“The loss for half a year is a little less than half a capital, at this rate another six months - and the situation will become very bad.”

The total loss of this bank according to IFRS for the first half of 2014 amounted to 6.8 billion rubles. with a capital of 12.7 billion rubles.

“The bank did manage to persuade the shareholder to increase capital (4.5 billion rubles), which I view as a combination of rare talent on one side and a fantastic belief in a bright future on the other,” says the letter signed by Raskosnov.

2013: Renaming of the legal entity to Renaissance Credit

In March 2013, CB Renaissance Capital, operating under the Renaissance Credit brand, decided to change its name to Renaissance Credit.

2012

Prokhorov completely buys out Renaissance Capital from Jennings' team

On November 14, 2012, it became known that Mikhail Prokhorov’s Onexim group agreed to buy out Renaissance Group’s shares in Renaissance Capital Investments Limited (RCIL), Renaissance Capital Limited (RCL) and Renaissance Capital International Services Limited (RCISL).

Thus, as a result of the transaction, Onexim will become the indirect owner of 100 percent of the investment bank Renaissance Capital and 89 percent of Renaissance Capital International Services Limited (RCISL), a consumer lending bank that operates in Russia under the Renaissance Credit brand. The cost of the transaction was not disclosed.

Until the deal was completed, Onexim owned 50 percent minus half the shares of Renaissance Capital, purchased at the height of the 2008 crisis for half a billion dollars, as well as 32.25 percent of Renaissance Credit. The second half in Renaissance Capital belonged to the company's managers, led by Stephen Jennings (Renaissance Group, 50% plus 1/2 shares).

Gazeta.ru wrote in early October that the owners of Renaissance Capital were looking for buyers for the asset. After the publication of the material, the management of the investment bank threatened the publication with a lawsuit for libel, calling the information about the sale untrue and discrediting the company’s reputation. The founder of the financial organization, Stephen Jennings, stated in an interview with the Vedomosti newspaper: “I can swear that we are not selling, have not sold and do not want to sell it [Renaissance Capital].”

Negotiations began about a week before December 14, when the deal was announced, sources told Vedomosti. Renaissance Capital's position was strong, a person familiar with the deal said, but on Nov. 6 Moody's told the bank it planned to downgrade its rating (and did downgrade it on Nov. 9), and Jennings entered into negotiations.

According to the manager of the state bank, the conditions for repo transactions could be a certain “Renaissance Capital” rating; if it declines, the securities could be presented for early redemption. These are not just a few letters, the top manager of a large broker supports the idea: the lower the rating, the smaller the repo line; it can automatically decrease to several million dollars. There was no money for repayment, continues the manager of the state bank, and Renaissance’s repo transactions amounted to hundreds of millions of dollars.

A person close to Onexim explains: “Renaissance repo transactions are not tied to the rating, but they periodically require renewal, and the rating could affect them.” In addition, Renaissance was in danger of cash shortages in November-December, he continues, the bank needed cash, but Jennings did not have it.

According to three people familiar with the progress of the negotiations, Jennings turned to his partner, the Onexim group, for money. One of them is convinced that Jennings wanted to scare Onexim by lowering its rating in order to get a “cash cushion.”

But Onexim refused, say two of Jennings’ acquaintances and a state bank manager. The reason is very simple, according to Jennings' acquaintances: Onexim was dissatisfied with the fact that, in essence, it finances an unprofitable company, but does not participate in any way in its operational management. The investment bank was unprofitable both in 2010-2011 and in the first half of this year.

“We were ready to help, but on market conditions and in compliance with all procedures, as well as with normal collateral for the loan,” says a person close to Onexim. But Jennings and the chairman of Renaissance Credit, Alexei Levchenko, went to the Central Bank, several Vedomosti interlocutors say. According to a person close to Onexim and a former manager of Renaissance, the regulator was ready to help, but not right away. Two acquaintances of Jennings deny this: the Central Bank refused, saying that one of the Renaissance shareholders has significant liquidity, and invited the shareholders to sort it out among themselves.

Jennings, according to his acquaintance and manager of the state bank, told the Central Bank that he had a difficult situation with repo, this could have a bad impact on the market, and warned that the collapse of Renaissance would be an image loss for the Central Bank, but he thought differently: for the market it will be uncritical.

One of Jennings’ acquaintances claims that he wanted to find money from the Central Bank to buy out Onexim’s share: there was an agreement between the partners that one of them should buy out the business if things didn’t go well.

