Russian investment bank Renaissance Capital has made the latest senior appointments for its African business, after hiring Nigeria's former finance minister as chairman for its operations in the continent and recruiting two other former politicians.

Ngozi Okonjo-Iweala, a former Nigerian minister of finance and economy and minister of foreign affairs, has joined Renaissance Capital as chairman of the board for its African and Nigerian businesses, just days after the bank hired Terry Davidson, the former head of Citi's African operation, to as a senior adviser to its Kenyan business.