The shareholders of B&N Bank Stolitsa (JSC) approved its upcoming merger into B&N Bank.

B&N Bank will take over all rights and obligations of B&N Bank Stolitsa, after which the lender will cease to operate as a separate legal entity. The merger is planned to be carried out in the first quarter, B&N Bank Stolitsa said Jan. 23.

The integration is part of an ongoing consolidation process at B&N Bank Group. The owners of the group decided in October 2016 that some banks within the group will be merged into MDM Bank, which will be renamed and operate under the B&N Bank brand.