Russia's second largest bank, VTB, which owns 45% of grain trader Demetra-Holding, is in negotiations with both Russian and foreign buyers to sell its stake, Reuters reported 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 trader United Grain Company (OZK).
VTB CEO Andrei Kostin told Reuters the asset would be sold this year.
In 2020, VTB become the largest operator of domestic grain infrastructure in Russia after 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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