Renaissance Capital has hired a senior banker from Moscow-based rival Troika Dialog to run its new investment banking team dealing with other financial institutions, as the Russian firm continues to rebuild its business following deep cutbacks a year ago.

Zoltan Szalai, an associate partner and managing director at Troika Dialog with responsibility for equity capital markets and mergers and acquisitions mandates, yesterday joined Renaissance Capital to set up a dedicated financial institutions group, according to the firm.