OREANDA-NEWS. The shareholders of B&N Bank, Mikail Shishkhanov and Mikhail Gutseriev, have acquired 84.38% of the shares in MDM Bank from Sergei Popov and a number of minority shareholders. The purchase of shares from the remaining minority shareholders continues, as a result of which it is expected that Mikail Shishkhanov and Mikhail Gutseriev will consolidate 100% of the shares in MDM Bank during the first half of 2016.

The agreement to acquire a majority shareholding in MDM Bank was signed on 30 June 2015, following which integration of the business of B&N Bank and MDM Bank began. MDM Bank's Board of Directors appointed Mikail Shishkhanov Chief Executive Officer at a Board meeting on 14 July 2015.

As at the date of deal completion, a number of integration tasks have already been fulfilled. In particular, a single management system for the business of the banks undergoing merger has been developed (including management of the regional branch network), key retail products and tariffs have been unified, and the ATM networks combined.

It is planned that legal merger of B&N Bank and MDM Bank will be completed by the end of 2016. The enlarged bank, with expected capital of approximately RUB 100 billion, will operate under the B&N Bank brand.