Acquisition

Barclays PLC
03 March 2008


                                                                  3rd March 2008

                                  BARCLAYS PLC

                   Barclays to acquire Russian bank Expobank

Barclays Bank PLC ('Barclays') has entered into an agreement with Petropavlovsk
Finance (Limited Liability Society) to acquire 100% of Expobank for a
consideration of approximately $745 million (£373 million) which Barclays will
finance out of existing cash resources.

Expobank focuses principally on Western Russia, with a substantial presence in
Moscow and St Petersburg. Founded in 1994 it has grown rapidly and comprises a
blend of retail and commercial banking, operating 32 branches and dealing with a
range of corporate and wholesale clients. As at 31 December 2007, Expobank had
net assets of $186m (£93m).

The acquisition of Expobank advances Barclays stated strategy of increasing its
exposure over time to emerging markets with good growth characteristics. In
addition to Barclays Capital's existing successful risk management and financing
business in Russia, Barclays has, within the management of Global Retail &
Commercial Banking, an established team of professionals with substantial
experience of operating in Russia. By 2011, we expect that the transaction will
generate economic profit, will be earnings accretive and will achieve a return
on investment significantly above the cost of equity.

The transaction is expected to close in Summer 2008 after receipt of appropriate
regulatory approvals. Following completion, Expobank will be part of Barclays
GRCB Emerging Markets business run by Ahmed Khizer Khan. Andrey V. Vdovin and
Kirill V. Yakubovskiy will remain as members of the Board of Directors of
Expobank. Sergey M. Radchenkov will remain as Chairman of the Management Board
(equivalent to Chief Executive Officer) and will report to Ahmed Khizer Khan.

Frits Seegers, Chief Executive, Global Retail and Commercial Banking, Barclays
said:

'Expobank is a well-run bank with a good track record of innovative distribution
and represents a great opportunity for Barclays. Its existing relationships and
infrastructure create the ideal platform for us to become one of the leading
retail and commercial banks in Russia, one of the world's fastest growing
economies and a market we have been keen to enter for some time.'

Kirill Yakubovskiy, Chairman of the Board of Expobank, said:

'We are very proud that Expobank, which we created and developed, is to enter
the next stage of its evolution hand in hand with one of the world's largest
banks. Becoming part of the Barclays group is the start of a new era not only
for Expobank itself, but also for the Russian banking sector as a whole.'

'The professionalism and vast experience of Barclays will make an invaluable
contribution to Expobank's further development in a transaction that is
beneficial for all involved. This will open new professional and career
opportunities for our employees and, most importantly, will bring real benefits
for our customers. Andrey Vdovin and I will stay with the bank as members of the
Board of Directors and Sergey Radchenkov will remain as the Chairman of the
Management Board.'

                                    - ENDS -

For further information please contact:

Investor Relations                 Media Relations
Mark Merson / John McIvor          Alistair Smith/Robin Tozer
[phone]/2927          [phone]/6586


About Barclays
Barclays PLC is a major global financial services provider engaged in retail and
commercial banking, credit cards, investment banking, wealth management and
investment management services. With over 300 years of history and expertise in
banking, Barclays operates in over 50 countries and employs 135,000 people. We
move, lend, invest and protect money for over 27 million customers and clients
worldwide. For further information about Barclays, please visit our website
www.barclays.com.

About Expobank
Expobank began operations in 1994 and is owned by Petropavlovsk Finance.
Headquartered in Moscow, Expobank's distribution network comprises 32 branches,
12 cash desks and one of the largest ATM networks in Moscow. It has over 250,000
retail relationships, approximately 6,500 SME customers and 1,300 employees.
www.Expobank.ru

Forward-looking statements
This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section
27A of the US Securities Act of 1933, as amended, with respect to certain of
Barclays plans and its current goals and expectations relating to its future
financial condition and performance. These forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'aim',
'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal',
'believe', or other words of similar meaning. Examples of forward-looking
statements include, among others, statements regarding Barclays future financial
position, income growth, impairment charges, business strategy, projected levels
of growth in the banking and financial markets, projected costs, estimates of
capital expenditures, and plans and objectives for future operations.

By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances, including, but not limited to,
UK domestic and global economic and business conditions, the continued effect of
volatility in credit markets, market related risks such as changes in interest
rates and exchange rates, the policies and actions of governmental and
regulatory authorities, changes in legislation, the outcome of pending and
future litigation, the success of future acquisitions and other transactions,
and the impact of competition - a number of which factors are beyond Barclays
control. As a result, Barclays actual future results may differ materially from
the plans, goals, and expectations set forth in Barclays forward-looking
statements. Any forward-looking statements made by or on behalf of Barclays
speak only as of the date they are made. Barclays does not undertake to update
forward-looking statements to reflect any changes in Barclays expectations with
regard thereto or any changes in events, conditions or circumstances on which
any such statement is based. The reader should, however, consult any additional
disclosures that Barclays has made or may make in documents it has filed or may
file with the SEC.


                      This information is provided by RNS
            The company news service from the London Stock Exchange