KYIV, Sept 16 – The National Bank of Ukraine on September 12 allowed two Kyiv-based banks – Alfa Bank and Ukrsotsbank – to reorganize through merging Ukrsotsbank with Alfa-Bank under a fast-track procedure, and announced the launch of the reorganization, Alfa-Bank Ukraine said on its website.

As part of the reorganization, Ukrsotsbank will transfer all its property, rights and liabilities to the legal successor, Alfa-Bank, and will cease to exist as a legal entity, it said.

In keeping with the act of transfer, Ukrsotsbank will also transfer property and assets with encumbrances on, including public ones, and tied-up property (including seized assets), preserving such encumbrances and limitations on use, it said.