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Renaissance Capital, JP Morgan raise loan for Nigerian bank

MOSCOW, April 18 (RIA Novosti) - Russia's leading Western-standard bank Renaissance Capital said Wednesday it has teamed up with JP Morgan (Britain) to raise $300 million for Nigeria's largest bank.

The loan was raised after Renaissance Capital, which is part of Renaissance Group, and JP Morgan placed the shares of United Bank for Africa, Nigeria's leading bank in terms of assets, deposits, clients and divisions, among major international institutional investors, the press office of the Russian bank said.

Renaissance Group Board Chairman Steven Jennings said the group aims to implement in Africa its unique business model that has proved a success on the capital markets of Russia and former Soviet republics.

Renaissance Group is an independent group of investment and banking companies, as well as firms specializing in asset management, direct investment and consumer lending.

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