Russia's VTB bank, which has transformed itself into a major grain trader within a year, plans to remain in the grain business for the next three to five years, Andrey Kostin, the chief executive of the state-controlled lender, toldReuters.
VTB, Russia’s second biggest bank, has become the largest operator of domestic grain infrastructure after it snapped up a number of assets last year. In April, it sold nearly a half of its grain unit, the Demetra Holding, to two other Russian firms.
A year ago, VTB toldReutersthat itplanned to expand its grain businessand then exit it. But Kostin said grain infrastructure, such as roads and railway hubs, need to be improved.
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