Dec. 24 (Bloomberg) -- ZAT System Capital Management Group, owned by Ukraine’s richest man Rinat Akhmetov, acquired the Ukrainian unit of Russia’s Renaissance Credit Group to help it expand in banking.
SCM, based in Donetsk, Ukraine, acquired 100 percent of AO Bank Renaissance Capital, which specializes in retail banking and operates under the name Renaissance Credit, the company said today in a statement on its website. No price was disclosed for the transaction.
“Banking business is one of the priorities for SCM,” said Ilya Arkhipov, director of business development at the company. “Renaissance Credit is a bank with good potential growth. Its integration into the banking business of SCM will allow us to enter a new market segment and will make our banking business more diversified.”
The unit, Ukraine’s 104th biggest bank by assets according to the central bank, has 31 branches, according to an e-mailed statement from the bank.
“The buyer acquires a consumer lending bank with a developed infrastructure and Renaissance Credit is able to concentrate on developing its highly successful consumer lending business in Russia,” said Tatiana Khondru, chief financial officer at Renaissance Credit Group. “Proceeds from the sale will be re-invested into Renaissance Credit’s business in Russia.”
SCM also owns PAO Dongorbank and PAO First Ukrainian International Bank, which it plans to merge.
To contact the reporters on this story: Daryna Krasnolutska in Kiev at firstname.lastname@example.org;
To contact the editor responsible for this story: Willy Morris at email@example.com