Barclays Bank’s deal to sell its Russian retail unit to Kazakhstan’s leading lender by assets is no longer on the cards, according to Kommersant.
Kazkommertsbank is believed to have changed its mind after reaching a tentative agreement with the British lender in February. The British bank opted to sell the former Expobank business because it was unable to compete in the local retail sector with the state-controlled lenders.
According to Kommersant, the most likely candidate to buy Barclays retail operations is Renaissance Credit, part of Renaissance Group.
Renaissance Credit previously bought Barclays regional banking network in Russia.
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