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Report: B&N Bank owners eye 25% stake in Bank Renaissance Credit

Russian group Safmar's shareholders Mikhail Gutseriev and Mikail Shishkhanov are interested in acquiring a 25% stake in Commercial bank Renaissance Credit (LLC), controlled by ONEXIM Group, and might further increase the holding in the future, Kommersant reported Dec. 19, citing market sources.

One of them reportedly said Safmar could submit a formal bid by the end of 2016 and that the transaction could take place in the first half of 2017. Renaissance Credit, which specializes in providing point-of-sale loans, could also become Safmar's key partner in the provision of loans to clients of retail chains Technosila, Eldorado and M.Video, owned by the group, Kommersant noted.

B&N Bank, which is controlled by Safmar, said its shareholders are not interested in acquiring Renaissance Credit shares, according to the newspaper. Onexim also said the parties are not involved in sale negotiations, the news report noted.