Published: January 11, 2011
Bank to sell Ukrainian interests to SCM.
The retail arm of Russian banking group Renaissance has agreed to sell its Ukrainian business to local conglomerate System Capital Management (SCM).
SCM, owned by Ukrainian businessman Rinat Akhmetov, has interests in mining, power, telecoms, insurance, media, retail and real estate. This deal will be its first move into retail banking.
The deal is subject to the approval of the Antimonopoly Committee of Ukraine and the National Bank of Ukraine. It was structured by financial advisers Renaissance Capital and First Ukrainian International Bank.
Renaissance Credit started operating in Ukraine in 2005 and today has a network of 31 branches. The bank will re-invest the proceeds in its consumer-lending division in Russia.