Support The Moscow Times!

Onexim Sells Bank Stake

Onexim, an investment vehicle of Russian billionaire Mikhail Prokhorov, has sold a 6.5 percent stake in Renaissance Credit bank, the newspaper Vedomosti reported, citing the bank's CEO Alexei Levchenko.

Prokhorov, a businessman and a politician, bought the remaining half of investment bank Renaissance Capital and the consumer bank Renaissance Credit last year from founder Stephen Jennings, who left Russia.

Levchenko told the daily the stake was sold to Yevgeny Yurchenko, a former executive with Svyazinvest, the state company which controls Russian state telecoms operator Rostelecom.

Levchenko did not comment on the price, adding only that the deal valued the bank at 1.5-2 times its capital. According to Vedomosti's calculations, the 6.5 percent stake could have been sold for 2-2.6 billion rubles.

The bank could not be immediately reached for comment.

(Reuters)

… 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.

Continue

Read more