Frontier markets specialist Renaissance Capital could look to broaden its shareholder base as it plans to expand into new markets such as Saudi Arabia, Bloomberg reports. “Joining forces with a partner is one of the possible scenarios,” Chairman Christophe Charlier says. “Nothing is imminent,” he explained, but a partnership with a sovereign wealth fund is among the options. Charlier added that Rencap is looking closely at Saudi Arabia, saying “we’re cautiously bullish and we’re following Saudi Arabia from the markets and research point of view.” Rencap is also optimistic about changes in Angola and the outlook for Ethiopia. It also bets that Egypt’s improved relations with the International Monetary Fund will unlock transactions and boost capital markets. Rencap is also planning to increase its investment banking presence in sub-Saharan Africa from its base in Johannesburg, Charlier said.

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