Support The Moscow Times!

Renaissance Credit IPO Mulled

Onexim Group, which belongs to billionaire Mikhail Prokhorov, is considering a public placement of its retail banking arm Renaissance Credit, Bloomberg reported.

"We will begin to prepare Renaissance Credit for an initial public offering," Onexim CEO Dmitry Razumov said.

He noted that a final decision on the flotation had not been made.

The timing will become clear by the end of this year, Razumov said.

He expects the banking sector to become attractive for investors again after the share prices of financial institutions have reached the bottom.

Renaissance Credit CEO Alexei Levchenko said an IPO was possible, noting that a public placement could be "one of the strategic options for the next two to three years," Vedomosti reported.

Moody's analyst Vladlen Kuznetsov says the bank's transparent business model could appeal to investors.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more