Barclays Eyes Ј200 Million Stake in Expobank
British bank Barclays intends to acquire a controlling stake in Moscow-based lender Expobank. Observers say the deal to gain control over Expobank by a Barclays division is nearing completion. Barclays is considering purchasing a controlling stake in Expobank, of Russia, at a cost of about Ј200 million, according to reports. Citing Expobank officials and market sources Barclays was seeking to buy control with the option of increasing its stake to 100% as it moves in on Russia's fledging mortgage market.
Expobank is owned by British mining magnate Peter Hambro, his partner Pavel Maslovsky, and Expobank executives Kirill Yakubovsky and Andrei Vdovin, all of whom own equal shares.
Founded in 1993, mid-sized universal retail lender Expobank had total assets of 29.7 billion roubles as of January 1.