VTB acquires 70% stake in grain trader Mirogroup

TASS Russian News Agency | Aug 15, 2019 at 4:04 PM

MOSCOW, August 15. / TASS /. One of Russia's leading universal banks VTB closed a deal to buy a controlling stake in grain trader Mirogroup, the bank said in a statement on Thursday.

It is noted that the bank acquired 70% in the capital of the company Mirogroup Resource, which is one of the leaders in the grain business in Russia.

The company has an extensive network of regional offices, partnerships with agricultural producers - from small farms to agricultural holdings at the federal level, as well as infrastructure enterprises and companies.

According to Yury Soloviev, VTB’s First Deputy President and Chairman of the Board, "the purchase of Mirogroup is an important step in implementing VTB’s strategy on the grain market." "This transaction will allow us to achieve transparent grain pricing in the domestic market of the Russian Federation and provide support in organizing exchange trading. By creating a trading and logistics infrastructure, the bank will be able to sell high-quality grain in international markets directly to end consumers," he said.

VTB previously bought 99.9% of the Novorossiysk grain terminal for 35.5 billion rubles from the Novorossiysk Commercial Sea Port.