Russian investment bank Renaissance Capital will open a Hong Kong office to expand the bank’s presence in eastern emerging markets, reported the South China Morning Post. Officials at Renaissance Capital stated that proximity to China made Hong Kong the preferred option over alternatives like Singapore, especially as the bank’s clients are interested in doing more business in the country. "Russia is the largest commodities producer in Asia. Asia, and China in particular, is becoming the world’s largest consumer of commodities. Thus it is natural for these two regions to integrate further, including integration through the financial markets," said Renaissance Capital Hong Kong chief executive Jeremy Sparrow.