Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

City Banks to Merge

MOSCOW -- The Bank of Moscow and the Mosbiznesbank are in the process of merging, Interfax reported Tuesday.

With its assets exceeding 25 billion rubles ($4 billion), the new bank will likely to be among the country's 10 largest banks.

The city government owns shares in both of the banks.

The Bank of Moscow last week purchased 10 percent of Mosbiznesbank's shares under a strategic partnership agreement. Mosbiznesbank holds 5 percent of the Bank of Moscow stock.

Mosbiznesbank is rated 11th largest bank in Interfax-100 index at the end of 1997, while Bank of Moscow was placed 21st.