VTB Bank PJSC plans to sell its stake in Angola unit Banco VTB Africa SA, Reuters reported, citing the Russian lender.

VTB owns 50.1% of VTB Africa's shares, with minority shareholder Antonio Carlos Sumbula, former head of diamond firm ENDIAMA EP, holding a 49.87% stake, according to the May 27 report.

A source close to the lender said the move is due to changing conditions in the market and sanctions against the lender, Reuters reported.