OREANDA-NEWS. June 7, 2011. The European Bank for Reconstruction and Development originated a loan of RUR2.2 billion for a term of three and a half years to Renaissance Capital, LLC, a commercial bank and one of Russia’s leading consumer lending banks under its Renaissance Credit brand.

The financing is designated for use in expanding the Bank’s consumer lending activities, primarily in regions outside Moscow. Renaissance Credit’s key products include general-purpose loans, installment loans and credit cards.

“We are very pleased by the confidence the European Bank for Reconstruction and Development has shown in choosing us as their partner to promote the development of Russian consumer lending. This field is gradually becoming more complex and is gaining significantly in its strategic importance for the Russian economy,” said Alexey Levchenko, CEO of Renaissance Credit. “The funds will be used to expand our present lending volume.”

About Renaissance Credit

Founded in 2003, Renaissance Credit is a leading consumer lending institution offering consumer loans, credit and debit cards and deposits to more than four million customers across Russia. Renaissance Credit is a trademark of CB Renaissance Capital (LLC), which holds banking license № 3354 issued by the Central Bank of Russia.