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| 6/5/2009 |
| Renaissance Group and ONEXIM Group Complete Landmark Transaction Forming Strategic Partnership in Investment Banking |
5 June 2009, Moscow - Renaissance Group and ONEXIM Group are pleased to announce that they have completed ONEXIM’s $500 million equity investment in Renaissance Financial Holdings Limited (hereafter Renaissance Capital), the leading investment bank in the CIS and African markets.
Speaking to international investors at Renaissance Capital's 13th Annual Investor Conference, Dmitry Razumov, Chief Executive Officer of ONEXIM, and Stephen Jennings, Chief Executive Officer of Renaissance Group, announced the completion of ONEXIM’s $500 million equity investment in Renaissance Capital.
ONEXIM has purchased newly issued shares representing a 50% less one‐half of one share stake in Renaissance Capital. Renaissance Group will retain a 50% plus one‐half of one share stake. All regulatory, counterparty and other approvals required for the transaction have been obtained. The announcement comes during Renaissance Capital's Annual Investor Conference, which this year is being held in St. Petersburg in partnership with the St. Petersburg International Economic Forum.
The partnership creates an investment bank with a strong and liquid balance sheet, which is well placed to pursue growth opportunities arising from the ongoing turbulence in global financial markets. Renaissance Group will maintain management control of Renaissance Capital. ONEXIM will contribute to the strategic direction of the investment bank and will nominate three of seven Board members.
Renaissance Group's holdings in Renaissance Investment Management, Renaissance Partners and Renaissance Credit remain unchanged following the investment in Renaissance Capital.
Stephen Jennings, CEO of Renaissance Group, said:
“Renaissance is delighted to announce the successful completion of this landmark transaction. All regulatory and other approvals required for the transaction have been obtained, and the $500 million loan from ONEXIM has been fully converted to equity. The strategic partnership with ONEXIM creates a financial powerhouse with the resources, skills and ambition to be the clear leader in its markets. At a time when many of our competitors are weakened, we have solidified our capital platform and are uniquely positioned as a firm to pursue aggressively growth opportunities.”
Dmitry Razumov, CEO of ONEXIM, said:
"The completion of the acquisition of a strategic stake in Renaissance Capital is a major step in the development of ONEXIM's portfolio of assets in the financial services industry. Renaissance Capital is particularly well placed to profit from the resurgence of the Russian and emerging market economies."
Renaissance Group is an independent group of investment banking, asset and wealth management, merchant banking, and consumer finance companies specializing in high‐opportunity emerging markets. Renaissance Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom, the United States of America, Cyprus and Sub‐Saharan Africa.
Renaissance Capital is a leading investment banking firm in the CIS, Central Asia and Sub‐Saharan Africa. Renaissance Capital has market‐leading positions in each of its core businesses ‐ M&A, equity and debt capital markets, securities sales and trading, research and derivatives. Renaissance Capital is part of the Renaissance Group.
ONEXIM is a leading private investment fund, founded in 2007, and has a diversified portfolio of investments in the metals and mining sector, energy and innovation, financial services, media and real estate.
Renaissance Group was advised on the transaction by Cleary Gottlieb Steen & Hamilton, and ONEXIM’s lead advisor was Hogan & Hartson.
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