Russian development lender Vnesheconombank launched a procedure to merge Globex Commercial Bank JSC into fellow unit Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank, Prime reported Aug. 9.

Vnesheconombank's board decided that all Globex Bank shares owned by VEB will be converted into Sviaz-Bank shares as part of the upcoming merger, the news agency said. Former VEB chief Sergey Gorkov said in April that the merger could be completed in 2018, and the merged lender sold by 2020.