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Report: VTB mulls sale of stake in Banco VTB Africa

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.