Marfin Bank to be renamed MTB Bank

Marfin Bank (Chornomorsk) is to be renamed MTB Bank.

The decision was taken by shareholders at a general meeting on December 28, the bank told Interfax-Ukraine.

The shareholders also considered a merger of the bank with a joint-stock company, however, they did not take a decision on it.

As reported, a controlling stake in Marfin Bank, owned by Cyprus Popular Bank Public Co Ltd (Cyprus) whose final beneficiary is the Republic of Cyprus represented by the Minister of Finance, was sold on June 14, 2017. A result of the deal, Saggarko Limited became the new owner, while citizens of Ukraine Mykhailo Partikevych and Ihor Zgurov became the final beneficiaries of Marfin Bank.

Zgurov is an adviser to PJSC Odesagaz's executive director for economic affairs.

Marfin Bank (formerly Mortorgbank, Maritime Transport Bank) was founded in 1993.

Marfin Bank ranked 30th in terms of total assets worth UAH 3.546 billion among 88 banks operating in the country as of October 1, 2017, according to the National Bank of Ukraine.