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29 October 2009

Asters Advised EBRD on USD 50 mln. Subordinated Loan Provided to Ukrsibbank

Asters advised the European Bank for Reconstruction and Development (EBRD) in connection with a USD 50 million first tranche of subordinated loan to support capitalization of UkrSibbank, which is majority-owned by BNP Paribas. The total amount of EBRD's subordinated loan to UkrSibbank will be USD 100 million.

According to the EBRD's statement, the provided financing will support an important financial institution in Ukraine with a large client base. More broadly, it will help in maintaining a functioning banking sector and support a level of financial intermediation and continued lending to the real economy, while also contributing to improve overall market confidence.

Asters’ banking and finance team working on this project included partners Armen Khachaturyan and Iryna Pokanay and associate Yevgen Porada.

Summarizing the transaction, Armen Khachaturyan emphasized: "We are happy to assist EBRD with its continuous effort to support Ukraine in the time of economic crisis. A large loan provided to reputable UkrSibbank will undoubtedly send an optimistic signal to both financial and real sectors of Ukrainian economy. We highly value our long standing working relations with EBRD and will always do our best to provide EBRD with the top legal service it deserves."

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