LONDON, (Reuters) – Russian businessman Oleg Tinkov sold 35% of the company he started to a Russian billionaire Vladimir Potanin.

Tinkov-founded TCS Group Holding owns Russia’s second largest credit card issuer Tinkoff Bank. Tinkov made the anti-war statement a few days later. Tinkoff Bank announced that it would rebrand its name and get rid of Tinkov.

Potanin’s Interros Holding declined to disclose the price it paid for TCS, although the share price of the company has plunged since Russia invaded Ukraine on February 1st. That triggered severe Western sanctions.

Potanin made the deal in this second month to acquire banking assets. Potanin had previously acquired Rosbank from Societe Generale, OTC: when Societe Generale left the Russian market.

TCS, a Cyprus-based company that operates under the Tinkoff name has a diverse range of businesses. They cover everything from mobile phones and banking to insurance and even insurance.

Potanin (61), is the chief of Norilsk Nickel, which was founded in 1999 and has seen a rise in metal prices over recent months. Forbes magazine ranked Potanin as Russia’s second most wealthy man, with $17.3 billion in his fortune.

Tinkov (54), was diagnosed with acute Leukemia in 2000 and resigned as Tinkoff Bank’s chairman. Tinkov, 54, resigned as chairman of Tinkoff Bank in 2020 after being diagnosed with acute leukaemia.

TCS quoted him saying that on Thursday, he felt it was the “perfect time” for him to take his retirement and spend more time caring for my loved ones and my health.

Last week, he said he was against Moscow’s “crazy” war in Ukraine.

Tinkov’s critique of Ukraine invader Tinkov led to Tinkoff Bank announcing their rebranding. Tinkoff Bank stated that the bank had been prepared for it. Tinkov’s criticism of the invasion in Ukraine has made this decision even more pertinent.

Russian actions in Ukraine are being called a “special military operations” by President Vladimir Putin to protect Russian-speaking people from persecutors. Ukraine claims it’s fighting an “imperial-style” land grab, and Putin’s accusations of persecution are absurd.