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Renaissance reassesses restructuring

Stephen Jennnings, CEO at Renaissance Capital, looks at consolidation in Russian industry.


Moscow-based investment bank Renaissance Capital used to channel foreign investment into Russia. Then it watched the battle for control of Russia's leading companies rage. Now it expects to play a prominent role in the coming wave of mergers and acquisitions. Ben Aris spoke to its chairman and CEO, Stephen Jennings, about the current phase of Russia's restructuring.

How have things gone for businesses over the first six months of president Putin's rule?

Increasingly people are just concentrating on their businesses. They have a very healthy business attitude. The people running businesses [in Russia] are saying that they are not going to place bets on the improvement of the business environment in Russia. They are backing themselves, as they are putting a lot of money back into their business. They are really turning their backs on politics.

Does that include the oligarchs?

I am surprised that some quite hard-bitten Russian investors are warming up to what people like Mikhail Khodorkovsky, [chairman of oil company Yukos] are doing in quite a significant way.