Rencap hires ex-Merrill Lynch banker for expansion in South Africa

By Marcus Williams
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Russia’s Renaissance Capital has hired former Merrill Lynch banker Clifford Sacks to lead its South African operation as part of its bold expansion into emerging markets.

According to a report in today’s Financial Times, the Johannesburg business will focus on metals and mining, oil and gas, financial and telecoms.

Renaissance said the bank intends to build a team of about 25 in South Africa, as part of a hiring spree of 200 this year.

The expansion by Rencap into South Africa is leveraging its strengths in its Sub-Saharan operations and part of its strategy of breaking out into new far-flung markets in Belarus and Mongolia

By Marcus Williams -- Russia’s Renaissance Capital has hired former Merrill Lynch banker Clifford Sacks to lead its South African operation as part of its bold expansion into emerging markets. According to a report in today’s Financial Times, the Johannesburg business will focus on metals and mining, oil and gas, financial and telecoms. Renaissance said the bank intends ...