Reuters reveals Exclusive Interview: Russia’s VTB chief executive Andrey Kostin - Reuters News Agency
Business & Finance

Reuters reveals Exclusive Interview: Russia’s VTB chief executive Andrey Kostin

Reuters exclusively reported that Russia’s second biggest bank VTB won’t necessarily see 2022 net profit match this year’s expected record high as sharp rises in interest rates reduce margins. Chief Executive Andrey Kostin told Reuters that one-off factors, including the sale of VTB’s 17.3% stake in food retailer Magnit, would help drive profit growth this year. He also said that the bank will remain the controlling shareholder of grains business Demetra for at least another three years and could then consider floating it in an IPO. The state-controlled bank became the largest operator of Russia’s grain export infrastructure and a major grains trader after a series of acquisitions in recent years. It said in 2019 that it planned to expand its grains business further and then exit.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Equities
Regions: Asia
Countries: Russia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
FILE PHOTO: The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. REUTERS/Evgenia Novozhenina/File Photo
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