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Alfa-Bank Ukraine’s management has decided to change the brand name, Interfax reported citing former Bulgarian Finance Minister Simeon Djankov.

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Djankov, who was authorised to vote on the bank’s majority stake by the National Bank of Ukraine in mid-April, told the reporters that shortly after Russia invaded Ukraine, the board agreed to drop the Alfa-Bank brand.   

Djankov said “As soon as the registries reopen and there is an opportunity to implement this decision from a legal standpoint, a part of my function will be to steer necessary decisions through the annual shareholders’ meeting. I currently represent the majority of votes at this meeting.

“The Ukrainian bank… was always and remains independent of the Russian, Belarusian, Luxembourg bank, etc. […] The same name is indeed a hurdle. That is why the Ukrainian team promptly made a decision to change it.”

Alfa-Bank Ukraine is also looking to raise $1bn to meet its additional capitalisation needs. 

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Djankov said that the Ukrainian lender hopes to receive authorisation from the US Treasury, the Bank of England and other regulators for the fundraising. 

Alfa-Bank Ukraine plans to raise the additional capital via the $1bn subordinated debt from the funds of several stakeholders who are subject to sanctions.

Of the $1bn, $500m will be used to bolster Alfa-Bank Ukraine’s capital, the remainder will be used to finance the economic recovery of Ukraine. 

Based on NBU’s data, as of 1 March 2022, Alfa-Bank Ukraine stood in the fifth position based on assets out of 69 banks that operate in the country.