Russia’s VTB bank, which is expanding in commodities in a bid to create a national grains champion, will exit the sector once it has built up the assets in the next few years, its CEO told Reuters.
VTB plans to start trading wheat via its Swiss operation and that it is in the final stage of talks to purchase half of the Taman grain terminal on the Black Sea.
VTB, Russia’s second largest bank, is now a major physical grain exporter after buying a local grain trader in August, and became the largest operator of Russia’s grain export terminals and other infrastructure this year.
Read the full report at Reuters.
