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Shareholders choose merger option for B&N Bank Group

Shareholders of B&N Bank (PJSC) and approved a legal mergerplan under which B&N Bank will merge into MDM, with the integrated bank tooperate under the B&N brand.

B&N Bank said this option was chosen to facilitate themerger "at maximum speed," given the legal steps that would have tobe taken to merge other banks previously acquired by B&N into the bank. Analternate plan mootedby the lenders and presented to shareholders included merging MDM Bank andother units into B&N Bank.

The merger of B&N Bank and MDM Bank is expected to becompleted by the end of 2016. B&N Bank earlier finalized the merger ofPJSC B&N BankSmolensk, B&NBank Surgut PJSC and Commercial Bank Kedr, and also plans to mergePJSC B&N BankTver into its structures in November.