Renaissance Credit () is a Russian

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

providing

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ...

services and headquartered in

Moscow Moscow is the Capital city, capital and List of cities and towns in Russia by population, largest city of Russia, standing on the Moskva (river), Moskva River in Central Russia. It has a population estimated at over 13 million residents with ...

. The financial institution focuses on the consumer lending market and is one of the Top-100 Russian banks. Renaissance Credit (along with its parent company

Renaissance Capital Renaissance Capital is an emerging and frontier markets focused investment bank founded in 1995 in Russia. The firm has offices in Moscow, London, New York, Lagos, Nairobi, Cairo and Nicosia. Both Alexander Provotorov (born 7 November 1974, M ...

) is a subsidiary of

ONEXIM Mikhail Dmitrievich Prokhorov (; born 3 May 1965) is a Russian oligarchs, Russian-Israeli oligarch and politician. He was also an owner of the Brooklyn Nets. After the collapse of the Soviet Union, Prokhorov obtained Russian state-owned metal ...

Group. In 2013, Russian billionaire

Mikhail Prokhorov Mikhail Dmitrievich Prokhorov (; born 3 May 1965) is a Russian-Israeli oligarch and politician. He was also an owner of the Brooklyn Nets. After the collapse of the Soviet Union, Prokhorov obtained Russian state-owned metals assets at prices ...

took the largest stake in Renaissance Credit through his company Onexim Group. As with other Russian banks, Renaissance Credit was sanctioned by the United States government after

Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...

, in response the bank closed its London, New York and Johannesburg offices.

History

The bank was established in 2000 under the name AllianceInvest. In 2002, he received the title of "Treasurer". In 2003, the bank was acquired by Renaissance Group and renamed in Renaissance Capital. This allowed Renaissance Group to enter the retail consumer lending market. In 2007, the bank began operating under the Renaissance Credit brand, and in 2013, its official name became the same. In 2012, the Bank issued unsecured loans by 66.7 billion rubles putting the bank in 7th place in Russia. The total volume of the portfolio issued by non-tax loans as of January 1, 2013, amounted to 62.6 billion rubles. In June 2013, Standard & Poor's rating agency has assigned a long-term rating "B+" with a stable outlook.

Owners and management

The main owner of the bank is the

group, which owns 83.02% in its authorized capital. Another 6.5% is owned by Evgeny Yurchenko.Экс-гендиректор «Связьинвеста» купил 6,5 % банка «Ренессанс кредит»
/ref> At the beginning of 2012, the

Group acquired a 32.25% stake in the bank from Renaissance Group, and in November 2012 it bought out the remaining stake in Renaissance Group, increasing its stake to 89.52%. During the last transaction, the Renaissance Capital investment bank, which was completely bought out by the group, also became the property of

. Evgeny Yurchenko acquired his stake in

Group in May 2013.

Activity

Renaissance Credit is a bank working with individuals. The main activity of the Bank is related to the issuance of

consumer loan Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

s, credit cards and

deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

. The bank has about 150 branches in Russia, and also cooperates with major federal

retail chains A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate many retail markets, dining markets, and service categories in many pa ...

References

{{reflist Banks of Russia Companies based in Moscow Banks established in 2000 2000 establishments in Russia