Onexim Group takes full control of Renaissance Credit Bank – Forbes

ONEXIM Group, owned by Russian businessman Mikhail Prokhorov, increased its holding in Commercial Bank Renaissance Credit (LLC) to 100%, Forbes reported Jan. 22, citing the Russian central bank data.

Prior to taking full control of the lender, Onexim Group owned 86% of Renaissance Credit, while Russian investors Igor Kesaev and Evgeny Yurchenko respectively owned 7.5% and 6.5% of the bank's shares.

Yurchenko told Forbes that he found out about the shareholding changes in Renaissance Credit from the central bank's website and claims he did not receive any payments for his stake in the lender. The businessman is involved in talks with Onexim, but is ready to file a lawsuit against the group if the negotiations fall apart, Forbes reported, estimating the value of Yurchenko's holding in Renaissance Credit at $15 million.

Meanwhile, Igor Kesaev received payment for his 7.5% stake in the bank together with interest, according to the report.

Onexim Group told Forbes that all corporate activities in the holding structures of Renaissance Credit were carried out in full compliance with Russian and international law.