The First Ukrainian International Bank (FUIB) said on Monday that it had become the successor to rights and obligations held by Renaissance Capital Bank.

The two financial institutions will merge and operate under the FUIB brand and name once the merger is completed.

“The merger of two institutions is always a serious challenge. In the current unstable situation in economic, political and banking systems, this is a double challenge for our team," FUIB Management Board Chairman Sergei Chernenko said. "We will build a new IT architecture of the bank, merge branch networks throughout Ukraine and offer our clients a full range of attractive and innovative products. The unified universal bank will be able to satisfy financial needs of clients from various segments of the Ukrainian market.”

The bank said the consolidation of branches, networks, products and services is expected to be completed later this year. Regulatory capital for the newly merged bank will be approximately $12 million.