After Jennings’s trip to the Central Bank, the situation began to develop rapidly, it became clear that someone had to leave Renaissance, says a person close to the bank’s management, and there was also a danger that state banks, without sorting it out, would begin to close repo transactions for Renaissance.

On November 9, 2012, in the morning, rumors about a rating downgrade began to leak into the market. There were also rumors that Jennings was looking for funding, a person close to the Renaissance management remembers. But Jennings did not want to go out of business, he continues, and even warned that the bankruptcy of Renaissance would lead to the loss of money for everyone. Later, it became clear to him that bankruptcy was too much of a headache, recalls a person close to the management of Renaissance.

The idea to give the share to Onexim was also his, says the top manager of the state bank - and quotes Jennings: either you take the company or lose money.

Jennings risked defaulting and, not finding support on the side, chose to sell it to us so that we could sort it out, concludes a person close to Onexim.

Development of the Renaissance Credit retail network

At the end of 2012, the Renaissance Credit network consisted of 121 branches (including 18 “light” format offices without cash services), as well as 36 offices for working with partners in 61 regions of our country. In 2012, the bank opened 18 new branches, including eight full-format and ten “light” offices. Four new cities appeared on the map of Renaissance Credit branches: Nizhny Tagil, Kemerovo, Kaluga and Smolensk.

Key operational performance indicators increased significantly in 2012. Thus, the number of operations per department almost doubled - by 96%, and the number of operations per employee - by 91%. The efficiency of direct cash loan sales by branch employees increased by 143%.

The number of sales points in retail chains at the end of the reporting period increased to 19,645. Renaissance Credit cooperates with both large federal partners - M.video, Svyaznoy, Tekhnosila, Hoff, Yulmart, and with small regional companies and retail chains that specialize in the sale of electronics, household appliances, furniture and other goods and services.

At the end of 2012, Renaissance Credit launched a project to develop “universal POS”. These are points of sale in non-federal chain stores where bank employees are present and where customers can obtain loans for the purchase of goods and services, as well as other banking products - credit cards and cash loans on the card. In total, the bank had 250 such points at the end of 2012, including 25 of which had already been transformed into the “universal POS” format.

“In 2012, Renaissance Credit actively developed its regional network. Following the principle of “multi-format”, we opened mainly standard branches in “cities with a population of over a million”, and “light” format offices in small and medium-sized cities. This approach has allowed us to achieve significant success in increasing the operational efficiency of each department and each employee. In 2013, we will continue to expand our regional presence, including through the development of the “universal POS” format. These points of sale give us the opportunity to become even closer to customers, to make our line of credit products more accessible - “universal POS” will function also in those regions where there are currently no bank branches,” noted Oleg Skvortsov, Deputy Chairman board of Renaissance Credit.

In mid-2012, Renaissance Credit, according to the results of an independent assessment conducted by the international consulting company Senteo, entered the TOP 10 banks in terms of service quality and took ninth position, showing an impressive result for a bank that participated in this study for the first time.

The bank continues to develop partnerships with travel agencies, providing travelers with the opportunity to obtain loans for travel. Renaissance Credit cooperates with such companies as BlueSky, Sunrise Tour, Aerotravel.

Profit at the end of the year 3.1 billion rubles

The bank's net profit at the end of 2012 amounted to 3.1 billion rubles, which exceeds the financial result achieved in 2011 by 16% (2.7 billion rubles). The bank issued loans to individuals in the amount of 66.7 billion rubles, increasing lending volumes by almost one and a half times compared to 2011.

At the end of 2012, the loan portfolio amounted to 74.5 billion rubles, having increased by 44% over the year, and exceeded the historical maximum of 2008 not only in ruble but also in dollar equivalent. At the same time, non-targeted loans form 63% of the portfolio, credit cards – 17%, targeted loans – 14%.

In 2012, Renaissance Credit completed the construction of a federal-level distribution network. As of December 31, 2012, it consisted of 121 branches and 19,645 points of sale in partner retail networks.

In 2012, the bank began issuing cash loans in the stores of the cellular retailer Svyaznoy and also significantly expanded the number of travel companies and online stores where targeted loans can be issued.

The number of clients in 2012 increased from 4.8 to 5.5 million people.

