Russia's biggest investment bank on Monday said it would take advantage of global financial turmoil to expand internationally after unveiling a partnership with one of Russia's top tycoons.
"We have developed an ownership model and partnership which will give us the capital strength and the liquidity to fully exploit this unique global opportunity," said Stephen Jennings, chief executive of the Renaissance Group.
He was referring to the banking group's deal with the Onexim investment fund of billionaire Mikhail Prokhorov.
Prokhorov said Onexim had bought a 50-percent stake in Renaissance Capital for 500 million dollars (343 million euros) in a deal brought on by Russia's stock market collapse last week.
"We've been negotiating for several months. The problems of the global economy sped up the talks... Together with our partners we are ready for major expansion," including in Western markets, Prokhorov told reporters in Moscow.