By Andrei Skvarsky.
Renaissance Capital, one of Russia’s leading privately-owned investment banks, has reported a net profit of $14.09m for fiscal year 2013 after losses it had been sustaining before its takeover by billionaire Mikhail Prokhorov’s Onexim group a year ago.
RenCap lost $378.24m for fiscal year 2012, the Moscow-based bank said in a statement.
The company focuses on emerging and frontier markets. It has operations in Central and Eastern Europe, Asia and Africa besides Russia and offices in London and New York.
The firm took part in five of last year’s six Russian initial public offerings of shares (IPOs), including those of TCS Bank, diamond monopoly Alrosa, the Qiwi electronic payment system and Moscow Exchange, and in a $7bn eurobond placement for the Russian Federation.
In Africa, RenCap was exclusive financial adviser on a $289m Dangote Cement stake sale in Nigeria and on the sale in Angola of insurance company GA Angola Seguros to another insurer, Colina Participations.
The firm has also been appointed as financial adviser on one of the largest projects in Russia’s Far East, Rosneft’s Vostochnaya Neftechimicheskaya Company.
“We have successfully completed our restructuring, achieved all the goals we’ve announced and moved the firm back into profitability for the first time in four years,” the RenCap statement quoted the banks chief executive Igor Vayn as saying.