Russia's Renaissance Capital has promoted its fund supremo Andrei Movchan to take charge of its consumer bank following the surprise departure of founder Michael Madden. Mr Movchan, head of Renaissance's Investment Management, adds the position of chief executive of Renaissance Capital Consumer Finance to his current responsibilities. Forbes magazine hailed Mr Movchan the most successful chief executives of an asset management company in Russia. He has played a key role in establishing Renaissance Investment Management, which is one of the leading investment management companies in Russia with assets in excess of $3 billion. Half of its assets are from high net worth clients. His appointment follows the departure of Mr Madden, who has quit four years after building up the business from scratch into Russia's third largest. Mr Madden, who joined Renaissance in 2003 from American Express, has left the group to pursue his own investment opportunities. "I want to invest in companies looking to enter the Russian market and help companies expanding into Russia's financial services," he told WealthBriefing. Renaissance Capital Consumer Finance, which is separately managed from the investment bank, is Russia's third largest consumer lending business behind Russian Standard and Home Credit. Mr Madden said the business has 3,800 employees, with 2.5 million clients in 60 Russian regions and Ukraine. Assets stand at $750 million. Group chief executive Stephen Jennings said Renaissance Credit had maintained its assets growth through the credit crunch, thanks to diversified sources of funding, which include wealthy investors prepared to deposit cash with the lender. Market leader Russian Standard was downgraded two weeks by both Fitch and Moody's from stable to negative due to the bank's high exposure to foreign debt markets and recent payoffs. A Russian boom in credit cards, mortgages and consumer loans has attracted the interest of Western banks. HSBC's Russian subsidiary has received a licence to provide retail banking and is expected to have a limited network operating by the end of this year while Barclays is also rumoured to be entering through acquisition.