Russia's VTB to Stay in Grain Business for Now

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.

Related Reading

Russia’s VTB Plans to Expand Grain Business, Then Exit

Russia’s VTB to Buy Grain Trader Mirogroup

Russia’s VTB Acquires Grain Trader

VTB Asks Putin to Create Russian Grain Champion

Russia’s VTB Buys 50% of Tamen Grain Terminal