Commodities

Russia's VTB Bank acquires remaining 30% of grain trader Miro

Credit: REUTERS/EVGENIA NOVOZHENINA

Russian bank VTB has acquired the remaining 30% of grain trader Mirogroup to raise its holding to 100% as it continues to expand its grain trading activities.

MOSCOW, July 28 (Reuters) - Russian bank VTB VTBR.MM has acquired the remaining 30% of grain trader Mirogroup to raise its holding to 100% as it continues to expand its grain trading activities.

The state-controlled bank became the largest operator of Russia's grain export infrastructure and a major grain trader after a series of acquisitions in 2019 and 2020. It has said it planned to expand its grain business further and then exit.

Data from Russian financial monitor SPARK showed on Tuesday VTB had raised its stake in Miro in a deal confirmed by previous 30% owner businessman Andrey Doluda, who declined to give any further details.

VTB, Russia's second-largest lender, bought 70% in Miro a year ago via its Demetra Holding unit.

"The increase of the stake in Mirogroup Resources ... is fully in line with Demetra Holding's strategy of building an integrated export chain on the grain market," Vitaly Sergeichuk, deputy head of VTB's client relations department in market regions, said.

The bank gave no further detail and did not disclose any purchase price.

Miro works with Swiss grain trading company Solaris, a regular participant in state purchase tenders by Egypt, the world's biggest wheat importer and the second-largest buyer of Russian wheat after Turkey.

(Reporting by Gleb Stolyarov, Polina Devitt and Tatiana Voronova Writing by Polina Devitt Editing by David Holmes)

((Polina.Devitt@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: polina.devitt.reuters.com@reuters.net))

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