Russia’s second-largest bank, VTB, has sold half of its Russian grain business, consolidated in Demetra Holding, to two Russian firms. Agronova, which develops farm projects in Russia’s southern Krasnodar region, bought a 25 percent stake in the company, while Marathon Group, an investment firm, took 24.99 percent.
VTB said it would retain control formal of the business through a majority stake, but that it would share operational control with its new partners. The state-controlled bank became the largest grain exporter in Russia following a series of acquisitions in 2019. VTB plans to expand its grain business further before exit the sector.
