Barclays has expressed a willingness to buy out Russia’s Expobank in a deal mounting to 373 million pounds in order to tap the growing Russian economy.

The Russian Expobank is currently owned by Petropavlovsk finance and operates in most of western Russia focusing on Moscow and St Petersburg. Starting operations in 1994, this bank has currently 32 branches under its wings and its net asset total as of 31st December 2007 was $186 million.

Barclays is keen to acquire the ready-made platform with the relationships and infrastructure that the Russian Expobank provides in a country with a growing economy and great potential. The deal is expected to result in an increase in Barclays’ profits by 2011.