OREANDA-NEWS  On 26 September Renaissance Group and ONEXIM Group announced that they agreed to enter into a strategic partnership whereby they will each take ownership of 50% of Renaissance Capital, the leading investment bank in the Russian, CIS and African markets.

The partnership creates an investment bank with a strong and very liquid balance sheet well placed to aggressively pursue growth opportunities arising from the ongoing turmoil in global financial markets. Renaissance Group will maintain management control of Renaissance Capital. ONEXIM Group will contribute to the strategic direction of the investment bank and will be able to nominate three of the seven Board members of Renaissance Capital.

ONEXIM Group will purchase a 50% stake in Renaissance Capital following the issuance of new equity. Renaissance Group will hold 50% plus one share of the voting rights at Renaissance Capital. This transaction is subject to regulatory and other approvals. Renaissance Group's holdings in Renaissance Investment Management, Renaissance Partners and Renaissance Credit remain unchanged.

Stephen Jennings, CEO Renaissance Group said:

"The partnership with ONEXIM creates a financial powerhouse with the resources, skills and ambition to be the clear leader in all its markets. At a time when many of our competitors are weakened, our unique franchise, solid capital platform and highly motivated staff will enable the firm to aggressively pursue growth opportunities."

President of ONEXIM Group Mikhail Prokhorov said:

"Renaissance's experienced team together with ONEXIM's business ambitions and financial resources will enable the bank to dominate all its competition. Our partnership presents the opportunity to take Renaissance Capital to the next level."