Mikhail Prokhorov’s structures refused to sell to the British capital of the Renaissance

According to him, the management of the investment bank wanted to separate from the Renaissance Capital Group, whose ultimate beneficiary is Prokhorov’s Onexim group. However, the beneficiary intends to remain the owner of the UK company, so the purchase option is no longer being considered, the filing states.

Onexim declined to comment.

According to RBC, Renaissance Capital Group suspended the work of its branches in London and New York after the start of Russia’s special military operation in Ukraine. As a result of the restructuring, business volumes at Britain’s Renaissance Capital have fallen, but its balance sheet “remains strong,” according to the report.

In his words, in 2023 Renaissance Capital’s net income from trading operations amounted to almost $4 million, compared to a loss of $0.5 million in 2022. At the same time, the reduction in the range and scale of services caused a decrease in both commission income and net operating income (10.3 times and 3.8 times, respectively).

On November 13, Onexim announced the actual division of the Renaissance Capital Group business, within which Russian assets were sold to the management of Renaissance Capital. The Renaissance brand, as well as the brokerage and consulting businesses, were transferred to management.

According to Frank Media, Onexim has long been putting Renaissance Capital’s Russian subsidiary up for sale. Among potential buyers were, in particular, structures close to Region Group and Derzhava Bank, owned by businessman Sergei Entets.