KIEV, March 22 ??“ Universal Bank will soon be renamed Eurobank EFG, in line with the name of a Greek bank that had acquired the 99.34% stake in the Ukrainian bank for almost $50 million in March.

"The stockholders' meeting decided to change the bank's name from OJSC Universal bank into OJSC Eurobank EFG, and to increase the bank's statutory capital. The capital will be increased by UAH 432.732 million," the bank's press release said.

After the registration of the according documents, the bank's statutory capital will be UAH 487.732 million, the press release reads.

Universal bank was founded in 1994.