Barclays announces the sale of its Russian retail and commercial banking operations
Barclays Bank PLC (‘Barclays’) announces the sale of Barclays Bank LLC to investors including Igor Kim, one of Russia’s leading bankers.
The transaction follows Barclays announcement on 15 February 2011 of its intention to sell Barclays retail and commercial banking operations in Russia.
Barclays Capital will continue to operate in Russia through its existing broker dealer subsidiary Barclays Capital LLC. Barclays Wealth, the private wealth management division of Barclays, will continue to offer offshore wealth management services to individuals in Russia.
Barclays Bank LLC had gross assets of £513m as at 30 September 2011. The transaction is not expected to have a material impact on Barclays earnings per share or capital ratios.
Under the terms of the sale, the purchasers will have the right to continue to use the Barclays name in connection with the acquired business for a transitional period of up to nine months.
Notes to Editors:
About the purchasers:
The purchasers include Igor Kim, a leading investor in the Russian banking sector, with current reported holdings including stakes in MDM and Orient Express Bank. The Bank’s new shareholders plan to develop the Bank over the medium term, using its existing platform to create a leading financial institution in the Russian market.
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs nearly 147,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.
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