© Reuters. The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov
MOSCOW (Reuters) – VTB, Russia’s second largest bank, will sell its stake in one of Russia’s biggest grain traders, Demetra-Holding, and is in negotiations with both Russian and foreign buyers, CEO Andrei Kostin told Reuters in an interview.
Demetra has a network of grain elevators, major deep sea grain terminals and its own logistics. It owns a non controlling stake in major grain trader United Grain Company (OZK).
VTB has a 45% stake in the holding.
“We’re coming out of there. It’s decided,” Kostin told Reuters. “We have been out of control for a long time, and we will leave completely.”
He said the asset would be sold this year.
When asked if buyers had been found, he said: “Yes, and even, maybe, there will be not only Russian ones, we’ll see.”
He declined to say who the buyers were but clarified that they would be from “friendly” countries – a word Russia uses to describe countries which have not imposed sanctions on Russia.
When asked if billionaire Vadim Moshkovich was a bidder, Kostin said: “No.”
Asked if it could be the Chinese, Kostin said: “Why China? We have lots of friends, more than 100 countries did not support the anti-Russian sanctions, so we will choose one of them.”
Kostin said VTB saw few prospects for itself in the grain business, adding that a sanctioned bank in the shareholding hindered the holding.
This story originally appeared on Investing
