September 6, 2018 / 3:35 PM / 2 months ago

Russia's VTB bank has no plans to buy more shares in Magnit

MOSCOW, Sept 6 (Reuters) - Russia’s VTB bank has no current plans to increase its stake in food retailer Magnit , the bank’s CEO Andrey Kostin, said on Thursday.

He said the bank that holds 17.28 percent in Magnit had always planned to temporarily invest in the retailer, with an aim to sell at some unspecified date.

Kostin has said earlier this year that the bank might buy more Magnit shares from the market, but its stake in the retail chain would not exceed 20 percent. (writing by Denis Pinchuk; Editing by Elaine Hardcastle)

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