Renaissance Credit

Renaissance Credit is the retail business of the Renaissance Group, a group of investment and financial companies that specialize in promising emerging markets and operate in many countries around the world.

Owners

2023

Transfer of the bank as a pledge of the Central Bank of the Russian Federation

In February 2023, it became known that Onexim Mikhail Prokhorov pledged 100% of Renaissance Credit Bank to the Central Bank of the Russian Federation as part of structuring the group's debt.

According to Renaissance Credit, its sole owner, Treasurer-Financinvest LLC, agreed to transfer its stake in the credit institution to the Bank of Russia. This is not the first time Prokhorov's group has used the bank it owns as collateral in raising funding. Thus, in 2019, Treasurer-Financinvest pledged 100% of Renaissance Credit in Sovcombank as part of attracting a non-renewable credit line.

In 2017, Treasurer-Financier approved the transfer of 86% of Renaissance Credit to Alfa-Bank. Onexim then explained that the bank he owns remains in the group, and the funds raised in Alfa-Bank will go to its development.

In 2010, 100% of Renaissance Credit was pledged to the Dutch Moscow River B.V. (SPV-company of MDM Bank) as part of its loan to Renaissance Group Holdings.

Prokhorov transferred the ownership structure of Renaissance Credit Bank to Russia

The group Onexim"" Mikhail Prokhorov changed the ownership structure of Renaissance Credit Bank. 99.99% of the share of the owner of Treasurer-Finance Investment was transferred to Onexim Group LLC, and 0.01% remained with Renaissance Capital - Financial Consultant LLC. He drew to this on February 8, 2023, "" Interfax referring to the data of the Unified State Register of Legal Entities (Unified State Register of Legal Entities).

Earlier, Treasurer-Financier LLC belonged first to the Dutch RCF Europe B.V., and since 2019 - to the Cypriot Doosti Enterprises Ltd, controlled by Onexim Holdings Ltd., the agency notes.

According to ACRA analysts, direct shareholder control over the bank is carried out through the Onexim group: It takes an active part both in developing a strategy and in assessing the operating results of Renaissance Credit.

Earlier, Kommersant wrote about Onexim's plans to sell Renaissance Credit, as well as negotiating with Sovcombank. However, Sovcombank two months later, after the start of a special military operation of the Russian Federation in Ukraine in February 2022, was one of the first to fall under US sanctions. Since then, as Interfax points out, no new information has been received about a possible sale.

According to sources of Kommersant, the sale price may be 0.75-0.8 of the capital of Renaissance Credit Bank. In the perimeter of the transaction, the sale of the bank together with the insurance company Soglasie (also owned by Mikhail Prokhorov) was discussed.

By February 2023, Renaissance Credit is present in 53 regions of Russia. At the same time, from October 2022, he began to close his only branches in four regions of Russia. Thus, the branch in Arkhangelsk suspends its work from November 18, the office in Nizhnevartovsk - from November 21, in Murmansk - November 22 and in Tambov - from November 23.^[1]

2012

Onexim - 100% of Renaissance Capital investment bank and 89 percent of Renaissance Capital International Services Limited (RCISL), a consumer lending bank that operates under the Renaissance Credit brand in Russia (November 2012).

Infrastructure

Renaissance Credit Contact Center

The Renaissance Credit contact center provides round-the-clock service support to the bank's customers on all issues. The service operates at three sites: Moscow, Kursk and Penza. The total capacity of the contact center is 135 working places. Taking into account shift schedules, 180 employees can work in the contact center. Specialists receive more than 150,000 calls and 4,000 electronic calls from customers per month.

The contact center is a multifunctional complex equipped with the most modern equipment and software. The high quality of the Renaissance Credit contact center is recognized by experts.

Performance indicators

2019: Profit growth in the 1st half of the year by 35% to 3.9 billion rubles

On July 22, 2019, Renaissance Credit announced its financial results for the 1 half of 2019 in accordance with Russian Accounting Standards (RAS).

The bank showed a profit of 3.9 billion rubles, which is 35% more than the result of the same period last year (2.9 billion rubles).

