Stephen Jennings Steps Down From RenCap

Stephen Jennings, a Moscow based financier, and once the New Zealand’s richest man, steps down from the investment bank Renaissance Capital, which he helped to create seventeen years ago, after his bid to raise more capital for the money-losing bank was rebuffed by Mikhail Prokhorov.

According to the statement issued on November, 14th, 2012, Prokhorov’s Onexim Group, which bought 50% of RenCap during the crisis of 2008, is now acquiring the remaining half. Once the transaction has been finalized, Onexim will become the indirect shareholder of 100% of Renaissance Financial Holdings Limited (“RFHL”), the investment bank operating internationally under the name Renaissance Capital, and indirect owner of 89% of RCISL, the consumer finance bank operating in Russia under the name Renaissance Credit. 

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