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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

CEO Kostin says VTB will sell Demetra-Holding, one of Russia’s largest grain traders.

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid As... The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid As... The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

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CEO Andrei Kostin told Reuters that VTB, Russia’s second-largest bank, will sell its interest in Demetra-Holding, one of Russia’s top grain dealers.

Demetra operates grain elevators, deep-sea grain terminals, and logistics. It owns a non-controlling share in large grain trader United Grain Company (OZK).

VTB owns 45%. We’re leaving. “It’s decided,” Kostin told Reuters. “We have been out of control for a long time and will leave completely.”

He said it would sell this year.

He replied, “Yes, and even, maybe, there will be not only Russian ones, we’ll see.”

He did not name the buyers but said they were from “friendly” countries, which Russia calls countries that have not sanctioned it.
Kostin said, “No,” when asked if billionaire Vadim Moshkovich was bidding.

Kostin replied, “Why China?” We have many friends—over 100 countries did not support the anti-Russian sanctions—so we will choose one.”

Kostin noted a sanctioned bank in the group hurt VTB’s grain trading possibilities.


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