In a radical move, Russia’s leading investment bank, Renaissance Capital, has bought a bank in Africa and hopes to be the first Russian bank to break out of its traditional stamping ground of the former Soviet Union by conquering a new emerging market.
CEO Stephen Jennings is a doyen of the Russian financial system, and after the bank nearly collapsed in 1998 he has built up Renaissance Capital to become one of the leading banks in the region with assets of more than $1bn.
