Russian billionaire snaps up top investment bank

Michael Bow
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DEALMAKER Stephen Jennings, who helped lead the privatisation boom of post-Communist Russia, yesterday left the country behind after selling his investment bank Renaissance Capital to billionaire Mikhail Prokhorov.

New Zealander Jennings, who founded the bank in 1995, yesterday sold his remaining 50 per cent stake to Prokhorov’s Onexim Group, who already owned the other half of the company.

Prokhorov is best known for owning the Brooklyn Nets basketball team, alongside hip hop mogul Jay-Z. He has been tagged as Russia’s seventh wealthiest individual with a fortune estimated to be $13bn.

Onexim also bought 89 per cent of Renaissance Credit, the bank’s sister company, which makes consumer loans in Russia. The amount paid for the bank was not undisclosed.

Jennings will continue to run a far smaller Renaissance Group and will instead focus on its asset management operation while seeking development opportunities in Africa.