British banking giant Barclays has announced plans to sell its Russian subsidiary, Barclays Bank, and focus on investment business in Russia through Barclays Capital, the bank's investment arm in the country, the Barclays Bank management said on Tuesday.
Barclays Group plans to sell the bank by the end of 2011 to either a Russian or a foreign bank as its business strategy has been altered, according to Barclays Bank Board Chairman Nikolai Tsekhomsky.
"When we speak about the price, we need to think about the costs of this business," Tsekhomsky said.
Barclays Bank's management believes that the asset will evoke great interest and the group will find a proper buyer.
"First of all, we eye buyers with a good reputation and proper business development strategies. Moreover, these buyers must be banks that are interested in developing the business and maintaining what has already been done on that platform," Tsekhomsky said.
Barclays acquired Russia's Expobank for $745 million in 2008.
Barclays Group has no plans to leave the Russian market completely and plans to expand its investment business, based on its subsidiary Barclays Capital.
In late 2010, another banking giant, Spain's Group Santander, sold its Russian subsidiary Santander Consumer Bank.
MOSCOW, February 15 (RIA Novosti)