September 3, 2019 / 5:16 AM / 5 months ago

Russia's VTB plans to enter grain markets in Africa, Middle East and Asia

MOSCOW, Sept 3 (Reuters) - Russian state-controlled VTB bank, which has been expanding its grain business, plans to enter grain markets in Africa, the Middle East and Asia to increase Russian grain exports, a senior official told reporters on Thursday.

The goal of VTB’s grain project is to gain a significant market share in Russia and abroad, Vitaly Sergeichuk, deputy head of VTB’s client relations department in market regions, said.

From his point of view, many intermediaries and trading companies, including international ones, are playing a key role in the Russian wheat trade now.

Reporting by Polina Devitt and Gabrielle Tétrault-Farber; editing by Christian Schmollinger

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