May 24, 2018 / 6:34 AM / 6 months ago

Russia's VTB sells part of Magnit stake for $1 bln

MOSCOW, May 24 (Reuters) - Russia’s No.2 bank VTB said on Thursday it had sold an 11.82 percent stake in retailer Magnit to Marathon Group for 62.5 billion roubles, or around $1.02 billion.

VTB said its stake in Magnit had decreased to 17.28 percent, adding that it still considered its investment in Magnit in February as a long-term investment. (Reporting by Maria Kiselyova; writing by Vladimir Soldatkin; editing by Jason Neely)

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