KIEV, March 12 - Ukraine's Universalna Insurance Company sold its 9.99% stake in Universal Bank, both of which are based in Lviv, to Greece's Eurobank EFG for UAH 25 million ($5 million), Universalna said.

The company sold the stake so that it could concentrate its resources on the development of insurance activities, including to expand its sales network, Universalna general director Natalya Bezbakh said, according to Interfax-Ukraine.

The deal allowed Eurobank to increase its stake in Universal Bank to 99.34%.