OREANDA-NEWS. January 11, 2011. Renaissance Credit announces the sale of its Ukrainian operations to SCM Group, a decision taken as part of Renaissance Credit’s strategy to concentrate on the expansion of its consumer lending business in Russia. Renaissance Capital advised Renaissance Credit shareholders on the deal.

Renaissance Credit began operations in Ukraine in 2005. The bank’s regional network spans 17 regions of Ukraine and consists of 31 branches. The bank has shown positive results in 2010, posting a UAH4.43 mln profit in 9M10.

“The sale of Renaissance Credit’s business in Ukraine benefits both sides of the deal. The buyer acquires a consumer lending bank with a developed infrastructure and a highly professional management team, and Renaissance Credit is able to concentrate on developing its highly successful consumer lending business in Russia. Proceeds from the sale will be re-invested into Renaissance Credit’s business in Russia”, says Tatiana Khondru, CFO, Renaissance Credit Group.

The sale of 100% of Renaissance Credit’s Ukraine operations is subject to the approval of the Antimonopoly Committee of Ukraine and the National Bank of Ukraine.