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. 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.
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. 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. REUTERS