diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5ece4ef04cab..7d0a213f7e4e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,7 +34,18 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 # Changelog
 
+<<<<<<< HEAD
 ## Unreleased
+=======
+## [Unreleased]
+
+* [\#9428](https://github.com/cosmos/cosmos-sdk/pull/9428) Optimize bank InitGenesis. Removed bank keeper's `k.setBalances` and `k.clearBalances`. Added `k.initBalances`.
+* [\#9231](https://github.com/cosmos/cosmos-sdk/pull/9231) Remove redundant staking errors.
+* [\#9205](https://github.com/cosmos/cosmos-sdk/pull/9205) Improve readability in `abci` handleQueryP2P
+* [\#9235](https://github.com/cosmos/cosmos-sdk/pull/9235) CreateMembershipProof/CreateNonMembershipProof now returns an error
+if input key is empty, or input data contains empty key.
+* [\#9314](https://github.com/cosmos/cosmos-sdk/pull/9314) Update Rosetta SDK to upstream's latest release.
+>>>>>>> 2ae787548 (fix: Bank module init genesis optimization (#9428))
 
 ### Features
 
diff --git a/x/bank/keeper/genesis.go b/x/bank/keeper/genesis.go
index d30415c6a285..85ad06b06eb7 100644
--- a/x/bank/keeper/genesis.go
+++ b/x/bank/keeper/genesis.go
@@ -20,7 +20,11 @@ func (k BaseKeeper) InitGenesis(ctx sdk.Context, genState *types.GenesisState) {
 			panic(err)
 		}
 
+<<<<<<< HEAD
 		if err := k.SetBalances(ctx, addr, balance.Coins); err != nil {
+=======
+		if err := k.initBalances(ctx, addr, balance.Coins); err != nil {
+>>>>>>> 2ae787548 (fix: Bank module init genesis optimization (#9428))
 			panic(fmt.Errorf("error on setting balances %w", err))
 		}
 
diff --git a/x/bank/keeper/send.go b/x/bank/keeper/send.go
index c1000b7d3025..1b4599eb35a8 100644
--- a/x/bank/keeper/send.go
+++ b/x/bank/keeper/send.go
@@ -225,6 +225,7 @@ func (k BaseSendKeeper) AddCoins(ctx sdk.Context, addr sdk.AccAddress, amt sdk.C
 	return nil
 }
 
+<<<<<<< HEAD
 // ClearBalances removes all balances for a given account by address.
 func (k BaseSendKeeper) ClearBalances(ctx sdk.Context, addr sdk.AccAddress) {
 	keys := [][]byte{}
@@ -252,6 +253,22 @@ func (k BaseSendKeeper) SetBalances(ctx sdk.Context, addr sdk.AccAddress, balanc
 		err := k.SetBalance(ctx, addr, balance)
 		if err != nil {
 			return err
+=======
+// initBalances sets the balance (multiple coins) for an account by address.
+// An error is returned upon failure.
+func (k BaseSendKeeper) initBalances(ctx sdk.Context, addr sdk.AccAddress, balances sdk.Coins) error {
+	accountStore := k.getAccountStore(ctx, addr)
+	for i := range balances {
+		balance := balances[i]
+		if !balance.IsValid() {
+			return sdkerrors.Wrap(sdkerrors.ErrInvalidCoins, balance.String())
+		}
+
+		// Bank invariants require to not store zero balances.
+		if !balance.IsZero() {
+			bz := k.cdc.MustMarshal(&balance)
+			accountStore.Set([]byte(balance.Denom), bz)
+>>>>>>> 2ae787548 (fix: Bank module init genesis optimization (#9428))
 		}
 	}