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Russia's Expobank to absorb local unit

Expobank LLC decided to merge unit Bank in Goncharnaya JSC, formerly operating as JSCB Yapi Kredi Bank Moscow, into its structures.

The merger process is expected to be completed in March, Bank in Goncharnaya said in a Feb. 14 filing.

Expobank completed the acquisition of the unit from Yapi ve Kredi Bankasi AS in December 2017, with the value of the transaction amounting to 3.3 billion Russian rubles.

As of Feb. 13, US$1 was equivalent to 57.77 Russian rubles.