Our History

History of success with track record of effective crisis management


Renaissance Group decides to enter the consumer credit market and acquires Kaznachey Bank. Formation of the management team.


CB Renaissance Credit (LLC) obtains the CBR licence for banking operations No 3354 and issues its first POS loan. The bank joins MasterCard payment system and starts issuing credit cards.


The bank starts issuing general purpose and car loans. Partnership with M.Video – the leading federal retailer in the segment of electronics and appliances. Growth of origination volumes, the bank ranks among the top 30 Russian consumer banks.


Partnership with one of the largest retailers – IKEA. The bank opens its first 10 branches and issues its millionth loan. Moody’s rating agency assigs the bank rating ‘B2’ with stable outlook.


Top managers from the largest Russian and international companies join the management team of the bank. Growth of regional distribution network: number of retail points of sale exceeds 10 500. The bank growths rapidly and ranks among top 10 Russian retails banks and among top 3 Russian fastest growing banks. Fitch and Standard & Poor’s rating agencies assign the bank rating ‘B-’ with stable outlook. First annual profit in the history of the bank. Birth of Renaissance Credit brand.


During first 9 months of 2008 Renaissance Credit continues to expand its nationwide distribution network. The number of partners increases substantially – the Banks starts to co-operate with the largest national mobile retailers Euroset and Svyaznoy. Total number of loans issued since launch exceeds five million while the client base reaches 3.7 million people. However, in October the Bank stops issuing new loans due to the global financial crisis and focuses on maintaining the quality of its credit portfolio and cost optimisation.


In order to diversify its funding sources, the Bank starts to attract retail customer deposits. Renaissance Credit gradually resumes issuing new loans in the second half of the year as the macroeconomic situation stabilises.


Renaissance Credit continues to develop its business: origination volume increases by 50% quarterly while the quality of new loans stays on record-high levels. The credit portfolio structure shifts towards high-margin products – general purpose (cash) loans and credit cards, which represent 60% of the portfolio at the year end. Retail deposits form around half of liabilities decreasing dependence from international capital markets. Regional distribution network expands twofold by the end of 2010 and comprises 75 branches, 35 representative offices and more than 11 000 points of sales in 59 regions of Russia. Number of clients increases from 3.7 up to 4.1 million.


Renaissance Credit continues to demonstrate high profitability. Annual net profit for 2011 exceeded the level of the previous year 1.7 times. At the same time, quality of the credit portfolio formed mainly by high-margin products – general purpose (cash) loans and credit cards – remains on a high level. Number of branches increased by 40% up to 105. Regional distribution network expanded by 66% up to 18 403 points of sale. To further diversify its funding base the Bank starts attracting corporate deposits. In April 2011, Fitch Ratings raised the long-term rating of the Bank to ‘B’ level with stable outlook.


Substantial growth of business. Loan portfolio increased by 44% and reached RUR 74,5 bn by year end. Renaissance Credit issued retail loans to individuals for RUR 66.7 bn which is 1.5 times more than in year 2011. Further diversification of distribution channels. The bank starts issuing loans at the points of sale of Svyaznoy mobile retailer. Retail and corporate deposits continue to remain a stable funding source. An important event in the history of the bank – change of ownership and new controlling shareholder represented by ONEXIM Group – one of the leading Russian investment funds which owns a diversified portfolio of assets in financial services, power, metallurgical and a number of other sectors. Achievements of the bank were acknowledged by the leading rating agencies. In March, Moody's Investor Service raised the long-term rating of the bank from ‘B3’ to ‘B2’. In June, Standard & Poor's revised the outlook for the bank’s rating from ‘stable’ to ‘positive’ and raised its short-term and national-scale ratings.


Finalisation of changes in ownership structure initiated at the end of 2012. ONEXIM Group becomes the controlling shareholder of Renaissance Credit. The bank changes its legal name to the name of its brand ‘Renaissance Credit’. The bank continues to diversify its funding base with borrowings on the capital markets. At the same time, retail and corporate deposits remain its main stable funding source. Distribution network increases by 42% and covers 68 regions of Russia. The banks opens its 51-st branch.

