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Aleksandrovsky Bank merges with SMB-Bank

SaintPetersburg, Russia-based PJSCBank Aleksandrovsky completed its merger with SMB-Bank, after whichits capital increased by 22% to 1.8 billion Russian rubles.

SMB-Bankowner Evgeny Lotvinov and Igor Leytis, owner of Russia-based Adamant Holding,agreed to acquireAleksandrovsky Bank in January, and the integration of the two banks wasapproved in July. Theowners decided that the merged lender would operate under the Aleksandrovskybrand.

Aleksandrovskysaid that following the merger, it intends to triple the portfolio of corporateloans and deposits from legal entities in 2017 and to double loans offered toindividuals and small and medium-sized businesses.

As of Sept. 26, US$1 wasequivalent to 63.60 Russian rubles.