The ratio of operating expenses to income decreased from 53% at the end of 2011 to 39% at the end of 2012, and the ratio of operating expenses to the average portfolio decreased from 17% to 13%.

Key indicators of the network's operational efficiency increased significantly in 2012. Thus, the number of operations per department almost doubled - by 96%, and the number of operations per employee - by 91%. The efficiency of direct cash loan sales by branch employees increased by 143%.

The net interest margin, taking into account commission income, is maintained at a high level of 31%.

In 2012, funds from individuals and legal entities remained a stable source of funding. At the end of the reporting period, the portfolio of deposits of individuals and legal entities and account balances increased by 78%, reaching 56.5 billion rubles, and amounted to 74% of the bank’s attracted funds.

In 2012, Renaissance Credit continued to diversify its funding base through borrowings on capital markets and the development of a new direction – legal entity deposits. In August, the bank successfully returned to the capital markets, placing exchange-traded bonds worth RUB 2 billion by open subscription. In December 2012, Renaissance Credit placed subordinated Eurobonds in the amount of $100 million for 5.5 years. At the beginning of 2013, their amount was increased by another $50 million.

The bank continued to work to reduce funding costs. In 2012, this figure was 9.8%, while in 2011 it was 9.9%, and in 2010 – 12.2%.

Capital increased during the reporting period by 49% to 20.2 billion rubles. The capital adequacy ratio was 26%.

An important event for the bank was the arrival of a new controlling shareholder in the person of the ONEXIM Group, one of the leading Russian investors, which owns a diversified portfolio of assets in the financial services, energy, metallurgical and other sectors of the economy. The planned change of ownership was announced in November 2012. The deal was finally closed in April 2013.

At the end of the first half of 2012, the investment bank lost $14 million.

Based on the results of the inspection, the FAS issued an order to the bank to eliminate violations. In addition, the issue of initiating an administrative investigation is being considered. The FAS message notes that, in accordance with the Code of Administrative Offenses, a fine of 100 to 500 thousand rubles may be imposed on Renaissance Capital.

Renaissance Capital itself noted that this is an isolated case involving a mistake by a bank employee. “Initially, the client provided us with written consent to receive SMS messages,” the bank’s press service told CNews. “Then he changed his number without notifying us.” The new owner of the number refused to receive SMS messages, but due to an employee error, he continued to receive messages.”

Prokhorov is pleased with the investment in the bank and is making big plans

In December 2010, Mikhail Prokhorov believes that in two years his investment in Renaissance Capital brought him almost 100% income. However, he does not intend to withdraw from the capital of the investment bank, which should become more active abroad. As a result, Russia will account for only a quarter of its operations

Prokhorov is “very pleased” with the way Renaissance Capital chief Stephen Jennings led the investment bank during the crisis and that he brought it into new markets. Prokhorov does not intend to sell his stake in Renaissance now. The entrepreneur told Bloomberg about this. "It's not a good time to sell," he said.

In turn, Jennings, in a recent interview with Vedomosti, called Prokhorov’s Onexim group an “excellent partner” that provided great support during the crisis and after it. “They helped with obtaining mandates such as UC Rusal and RBC. They supported our expansion during the crisis,” Jennings said. There is no need to expect changes in the shareholder structure of Renaissance Capital, he added. This is how Jennings reacted to the information that the share in Renaissance went to Prokhorov for debts.

For more than a year, there has been talk on the market about the sale of Renaissance - primarily to Sberbank, which promised to announce a strategy for building an investment business in 2011 and is allegedly choosing between Renaissance and Troika Dialogue. “There were a lot of rumors about this, but I was never involved in it,” Prokhorov told Bloomberg.

The issue of partnership with the state bank is not a priority for Renaissance, Jennings told Vedomosti. He noted that any deal with any partner that does not dilute competitive advantage could be positive. “State banks have a number of advantages: a client base, capital, government support,” Jennings said. “Of course, gaining access to them would give us an advantage.”

Prokhorov said that the value of his stake in Renaissance “has at least doubled” amid growth in global markets and expansion of operations in Africa and other developing countries.

According to Prokhorov, Renaissance should aim to reduce the share of Russian revenue in the next five years to 25% from 70% now, in order to offer its clients a truly international service. The same Troika attracted Standard Bank as a partner, and VTB Capital is actively developing business abroad, both on the basis of the foreign banks inherited by the group and in new regions.