Net interest income for the 1 half of 2019 amounted to 12.4 billion rubles, which is 30% more than in the first half of 2018. Commission income increased by 7% compared to January-June last year and amounted to 4.0 billion rubles.

Assets at the end of the reporting period reached RUB 162.3 billion.

The net portfolio of loans to individuals as of July 1, 2019 amounted to 132.0 billion rubles. The volume of loans provided to customers in January-June 2019 was 70.2 billion rubles.

The portfolio of retail deposits and funds in the accounts of individuals in the 1 half of the 2019 amounted to 123.2 billion rubles.

Operating income increased by 15% compared to January-June 2018, while operating expenses remained at the same level.

History

2022

TAdviser interview with Vice President and CTO Andrey Salomatin

In 2022, Renaissance Credit"" completed, project which Russia has not yet had analogues. Bank replaced the current system by (Client Data Management MDM) without changing or stopping the key. business processes HFLabs became a partner of the Russian IT the bank in this project.

Andrei Salomatin, Vice President and Technical Director of Renaissance Credit Bank, spoke about the progress of the project, its results and the payback of client MDM in an interview with TAdviser in October 2022. Read more here.

Termination of SWIFT transfers in dollars and euros

On October 14, 2022, it was announced that Renaissance Credit Bank would cease to carry out incoming and outgoing SWIFT transfers in dollars and euros from October 27.

Launch Research and Innovation

On February 18, 2022, another area of ​ ​ activity appeared at Renaissance Credit Bank - research and innovation. Its tasks are to track the emergence and use the best practices of the financial market in business.

The Bank intends to build a pipeline for the rapid selection and piloting of external product solutions to further scale the most successful of them. This area will also analyze FinTech practices in order to generate its own product hypotheses within the Bank, test them and implement them.

Our main goal is to improve business efficiency through the search for solutions to strengthen communication with the client, "said Andranik Zakharyan, Senior Vice President for Sales Channel Development and Customer Service at Renaissance Credit Bank. - But the entire value chain for the customer remains in focus with continuous product and process updates. This is the only way we can ensure a sustainable position of the business and remain competitive in the market. We integrate R&D with corporate priorities at all levels of the organization and intend to use a large range of tools to create a stream of projects and ideas.

2021

Tatiana Hondru - new board of directors at Renaissance Credit

On September 29, 2021, Renaissance Credit announced the change of the chairman of the bank's board. Alexey Levchenko leaves this post, transferring it to Tatyana Khondra, First Deputy Chairman of the Board, Senior Vice President for Retail and Investment Business Development of the credit institution. Read more here.

Evgeny Yurchenko declares the deprivation of his share in the bank without payments

Mikhail Prokhorov's Onexim Group consolidated 100% of Renaissance Credit. This is evidenced by the data of the Central Bank of January 15, 2020. Prior to that, the group owned 86% of the bank's shares, another 7.5% was owned by co-owner of Mercury Group Igor Kesaev and 6.5% by the former general director of Svyazinvest, now co-owner of the United Aircraft Corporation Yevgeny Yurchenko. According to the latter, he learned from the disclosure of information on the Central Bank website that he is no longer a shareholder of Renaissance Credit. At the same time, he did not receive any payments for his share.

According to the Central Bank, in 2020, the Russian structure of Treasurer-Financinvest LLC became the sole owner of the bank. If earlier it was owned by RCF EUROPE B.V., now it is owned by Doosti Enterprises Limited. According to Yevgeny Yurchenko, he was not notified of the change in the ownership structure, as a result of which he dropped out of the bank's beneficiaries.

According to the businessman, he joined the board of directors of the bank. "There was also an agreement that my share of the bank's ownership would be transferred to Russian jurisdiction, but this never happened," Yurchenko says. While he was a shareholder of the bank, its structures were negotiating with Onexim on the promised restructuring. As a result, at the end of 2019, the restructuring took place, but Yurchenko found that he was no longer included in the bank's beneficiaries.

Kesaev also disappeared from among the beneficiaries, but, according to a Forbes source close to the bank, unlike Yurchenko, Kesaev was paid for his share - Onexim returned the funds invested in the bank to him with interest close to interest on deposits. Abramov, according to a Forbes source, left the bank's capital several years ago and also received money for his stake.

