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Banking and finance are our core areas of expertise. Nearly every year the firm and its partners (Armen Khachaturyan, Iryna Pokanay and Svitlana Poroschuk) are mentioned by prominent Ukrainian and international peer review-based ratings such as IFLR1000, The Legal 500 and Chambers Europe, as being the very best in Ukraine in this field. Among our clients are the EBRD, IFC, Barclays Capital, Credit Suisse, Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC, ING Bank, JP Morgan Chase, Kookmin Bank, Bank of America Merrill Lynch, Morgan Stanley, Societe Generale, Standard Bank, Swedbank, UBS Investment Bank, State Savings Bank of Ukraine Oschadbank, Ukreximbank, Ukrsibbank, and Ukrsotsbank.

In addition to our expertise in these general matters, we are well known for our innovative solutions to novel and complex legal problems: from securitization up to cash-pooling arrangements. We provide a full range of legal services in banking and finance.

Representative experience:

We have advised leading banks and financial institutions on major projects in Ukraine, including the following:

  • The European Bank for Reconstruction and Development (EBRD) on a number of major financing projects for a total value exceeding 1 billion USD, including 140 million USD and 100 million USD subordinated loan facilities to PJSC UkrSibbank, the BNP Paribas subsidiary in Ukraine, and a capital increase for UkrSibbank of 3.29 billion UAH.

  • International Finance Corporate (IFC), part of the World Bank group, in a number of projects with a total value exceeding 1 billion USD, including a loan of up to 100 million USD to Nibulon, one of the largest Ukrainian grain and oilseeds originators and exporters.

  • EBRD, IFC, and the Black Sea Trade and Development Bank in connection with 190 million USD and 180 million USD financing to the major Ukrainian petroleum distributor Concern Galnaftogaz for the modernization and expansion of its petrol-station network;

  • China Development Bank (CDB) in connection with a number of agreements on its long-term strategic partnership with Ukrtelecom (a leading Ukrainian national telecommunications operator) and Huawei Technologies (one of the largest Chinese networking and telecommunications equipment and service companies). At the first stage of the long-term partnership, Ukrtelecom expects to receive a credit from the CDB amounting to 50 million USD;

  • First Ukrainian International Bank (FUIB) in connection with its merger with Dongorbank, including consulting on the banks reorganization issues, drafting necessary documents, and the coordination of the merger process;

  • Aval Bank in the 1.028 billion USD sale of the controlling stake in the bank to Raiffeisen International;

  • Swedbank, a leading Nordic banking group, in the 735 million USD acquisition of TAS-Kommerzbank, the creation of the first bank holding group, and the merger of its Ukrainian bank subsidiaries;

  • Sberbank, the Savings Bank of the Russian Federation, on 700 million USD syndicated financing to Metinvest, the largest metals manufacturing holding in Ukraine;

  • Citigroup and Merrill Lynch in regards to a 368 million USD secured loan facility provided to a group of companies, including the software development arm of Flextronics International;

  • UniCredito Italiano on regulatory issues related to banking, the stock market, and general corporate law. Further, in helping Unicredito obtain approval from the central bank of Ukraine for their merger with Bayerische Hypo- und Vereinsbank AG (HVB Group), a leading German bank;

  • Standard Bank and BNP Paribas as lead managers in connection with a 100 million USD Eurobond offering by Bank Pivdennyi;

  • Citigroup and Standard Bank as lead managers in connection with a 100 million USD Eurobond offering by Forum Bank;

  • Dresdner Kleinwort Wasserstein, JP Morgan Chase, and UBS as lead managers in connection with the Kiev City 150 million USD Eurobond issue, the first municipal Eurobond offering in Ukraine;

  • Ukreximbank in connection with a 150 million USD Eurobond issue.

Publications
The shaky stabilization
Shedding light on bank ownership
NBU has cancelled the registration requirement for the loan agreements between the local borrowers and international financial institutions
NBU has permitted to purchase foreign currency for payments under the suretyships covering the obligations of the local debtors
NBU permitted creditors to apply for registration of assignment under cross-border loan agreements
National Bank of Ukraine Alleviates Currency Control Rules
The long-awaited financial restructuring law has come into force
NBU reiterates its currency restrictions
NBU extends the term of foreign lender loans prepayment prohibition
NBU introduces incentives to support prolongation of LPN and subordinated debt maturity
Banks may refuse to return deposits prior to their maturity
NBU extends the term of foreign lender loans prepayment prohibition
NBU to impose sanctions on the banks lacking transparent ownership structure
NBU obliges banks to provide monthly reports on their affiliated persons
Moratorium on Payment of Dividends by the Banks
NBU Extends the Term of Foreign Lender Loans Prepayment Prohibition
Ukraine's National Bank Prohibits Currency Purchase for the Loans Early Repayment
Certain Controversial Issues Regarding Transfer of Rights and Obligations from Banks Undergoing Reorganization to Successor Banks
The National Bank of Ukraine Introduces Changes to Cash Funds Transfer Procedure over the Customs Border of Ukraine
NBU Introduces Changes to Cross-Border Loan Registration Procedure
NBU Main Department in the City of Kyiv and Kyiv Region Specifies Requirements to Loan Agreements with Foreign Lenders Submitted for Registration
Rules for Provision of Consumer Loans in Ukraine Changed
Standing concern
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Parliament changes the procedure of acquisition of a substantial interest in Ukrainian banks
Ukraine's National Bank Requires Individual Licenses for Payments by Ukrainian Sureties to Foreign Creditors
National Bank reintroduces reserve requirements for short-term funds attracted by Ukrainian banks from abroad
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