Very exciting day for the Barclettes, now the proud owners of Expobank, for which they paid $745 million cash. This is the UK bank’s first overseas acquisition since getting shot down by ABN Amro, which no one was really sure they’d ever get over. Good to see the chippies moving on and moving up. Though some skeptismos think Barclays paid too high a price for the Russian lender, Keefe, Bruyette & Woods analyst James Hutson says it “shows the direction they are going,” which is smut, starring John Varley and whoever else is game. We think it’s a step in the right direction.
Earlier: Full Service Bank

Barclays Acquires Russia’s Expobank for $745 Million [Bloomberg]