For all the time while Yurchenko was a co-owner of the bank, Renaissance Credit paid dividends once - 300 million rubles in 2019, but Yurchenko also did not receive them. Now, according to the businessman, he is negotiating with Onexim, and if they do not lead to a settlement of the situation, then he will file claims with the court.

"All corporate actions in the holding structures of Renaissance Credit Bank were carried out in full compliance with Russian and international law. As far as we know, no one has filed a complaint with the court about our actions. Everything is according to the law and in accordance with business logic, "Forbes said in Onexima.

According to Forbes, at the beginning of 2021, the value of the bank is $235 million. Based on this, Yurchenko's share may cost $15 million.

2020: Fraudsters found a vulnerability in the Internet payment system and stole 17.5 million rubles

In March 2020, it became known that a mistake in the Renaissance Credit Internet payment system was found by fraudsters from Tatarstan. Over the course of several months of 2018, the criminals removed almost 17.5 million rubles from the cards.

The kidnappers turned out to be a 47-year-old deputy director of one of the preschool educational institutions in Kazan in collusion with his unemployed 25-year-old comrade and a 20-year-old unemployed friend.

They brought 71 debit cards on themselves and on third parties, on which they put money. When transferring, the system allowed them to be removed from two accounts at once - from which they were transferred and to which they were received. The Ministry of Internal Affairs sent a criminal case on embezzlement of funds to the court.

2019

Placement of Eurobonds for 50 million euros at 10% per annum

Renaissance Credit on June 14, 2019 announced the placement of Eurobonds in the amount of 50 million euros at 10% per annum with maturity in December 2024. The placement price was 100% of the face value.

The leading organizer and bookrunner of the transaction was the investment company Renaissance Capital.

According to Renaissance Credit, the placement of Renaissance Credit bonds aroused interest among a wide range of international and Russian investors, including asset managers, banks and brokers.

The successful placement of Eurobonds indicates that the investment community highly appreciates the results of the bank's work and the prospects for its further development. We are happy with the results. They fully correspond to our tasks to strengthen the capital base, - said Alexey Levchenko, Chairman of the Board of Renaissance Credit.

Brand Updates

Renaissance Credit announced on April 1 a change in corporate identity. The bank presented a visual concept that combines the principles of design of key brand elements in different communication channels and sets a more friendly tone of interaction with consumers.

The logo of Renaissance Credit has undergone changes that affected both the spelling of the bank name and the combination of colors used.

The tree sign in the logo was transformed into the capital letter "R." It has a characteristic leaf shape, which is a legacy of the previous style, and gives a direct association with the name of the bank. The new sign scales perfectly and adapts easily to any media in any environment.

In addition, the letter "P" formed the basis of a new corporate pattern (pattern). Thus, the interweaving of several letters forms a DNA symbol, which indicates the unique character and identity of the brand. The combination of the two "P" folds as a sign of infinity. For the brand, this is an encrypted mission of constant growth and development, moving forward and self-improvement.

The brand's well-known colors - ruby and green, which symbolize dynamism, and also indicate the bank's ability to quickly adapt to changing market conditions - have acquired new shades in line with modern trends in design. In addition, a new coal-gray color has appeared - it favorably complements ruby and green and emphasizes the poise, maturity and solidity of the brand.

Writing the name of the bank in the new logo clearly demonstrates the shift in business focuses: Renaissance Credit is no longer a monoliner specializing exclusively in lending, but a universal retail bank that offers customers a wide range of financial products and services.

The changes also affected advertising communications: messages are now posted in special grandmothers, which, on the one hand, symbolizes the modern format of communication through instant messengers, and on the other, indicates the bank's readiness for an open dialogue with customers.

