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.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.