B&N Bank shareholders Mikail Shishkhanov and Mikhail Gutseriev have bought an 84.38% interest in MDM Bank from Sergei Popov and some of the bank's minority shareholders, B&N Bank said in a press release.
"The purchase of minority shares will continue, and within the first half of 2016 the equity stake held by Mikail Shishkhanov and Mikhail Gutseriev in MDM Bank will reach 100%," the bank noted in the press release.
The legal merger of two lending institutions is planned to be wrapped up by the end of 2016. The united financial institution with capital of around Rub 100 bln will be operating under the B&N Bank brand.
To remind, B&N Bank co-owners Mikail Shishkhanov and Mikhail Gutseriev signed on June 30, 2015 an agreement to buy a controlling interest in MDM Bank from Sergei Popov. In July, Mikail Shishkhanov was elected to run MDM Bank, taking the seat of the bank's management board chairman. The bank's operations will be integrated within two or three years.
In November, the Central Bank of Russia gave B&N Bank shareholders a green light to buy MDM Bank. The media previously reported that B&N Bank and MDM Bank took their ATM networks under one roof. Following unification of the ATM networks B&N Bank, B&N Bank Credit Cards and MDM Bank clients are now able to withdraw cash at 'home' rates without any extra fees.
