diff --git a/l2-contracts/package.json b/l2-contracts/package.json
index 8b0a24540b2..46004d1eb96 100644
--- a/l2-contracts/package.json
+++ b/l2-contracts/package.json
@@ -40,7 +40,8 @@
     "deploy-force-deploy-upgrader": "ts-node src/deployForceDeployUpgrader.ts",
     "publish-bridge-preimages": "ts-node src/publish-bridge-preimages.ts",
     "deploy-l2-weth": "ts-node src/deployL2Weth.ts",
-    "upgrade-bridge-contracts": "ts-node src/upgradeBridgeImpl.ts"
+    "upgrade-bridge-contracts": "ts-node src/upgradeBridgeImpl.ts",
+    "update-l2-erc20-metadata": "ts-node src/updateL2ERC20Metadata.ts"
   },
   "dependencies": {
     "dotenv": "^16.0.3"
diff --git a/l2-contracts/src/updateL2ERC20Metadata.ts b/l2-contracts/src/updateL2ERC20Metadata.ts
new file mode 100644
index 00000000000..243439d2473
--- /dev/null
+++ b/l2-contracts/src/updateL2ERC20Metadata.ts
@@ -0,0 +1,188 @@
+import * as hre from "hardhat";
+import "@nomiclabs/hardhat-ethers";
+import { Command } from "commander";
+import { Wallet, ethers, BigNumber } from "ethers";
+import * as fs from "fs";
+import * as path from "path";
+import { Provider } from "zksync-web3";
+import { getNumberFromEnv, web3Provider } from "../../l1-contracts/scripts/utils";
+import { Deployer } from "../../l1-contracts/src.ts/deploy";
+import { getL1TxInfo } from "./utils";
+
+// From openzeppelin-upgradable v4.9.5 Initializable contract implementation.
+const INITIALIZED_STORAGE_SLOT = 0;
+const priorityTxMaxGasLimit = BigNumber.from(getNumberFromEnv("CONTRACTS_PRIORITY_TX_MAX_GAS_LIMIT"));
+const provider = web3Provider();
+const testConfigPath = path.join(process.env.ZKSYNC_HOME as string, "etc/test_config/constant");
+const ethTestConfig = JSON.parse(fs.readFileSync(`${testConfigPath}/eth.json`, { encoding: "utf-8" }));
+
+async function getReinitializeTokenCalldata(
+  newName: string,
+  newSymbol: string,
+  ignoreNameGetter: boolean,
+  ignoreSymbolGetter: boolean,
+  ignoreDecimalsGetter: boolean,
+  version: ethers.BigNumberish
+) {
+  const l2StandardERC20Artifact = await hre.artifacts.readArtifact("L2StandardERC20");
+  const l2StandardERC20Interface = new ethers.utils.Interface(l2StandardERC20Artifact.abi);
+
+  const availableGetters = {
+    ignoreName: ignoreNameGetter,
+    ignoreSymbol: ignoreSymbolGetter,
+    ignoreDecimals: ignoreDecimalsGetter,
+  };
+
+  console.log("Using the following arguments:");
+  console.log(`availableGetters = ${JSON.stringify(availableGetters, null, 4)}`);
+  console.log(`newName = "${newName}"`);
+  console.log(`newSymbol = "${newSymbol}"`);
+  console.log(`version = ${version}\n`);
+
+  return l2StandardERC20Interface.encodeFunctionData("reinitializeToken", [
+    availableGetters,
+    newName,
+    newSymbol,
+    version,
+  ]);
+}
+
+async function getReinitializeTokenTxInfo(
+  deployer: Deployer,
+  refundRecipient: string,
+  gasPrice: BigNumber,
+  tokenAddress: string,
+  newName: string,
+  newSymbol: string,
+  ignoreNameGetter: boolean,
+  ignoreSymbolGetter: boolean,
+  ignoreDecimalsGetter: boolean,
+  version: ethers.BigNumberish
+) {
+  const l2Calldata = await getReinitializeTokenCalldata(
+    newName,
+    newSymbol,
+    ignoreNameGetter,
+    ignoreSymbolGetter,
+    ignoreDecimalsGetter,
+    version
+  );
+  return await getL1TxInfo(
+    deployer,
+    tokenAddress,
+    l2Calldata,
+    refundRecipient,
+    gasPrice,
+    priorityTxMaxGasLimit,
+    provider
+  );
+}
+
+async function main() {
+  const program = new Command();
+
+  program.version("0.1.0").name("update-l2-erc20-metadata");
+
+  program
+    .option("--token-address <upgrades-info>")
+    .option("--gas-price <gas-price>")
+    .option("--deployer-private-key <deployer-private-key>")
