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LONDON, November 14 (Itar-Tass) —— Russian billionaire Mikhail Prokhorov’s Onexim Group has agreed to buy all of the shares in the Renaissance Capital bank from Stephen Jennings who founded it 17 years ago, Bloomberg reported on Wednesday, November 14.
John Hyman, deputy chief executive officer of the investment bank, will replace Jennings as CEO, Onexim said in an e-mailed statement today. Jennings, 52, will remain as CEO of Renaissance Group, which will focus on asset management. Terms of Prokhorov’s purchase weren’t disclosed, the agency said.
Once the transaction has been completed, Onexim will become the indirect shareholder of 100 percent of Renaissance Financial Holdings Limited (“RFHL”), the investment bank operating internationally under the name Renaissance Capital, and indirect owner of 89 percent of RCISL, the consumer finance bank operating in Russia under the name Renaissance Credit. RFHL and RCIL will maintain their stakes in certain assets previously owned by Renaissance Group (the most significant of which are stakes in Ukrainian Agrarian Investments and Russia Forest Products) that were transferred to RFHL’s and RCIL’s ownership in the last 18 months as part of the restructuring of the debts owed by Renaissance Group to RFHL. The transaction is subject to regulatory consents in the jurisdictions where these companies operate.
Onexim said it is dedicated to developing Renaissance Capital as the premier independent emerging markets investment bank, and to the further development of Renaissance Credit as a leading consumer lender in Russia. John Hyman, who joined Renaissance Capital in 2011, has been appointed CEO of Renaissance Capital. Renaissance Credit’s long-time CEO, Aleksei Levchenko, will continue in his position.
“We strongly believe in the strategy of Renaissance Capital and that the financial resources of Onexim will only strengthen the unique position of the bank in the markets in which it operates. We further believe that Renaissance Credit will continue its rapid growth against the background of the continued boom of the Russian consumer sector. We would like to thank Stephen Jennings, who founded these businesses and managed them for many years, for his dedication to Renaissance’s success,” Dmitry Razumov, Chief Executive Officer of Onexim Group, said.
“Renaissance Capital and Onexim have worked successfully in partnership for many years. The transition of the business to Onexim’s full ownership will strengthen the financial footing of Renaissance Capital and further enhance its operations across Russia, the CIS, Central and Eastern Europe, and Africa,” John Hyman said.
“Onexim has been a strong partner in Renaissance Credit’s business over the past year. Onexim, in the role of controlling shareholder, will open new opportunities for the development of the bank,” Levchenko said.