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2 sanctions-hit Russian banks complete merger process

Russian National Commercial Bank completed its integration with PJSC Krasnodar regional investment bank, with the merged lender to operate under the Russian National Commercial Bank brand.

Following the merger, Russian National Commercial Bank will provide services to more than 2.2 million individuals as well as 85,000 companies, it said in a Jan. 9 filing.

The Russian central bank bailed out Krasnodar regional investment bank in 2015 and selected Russian National Commercial Bank to oversee the lender's financial recovery. Both banks operate in Crimea and have been hit by U.S. sanctions imposed on Russia in relation to the Ukrainian conflict.