Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
EstoBIT Instant Exchange
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Financial and Banking News

Barclays is going to sell its retail business in Russia

Financial newsBritish bank Barclays will sell its Russian unit and focus on investment banking, saying it was unable to compete in local retail business.

"In Russia, we've made a decision to focus our business on government entities, large corporates and multinationals, and to exit the retail business, where we were unable to compete," Bob Diamond, Barclays chief executive, said during a conference call on Tuesday.

State-owned banks control around 65 percent of Russia's top-100 banks' assets, according to Reuters estimates, with Sberbank (the largest bank in Russia and CIS) accounting for almost 50% of deposits in the banking system.

"The strongest opportunity for Barclays in Russia lies in expanding our investment banking business focusing on corporate clients, financial institutions and government entities," Bob Foresman, a president of Barclays Capital Russia, said in a statement.

Barclays Bank, ranked Russia's 105 largest bank in terms of assets, bought domestic mid-sized Expobank for $745 million in 2008, just before the global financial crisis cut credit appetite and eaten in banks' profits.

Barclays hopes to complete the sale by the end of 2011, a spokeswoman for its Russian division said.

Spending more than 4 trillion roubles ($136.8 billion) to support the country's banking and financial sectors during the economic meltdown, Russia started to tighten rules in the system, with private-owned banks facing increasing competition from the state banks.

Early on Tuesday, Barclays bank said it will review its portfolio and cut costs to boost profitability as it grapples with tougher regulations which it said will lower its returns.

Source: Reuters
Date: 15.02.2011 [282]
Get your content published on BanksDAILY.com in just a few clicks.

Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © BanksDAILY.com | All Banks in One Place | Privacy Policy