Published: November 16, 2012
Renaissance Capital, a Russian investment bank, has separated from parent company Renaissance Group.
Renaissance Group now comprises emerging-markets-focused Renaissance Asset Managers; Rendeavour, an urban developer targeting African cities; Renaissance Real Estate, with its portfolio of Russian funds; and Renaissance Credit (RenCredit), a newly launched Nigerian microfinance business.
Stephen Jennings will remain CEO of Renaissance Group but will no longer lead the investment bank that he co-founded in 1995. His 50% share in the bank has been sold to business partner Mikhail Prokhorov, who bought the other 50% during the financial crisis in 2008.
Two days ago Renaissance Group announced its entry into the Nigerian microfinance space through the creation of RenCredit. It is the first financial institution in West Africa to make use of a cloud-hosted banking platform.