By Tatiana Voronova and Katya Golubkova
By Tatiana Voronova and Katya Golubkova
MOSCOW, Nov 19 (Reuters) – Russia’s VTB financial institution VTBR.MM, which is increasing in commodities in a bid to create a nationwide grains champion, will exit the sector as soon as it has constructed up the belongings within the subsequent few years, its CEO informed Reuters.
Andrey Kostin additionally mentioned in an interview that VTB plans to begin buying and selling wheat through its Swiss operation and that it’s within the closing stage of talks to buy half of the Taman grain terminal on the Black Sea.
VTB, Russia’s second largest financial institution, is now a serious bodily grain exporter after shopping for an area grain dealer in August, and have become the most important operator of Russia’s grain export terminals and different infrastructure this yr.
“Oil goes to expire in the future however not the grain,” Kostin mentioned within the interview, carried out final week and authorised for publication on Tuesday. “With that in prospect over the following few years, whereas the enterprise is being constructed, we’ll nonetheless act as a participant within the grain market.”
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