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Russia's VTB Bank Sells Part Of Stake In Retailer Magnit

Published on May 24 2018 1:30 PM in Retail tagged: Trending Posts / Russia / Magnit / Paywall / VTB Bank

Russia's VTB Bank Sells Part Of Stake In Retailer Magnit

Russia's second-largest bank VTB has announced that it has sold an 11.82 percent stake in food retailer Magnit worth 62.5 billion roubles (€870 million) to Marathon Group, which is owned by Russian businessmen.

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 move.

Marathon Group was founded in 2017 by businessmen Alexander Vinokurov and Sergey Zakharov.

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