VTB sells part of stake in logistics JV with Russian Post

MOSCOW. April 8 (Interfax) - State bank VTB has reduced its stake in JSC National Logistics Technologies (NLT), a joint venture with Russian Post, NLT reported.

VTB and Russian Post established NLT in 2018 to build 38 logistics centers across the country with combined area of more than 400,000 square meters. The partners each owned 50% minus one share in the JV and planned to invest 20.4 billion rubles each in the venture over three years.

Russian Post's stake in NLT rose to 62.5% on January 19, 2024, NLT said in a report.

"We confirm that VTB sold part of its stake in JSC National Logistics Technologies under previously signed agreements," the bank's press service told Interfax.