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Ukraine-based MTB Bank moves to merge with local peer

Ukrainian lender PJSC MTB Bank initiated a procedure to merge with Kiev-based Center Bank.

MTB Bank will become the legal successor of all rights and obligations of Center Bank, and its authorized capital will increase to 635 million Ukrainian hryvnia.

MTB Bank also said in its June 14 filing that it will take over a card processing center that provides services to Ukrainian payment system operator NPS Prostir. In the future, the processing center will also provide services to international card payment systems operating in Ukraine, which will significantly expand the lender's services, MTB Bank noted.

As of June 14, US$1 was equivalent to 26.28 Ukrainian hryvnia.