Estonia-based Inbank AS has completed its merger with wholly owned Lithuanian unit UAB Mokilizingas.

Mokilizingas' assets, rights and obligations have been transferred as of Dec. 31 to Inbank's Lithuanian branch, with Inbank to continue operations in the country under the business name AS Inbank filialas. Estonia's Financial Supervision and Resolution Authority approved the merger earlier in December.

Inbank said the merger is aimed at simplifying and harmonizing the group's legal structure and creating a more cost-effective management system, noting that the takeover will not change the amount, content or nature of its assets as it is an intragroup merger.