British bank Barclays said on Monday it had agreed to buy Russia's Expobank for $745 million as part of its strategy to expand in emerging markets.
Britain's third-biggest bank, Barclays said it was buying Expobank, which is focused in Moscow, St Petersburg and other parts of western Russia, from Petropavlovsk Finance.
The deal is expected to close in the summer, and to boost earnings by 2011, Barclays said in a statement.
"Expobank is a well-run bank with a good track record of innovative distribution and represents a great opportunity for Barclays," said Frits Seegers, Barclays chief executive of global retail and commercial banking.
"Its existing relationships and infrastructure create the ideal platform for us to become one of the leading retail and commercial banks in Russia, one of the world's fastest growing economies and a market we have been keen to enter for some
Founded in 1994, Expobank has 32 branches and operates a mix of retail and commercial banking. As at December 31, it had net assets of $186 million.
Barclays shares closed at 477.25 pence on Friday. (Reuters)
Barclays to buy Russia's Expobank for $745m