World News: 18:32 GMT Wednesday 15th May 2019. [Inbank via Globe Newswire via SPi World News]
As a result of the merger, Mokilizingas will cease to exist and Inbank will be the legal successor of Mokilizingas. All the assets, rights and obligations of Mokilizingas shall be transferred to Inbank on the date of entry of the merger in the Estonian Commercial Register.
The merger will be performed in accordance with the cross‑border merger agreement and the laws of Estonia and Lithuania and will be conditional on the Estonian Financial Supervision Authority and the Bank of Lithuania issuing the necessary authorisations. Obtaining of such authorisations from the Estonian Financial Supervision Authority and Bank of Lithuania shall be deemed conditions precedent for the completion of the merger under the cross-border merger agreement.
The purpose of the merger is to simplify and harmonize the group’s legal structure and to create a more cost-efficient management. In Lithuania, Inbank wishes to continue its operation in a branch structure.
The contemplated merger is an intra-group merger and in the course of the latter, the volume, content and nature of the assets of Inbank group will not be altered. The financial results of the companies involved in the merger have been consolidated on the level of Inbank and made available to all the investors of Inbank via the information system of Nasdaq Tallinn Stock Exchange.
After the merger, Inbank will continue under the business name AS Inbank.
Inbank started its banking activities in 2015 and provides its services through its internet bank and partner network. Inbank is active in Estonian, Latvian, Lithuanian and Polish consumer financing markets. In addition, international deposits are gathered from German, Austrian and Dutch markets.
Globe Newswire: 18:32 GMT Wednesday 15th May 2019
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