Today Barclay’s Bank announced its decision to withdraw from the Russian retail banking sector; an announcement precipitated, it would seem, by write downs of nearly $400 million, which are prompting commentators to compare it to US financier George Soros’ 1997 purchase of a stake in the Russian communications company Svyazinvest, in his words, ‘[T]he worst investment of my life’.  Beyond Brics however suggests foreign banks need not necessarily be deterred:

But Barclays’ failure in Russia’s retail banking market didn’t come as a surprise and it shouldn’t scare investors, says a senior analyst at Troika Dialogue: “For every foreign bank that exits, there is another waiting to enter”.