SCM buys Ukrainian Renaissance Capital retail bank
KYIV. Dec 24 (Interfax) - Ukraine's SCM Group is buying all the shares in JSC Bank Renaissance Capital, which operates under the Renaissance Credit brand, SCM said in a statement.
The deal was signed with the Renaissance Credit group on December 22.
Its closure is subject to regulatory approvals. No other details of the deal were given.
The bank is a part of the Renaissance Capital group and was established in 2005. The Russia-based Renaissance Capital bank said it would invest the proceeds from the sale in its Russian operation.
It said the sale was part of a new development strategy for the period 2011-2013.
The Russian bank was the country's 93rd largest by assets, according to the Interfax-100 ranking at the end of Q3 2010.