The Athens University of Economics and Business (AUEB) was founded in 1920 under the name of Athens School of Commercial Studies. It was renamed in 1926 as the Athens School of Economics and Business, a name that was retained until 1989 when it assumed its present name, the Athens University of Economics and Business. It is the oldest university in Greece in the fields of Economics and Business, its roots tracing to the establishment of a Merchant Academy in Athens. Up to 1955 the school offered only one degree in the general area of economics and commerce. In 1955 the duration of study at the School is increased from three to four years and two cycles of study leading to two separate degrees: one in economics and the other in business administration. In 1984 the school was divided into three departments, namely the Department of Economics, the Department of Business Administration and the Department of Statistics and Business Informatics, the latter renamed to the Informatics Department in 1995. In 1989, the university expanded to six departments. From 1999 onwards, the university developed even further and nowadays it includes eight academic departments, offering eight undergraduate degrees, 28 master's degrees and an equivalent number of doctoral programs.