The shareholders of PAO Bank ZENIT approved its legal merger with Joint Stock Bank Devon-Credit (PJSC) and PAO Lipetskcombank, with the process to be completed in November.
The integration of the three banks started in September 2018 as part of the transformation strategy for Zenit Banking Group, which includes the lenders and is controlled by Russian oil company Tatneft, Bank Zenit said Sept. 11.
By mid-2020, the merged lender will also absorb PAO Spiritbank and Bank ZENIT Sochi.
