Freshfields and Salans advise on Barclays’ Russian sell-off

An Anglo-Russian team from Freshfields Bruckhaus Deringer has advised Barclays on the disposal of its retail and commercial banking arms in Russia.

Corporate partners Claire Wills and Mikhail Loktionov led the work for Barclays on the sale of Barclays Bank LLC to Russian investors including banker Igor Kim.

Salans’ Moscow office advised the purchasers on the deal, with the work led by partner Alexei Knyazhev, assisted by fellow partner Alexei Zaharko.

A statement from Barclays said the bank would continue to operate in Russia through its broker dealer subsidiary Barclays Capital and its private wealth management division Barclays Wealth.

Barclays Bank LLC had assets of £513m at the end of September 2011. The purchasers will have the right to use the Barclays name for a transitional period of up to nine months.

The work was led in-house by Barclays Corporate global legal head Joanna Carver and M&A in-house counsel Benjamin Jacobs.

Earlier this year Barclays began a panel review for its European, Middle East and Africa (EMEA) legal advisers (4 August 2011), having previously reviewed UK and US law firms (1 July 2011).