The Barclays Bank LLC business will be sold to investors including Igor Kim, described by the bank as one of Russia’s “leading bankers”. In February, Barclays said it intended to dispose of this business.

“Barclays Capital will continue to operate in Russia through its existing broker-dealer subsidiary Barclays Capital LLC. Barclays Wealth, the private wealth management division of Barclays, will continue to offer offshore wealth management services to individuals in Russia,” it said.

Barclays Bank LLC had gross assets of £513 million($822 million), as at 30 September 2011. The transaction is not expected to have a material impact on Barclays’ earnings per share or capital ratios, it said in a statement.

Under the terms of the sale, the purchasers will have the right to continue to use the Barclays name in connection with the acquired business for a transitional period of up to nine months, the statement said.

Barclays is not the only international banking group that has retreated from part of its Russia-based businesses. HSBC has shuttered its retail banking operations in the country.

On the other hand, Denmark’s Saxo Bank, which provides internet-based trading platforms for high net worth individual clients, has opened an office in Russia.

Russia’s wealth management market has considerable potential, despite concerns about political corruption and protection of property rights. The country now has the fifth-highest number of ultra high net worth individuals. Moscow has 79 billionaires, the most for any major city in the world, according to Forbes.