The owners of PJSC Sovcombank, JSCB RosEvroBank (JSC) and LLC Modern Commercial Innovative Bank approved the merger of the three lenders.

The banks said in Aug. 13 filings that Sovcombank will be the successor of the two others following the merger, which is expected to be completed Nov. 2.

Sovcombank is the parent of Modern Commercial Innovative Bank and also has a controlling stake in RosEvroBank.

Plans for the integration of Sovcombank and RosEvroBank were announced in March, and will create a top-three private bank in Russia, with assets of more than 1 trillion Russian rubles and capital exceeding 100 billion rubles.

The merger is aimed at simplifying the banks' ownership structure, consolidating their capital, increasing competitiveness, as well as improving management and reducing costs.

As of Aug. 13, US$1 was equivalent to 67.84 Russian rubles.