2018: Profit in the amount of 5.8 billion rubles (+ 15.7%)

• Net profit for the reporting period amounted to 5.8 billion rubles, which is 15.7% more than the financial result achieved in 2017 (5 billion rubles).
• Net interest income after expenses on credit losses in 2018 amounted to 9.8 billion rubles, and operating income - 17.4 billion rubles.
• The volume of loans provided to individuals in 2018 exceeded the result recorded a year earlier by 14.4% and amounted to 145.3 billion rubles.
• The net loan portfolio at the end of 2018 amounted to 128.5 billion rubles, an increase of 19.5% over the reporting period (taking into account the transition to IFRS 9). At the same time, cash loans form 69.7% of the portfolio, targeted loans - 20.4%, credit cards - 9.3%.
• At the end of 2018, the share of loans overdue for which exceeds 90 days (NPL) in the retail portfolio amounted to 4.3%.
• The main source of funding for the bank is still the funds of individuals, the volume of which grew by 27.3% at the end of 2018, reaching 123 billion rubles.
• Focusing on operational efficiency, the bank achieved good results in this direction following the results of the reporting period. Thus, the indicator "cost-to-income" decreased to 37.1% (46.1% in 2017).
• The bank's equity at the end of 2018 was 27 billion rubles (taking into account the transition to IFRS 9). The level 1 capital adequacy ratio calculated for Basel was 18.2%.
• Key performance indicators for 2018 are at a consistently high level: return on capital (ROAE) - 23.8%, return on assets (ROAA) - 4.1%.
• At the end of the reporting period, the bank's network consisted of 136 branches and 139,966 points of sale, the number of customers exceeded 12 million people.

2017: Profit for the first time in history 4.9 billion rubles

• Net profit for the reporting period amounted to 5 billion rubles, which is 3.4 times higher than the financial result achieved in 2016 (1.5 billion rubles).
• Net interest income for 12 months of operation amounted to 15.5 billion rubles (+ 31.7% compared to 2016), and operating income - 16.6 billion rubles (+ 39% compared to 2016).
• In 2017, the bank demonstrated business growth, issuing loans to individuals in the amount of 127 billion rubles, which is almost one and a half times more than in 2016.
• At the end of 2017, the net loan portfolio amounted to 107.5 billion rubles, an increase of 36.1% over the year. At the same time, cash loans form 65% of the portfolio, targeted loans - 25%, credit cards - 8%.
• At the end of the reporting period, the bank recorded the best loan portfolio quality indicators in its history: the share of loans overdue for more than 90 days (NPL) in the retail portfolio amounted to 3.5%. The volume of contributions to reserves decreased: net expenses on the creation of provisions for impairment of the loan portfolio in 2017 amounted to 5.7 billion rubles, which corresponds to the risk value of 5.9% (6.6% in 2016).
• The main source of funding for the bank is still deposits and current accounts of individuals. At the end of 2017, the volume of customer funds increased by 36.2%, reaching 96.6 billion rubles.

The bank's capital increased over the past period by 37.5% to 23.2 billion rubles. The level 1 capital adequacy ratio calculated for Basel was 18.7%.

• Key performance indicators for 2017 are consistently high. Thus, the return on capital (ROE) increased from 9.8% to 25%, and the return on assets (ROA) - from 1.5% to 4.5%.
• At the end of the reporting period, the bank's network consisted of 146 branches and 89,928 points of sale, the number of customers amounted to 10.8 million people.

2015: Net loss of RUB 8.7 bln

Net loss for 2015 amounted to 8.7 billion rubles.

2014

Loss of the bank 6.8 billion rubles for the 1st half of the year

The total loss of the bank under IFRS for the first half of 2014 amounted to 6.8 billion rubles. with a capital of 12.7 billion rubles.

Prokhorov finances huge losses of the bank

In the summer of 2014, S&P wrote that at that time Onexim, which is a shareholder of Renaissance Credit, had poured 3.2 billion rubles into its capital.

In October 2014, one of the letters published by hackers on the Shaltay Boltay website (allegedly representing the correspondence of an employee of the secretariat of Deputy Prime Minister Igor Shuvalov and a well-known financial analyst) refers to the situation at Renaissance Credit Bank:

"The loss

for half a year is slightly less than half the capital, at this rate for another six months - and the situation will become completely bad."^[2].

The total loss of this bank under IFRS for the first half of 2014 amounted to 6.8 billion rubles. with a capital of 12.7 billion rubles.

"The bank still managed to persuade the shareholder to increase capital (4.5 billion rubles), which I consider as a combination of rare talent on one side and fantastic faith in a bright future on the other," the letter signed by Raskosov says.

