Barclays PLC, a global financial services provider, said Tuesday that it has sold Barclays Bank LLC to investors including Igor Kim, one of Russia's bankers, adding that Barclays Capital will continue to operate in Russia through its existing broker dealer subsidiary Barclays Capital LLC.
Barclays Wealth, the private wealth management division of Barclays, will continue to offer offshore wealth management services to individuals in Russia.
Barclays didn't disclose any financials but said Barclays Bank LLC had gross assets of GBP513 million as at Sept. 30.
The transaction is not expected to have a material impact on Barclays earnings per share or capital ratios.
Under the terms of the sale, the purchasers will have the right to continue to use the Barclays name in connection with the acquired business for a transitional period of up to nine months.
The transaction follows Barclays announcement on Feb. 15, of its intention to sell Barclays retail and commercial banking operations in Russia.
