Barclays to buy Russia's Expobank
Barclays said on Monday it had agreed to buy Russia's Expobank for 373 million pounds as part of its strategy to expand in emerging markets.
Barclays ups write-down to 1.6 bln poundsBritain's third-biggest bank, Barclays said it was buying Expobank, which is focused in Moscow, St Petersburg and other parts of western Russia, from Petropavlovsk Finance.
The deal is expected to close in the summer, and to boost earnings by 2011, Barclays said in a statement.
"Expobank is a well-run bank with a good track record of innovative distribution and represents a great opportunity for Barclays," said Frits Seegers, Barclays chief executive of global retail and commercial banking.
"Its existing relationships and infrastructure create the ideal platform for us to become one of the leading retail and commercial banks in Russia, one of the world's fastest growing economies and a market we have been keen to enter for some time."
Founded in 1994, Expobank has 32 branches and operates a mix of retail and commercial banking. As at December 31, it had net assets of $186 million.
Barclays shares closed at 477.25 pence on Friday, valuing the business at about 31 billion pounds.
(Reporting by Mark Potter; Editing by Rory Channing/Quentin Bryar)
- 1 Banks may avoid worst of household debt pain
- 2 FAA proposes 3.8 million fine against American
- 3 Swaps spreads highlight credit stresses
- 4 Slower economy saps climate action
- 5 Besley says fighting inflation tough task
- 6 Poll shows leader swap would not save Labour
- 7 Weak sterling may not curb recession
|
|
|