2013

Evgeny Yurchenko converts a loan to a bank in a 6.5% share in it

Evgeny Yurchenko became a co-owner of Renaissance Credit in 2013. At the end of 2012, as a result of the transaction between Mikhail Prokhorov and Stephen Jennings, Onexim Group received 89.52% stake in Renaissance Credit Bank. The transaction was executed in the form of an assignment of Jennings assets for debts. Then Onexim got the investment bank Renaissance Capital (100%). According to Yurchenko, Renaissance Capital's creditors had a choice - to continue working with Jennigs or enter into a partnership with Prokhorov. Yurchenko chose the latter option, and the $65 million loan was converted into a 6.5% stake in RCISL, which owned Renaissance Credit. As a result, Onexim's share in the bank decreased from 89.52% to 83.02%. The value of the Renaissance Loan at that time was $1 billion. At the time of the entry of the former head of Svyazinvest into the bank's capital, its co-founders were already two other heroes of the Forbes rating - co-owner of EvrazAlexander Abramov and owner of the Mercury group Igor Kesaev. According to Yurchenko, the Renaissance Capital group invited them to the founders.

At the same time, the Onexim group asked for financial support from the bank, and Yurchenko's structures provided her with loans totaling more than $100 million. By the beginning of 2017, these loans were repaid.

Renaming Legal Entity to Renaissance Credit

In March 2013, Renaissance Capital CB, operating under the Renaissance Credit brand, decided to change its name to Renaissance Credit.

2012

Prokhorov fully buys Renaissance Capital from Jennings team

On November 14, 2012, it became known that the Onexim group of Mikhail Prokhorov agreed to buy out the shares of Renaissance Group in Renaissance Capital Investments Limited (RCIL), Renaissance Capital Limited (RCL) and Renaissance Capital International Services Limited (RCISL).

Thus, as a result of the transaction, Onexim will become the indirect owner of 100 percent of Renaissance Capital investment bank and 89 percent of Renaissance Capital International Services Limited (RCISL), a consumer lending bank that operates under the Renaissance Credit brand in Russia. The value of the deal was not disclosed.

Until the transaction was completed, Onexim owned 50 percent minus half the shares of Renaissance Capital, bought at the height of the 2008 crisis for half a billion dollars, as well as 32.25 percent of Renaissance Credit. The second half in Renaissance Capital belonged to the managers of the company led by Stephen Jennings (Renaissance Group, 50% plus 1/2 shares).

In early October, Газета.ру wrote that the owners of Renaissance Capital are looking for buyers for the asset. After the publication of the material, the management of the investment bank threatened the publication of the court for slander, calling the information about the sale untrue and discrediting the company's reputation. The founder of the financial organization, Stephen Jennings, said in an interview with the Vedomosti newspaper: "I can swear that we do not sell, sell or want to sell it [Renaissance Capital]."

Negotiations began about a week before December 14, when the deal was announced, Vedomosti sources said. Renaissance Capital's position was sustainable, according to a person familiar with the transaction, but on November 6, Moody's told the bank that it planned to downgrade it (and downgraded it on November 9), and Jennings entered into negotiations.

According to the manager of the state bank, a certain Renaissance Capital rating could be a condition for repo transactions; with its reduction, the paper could be presented for early repayment. This is not just a few letters, supports the idea of ​ ​ a top manager of a large broker: the lower the rating, the smaller the line on the repo, it can automatically decrease to several million dollars. There was no money to repay, continues the manager of the state bank, and Renaissance repo transactions - for hundreds of millions of dollars.

A person close to Onexim explains: "Renaissance repo deals are not tied to a rating, but they periodically require an extension, and the rating could affect them." In addition, Renaissance had a danger of cash gaps in November-December, he continues, the bank needed cash, and Jennings did not have it.

According to three people familiar with the negotiations, Jennings turned to his partner, the Onexim group, for money. One of them is convinced that Jennings wanted to scare Onexim with a rating cut in order to get a "cash cushion."

But Onexim refused, say two of Jennings' acquaintances and a manager of the state bank. The reason is very simple, according to Jennings' acquaintances: Onexim was unhappy with the fact that, in fact, it finances a unprofitable company, but does not participate in the operational management of it. The investment bank was unprofitable both in 2010-2011 and in the first half of this.

