ReNaissance Group and Equity Partners Fund SPC Launch $1.5 billion Fund. Read more....

Whilst consolidating the business of RAS, the promoters then were also working on a merchant banking licence application and in October 2001, RAS was granted a merchant banking licence by the Reserve Bank o f Zimbabwe (“RBZ”). Upon licencing, RAS reversed itself into ReNaissance Merchant Bank Limited and the advisory services function previously carried out by RAS became a division of the Merchant Bank.

In June 2003, a restructuring to align the different asset classes in operation then was undertaken. Aside from positioning future asset classes, the restructuring also sought to create a common investment holding vehicle through which the existing asset classes were owned. This restructuring resulted in the creation of RFHL.

In April 2004, RFHL acquired Barnfords Securities (Private) Limited, a brokerage house and a member of the Zimbabwe Stock Exchange. The brokerage house has since been renamed ReNaissance Securities (Private) Limited (“RS”). RS is extensively networked having previously traded under a number of brands namely HSBC Quincor, HSBC and Barnfords. The acquisition of RS completed the first phase of the development of the ReNaissance brand, creating a one stop investment banking house. The second phase which began in earnest in 2004 focused on consolidating the existing business and looking outside Zimbabwe for investment banking opportunities.

Afica First Renaissance Corporation (formerly First Mutual Life) (visit their website)

In 2006 RFHL acquired a significant stake in First Mutual Limited (FML), which is the product of demutualisation of First Mutual Assurance Society of Zimbabwe. As part of the demualisation process, all employees, assets and liabilities of the Society were transformed to the First Mutual Group with effect from 1 July 2003.
On acquisation of a significant stake by RFHL, FML became an associate company of the Group.