Rencap’s Aganbegyan quits Rencap to join Micex

By Ivan Anderzhanov

Ruben Aganbegyan, the former president of Renaissance Capital, is leaving the investment bank to takeover as president at Micex, the largest Russian stock exchange.

Aganbegyan, who was demoted in February this year following a shake-up by Rencap  founder Stephen Jennings, will take up his new role  on June 21. He replaces Konstantin Korishchenko, who will become general director of the Micex’s stock exchange unit and senior vice president.

Aganbegyan started his career in 1992 at Price Waterhouse. His investment banking CV begins in 1997 when he worked as a director of the emerging markets coverage group at Credit Suisse First Boston for five years He was later employed by Troika Dialog as head of investment banking before quitting for Rencap.

Micex was set up in 1992 by Russia’s Central Bank, which still owns about 28% of the exchange. Other shareholders include state-owned and commercial banks, which also have stakes in RTS.

The exchange has become  a bed of political wasps due to the interference of the Central Bank in its leadership. Korishchenko took over as chief executive and president of  Micex a year ago after the departure of the highly-rated then CEO Alexei Rybnikov Sources speculated that Korishchenko had now fallen out with the Central Bank executive.

Rybnikov had been a powerful advocate of a merger with the rival RTS exchange, something which has been mooted since medieval times.

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