"Global thinking" is the only reasonable approach, Prokhorov said. “According to my feelings, national investment banks will die in the near future, and not only in Russia,” he said. If any fund specializing in emerging markets wants to invest in different countries, buying shares through different investment companies will cause a “big headache”.

Loss for the year: $33.7 million

Renaissance Capital's assets as of December 31, 2010 according to IFRS were $5.4 billion, capital - $1.07 billion, loss for 2010 - $33.7 million.

At the end of the first half of 2010, the investment bank's loss amounted to $6.9 million and Mikhail Prokhorov expected that Renaissance Capital would make a profit in 2010 after a “small loss” in the first half of the year.

The bank is among the top 100 largest Russian banks and works with more than 4 million clients in Russia. The geography of Renaissance Credit's activities covers 59 regions of Russia.

2008: Prokhorov's Onexim buys out half of the bank

Onexim bought 50% minus 1/2 shares of the investment bank for $500 million in September 2008.

The bank was founded in 2000 under the name AllianceInvest. Initially it was created as a settlement center for regional trade and industrial enterprises. In 2002 it was renamed "Treasurer". At the end of 2003, the credit institution was purchased from the Magnezit group by structures of the Renaissance Capital investment group and received the corresponding name - Renaissance Capital Commercial Bank. The new owners oriented the bank towards the consumer lending market, where the financial institution began operating under the Renaissance Credit brand. Since December 2004, the credit institution has been a participant in the deposit insurance system. In December 2010, the bank sold its Ukrainian subsidiary to the SCM group, owned by businessman Rinat Akhmetov. The proceeds from the sale were used to develop retail business in Russia. In 2012, Mikhail Prokhorov’s ONEXIM* group began to gradually buy out from Renaissance Group shares in the companies Renaissance Capital Investments Limited, Renaissance Capital Limited and Renaissance Capital International Services Limited, through which the retail Renaissance Credit was controlled.

At the beginning of April 2013, the bank announced the completion of a transaction for the purchase by Onexim Holdings Limited of the second half (50% plus ½ shares) of Renaissance Capital Investments Limited, which owned 83.02% in the retail bank. Thus, the ONEXIM group became the main owner of the retail bank with a share of 83.02%. A 6.5% stake was acquired in May 2013 by the former CEO of the Svyazinvest telecommunications group, Evgeny Yurchenko. At the same time, the ONEXIM group announced the completion of the transaction, as a result of which it became an indirect shareholder of 100% of Renaissance Financial Holdings Limited, an investment bank represented on international markets under the Renaissance Capital brand.

In March 2013, the only participant in the retail bank decided to change the official name in accordance with the designation of its brand - to LLC Commercial Bank Renaissance Credit.

Today, the ultimate main owner of Renaissance Credit Bank is Mikhail Prokhorov, who controls 86.00% of the bank’s capital through Renaissance Capital Investments Limited and Onexim Holdings Limited. Another 7.50% belongs to Lemerson Finance Limited (the ultimate beneficiary is Igor Kesaev), 6.50% belongs to Evgeniy Yurchenko.

As of June 30, 2018, the bank had 143 branches located in 62 regions of the Russian Federation, as well as 87.1 thousand points of sale in retail outlets throughout Russia. The credit institution's own ATM network is relatively small, mainly represented in Moscow and St. Petersburg. At the end of 2017, the bank's headcount was 8,557 employees (a year earlier - 9,403 employees).

The bank specializes in unsecured consumer lending. The product line for individuals includes consumer loans (including for pensioners), bank debit and credit cards (MasterCard), deposits, and remote servicing. The Financial Institute cooperates with both large federal retail chains and small regional companies and retail chains that specialize in the sale of electronics, household appliances, furniture, and other goods and services. Among the bank's key partners are Svyaznoy, Euroset, M. Video", "Eldorado", "Beeline", "MegaFon", Askona, Inventive Retail Group, TD "Lazurit", US Medica, "Maria Kitchens".

Since the beginning of 2018, the bank’s net assets have increased by 13.9% and by August 1 amounted to 151.3 billion rubles. In liabilities for the specified period, the main increase was provided by deposits of individuals (+13.9%). At the same time, the volume of funds raised from legal entities decreased by a little more than 30% in liabilities due to the bank’s repayment of subordinated Eurobonds. There was also an increase of almost 10% in equity capital due to the profits of previous years, confirmed by auditors. In assets, liquidity was mainly directed to lending to retail clients - the corresponding portfolio grew by 16.9%. It is also worth noting the complete repayment of loans to enterprises and organizations, the appearance of investments in bonds on the balance sheet and a reduction of highly liquid balances by 21%.

