Barclays offloads Russian retail unit to Igor Kim

City A.M. Reporter
Barclays has agreed to sell its Russian retail and commercial banking operations to local banker Igor Kim.

Barclays said its Barclays Bank LLC Russian division had gross assets of £513m as of the end of September 2011. It added that the sale of the business would not have any material impact on its earnings or capital ratios.

Barclays had decided in February to sell the unit and focus on investment banking, saying it was unable to compete on the local market, where some 60 per cent of assets are split between state-controlled lenders.