British banking giant Royal Bank of Scotland Group (RBS) has agreed to offload its Russian banking operations to local lender Expobank for an undisclosed sum.
RBS purchased the Russia subsidiary as part of its acquisition of ABN Amro in 2007. As of 1 November, the RBS business managed RUB28bn in assets.
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The acquisition deal is scheduled to close in the second quarter of 2016, subject to regulatory approval.
Expobank, a mid-sized Russian lender, is owned by private investors including billionaire Igor Kim who purchased the lender from Barclays in 2011.
According to industry website Banki.ru, Expobank currently comprises net assets of RUB63bn.
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