The structure of the bank's liabilities is poorly diversified and is characterized by a pronounced dependence on the funds of individuals: as of August 1, 2018, 71.3% of liabilities were deposits of individuals. The bulk of retail funds were raised for periods ranging from six months to three years. Funds from enterprises and organizations account for only 3.3% of the credit institution's liabilities as of August 1 and are almost entirely represented by subordinated loans from shareholders. The activity of the bank's client base is formed by individuals, whose monthly turnover on current and card accounts in recent months has consistently exceeded 40 billion rubles. The remaining part of the liabilities was formed by equity capital, the adequacy of which in terms of the N1.0 standard (total equity adequacy) as of August 1, 2018 was 10.6% (with a minimum level of 8%) and remained almost unchanged compared to the beginning of 2018. Before the beginning of the second quarter of 2017, the value of N1.0 was less than 9.5%, and N1.2 - less than 7% (with a minimum of 6%), however, the bank’s profitability and doubling of the authorized capital allowed for a slight improvement in adequacy indicators own funds.

A significant share of assets (87% as of the reporting date) is traditionally formed by the retail loan portfolio. A share of 4.1% comes from issued interbank loans; 3.6% - highly liquid funds (correspondent account balances with the Central Bank, cash desk and correspondent accounts with non-residents); 1.3% is taken up by investments in bonds (the entire volume is formed by bonds of the Bank of Russia); almost 4% - other assets and fixed assets. Loans to legal entities decreased to zero on the balance sheet by the reporting date.

Since the beginning of 2018, the retail loan portfolio has increased by 16.9%. The share of overdue loans in the portfolio has remained almost unchanged since the beginning of 2018 and is slightly above 4%. The provisioning level remains conservative and at the reporting date is almost three times higher than the share of overdue loans. The loan portfolio is predominantly medium- and long-term.

Since August 2017, the financial institution has exclusively placed liquidity in the interbank lending market, using mainly short-term deposits in Russian banks. Placement turnover since the beginning of 2018 reached 90-140 billion rubles. The bank has traditionally maintained high turnover in foreign exchange transactions, but in 2018, activity in this direction was gradually reduced to a minimum.

For January - July 2018, the bank's net profit amounted to 3.3 billion rubles compared to a net profit of 2.8 billion rubles for the same period in 2017. It should be noted that in 2017 the bank became profitable after two unprofitable years.

Board of Directors: Dmitry Razumov (chairman), Dmitry Usanov, Alexander Zubkov, Alexey Levchenko.

Governing body: Alexey Levchenko (chairman), Tatiana Khondru, Sergey Korolev, Larisa Maryina.

* The ONEXIM Group is one of the largest private investment funds in Russia, with investment portfolios in the financial sector (Renaissance Credit and International Financial Club banks, Renaissance Capital investment company), energy (Quadra) and high technology (Optogan). The group was founded in 2007 by one of the largest Russian businessmen, Mikhail Prokhorov. According to the Forbes magazine rating, Mikhail Prokhorov in 2018 took 13th place in the list of the richest businessmen in Russia with assets valued at $9.6 billion. In May 2017, Mikhail Prokhorov sold the RBC media holding, and in February 2018 he finally left the capital of UC Rusal.

K:Banks founded in 2000

Story

The bank was established in 2000 under the name AllianceInvest. In 2002, it received the name "Treasurer". In 2003, the bank was acquired by Renaissance Group and renamed 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.

Owners and management

The main owner of the bank is the ONEXIM group, which owns 83.02% of its authorized capital. Another 6.5% is owned by Evgeniy Yurchenko

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

Evgeny Yurchenko acquired his stake from the ONEXIM group in May 2013.

Activity

Renaissance Credit is a bank that works with individuals. The main activities of the bank are related to issuing consumer loans, credit cards and accepting deposits.

In 2012, the bank issued unsecured loans worth 66.7 billion rubles, according to this indicator the bank took 7th place. The total volume of the portfolio of issued unsecured loans as of January 1, 2013 amounted to 62.6 billion rubles.

