By Jason Corcoran in Moscow
Russian investment bank Renaissance Capital has denied a report that its chief executive Alexander Pertsovsky is on an extended holiday amidst rumours of a disagreement with the group’s Kiwi founder Stephen Jennings.
A report in yesterday’s Kommersant newspaper suggested Pertsovsky was on an extended vacation for two months following disagreements with Jennings over the running of the business.
Rencap said Pertsovsky, who took over as global chief executive of the bank in June 2007, was taking a typical summer leave and would return in September.
A number of leading executives have left Rencap following last year’s banking crisis and the subsequent sale of a 50% stake to Onexim Group, the investment vehicle of oligarch Mikhail Prokhorov.
Before joining Renaissance in 2002, Pertsovsky was chief executive of Rinaco Plus, which he founded in 1992. Prior to Russia’s 1998 market crisis, Rinaco Plus was the domestic equity market leader, with the largest turnover among all market participants.
