JSC VTB Bank (LSE: VTBR) agreed to acquire the remaining stake in Bank VTB 24 on November 2, 2016. Following the acquisition, VTB 24 would be merged into VTB Bank and operate under the VTB brand. The Internet-bank and mobile bank of VTB24 would operate as VTB online. As on November 2, 2016 VTB Supervisory Council voted to merge the Bank VTB 24 into VTB Bank. The transaction is expected to close by the end of 2017. As on October 3, 2017, Board of VTB Bank suggested the shareholders to vote in favor of the merger. As of November 3, 2017, the shareholders of JSC VTB Bank approved the transaction. The merger is expected to complete on January 1, 2018. The formation of a universal bank is expected to yield the synergic effect within the Group. JSC VTB Bank (LSE: VTBR) completed the acquisition of the remaining stake in Bank VTB 24 on January 1, 2017.