System Capital Management Group, owned by Ukraine’s richest man, Rinat Akhmetov, acquired the Ukrainian unit of Russia’s Renaissance Credit Group to help it expand.
SCM, based in Donetsk, Ukraine, acquired 100 percent of Bank Renaissance Capital, which specializes in retail banking and operates under the name Renaissance Credit, the company said Monday. No price was disclosed for the transaction.
“Banking business is one of the priorities for SCM,” said Ilya Arkhipov, director of business development at the company. “Renaissance Credit is a bank with good potential growth. Its integration into the banking business of SCM will allow us to enter a new market segment.”
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
