Shareholdersof PJSC Bank Aleksandrovskyand SMB-Bank approved a merger of the two lenders, due to be completed in the lastquarter of 2016.

Underthe deal, the shares of SMB-Bank will be converted into those of AleksandrovskyBank, which will issue additional shares for the purpose. The merged lender willwork under the Aleksandrovsky brand, and there will be no reduction in workforce,Aleksandrovsky said July 11.

SMB-Bankowner Evgeny Lotvinov and Igor Leytis, owner of Russia-based Adamant Holding, agreedto acquire AleksandrovskyBank in January 2016.