Renaissance Credit renews its loan origination policies and improves the collection system of past-due loans. The bank issued retail loans to individuals for the amount of RUR 99.8 bn which is 32% more than in 2012. Further diversification of distribution channels. Material growth of credit card portfolio – inter alia – via co-branded products (in collaboration with Euroset mobile retailer). Kukuruza project turned out to be a breakthrough for its time with a credit limit attached to cards issued by another institution. The bank resumes issuing POS loans at MediaMarkt retail network. The bank makes a USD 350 mln bond issue at a record-low coupon rate – the best and largest bond placement in the history of the bank. In March, Moody's Investor Service affirmed its long-term rating at ‘B2’ level while in June, Standard & Poor's raised its long-term rating of the bank from ‘B’ to ‘B+’.


Renaissance Credit restructures its business model following the material changes in the market conditions. Material modifications of risk policies and changes in the focus client segments. The bank continues to diversify its distribution network: for example the share of POS loan borrowers from small and medium-sized regional merchant partners increased by 1.4 times vs. 2013.

Renaissance Credit successfully manages its liquidity position. Despite the difficult macroeconomic situation the bank maintains its reputation as a reliable partner in terms of savings. In 2014, its deposit portfolio increased by 24.4% while the number of active depositors exceeded 100 thousand people. Renaissance Credit ranks among the top 30 Russian banks in terms of retail deposits. The bank is accredited by the Agency for Deposit Insurance and five times wins the agency’s auctions to become the agent-bank for repayment of insurance compensation to depositors of those credit institutions which lost their banking license.


Renaissance Credit continues to adapt its business model to the new market conditions. Active development of POS loans via growth of local and federal partners. During 2015, the number of points of sale increased by 16% - up to 61,720, while the portfolio of POS loans grew by more a third – up to RUR 16.8 bn resulting in the market share of 8.6%. This allowed the bank to rank No 4 among the top 5 players of POS market. At the same time, general purpose (cash) loans remain the main product of Renaissance Credit – at 2015YE they represented 62.5% of the portfolio.

Client becomes the key driver on the slowing credit market, therefore Renaissance Credit actively works with existing client base focusing on cross-sale of credit products to current clients and development of client services – including distance ones – as well as improving the general quality of services.

During 2013 - 2015 the common focus for all bank products becomes the reduction in the cost of risk. As a result of substantial efforts undertaken in this area, the bank made material achievements which manifested themselves by the end of 2015 in reduction of the share of non-performing loans. However the task of improving the risk indicators remains in the focus of the bank's management ever since.

Retail deposits continue to remain the main funding source. At the end of 2015, the size of deposit portfolio reached RUR 79.1 bn.


By the end of 2016, the number of retail branches of the bank reaches 150 (including 23 light branches and one mini-office). Distribution network covers 65 regions and 80 cities of the Russian Federation. Some braches are open 12 hours a day to optimise the servicing process.

Renaissance Credit increased the number of its points of sale from 48,353 at the beginning of 2016 up to 73,941 at the end of the year.

In November 2016 the Bank ranks No 3 by the size of portfolio on the POS market. On 31 Dec 2016 the POS loan portfolio reached RUR 25.2 bn which represented a 50% increase versus the end of 2015.

According Frank Research Group, in 2016 the share of Renaissance Credit on the market of POS loans increased from 8,7% up to 12%. Starting from December 2015 the bank ranks among the top 3 banks in terms of POS loan origination.

Renaissance Credit actively develops POS loan origination via the Internet. Internet shops of such retain networks as M.Video, Svyaznoy, MediaMarkt, Euroset are among the partners of the Bank. The number of universal POS reaches 134 by the end of 2016.

The cash dispenser network of the bank includes 34 ATMs which are capable of cash-in and cash-out client operations.

In 2016, Renaissance Credit actively developed miscellaneous formats of distance client services. The bank launched its mobile bank and introduced many new functions and services at its internet bank.

Starting from 2Q2016 the bank resumes generating profit. The net profit for 2016FY reached RUR1.5 bn (IFRS, audited by E&Y).

In June 2016, Standard & Poor’s affirmed its long-term credit ratings of the bank at ‘В-‘ level. In November 2016, Moody’s Investor Services improved the outlook on the bank’s rating from ‘negative’ to ‘stable’ and affirmed the long-term rating at ‘B3’ level.


During the twelve months ending 31.12.2017, Renaissance Credit set simultaneously several records – for the first time in its history the bank (1) issued RUR 127 bn of unsecured loans, (2) its gross loan portfolio exceeded RUR 111 bn,  (3) deposit portfolio exceeded RUR 96 bn, (4)  net profit reached RUR 5 bn and (5) share of non-performing loans past due more than 90 days (NPL90+) in the total credit portfolio fell below the level of 2011 down to 3.4%.