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Excerpt characterizing Renaissance Credit

At the beginning of winter, Prince Nikolai Andreich Bolkonsky and his daughter arrived in Moscow. Due to his past, his intelligence and originality, especially due to the weakening at that time of enthusiasm for the reign of Emperor Alexander, and due to the anti-French and patriotic trend that reigned in Moscow at that time, Prince Nikolai Andreich immediately became the subject of special respect from Muscovites and the center of Moscow opposition to the government.
The prince grew very old this year. Sharp signs of old age appeared in him: unexpected falling asleep, forgetfulness of immediate events and memory of long-standing ones, and the childish vanity with which he accepted the role of head of the Moscow opposition. Despite the fact that when the old man, especially in the evenings, came out to tea in his fur coat and powdered wig, and, touched by someone, began his abrupt stories about the past, or even more abrupt and harsh judgments about the present, he aroused in all his guests the same feeling of respectful respect. For visitors, this entire old house with huge dressing tables, pre-revolutionary furniture, these footmen in powder, and the cool and smart old man himself from the last century with his meek daughter and pretty French girl, who revered him, presented a majestically pleasant sight. But the visitors did not think that in addition to these two or three hours, during which they saw the owners, there were another 22 hours a day, during which the secret inner life of the house took place.
Recently in Moscow this inner life has become very difficult for Princess Marya. In Moscow she was deprived of those best joys - conversations with God's people and solitude - which refreshed her in Bald Mountains, and did not have any of the benefits and joys of metropolitan life. She did not go out into the world; everyone knew that her father would not let her go without him, and due to ill health he himself could not travel, and she was no longer invited to dinners and evenings. Princess Marya completely abandoned hope of marriage. She saw the coldness and bitterness with which Prince Nikolai Andreich received and sent away young people who could be suitors, who sometimes came to their house. Princess Marya had no friends: on this visit to Moscow she was disappointed in her two closest people. M lle Bourienne, with whom she had previously been unable to be completely frank, now became unpleasant to her and for some reason she began to move away from her. Julie, who was in Moscow and to whom Princess Marya wrote for five years in a row, turned out to be a complete stranger to her when Princess Marya again became acquainted with her in person. Julie at this time, having become one of the richest brides in Moscow on the occasion of the death of her brothers, was in the midst of social pleasures. She was surrounded by young people who, she thought, suddenly appreciated her merits. Julie was in that period of the aging society young lady who feels that her last chance for marriage has come, and now or never her fate must be decided. Princess Marya remembered with a sad smile on Thursdays that she now had no one to write to, since Julie, Julie, from whose presence she did not feel any joy, was here and saw her every week. She, like an old emigrant who refused to marry the lady with whom he spent his evenings for several years, regretted that Julie was here and she had no one to write to. Princess Marya had no one in Moscow to talk to, no one to confide in her grief, and much new grief had been added during this time. The time for Prince Andrei's return and his marriage was approaching, and his order to prepare his father for this was not only not fulfilled, but on the contrary, the matter seemed completely ruined, and the reminder of Countess Rostova infuriated the old prince, who was already out of sorts most of the time . A new grief that had recently increased for Princess Marya was the lessons that she gave to her six-year-old nephew. In her relationship with Nikolushka, she recognized with horror the irritability of her father. No matter how many times she told herself that she shouldn’t allow herself to get excited while teaching her nephew, almost every time she sat down with a pointer to learn the French alphabet, she so wanted to quickly and easily transfer her knowledge from herself into the child, who was already afraid that there was an aunt She would be angry that at the slightest inattention on the part of the boy she would flinch, hurry, get excited, raise her voice, sometimes pull him by the hand and put him in a corner. Having put him in a corner, she herself began to cry over her evil, bad nature, and Nikolushka, imitating her sobs, came out of the corner without permission, approached her and pulled her wet hands away from her face, and consoled her. But what caused the princess more grief was her father’s irritability, which was always directed against his daughter and had recently reached the point of cruelty. If he had forced her to bow all night, if he had beaten her and forced her to carry firewood and water, it would never have occurred to her that her position was difficult; but this loving tormentor, the most cruel because he loved and tormented himself and her for that reason, deliberately knew how not only to insult and humiliate her, but also to prove to her that she was always to blame for everything. Lately, a new feature had appeared in him, one that tormented Princess Marya most of all - it was his greater rapprochement with m lle Bourienne. The thought that came to him, in the first minute after receiving news of his son’s intentions, that if Andrei marries, then he himself would marry Bourienne, apparently pleased him, and he stubbornly lately (as it seemed to Princess Marya) only in order to insult her, he showed special affection to m lle Bourienne and showed his dissatisfaction with his daughter by showing love for Bourienne.

