The retail network of banks sold by Barclays to a group of investors including Igor Kim in October will have its former name of Expobank restored, Kommersant reported Monday.
Barclays bought the Expobank chain in 2008 as the ambitious first step of a Russian expansion program. But the British high-street name subsequently joined the list of foreign banks — including HSBC, Santander, Saxo Bank and Robobank — to have cut back their Russian operations in the last two years.
Financial sector investor Kim was permitted to use the Barclays brand for nine months under the terms of the 2011 sale.
(MT)
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