In July 2017, Standard & Poor’s improved the outlook on the bank’s rating from ‘negative’ to ‘stable’ and affirmed its long-term rating at ‘B-‘ level.

On 2 October 2017, the national Analytical Credit Rating Agency (ACRA) has for the first time assigned BBB-(RU) credit rating to Renaissance Credit with Stable outlook.


In January 2018, Renaissance Credit payed the ninth coupon on its BO-05 series exchange bonds with the interest rate of 10.85% per annum.

In March 2018, the Standard & Poor’s rating agency affirmed the long/short-term bank’s ratings at B-/B and revised the outlook on the ratings from stable to positive.

In June 2018, Renaissance Credit redeemed in full its subordinated Eurobonds XS086979292 series with the interest rate of 13.5%.

In July 2018, Renaissance Credit paid the tenth coupon on its BO-05 series exchange bonds and redeemed them in full on nominal value. The interest rate on the tenth coupon was 10.85% per annum.

In September 2018, Renaissance Credit disclosed its audited IFRS results for the first six months of 2018. Net profit for the reporting period reached ₽2.7 (+37% versus 1H2017). Net loan portfolio at 30.06.2018 reached ₽117.7 (+9.4% versus 31.12.2017). Personal loans comprised 68% of the portfolio, POS loans - 23%, credit cards - 9%. As at 30.06.2018, the share of non-performing loans overdue more than 90 days (NPL90+) in the retail loan portfolio stayed at 3.5%.

In October 2018, the national Analytical Credit Rating Agency (ACRA) affirmed the credit rating of Renaissance Credit at BBB-(RU) with stable outlook.

In November 2018, S&P rating agency upgraded the long-term credit rating of the bank to 'B' with stable outlook on sustainable asset quality.

In December 2018 Renaissance Credit won simultaneously two awards: ‘Russian Financial Elite 2018’ in nomination of ‘Retail Bank of the Year’ and ‘National Banking Award 2018’ in nomination ‘Bank Which Values Its Clients’.

During the twelve months ending 31.12.2018 Renaissance Credit continued to demonstrate outstanding financial performance. Net profit for the reporting period reached ₽5.8 (+15.7% versus 12M2017), origination of retail loans attained ₽145.3bn (+14.4% versus 12M2017). Net loan portfolio at 31.12.2018 reached ₽128.5 (+19.5% versus 31.12.2017). While cost to income ratio in 2018 reduced to a record-low level of 37.1% versus 46.1% in 2017.


In February 2019 the bank expanded its product range by launching a pilot project in mortgage lending. The bank will act as an agent providing clients with access to mortgage offers from different financial institutions and support until the deal closing. The service will be provided free of charge. “Ipoteka.Tsentr” (Mortgage Centre) will become the bank’s partner. Via this project the bank gets an opportunity to examine in depth the sector of mortgage lending not changing its current business model with focus on unsecured retail lending.

In May 2019 Renaissance Credit has redeemed in full and on time the nominal value of its subordinated Eurobonds (ISIN: XS0996297544). Coupon rate – 13.5%. The total value of payments amounted to USD 85 400 000 including the coupon of USD 5 400 000 and nominal redemption value of USD 80 000 000. The initial issuance of subordinated Eurobonds for USD 100 million with a maturity of 5.5 years took place in November 2013. Lead arrangers on the deal were Goldman Sachs International and Sberbank CIB. Renaissance Capital investment bank acted as co-arranger.

In June 2019 Renaissance Credit issued €50mn Eurobond due December 2024, with a coupon of 10% per annum. The issue price was 100% of the nominal price. Renaissance Capital Investment Bank acted as Lead Manager and Bookrunner on the transaction.

In 2Q2019 the Renaissance Credit became laureate of the following awards: “Best Social Projects of Russia Award” in nomination “Project in support of socially vulnerable population”, “Captains of the Russian Business Award” in nominations “Business reputation” and “Best HRD”, “Consumer Rights and Customer Service Award” in nomination “Financial literacy and transparency”.

On 30 September 2019 the Analytical Credit Rating Agency (ACRA) raised the outlook on the credit rating of Renaissance Credit from stable to positive. The credit rating was affirmed at BBB-(RU) level.