Barclays Bank could lose in investing in Russia half a billion dollars

Barclays expects the loss from the sale of a subsidiary bank in Russia, if we agree to supply candidates for the Russian “Barclays”. Sale of Russian “daughter” is scheduled for completion before the end of the year, write “Sheets”.

The intention to sell the Russian “daughter” Barclays officially announced February 15 that year, the total loss of Russian investments Barclays should be about $ 0.5 billion.

Expobank was interesting niche as a retail bank with a strong business card, but after the crisis in this area have intensified state-owned banks, and now this project may be of interest to banks and third-tier.

Among the contenders for the “Barclays’ bankers would call a” Renaissance Credit “and Kazkommertsbank.

Barclays will return a third of the capital invested in Russian assets. The same result was shown by George Soros who has bought together with Vladimir Potanin and Mikhail Prokhorov in 1997, blocking of “Svyazinvest” to 1.875 billion dollars. In 2004, a blocking stake was sold for 625 million Soros has called this the worst investment in their lives.

There have been setbacks and other foreigners. At the end of 2009 Carrefour (the world’s second turnover of the retailer) turned business in Russia - less than six months after opening its first store.

Last year, the world’s largest agricultural trader - a British ED & F Man sold only in Russia, production asset, Liskinsky sugar factory. A De Beers, which went to share in a Russian joint venture in 2002, has not been able to negotiate with Russian officials. Therefore, since 2008 Russia has no foreign company, which would be mined diamonds.

3 August 2011

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