Kiwi returns to rebuild bank
(19 February 2010 – Europe) New Zealand multi-millionaire Stephen Jennings has returned as CEO to re-build the private Moscow bank he founded 15 years ago.
In 1995 Mr Jennings, a former Treasury official, formed the Renaissance Capital bank in Moscow, after the creation of Renaissance Group, with a reported personal stake at one stage estimated by Forbes of US$5.2 billion (A$5.8 billion).
The credit crunch reportedly saw his personal stake drop to around US$800 million before he opted to sell his share in the private bank to Russian metals oligarch Mikhail Prokhorov for NZ$725 million (A$566 million).
A year before the bank’s sale, Mr Jennings reportedly rejected a US$4 billion offer for Renaissance Capital; soon after a group of major investment banks, including Goldman Sachs and Morgan Stanley, valued the private bank at US$10 billion.
Mr Jennings said in a statement that Renaissance Capital has set itself the strategic goal of becoming the premier full service investment bank in the emerging markets time zone from the Russian Far East to West Africa, building on its market-leading positions in the CIS and Africa.
The bank is putting in place a world class management with a track record of managing global scale businesses and an entrepreneurial drive to build businesses, Mr Jennings added.
The credit crunch reportedly saw his personal stake drop to around US$800 million before he opted to sell his share in the private bank to Russian metals oligarch Mikhail Prokhorov for NZ$725 million (A$566 million).
A year before the bank’s sale, Mr Jennings reportedly rejected a US$4 billion offer for Renaissance Capital; soon after a group of major investment banks, including Goldman Sachs and Morgan Stanley, valued the private bank at US$10 billion.
Mr Jennings said in a statement that Renaissance Capital has set itself the strategic goal of becoming the premier full service investment bank in the emerging markets time zone from the Russian Far East to West Africa, building on its market-leading positions in the CIS and Africa.
The bank is putting in place a world class management with a track record of managing global scale businesses and an entrepreneurial drive to build businesses, Mr Jennings added.
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