"We were ready to help, but on market conditions and in compliance with all procedures, as well as with a normal loan pledge," says a person close to Onexim. But Jennings from the board of Renaissance Credit Alexei Levchenko went to the Central Bank, say several Vedomosti interlocutors. According to a person close to Onexim and the former manager of Renaissance, the regulator was ready to help, but not immediately. Two acquaintances of Jennings refute this: the Central Bank refused, stating that one of the shareholders of Renaissance has significant liquidity, and invited the shareholders to figure it out among themselves.

Jennings, according to his friend and manager of the state bank, told the Central Bank that he had a difficult repo situation, this could poorly affect the market, and warned that the collapse of Renaissance would be an image loss for the Central Bank, but he considered it different: for the market it would be uncritical.

One of Jennings' acquaintances claims that he wanted to find money in the Central Bank to buy out Onexim's stake: there was an agreement between the partners that one of them should buy out the business if things did not go well.

After Jennings's campaign in the Central Bank, the situation began to develop rapidly, it became clear that someone should leave Renaissance, says a person close to the bank's management, and there was also a danger that state-owned banks, without understanding, would begin to close Renaissance repo.

On November 9, 2012, rumors of a rating cut began to leak to the market in the morning. There are also rumors that Jennings is looking for funding, remembers a person close to the leadership of Renaissance. But Jennings did not want to go out of business, he continues, and even warned that the bankruptcy of Renaissance would lead to a loss of funds by everyone. Later it became clear to him that bankruptcy is too big a headache, recalls a person close to the leadership of Renaissance.

The idea to give a share to Onexim was also his, says a top manager of a state bank - and quotes Jennings: either you take the company, or you lose money.

Jennings risked default and, not finding support on the side, chose to sell us so that we could understand, concludes a person close to Onexim^[3]

Development of Renaissance Credit retail chain

At the end of 2012, the Renaissance Credit network consisted of 121 branches (including 18 offices of the "light" format without cash services), as well as 36 offices for working with partners in 61 regions of our country. In 2012, the bank opened 18 new branches, among them - eight full-format and ten "light" offices. Four new cities appeared on the map of Renaissance Credit branches - Nizhny Tagil, Kemerovo, Kaluga and Smolensk.

Key operational performance indicators increased significantly in 2012. Thus, the number of operations per department almost doubled - by 96%, and the number of operations per employee - by 91%. The effectiveness of direct sales of loans in cash by employees of branches increased by 143%.

The number of points of sale in retail chains in the reporting period increased to 19,645. Renaissance Credit cooperates both with large federal partners - M.video, Svyaznoy, Technosila, Hoff, Ulmart, and with small regional companies and retail chains that specialize in the sale of electronics, household appliances, furniture and other goods and services.

At the end of 2012, Renaissance Credit launched a project to develop "universal POS." These are points of sale in non-federal chain stores, where bank employees are present and where customers can issue loans for the purchase of goods and services, as well as other bank products - credit cards and cash loans to the card. In total, at the end of 2012, the bank had 250 such points, including 25 of them have already been transformed into the "universal POS" format.

"In 2012, Renaissance Credit actively developed its regional network. Following the principle of "multi-format," in the "million-plus cities" we opened mainly standard branches, and in small and medium-sized cities - offices of the "easy" format. This approach allowed us to achieve significant success in increasing the operational efficiency of each department and each employee. In 2013, we will continue to expand our regional presence, including through the development of the "universal POS" format. These points of sale give us the opportunity to become even closer to customers, to make our line of credit products more accessible - "universal POS" will also function in those regions where there are currently no bank branches, "said Oleg Skvortsov, Deputy Chairman of the Board of Renaissance Credit.

In mid-2012, Renaissance Credit, according to an independent assessment conducted by the international consulting company Senteo, entered the bank's TOP-10 in terms of service quality and took ninth position, showing an impressive result for the bank that first participated in this study.

