Russia-based investment bank Renaissance Capital Holdings Ltd or RenCap said Robert Lamprecht will be taking the place of Clifford Sacks as the Chief Executive Officer for South Africa, Bloomberg reported.

Citing an emailed statement, the report said Lamprecht worked for 13 years with Bank of America Merrill Lynch before he joined the Moscow-based team in January to head African sales. Meanwhile, Sacks who headed the firm in 2010 will now be serving as RenCap's South Africa Chairman. In this role, he will be spearheading investment banking and equity capital markets business efforts in the African region. He had a 12-year stint with Merrill Lynch before joining the company in 2010, the report said.

In a statement about the appointment, RenCap Chief Executive Officer Igor Vayn said, "We are pleased that Robert will become our new CEO in Africa and wish him every success in his new role. He brings 24 years of industry experience, has excellent client relationships across the world and we are confident that he will continue to strengthen our franchise in South Africa. We also are extremely grateful for the significant contribution Clifford has made helping us build the pre-eminent African equity offering on the market today and look forward to continuing to benefit from his experience as Chairman of our business in South Africa."

On February 11, RenCap said that it would be opening a Dubai office to capitalize on the increasing demand for Persian Gulf and African assets. The investment bank's operations in Africa, where it already has offices in Johannesburg, Lagos and Nairobi, started in 2006, the report said.

According to the statement, RenCap's core businesses include mergers and acquisitions, equity and debt markets, derivatives and securities sales and trading. Aside from Russia and Africa, RenCap also operates in Central and Eastern Europe and Asia. It also has financial centers in London and New York.