The National Bank of Ukraine (NBU) has allowed reorganization by merging PJSC Express-Bank with Industrialbank under a simplified procedure, according to the central bank's website.

The corresponding permission was approved by decision No. 303 dated August 18, 2017 of the NBU committee on supervision and regulation of banking operations, overnight of payment systems in accordance with the requirements of the law on simplifying banking reorganization and capitalization procedures (No.1985-VІІІ dated March 23, 2017).

The National Bank noted the preliminary conclusion on the approval of the draft plan for the reorganization of Express-Bank and Industrialbank through merger under a simplified procedure was granted on July 14.

"As a result of reorganization, Industrialbank will become the legal successor of all rights and obligations of Express-Bank with respect to its customers, partners, and counterparties. Industrialbank will also receive all rights to the assets transferred to it. In addition, it will be transferred the obligations of the debtor on the creditors' demands without the need to amend the relevant agreements," the report reads.