Russia's second largest bank, VTB, which owns 45% of grain traderDemetra-Holding, is in negotiations with both Russian and foreign buyers to sell its stake,Reutersreported on June 9.
Demetra-Holding is said to be one of Russia's biggest grain traders and has a network of grain elevators, major deep sea grain terminals and its own logistics. It also owns a non controlling stake in major grain traderUnited Grain Company(OZK).
VTB CEO Andrei Kostin told Reuters the asset would be sold this year.
In 2020,VTBbecome the largest operator of domestic grain infrastructure in Russiaafter it acquired several grain assets. At the time, VTB said it planned to remain in the grain business for three to five years.
Kostin now said VTB saw few prospects for itself in the grain business.
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