OREANDA-NEWS. A recent extraordinary general meeting of shareholders of Bank Petrocommerce resolved to proceed with the Bank's reorganisation in the form of its merger into Bank Otkritie Financial Corporation, Russia's largest banking group in terms of assets.

The reorganisation procedure provides for the creation of a branch network, including in Moscow, on the basis of Bank Petrocommerce taking into account the specifics inherent in the merged bank - its core business area will be rendering services to LUKOIL and its employees.

Bank Otkritie Financial Corporation will assume all rights and obligations of Bank Petrocommerce.

"Within the framework of the integration, we are entering a group, which holds leading positions both in corporate investment and retail market segments, - said Vladimir Rykunov, Chairman of the Managing Board of Bank Petrocommerce. - Therefore, the integration into Otkritie opens new opportunities for our clients and enables us to ensure a more robust level of reliability".

The merger of Bank Petrocommerce into Bank Otkritie Financial Corporation will take place in 2015.