MOSCOW: Sberbank, Russia's largest lender said on Monday it had increased its stake in Fortenova Group to around 44pc by swapping its shares in Slovenian food retailer Mercator.

In the cash-free transaction, Sberbank raised its stake in Fortenova Group, which operates in retail, food production and agriculture in southern Europe, by 4pc, bringing it to 44pc, the bank said.

It said it had used its put option on its 18.5pc stake in Mercator to complete the transaction.

Fortenova, formerly known as Agrokor, was saved from bankruptcy in a restructuring deal which included a change of the name and the ownership structure.