The parent of Renaissance Credit can be called Renaissance Capital.
"Renaissance Capital" is an investment bank whose activities are concentrated in Russia, Central and Eastern Europe, Africa, Asia, as well as others

emerging and frontier markets.

The company also offers clients access to these markets through the financial centers of London and New York.

History of Renaissance Credit Bank

The history of Renaissance Credit Bank begins with the investment company Renaissance Capital, which was created in 1995 by five partners - Stephen Jennings, Boris Jordan, Richard Dietz, Anton Kudryashov and Leonid Rozhetskin. Until 2009, the owner of the company was entrepreneur Stephen Jennings, as well as his partners Richard Olfert and Alexander Pertsovsky (together they controlled 84% of Renaissance shares)

Until November 2012, the investment bank Renaissance Capital was part of the Renaissance Group, an independent group of financial and investment companies, but now belongs to the Onexim group of Mikhail Prokhorov. The headquarters is located in Moscow.

And now in detail about the creation and development of a bank in Russia. Like many banks, Renaissance Credit was not at the time of its appearance what it is now. It had a different name and a different direction of activity.

History of Renaissance Credit Bank in Russia begins with the creation in 2000 of a bank called AllianceInvest. The purpose of its creation was to become a settlement center for regional trade and industrial enterprises, which is what it did for some time. However, in 2002 the bank was renamed “Treasurer”.

At the end of 2003, the bank received a new lease of life. The investment company Renaissance Capital bought the bank from the Magnezit group, after which the bank became known as CB Renaissance Capital. After this, the new owners of the bank directed it to consumer lending.

In 2004, Renaissance Credit Bank issued the first consumer loan in Russia, which opened a new path for it in lending to Russian residents. The next stage of development was Ukraine. At the beginning of 2006, the bank issued its first consumer loan in Ukraine.

However history of Renaissance Credit Bank it didn't end there. The fun is just beginning. In 2012, Mikhail Prokhorov, the head of the Onexim group, set his sights on a tasty morsel for any businessman - Renaissance Credit Bank. Mikhail Prokhorov began to gradually buy out from Renaissance Group shares in the companies Renaissance Capital Investments Limited, Renaissance Capital Limited and Renaissance Capital International Services Limited, through which the retail bank was controlled. This led to the fact that at the beginning of April 2013, Renaissance Credit informed the world that Onexim Holdings Limited had purchased the second half (50% plus ½ shares) of Renaissance Capital Investments Limited, which owned 89.52% in the retail bank. Thus, the Onexim group became the main owner of Renaissance Credit with a share of 89.52%.

Among other things, the Onexim group carried out a transaction as a result of which it became an indirect shareholder of 100% of Renaissance Financial Holdings Limited, an investment bank represented on international markets under the Renaissance Capital brand.

Currently, Renaissance Credit is a trademark of the Renaissance Capital Commercial Bank, which is part of the Renaissance Group. Renaissance Credit representative offices are located in Russia and Ukraine, which offer the population a wide range of banking products and services using a variety of sales channels, including the Internet. Today, Renaissance Credit is the third largest private player in the Russian and Ukrainian consumer lending markets.

Renaissance Credit today serves 5 million clients and offers them a range of credit products, including targeted and non-targeted loans, car loans and credit cards (more than 1 million issued). The bank cooperates with leading retail chains in Russia, including the companies Hoff, Castorama, M. Video", "Svyaznoy", MTS, etc. (in total, the bank has about 20 thousand points of sale in its retail networks). The network of separate branches of the bank covers 61 regions of Russia, includes two representative offices, 22 additional offices, 142 credit and cash offices, as well as one cash desk outside the cash desk. The credit institution employs more than 11 thousand people.

Net assets are 82% formed by loans issued to individuals. The share of cash loans and credit cards in the portfolio is about 70%. Overdue debt according to RAS is at the level of 20%. The basis of the bank's liabilities consists of funds from individuals (51%), reserves for possible losses (17%), deposits of corporate clients and non-residents (9%). In addition, there is an open credit line from the European Bank for Reconstruction and Development for a period of 3.5 years (2.2 billion rubles raised). The bank is practically inactive in the interbank loan market.

