Reuters 21 November 2012
Russian tycoon Mikhail Prokhorov’s Onexim Group may sell Renaissance Capital’s non-core assets as part of its plan to return the emerging markets investment bank to profit, the group’s chief executive said.
Onexim’s CEO Dmitry Razumov told Reuters the group will not consider selling the loss-making bank it last week agreed to buy from founder Steven Jennings, until it is consistently making money.
RenCap is the last of the Moscow-based investment banks to lose its independence after its birth during Russia’s turbulent market reforms of the 1990s.
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