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Moscow-based investment bank Renaissance Capital (RenCap) is closing down its offices in London, New York and Johannesburg after sanctions following Russia’s invasion of Ukraine upended its business, reported Bloomberg News.

The firm, owned by Russian billionaire Mikhail Prokhorov, is also pulling the plug on research coverage of all sectors globally.

RenCap plans to dismiss a dozen of its New York-based employees and a majority of its 60 employees in London, the people familiar with the bank’s decision divulged to the news agency.

The bank intended to retain a few of its London workforce to help with the wind up of its UK operations, the people added.

RenCap said in a statement: “We are restructuring operations of Renaissance Capital Limited and RenCap Securities Inc in London and New York.”

A spokesperson for the bank confirmed in a later email that the Johannesburg offices will be fully closed in line with a significant restructuring six months ago. 

RenCap will continue to run its Russian and Cypriot businesses, according to two of the sources. 

For the time being, RenCap Africa will continue to operate under the supervision of RenCap Russia.

According to sources, RenCap Global chief economist Charles Robertson will continue in his role until the end of next month and support Africa research until then.

Robertson’s status after that wasn’t immediately clear.

Said to be one of the oldest investment banks in Russia, RenCap became prominent after assisting a string of companies to list in London and in Moscow following post-Soviet privatisations.

The bank lost market share after state-owned VTB Group set up an investment bank in 2008 and its rival Troika Dialog was later taken over by Sberbank.