The Chief Directorate of the Bank of Russia in the Central Federal District announced the beginning of a procedure for B&N Bank's reorganization by folding it, together with B&N Bank Murmansk, into MDM Bank.
At extraordinary general meetings held by B&N Bank and MDM Bank shareholders on October 7, 2016 the shareholders approved legal merger of two banks. As B&N Bank said, it was decided to fold the bank into MDM Bank, while the merged bank will be operating under B&N Bank brand (MDM Bank will be renamed B&N Bank).
For the record, the Federal Anti-Trust Service earlier agreed upon all possible merger schemes both the above (it was said that within this scheme MDM Bank is planned to take over B&N Bank Stolitsa (former Europlan Bank) and B&N Bank Murmansk), and the option of bringing these two banks and MDM Bank under one roof with B&N Bank.
