REFILE-Russia's Onexim wants to turn around, not sell, RenCap

Mon Nov 19, 2012 6:42am EST

MOSCOW Nov 19 (Reuters) - Russian tycoon Mikhail Prokhorov's Onexim Group wants to turn around Renaissance Capital, the emerging markets investment bank that it is taking over from founder Steven Jennings, CEO Dmitry Razumov told Reuters.

Onexim, which agreed last week to buy the half of RenCap that it did not own and consumer lender Renaissance Credit for an undisclosed sum, will not sell the loss-making investment bank.

But it will dispose of non-core assets as it seeks to return RenCap - the last independent Moscow-based investment bank - to the profit zone.

"Our current aim is to make Renaissance Capital profitable again," Razumov said in an email interview.

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