Renaissance Capital, one of Russia's biggest investment banks, yesterday said it was selling a 50 per cent stake to a billionaire oligarch for $500m in a deal accelerated by the steepest declines on the Russian market in a decade last week.
The deal wipes three-quarters off the $4bn price Renaissance valued itself at during talks with a state-controlled bank, VTB, last year.
Stephen Jennings, chief executive of Renaissance Group, said he speeded up ongoing discussions with Mikhail Prokhorov, the cash-rich owner of Onexim Group, last week as the Russian market tumbled and liquidity dried up. He said Renaissance was following in the footsteps of the biggest US investment banks as they sought safety by hooking up with new cash-rich owners.
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