Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, is planning to open an office in Dubai as part of an expansion drive in the Middle East and Africa.
The bank, with operations in Moscow, London, New York, Turkey and three African countries, is seeking to expand in the Middle East and Africa to “become a truly formidable frontier and emerging-market investment bank,” West Africa Chief Executive Officer Yvonne Ike said yesterday in an interview in Lagos, Nigeria. She didn’t give further details on the Dubai plans.
RenCap, as the bank is known, named Igor Vayn as sole CEO in October after John Hyman, who had shared the job, decided to leave. The company has hired Bank of America (BAC:US) Corp. executives in Turkey and said in November it’s considering a fixed-income unit in sub-Saharan Africa as countries from Angola to Zambia tap bond markets.
The bank also sees opportunities in Egypt, Libya, Morocco and Tunisia, Benjamin Samuels, the bank’s global head of equity sales, told Bloomberg Television’s Uche Okoronkwo in an interview that is to be aired on Feb. 15.
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