OREANDA-NEWS. Onexim, a major Russian investment fund owned by billionaire Mikhail Prokhorov, has completed the buyout of Russian investment bank Renaissance Capital.

The transaction, launched in September 2012, makes Onexim the sole owner of RenCap, according to a statement from the two companies.

All necessary regulatory approvals have been obtained except for that from the Capital Markets Board of Turkey, which is expected to give its go-ahead in the second quarter of this year.

The Moscow-based investment bank’s acquisition by Onexim "creates unprecedented opportunities for [RenCap] to grow as a pure-play investment bank in the core business regions where it operates", said RenCap chairman and co-chief executive John Hyman.

Igor Vayn, the bank’s other co-chief executive, credited Onexim with having been "a reliable and committed partner to Renaissance Capital since 2008", while Onexim chief executive Dmitry Razumov said RenCap is "a key financial-sector asset in Onexim’s investment portfolio".

Onexim Group focuses on investing in metals and mining, financial services, media, real estate, utilities, and innovative technology projects.

Renaissance Capital operates in Russia, the CIS, Central and Eastern Europe, Turkey, Asia and Africa, and has offices in London and New York besides its headquarters in Moscow. Its core businesses are mergers and acquisitions, equities, debt capital, securities sales and trading, research, and derivatives. It has a global investment business in metals and mining, oil and gas, and agriculture.