+    .option("--refund-recipient <refund-recipient>")
+    .option("--new-name <new-name>")
+    .option("--new-symbol <new-symbol>")
+    .option("--ignore-name-getter")
+    .option("--ignore-symbol-getter")
+    .option("--ignore-decimals-getter")
+    .option("--reinitialization-version <version>")
+    .action(async (cmd) => {
+      const gasPrice = cmd.gasPrice
+        ? ethers.utils.parseUnits(cmd.gasPrice, "gwei")
+        : (await provider.getGasPrice()).mul(3).div(2);
+      const deployWallet = cmd.deployerPrivateKey
+        ? new Wallet(cmd.deployerPrivateKey, provider)
+        : Wallet.fromMnemonic(
+            process.env.MNEMONIC ? process.env.MNEMONIC : ethTestConfig.mnemonic,
+            "m/44'/60'/0'/0/1"
+          ).connect(provider);
+      const deployer = new Deployer({ deployWallet });
+      const refundRecipient = cmd.refundRecipient ? cmd.refundRecipient : deployWallet.address;
+      console.log("Gas price: ", ethers.utils.formatUnits(gasPrice, "gwei"));
+      console.log(
+        "IMPORTANT: gasPrice that you provide in the transaction should be <= to the one provided to this tool."
+      );
+
+      console.log("Refund recipient: ", refundRecipient);
+
+      const tokenAddress = cmd.tokenAddress;
+      const newName = cmd.newName;
+      const newSymbol = cmd.newSymbol;
+      const ignoreNameGetter = cmd.ignoreNameGetter ?? false;
+      const ignoreSymbolGetter = cmd.ignoreSymbolGetter ?? false;
+      const ignoreDecimalsGetter = cmd.ignoreDecimalsGetter ?? false;
+
+      let version;
+      if (cmd.reinitializationVersion === undefined) {
+        const provider = new Provider(process.env.API_WEB3_JSON_RPC_HTTP_URL);
+        const initializableStorageValue = BigNumber.from(
+          await provider.getStorageAt(tokenAddress, INITIALIZED_STORAGE_SLOT)
+        );
+
+        // currently, it's saved in the first `uint8` variable, so should be stored in the lowest byte
+        const initializedValue = initializableStorageValue.mod(BigNumber.from(2).pow(8));
+        version = initializedValue.add(1);
+      } else {
+        version = parseInt(cmd.reinitializationVersion);
+      }
+
+      if (newName && ignoreNameGetter) {
+        console.log("\x1b[31mWarning: ignore name getter flag used while new name is not empty\x1b[0m");
+      }
+      if (newSymbol && ignoreSymbolGetter) {
+        console.log("\x1b[31mWarning: ignore symbol getter flag used while new symbol is not empty\x1b[0m");
+      }
+
+      const governanceCall = await getReinitializeTokenTxInfo(
+        deployer,
+        refundRecipient,
+        gasPrice,
+        tokenAddress,
+        newName,
+        newSymbol,
+        ignoreNameGetter,
+        ignoreSymbolGetter,
+        ignoreDecimalsGetter,
+        version
+      );
+
+      const operation = {
+        calls: [governanceCall],
+        predecessor: ethers.constants.HashZero,
+        salt: ethers.constants.HashZero,
+      };
+
+      console.log("Governance calls: ");
+      console.log(JSON.stringify(operation, null, 4) + "\n");
+
+      const governance = deployer.governanceContract(deployWallet);
+      const scheduleTransparentCalldata = governance.interface.encodeFunctionData("scheduleTransparent", [
+        operation,
+        0,
+      ]);
+      const executeCalldata = governance.interface.encodeFunctionData("execute", [operation]);
+
+      console.log("scheduleTransparentCalldata: ");
+      console.log(scheduleTransparentCalldata);
+
+      console.log("executeCalldata: ");
+      console.log(executeCalldata);
+    });
+
+  await program.parseAsync(process.argv);
+}
+
+main()
+  .then(() => process.exit(0))
+  .catch((err) => {
+    console.error("Error:", err);
+    process.exit(1);
+  });