Bloomberg learned about the closure of Renaissance Capital in London and New York

Mikhail Prokhorov's investment bank will close branches in the UK and the US , sources told Bloomberg. Prokhorov has so far managed to avoid falling under sanctionsEU and USA. The RBC company said

Russian investment bank Renaissance Capital (RenCap) will close its office and research department in New York, Bloomberg reports citing sources.

According to the interlocutors of the agency, who asked not to be named, the investment bank may also close its office in London. 

“We are talking about the restructuring of our companies Renaissance Capital Limited and RenCap Securities Inc in London and New York. This is precisely a restructuring, not a closure, ”a Renaissance Capital representative told RBC.

Renaissance Capital is one of the oldest investment banks in Russia, now it is 100% owned by the ONEXIM group of Mikhail Prokhorov and specializes in the markets of developing countries.

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The bank, as Kommersant reported in December 2021, citing sources, was put up for sale. According to the publication, its sale was discussed together with the insurance company Soglasie (also owned by Mikhail Prokhorov), but the final parameters of the potential deal were unknown. ONEXIM then said that "information about the sale is not true."

The New York office of Renaissance Capital was opened in 1996, follows from the data on the company's website. The investment bank received a license to conduct international trading operations in London in 1998.

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Now the bank, in addition to branches in Moscow, London and New York, has foreign branches in Nigeria, Kenya and South Africa, Cairo and Cyprus. The company is also engaged in transactions in the stock markets of the Middle East countries - the United Arab Emirates, Saudi Arabia, Kuwait, Morocco, Oman and Tunisia. Renaissance Capital has actively diversified its overseas business in recent years, becoming a frontier market specialist with a strong presence in Africa, Bloomberg notes.

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The company provides a wide range of financial services in the debt and equity capital markets - it acts as a provider of securities placement on the market, provides brokerage services, and also specializes in mergers and acquisitions of companies.

From the end of February, Western countries began to impose sanctions against Russia. Personal restrictive measures have affected major Russian businessmen, top managers, officials and politicians. No sanctions were reported against billionaire Mikhail Prokhorov. He is ranked 11th in the ranking of the richest businessmen according to Forbes, who estimated his fortune at $10.3 billion.

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