By Ivan Andezhanov in Moscow
Russian investment bank Renaissance Capital plans to hire between 200-300 people over the next 12 months by tapping bankers exiled from London by a tax on bonuses.
Roland Nash, Rencap's head of research, said a new super-tax on bonuses would be make it easier to lure the the Square Mile's best talent to Moscow, according to a report in yesterday's Sunday Times.
The bank is back in entrepreneurial mode a year after it was forced to sell a $500m (€349m) stake to billionaire Russian businessman Mikhail Prokhorov as it fought for its survival in the wake of the Moscow market crash. Personnel was subsequently cut by 40% as the group was forced to pare wages and costs.
Banking sources in Moscow admitted to being flabbergasted that Rencap chief executive Stephen Jennings had seeminly wrested the levers of control back from Prokhorov. "Stephen seems to have all his toys back in his pram ," noted a banking source. "But who knows at what price ?"
Renaissance last week announced it had opened an office in the Republic of Belarus as part of an expansion into new frontier markets.
The strong rebound of the Russian market over the past two quarters has put the bank on a sounder footing. A source close to the bank said it was winning a deal a day in its core markets of Russia, CIS and Sub-Saharan Africa.
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