UPDATE: Bank Otkritie starts merger with B&N Bank – cbank

MOSCOW, Oct 30 (PRIME) -- Russia’s Bank Otkritie Financial Corporation has launched a merger with B&N Bank, B&N Bank Digital, and several non-credit institutions, the regulator said in a statement on Tuesday.

“The Bank of Russia…announces the beginning of a procedure to reorganize Bank Otkritie Financial Corporation in the form of a merger with B&N Bank, and B&N Bank Digital,” the authority said.

The bank will also merge with limited liability companies Invest-Trading, Zabota, NM-Expert, Otkritie Trading, PromFinans, and Safmar Pensii, the central bank said.

Earlier in the day, Bank Otkritie said that its shareholders approved the merger with B&N Bank and the other entities, as well as raising the bank’s shareholder equity by about 60 billion rubles through an additional share placement. The bank plans to expand its shareholder equity by 13.272 quintillion uncertified additional shares through share conversion, the statement read.

(65.8129 rubles – U.S. $1)

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