February 19, 2018 / 2:13 PM / a year ago

Russia's VTB sees Magnit supermarket chain growing organically only - Ifax

FILE PHOTO - The logo of Russian bank VTB is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia’s VTB Bank sees the Magnit supermarket chain only growing organically rather than via mergers and acquisitions, the Interfax news agency cited Yuri Soloviev, a senior executive at the bank, as saying on Monday.

Businessman Sergey Galitskiy said last week he had stood down as CEO at Magnit and sold most of his stake to state lender VTB for about 138 billion roubles (1.78 billion pounds), bringing Kremlin influence into the retail sector for the first time.

Reporting by Polina Ivanova; Writing by Andrew Osborn; Editing by Polina Ivanova

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