The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

How RenCap reflects Russia’s rollercoaster

The outrageous swings in fortune of Renaissance Capital over the past 20 years are the stuff of Hollywood legend. But what’s the next instalment for the Moscow-based investment bank? Out of Africa? Or just back to being The Russia House?

rollercoaster iStock

Has there ever been an investment bank quite like Renaissance Capital? Over the past two decades, the Moscow-based outfit has gone from zero to hero and back again twice, ploughed a (not always profitable) furrow in Africa, and entertained grand ambitions of being a truly global emerging-market operator.

It flirted – or was flirted with – on a regular basis by larger suitors, regularly rebuffing their advances until, at the height of the financial crisis, Mikhail Prokhorov’s Onexim Group made the hobbled brokerage an offer it couldn’t refuse. Its return to form in the mid-2000s and its subsequent decline neatly mirrors the waxing and waning of Russia under its president, Vladimir Putin.

Through it all, the bank has remained committed to a pair of dynamics ever-present since its formation in 1995. First, a sense of adventure shared with old-style merchant banks that still lingers. Second, an identity crisis almost Freudian in its complexity. What RenCap was or is remains as hard to pinpoint as ever. Even senior executives, past and present, struggle for a coordinated answer.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree