March 3 (Bloomberg) -- Barclays Plc, the U.K.'s third-biggest bank, acquired Russian lender Expobank for $745 million in its first overseas acquisition since losing the bidding contest for ABN Amro Holding NV last year.
Barclays seeks to increase overseas profit amid a deteriorating U.K. economy and the collapse of the market for credit-related securities, previously a growth engine for Barclays. Expobank, with one of the largest networks of automatic teller machines in Moscow, had assets of 29.8 billion rubles ($1.24 billion) as of Jan. 1.
Barclays already operates in Russia through its investment banking unit, Barclays Capital.
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