report says.

In turn, Yandex "regretfully confirms" that they were unable to reach an agreement with the Bank's shareholders on the transaction. Yandex confirms that it does not intend to make offers in relation to Tinkoff, "the IT company said in a statement.

Later, a representative of TCS Group, commenting on the termination of negotiations with Yandex, as well as information about possible negotiations on the sale of the Bank to MTS, said that Tinkoff will develop independently.

"We are not negotiating with anyone, Tinkoff will continue to develop independently, "a company representative told TASS.