First Ukrainian International Bank has acquired 100 percent of the share capital of Renaissance Capital bank.

As the result of the acquisition, Renaissance Capital became a subsidiary of FUIB within the FUIB Banking Group recognized by the NBU on July 19 under the resolution of the Banking Supervision and Regulation Commission of the National Bank of Ukraine.

There will be no operational merger of FUIB and Renaissance Capital and the acquisition will reportedly not lead to substantial changes in control over the assets of SCM Group.

The First Ukrainian International Bank was founded on Nov. 20, 1991, and registered with the National Bank of Ukraine on Dec. 23 of that year.

In 1995, the bank began its cooperation with the European Bank for Reconstruction and Development and in 1996 with Deutsche Investitions-und Entwicklungsgesellschaft MbH.

Renaissance Capital was established in 2004 and the bank established a presence in Belarus in 2009. It is currently expanding its business in Central and Eastern Europe.