In 2012, Renaissance Credit actively developed online lending, providing customers with more and more opportunities to use the bank's services without leaving their homes. Thus, at the end of the reporting period, Renaissance Credit collaborated with more than 200 online stores, including such large partners as M.video and ENTER, where customers can purchase the product they like on credit. In addition, you can apply for a Transparent Bank Card or a cash loan directly on the Renaissance Credit website.

The Bank continues to develop partnerships with travel agencies, providing travelers with the opportunity to issue travel loans. Renaissance Credit cooperates with companies such as BlueSky, Sunrise Tour, and Aerotravel.

Profit for the year 3.1 billion rubles

The bank's net profit in 2012 amounted to 3.1 billion rubles, which exceeds the financial result achieved in 2011 by 16% (2.7 billion rubles). The Bank issued loans to individuals in the amount of 66.7 billion rubles, increasing lending volumes by almost one and a half times compared to 2011.

According to the results of 2012, the loan portfolio amounted to 74.5 billion rubles, having increased by 44% over the year, and exceeded the historical maximum of 2008 not only in ruble, but also in dollar terms. At the same time, non-targeted loans form 63% of the portfolio, credit cards - 17%, targeted loans - 14%.

In 2012, Renaissance Credit completed the construction of a federal distribution network. As of December 31, 2012, it had 121 branches and 19,645 points of sale in partner retailers.

In 2012, the bank began issuing cash loans in the salons of a cellular retailer "Coherent" and also significantly expanded the number of travel companies and online stores in which it is possible to issue a target loan.

The number of customers in 2012 increased from 4.8 to 5.5 million people.

The ratio of operating expenses to income decreased from 53% at the end of 2011 to 39% at the end of 2012, and the ratio of operating expenses to the average portfolio decreased from 17% to 13%.

Key indicators of operating efficiency of the network in 2012 increased significantly. Thus, the number of operations per department almost doubled - by 96%, and the number of operations per employee - by 91%. The effectiveness of direct sales of loans in cash by employees of branches increased by 143%.

Net interest margin including commission income is maintained at a high level of 31%.

In 2012, the funds of individuals and legal entities remained a stable source of funding. At the end of the reporting period, the portfolio of deposits of individuals and legal entities and account balances grew by 78%, reaching 56.5 billion rubles, and amounted to 74% of the bank's raised funds.

In 2012, Renaissance Credit continued to diversify its funding base through borrowing in capital markets and the development of a new direction - deposits of legal entities. In August, the bank successfully returned to the capital markets, placing exchange-traded bonds worth 2 billion rubles by open subscription. In December 2012, Renaissance Credit placed subordinated Eurobonds in the amount of $100 million for 5.5 years. In early 2013, their amount was increased by another $50 million.

The bank continued to work on reducing the cost of funding. In 2012, this figure was 9.8%, while in 2011 it was 9.9%, and in 2010 - 12.2%.

Capital increased during the reporting period by 49% to 20.2 billion rubles. The capital adequacy indicator was 26%.

An important event for the bank was the arrival of a new controlling shareholder represented by ONEXIM Group, one of the leading Russian investors, which owns a diversified portfolio of assets in the financial services sector, in the energy, metallurgical and other sectors of the economy. The planned change of ownership was announced in November 2012. The deal was finally closed in April 2013.

According to the results of the first half of 2012, the investment bank lost $14 million.

2011

Loss for the year $94 million

At the end of 2011, the loss of the financial organization amounted to $94 million.

Evgeny Yurchenko provides the bank with a loan in the amount of $65 million

As Evgeny Yurchenko told Forbes, in the early 2010s he was one of the largest clients of Renaissance Capital. The former head of Svyazinvest at that time owned 5.8% of Rostelecom. At the end of 2011, he sold the package to the structures of Suleyman Kerimov, the amount of the transaction, according to estimates, was $880 million. And in November of the same year, Yurchenko's structures provided Renaissance Capital International Services Limited (RCISL) with a loan of $65 million.

2010

SMS Advertising Penalty

In July 2010, the Office of the Federal Antimonopoly Service (FAS) in Moscow recognized Renaissance Capital Bank (operating under the Renaissance Credit brand) as having violated the Law on Advertising. The reason was the sending of SMS messages advertising the bank's services, which was carried out from the number (800-200-82-02) owned by Renaissance Capital. The consent of the recipients was not obtained.

