Renaissance Credit () is a Russian

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

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. Banking ser ...

services and headquartered in

Moscow Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 million ...

. The financial institution focuses on the

consumer lending 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) ...

market and is one of the Top-100 Russian banks. Renaissance Credit (along with its parent company Renaissance Capital) is a subsidiary of

ONEXIM Mikhail Dmitrievich Prokhorov ( rus, Михаил Дмитриевич Прохоров, p=mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf; born 3 May 1965) is a Russian-Israeli oligarch, politician, and former owner of the Brooklyn Nets. I ...

Group. In 2013, Russian billionaire

Mikhail Prokhorov Mikhail Dmitrievich Prokhorov ( rus, Михаил Дмитриевич Прохоров, p=mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf; born 3 May 1965) is a Russian-Israeli oligarch, politician, and former owner of the Brooklyn Nets. I ...

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, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. ...

, 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 de ...

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

s 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 the retail and dining markets and many service categories, in many pa ...

References

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