Macquarie opts for joint venture with Renaissance

7 August 2007

Infrastructure-focussed investment bank Macquarie has signed a deal with Russian bank Renaissance Capital to form a joint venture.

The venture is intended to develop advisory and fund management opportunities in the infrastructure sector in eastern European territories.

Currently consisting of ten deal makers, the new venture is to be called Macquarie Renaissance.

Renaissance's global chief executive Alexander Pertsovsky told Reuters: "It is estimated that up to $200 billion will be spent on infrastructure in Russia over the next five or so years, excluding the oil and gas sector."

The deal, which was brokered by Macquarie's European chief Jim Craig, marks the first time the Australian bank has entered the Russian market in any capacity, despite the global reach of its operations.

Mr Craig said: "The Russian government has highlighted the potential role of the private sector in improving the existing infrastructure and accelerating the development program.

"Macquarie and Renaissance Capital are committed to being a key player in this development leading up to the 2014 Olympics in Sochi and beyond."

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