As a result of the audit, the FAS issued an order to the bank to eliminate violations. In addition, the issue of initiating an administrative investigation is being considered. The FAS report notes that in accordance with the Code of Administrative Offenses, Renaissance Capital may be fined from 100 to 500 thousand rubles.

Renaissance Capital itself noted that we are talking about a single case related to a mistake by a bank employee. "Initially, the client gave us consent in writing to receive SMS messages," the bank's press service told CNews. 'He then changed his number without notifying us. The new owner of the number refused to receive SMS messages, but due to an employee's error, messages continued to come to him. "

Prokhorov is pleased with the investment in the bank and is making big plans

In December 2010, Mikhail Prokhorov believes that in two years his investment in Renaissance Capital brought him almost 100% of his income^[4]. However, he does not intend to withdraw from the capital of the investment bank, which should intensify abroad. As a result, Russia will account for only a quarter of its operations

Prokhorov is "very pleased" with the way the head of Renaissance Capital, Stephen Jennings, led the investment bank during the crisis and that he brought it to new markets. Prokhorov does not intend to sell a stake in Renaissance now. The entrepreneur told Bloomberg about this. "This is not the right time to sell," he said.

In turn, Jennings in a recent interview with Vedomosti called the Onexim group Prokhorov an "excellent partner" who provided very great support during the crisis and after it. "They helped with mandates like UC Rusal and RBC. They supported our expansion during the crisis, "Jennings said. You should not expect changes in the structure of Renaissance Capital shareholders, he added. So Jennings reacted to the information that Prokhorov got a stake in Renaissance for debts.

For more than a year, the market has been talking about the sale of Renaissance - primarily to Sberbank, which promised to announce a strategy for building an investment business in 2011 and allegedly chooses a dialogue between Renaissance and Troika. "There were a lot of rumors about it, but I was never involved in it," Prokhorov told Bloomberg.

The issue of partnership with the state bank is not a priority for Renaissance, Jennings told Vedomosti. He noted that any deal with any partner that does not erode a competitive advantage could be positive. "State banks have a number of advantages: customer base, capital, state support," Jennings said. "Of course, gaining access to them would give us an advantage."

Prokhorov said that the cost of his stake in Renaissance "at least doubled" amid the growth of world markets and the expansion of operations in Africa and other developing countries.

According to Prokhorov, Renaissance should aim to reduce the share of Russian revenue in the next five years to 25 from 70% now in order to offer its customers truly international services. The same Troika attracted Standard Bank to its partners, and VTB Capital is actively developing business abroad, both on the basis of the acquired group of foreign banks and in new regions.

"Global thinking" is the only sensible approach, Prokhorov said. "According to my feelings, national investment banks will die in the near future, and not only in Russia," he said. If any fund specializing in emerging markets wants to invest in different countries, buying shares through different investment companies will bring it a "big headache."

Loss for the year $33.7 million

The assets of Renaissance Capital as of December 31, 2010 under IFRS amounted to $5.4 billion, capital - $1.07 billion, loss for 2010 - $33.7 million.

In the first half of 2010, the investment bank lost $6.9 million and Mikhail Prokhorov expected Renaissance Capital to profit in 2010 after a "slight loss" in the first half of the year.

The bank is one of the top 100 largest Russian banks and operates with more than 4 million customers in Russia. The geography of Renaissance Credit covers 59 regions of Russia.

2008: Onexim Prokhorova buys half of the bank

Onexim bought 50% minus 1/2 of the investment bank's shares for $500 million in September 2008.

2003: Renaissance Capital buys the bank and renames it Renaissance Capital

At the end of 2003, the bank was bought from the Magnesit group by the structures of the Renaissance Capital investment group, and it received the corresponding name - Renaissance Capital Design Bureau. The bank took up a new business - consumer lending, worked in this market under the Renaissance Credit brand and in 2013 began to be called that. Then its sole owner was the founder of the Renaissance Capital group Stephen Jennings.

2002: Renamed "Treasurer"

In 2002, AllianceInvest Bank was renamed Treasurer.

2000: AllianceInvest Bank Founded

Renaissance Credit was founded in 2000 as AllianceInvest.

Notes