According to the results of reporting under RAS, the bank's net profit at the end of 2012 amounted to 3.66 billion rubles (the same figure for 2011 was 2.14 billion, in 2010 - 471.45 million).

Board of Directors: Christophe Charlier (chairman), Valery Senko, Maya Tikhonova, Alexey Levchenko, Maria Piotrovskaya.

Governing body: Alexey Levchenko (chairman), Oleg Skvortsov, Tatyana Khondru, Sergey Korolev, Victoria Balyuk, Larisa Maryina.

At the moment, Renaissance Credit provides cash loans, which can be obtained here, and credit cards, which can be obtained here for various amounts for any purpose for citizens of the Russian Federation.

The history of the financial institution began in 2000. Initially it was called “AllianceInvest”. The purpose of its opening was to create a settlement center to serve regional organizations engaged in trade and industry. In 2002, the name of the bank changed to “Treasurer”. The following year, the Magnezit group sold it to organizations of the Renaissance Capital group, after which it continued to operate under the same name.

The new management chose consumer lending as the direction of activity of the financial institution and began to promote its services under the Renaissance Credit brand. In 2004, the bank joined the deposit insurance system.

In 2010, a transaction took place for the financial institution to sell its subsidiary Ukrainian organization. The buyer was the SCM group of entrepreneur R. Akhmetov. Proceeds from sales were used to develop the retail business in the Russian Federation.

In 2012, the Onexim group acquired shares of structures that were part of the Renaissance Capital group and exercised control over Renaissance Credit Bank, and began to systematically increase its share in their capital. In 2013, she bought out shares of one of the structures that owned more than 80% of the bank’s capital, becoming its main shareholder after the completion of the transaction. A small part of the bank’s shares was acquired in the same year by the former head of the Svyazinvest group, E. Yurchenko. During this period, the Onexim group announced a transaction that provided it with the status of an indirect owner of 100% of the capital of the Renaissance financial holding (an investment bank operating under the Renaissance Capital brand).

In 2013, the sole shareholder of the retail credit institution changed its official name, bringing it into line with the brand name. She continued to work as CB Renaissance Credit LLC. The following year, information appeared in the media that the financial institution would act as a sanator for Svyaznoy Bank, which was in a rather difficult financial situation. However, these plans did not materialize; in 2015, it became known that Renaissance Credit had withdrawn its application to acquire Svyaznoy Bank.

Today, the status of the ultimate main shareholder of the financial institution belongs to M. Prokhorov. The latter owns about 86% of its shares through Renaissance Capital Investments LTD. and Onexim Holdings LTD. Shares in the authorized capital of Renaissance Credit of approximately 7% and 6% are owned by Bashton and E. Yurchenko, respectively.

The main office of the credit institution is based in the capital. In 2015, it had 36 additional offices, 156 credit and cash offices in the regions and 3 representative offices. In addition, there are approximately 46 thousand points of sale in the regions, located at points of sale of consumer goods. The bank does not have a network of ATMs and terminals, but cardholders can use the devices of 8 partner banks. Transactions are also available through payment terminals Elexnet, Qiwi, etc., payment systems UNIStream, Contact, etc., as well as at points of sale of cellular operators and large chain retailers of electronics and household appliances.

The bank has more than 6.4 thousand employees.

Renaissance Credit Bank offers the following types of loans:

• Targeted loans for the purchase of goods and services
• Car loans
• General purpose loans
• Issuing credit cards
• Mortgage credit lending
• Providing loans to employees

The partners of the financial institution are large chain retailers, as well as small regional companies and retail chains engaged in the sale of electronic goods, household appliances, furniture, etc. The bank cooperates with many well-known stores, including Media markt, M.Video, " Euroset”, etc. You can also use a bank loan by making purchases in online stores that have entered into a cooperation agreement with the bank. The latter include Kholodilnik.ru, Citylink, etc. The loan is issued online.

The banking organization provides cash loans on preferential terms to citizens who have reached retirement age. One of its proposals is to issue loans for organizing vacations.

In addition to the above, individuals can use the following services:

• Registration of debit cards of the MasterCard payment system
• Various deposit programs
• Insurance - family, accident
• Settlement and cash services
• Remote banking services (Internet banking), etc.

The Financial Institute is one of the hundred largest credit institutions in the country; Its services are used by more than 8 million clients. In 2012, it was awarded the 2012 Company of the Year Award.