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Renaissance Capital bank

Ренессанс Кредит
 
Name
Renaissance Capital
Full name
Limited Liability Company "Commercial bank "Renaissance Capital"

Ranking

on 01.10.2018
Headquarter
115114, Moscow, Kozhevnicheskaya street, 14
Banki.ru reference

The bank was founded as AllianceInvest in 2000. The bank was initially established as a settlement center for regional trade and industrial concerns. The bank was renamed Kaznachey in 2002. In late 2003 the lending institution was acquired from Magnezit Group by companies that make up investment group Renaissance Capital and was named accordingly (Renaissance Capital Commercial Bank). The new owner shifted the bank’s business focus to the consumer lending market in which the financial institution started operating under the Renaissance Credit brand. The lending institution has been a member of the national deposit insurance system since December 2004. In December 2010, the bank divested its Ukrainian subsidiary to SKM Group that is owned by businessman Rinat Akhmetov. Funds from the deal were spent to roll out retail business in Russia. In 2012, Mikhail Prokhorov’s Onexim Group began to gradually buy Renaissance Group’s equity stakes in Renaissance Capital Investments Limited, Renaissance Capital Limited and Renaissance Capital International Services Limited, through which retail lender Renaissance Credit was controlled.

In early April 2013, the bank announced the purchase by Onexim Holdings Limited of a second half (50% + half a share) in Renaissance Capital Investments Limited that owned 83.02% in the retail bank. Thus, Onexim Group turned into a majority owner of the retail bank, commanding 83.02%. Also, a 6.5% interest in the bank was bought by Evgeny Yurchenko, former CEO of telecom group Svyazinvest. At that time Onexim Group announced the closing of a deal, as a result of which it became an indirect holder of a 100% stake in Renaissance Financial Holdings Limited, an investment bank that operates in international markets under the Renaissance Capital brand.

In March 2013, the retail bank’s sole participant decided to change its official corporate name in accordance with its brand to Renaissance Credit Commercial Bank LLC.

At present, Renaissance Credit’s beneficial owner is Mikhail Prokhorov who controls 86% of the bank through Renaissance Investments Limited and Onexim Holdings Limited, another 7.50% interest is in the hands of Belize-registered Bashton Company Limited and Evgeny Yurchenko’s 6.5%.

As of July 1, 2016 the bank ran three representative offices, 24 additional offices and 164 regional credit & cash offices in 68 constituent entities of Russia. Moreover, the bank operates 63,700 points of sale at department stores all across Russia. The bank’s ATM network is narrow, mainly spanning Moscow and Saint Petersburg. As of June 30, 2016 the bank’s headcount averaged 6,601.

The bank specializes in uncollateralized consumer lending. At present, the lending institution’s lineup includes special-purpose loans to buy goods at retail chains, cash loans for any purposes and credit cards. The financial institution cooperates with both major federal retail chains and mid-sized regional companies and retail chains that specialize in selling consumer electronics, furniture, other goods and services. The bank’s key partners are Svyaznoy, Evroset, M. Video, Media Markt, Eldorado, Beeline and Ascona. The bank also deals with online shops whose clients can buy goods by taking out loans online. Such partners include Citilink, Holodilnik.ru, Wikimart, Hoff.ru, Stolplit, etc. In addition, the bank’s lineup of credit products includes low-rate cash loans for pensioners, vacation loans, etc. The lending institution also issues MasterCard debit cards for households, offers a range of deposit accounts, family insurance and accidence insurance programs, cash settlement and online banking services, etc.

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