Banker Kim to Drop Barclays Brand in Russia, Kommersant Reports

Igor Kim, who last year acquired Barclays Plc’s (BARC) Russian unit, intends to restore the lender’s former name of Expobank, Kommersant reported, citing unidentified people with knowledge of the plans.

The lender will switch its emphasis to the mass retail segment away from a focus on wealthy clients, Kommersant said.

Barclays agreed to sell Expobank to a group of investors including Kim in October for an undisclosed amount three years after buying Expobank for $745 million, the newspaper said.

Barclays declined to comment and Kim was available for comment, according to Kommersant.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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