The Central Bank of Russia informed of the beginning of a procedure for reorganizing Bank of Khanty-Mansiysk by taking over Bank Otkritie and Novosibirsk Municipal Bank, the Bank of Russia’s press service reported on Thursday.

The takeover decision was adopted at extraordinary shareholder meetings of the lending institutions. As the media previously wired, the merged bank would be named Bank of Khanty-Mansiysk Otkritie.

Bank of Khanty-Mansiysk president and management board chairman Dmitry Mizgulin will take the seat of the new bank’s president and board chairman, while the bank’s management board will be chaired by Bank Otkritie management board chairman Evgeny Dankevich.

Meanwhile, the bank will exploit the Bank of Khanty-Mansiysk brand in the Western Siberia, but will do business under the Otkritie brand in the rest of Russia.