Inbank, a digital lender with Estonian roots, has received key regulatory approval related to its previously announced merger with Mokilizingas.

Mokilizingas is a Lithuania-based lender that offers retail banking and leasing services.

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First announced in May this year, the merger has been green lighted by Estonian Financial Supervision Authority.

Inbank-Mokilizingas merger: Details

Once the deal completes, Inbank’s newly established Lithuanian branch will assume all Mokilizingas assets, rights and obligations.

The transfer will be completed in this quarter, following the entry of merger in the Estonian Commercial Register.

After the merger, Inbank will operate in Lithuania as AS Inbank filialas.

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With this acquisition, Inbank seeks to harmonise the legal structure of the group. It will also help in creating a more cost-effective management system, the bank noted.

In a statement, Inbank said: “The merger is intra-group and does not change the amount, content or nature of Inbank’s assets.

“The financial results of the merging companies have been consolidated at Inbank level and made available to all Inbank investors through the information system of the Nasdaq Tallinn Stock Exchange.”

Inbank offers consumer financing and depositing products to its customers. According to the website, the bank currently has around 550,000 active client contracts in four countries.

Besides Estonia, it offers banking services in the Baltics region and Poland. Additionally, its offers deposit services in Germany, Austria and the Netherlands.