Barclays Bank PLC has sold Barclays Bank LLC, including retail and commercial banking operations in Russia to a group of investors. One of the leading Russia’s banker, Igor Kim, is called among the investors, reports Barclays in its press-release.
The names of other investors and the sum of the deal are not disclosed. 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.
According to the press release, Barclays’ 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 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.
Author: Irina Fomina