Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (25862)	9/15/1999 4:35:00 AM
From: KeepItSimple	Read Replies (1) \| Respond to of 99985

The great world financial news just keeps coming!! I just love the last sentence in the article.. BARCLAYS SHUTS RUSSIA ACCOUNTS LONDON, Sept 15 (Reuters) - British banking group Barclays Plc, which booked heavy Russian losses last year, said on Wednesday it was closing some of its remaining Russian-based corporate accounts. ``We are closing down some corporate accounts,' a Barclays spokeswoman told Reuters. She said Barclays had already closed its represenative office in Moscow in April. Banking sources say Barclays has only a small number of outstanding accounts left after after last year's losses and has minimal loans outstanding. Barclays has been phasing down its operations since its investment bank, Barclays Capital, lost $250 million in the collapse of Russia's debt markets last year. Banking sources said Barclays believed the regulatory environment there was too risky to continue operating all of its Russian-based corporate accounts. Earlier the Times newspaper reported Barclays would quit Russia and had sent notices to its account holders informing them their accounts would be closed in 30 days. ``The systems have broken down in Russia and therefore we can't do business there,' a Barclays spokesperson was quoted as saying.