Russian bank Renaissance Capital plans to enter Angolan market in 2011

11 October 2010

Moscow, Russia, 11 Oct – Renaissance Capital, a Russian bank for emerging markets operating in Africa, plans to expand to Egypt in 2011 and to three other African countries including Angola, the bank’s chief executive told Bloomberg news.

Clifford Sacks also said that the bank, which is half owned by Russian multimillionaire Mikhail Prokhorov, plans to acquire or open a securities trading company in Egypt to cover the Tunisian and Moroccan markets.

In his turn, Hasnen Varawalla, head of the business financing department said that the bank, which operates in five African countries including Kenya. Nigeria, South Africa and Zambia, in 2011 planned to enter the markets of Angola, Uganda and Rwanda.

The bank, known as RenCap, started operating in Africa in 2007 and last year was involved in 24 transactions in 13 African countries, including the US$955 million sale of Central African Mining & Exploration Co. to Eurasian Natural Resources Corp.

In July of last year, the bank paid 207 million rand (US$27 million) to buy South African securities trading company Barnard Jacobs Mellet Securities. (macauhub)