Support The Moscow Times!

Barclays Sale Loss at $104M

Barclays expects to incur a £64 million ($104 million) loss from the sale of its retail and commercial arm in Russia, according to its earnings statement Tuesday.

The loss is "estimated based on the range of offers received from potential buyers," the statement said.

The bank announced a plan to sell the units in February to focus on corporate and investment banking. Britain's third-largest bank acquired Russian retail lender Expobank for $745 million in March 2008. In a statement announcing the Expobank deal, Barclays said the acquisition would generate a profit and achieve a return on investment "significantly above the cost of equity" by 2011.


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.