Mikhail Prokhorov, who spent $500 million for 50 percent of Renaissance Capital this week, said Wednesday that he would spend another $500 million to piece together a financial giant named after a bank he helped build in the 1990s.

Onexim Group, Prokhorov's investment vehicle, acquired a small financial outfit, APR-Bank, with a capital base of less than $30 million. It will be combined with other assets to form a conglomerate called MFK, which will need approval before it can begin operations.

The original MFK bank, founded by Prokhorov and former business partner Vladimir Potanin in the 1990s and liquidated in 2003, will now be resurrected, Onexim said in a statement.

"In 2009, Onexim plans to bring the size of the bank's capital to $500 million, which will allow [it] to enter the list of Russia's largest private banks," the statement said.

"The group will focus on providing corporate banking services, asset management for private and corporate clients, and private banking services," it said.