VTB Bank completes acquisition of stake in Magnit

Russia’s VTB Bank said that it acquired 29.099996% of shares in Magnit through subsidiary VTB Infrastructure Investments LLC.

On February 16, VTB spent $2.5 billion on a 29.1% stake in Russian supermarket chain Magnit, Reuters reported.

Magnit founder Sergei Galitsky, who retains a 3% stake, will leave his post as chief executive and resign from its board. 

VTB said it would remain an investor in Magnit for at least two years.