Estonia's Financial Supervision and Resolution Authority approved the merger of Inbank AS and UAB Mokilizingas on Dec. 9.

The merger is expected to complete by the fourth quarter, at which point Mokilizingas will cease to exist as a separate entity.

Mokilizingas' assets, rights and obligations will be taken over by Inbank's Lithuanian branch — which will be renamed AS Inbank filialas post-merger, according to the Dec. 10 statement.

Estonia-based Inbank announced in May that it would absorb its Lithuanian unit Mokilizingas via a cross-border merger to simplify its structure and reduce costs.