MOSCOW, September 22 (RIA Novosti) - Russian billionaire Mikhail Prokhorov's investment vehicle Onexim Group has paid $500 million for a 50% stake in leading Russian investment bank Renaissance Capital, Onexim said on Monday. (Richest Russians - Image gallery)

Onexim General Director Dmitry Razumov said the group will buy the stake after the issuance of new shares by the investment bank.

Renaissance Group, which incorporates Renaissance Capital, will hold 50% plus one share in the investment bank. The deal is subject to regulatory approval, Renaissance Capital said in a statement.

"The partnership with Onexim creates a financial powerhouse with the resources, skills and ambition to be the clear leader in all its markets. At a time when many of our competitors are weakened, our unique franchise, solid capital platform and highly motivated staff will enable the firm to aggressively pursue growth opportunities," Renaissance Group CEO Stephen Jennings said.