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Banking and finance are the areas of our core expertise. Nearly every year the firm and its partners Armen Khachaturyan, Iryna Pokanay and Svitlana Poroschuk are noted as being the very best in Ukraine in this field by prominent Ukrainian and international peer review-based ratings.

Among our clients we can see IFC, EBRD, 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.

Firm recognition:

  • Highly recommended firm in banking and finance, IFLR1000 2018
  • Band 1 law firm for banking and finance, Chambers Global 2018
  • Band 1 law firm for banking and finance, Chambers Europe 2018
  • Tier 1 firm in banking and finance, The Legal 500: EMEA 2018
  • One of the Top 5 law firms in banking and finance, Ukrainian Law Firms 2018. A Handbook for Foreign Clients
Representative experience:

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

  • PJSC Ukrzaliznytsia, a Ukrainian public railway company, in connection with the 500 million USD restructuring of its 9.5 per cent loan participation notes due in 2018. Asters had an advisory role including full legal support on Ukrainian law matters, assistance in negotiating and drafting transaction documents, the registration of amendments to foreign loans with the National Bank of Ukraine, assistance in obtaining all necessary regulatory approvals, as well as advising on banking and finance and other Ukrainian legal matters;

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

  • IFC, part of the World Bank group, on a number of projects for a total value exceeding 1 billion USD, including up to a 100 million USD loan to Nibulon, one of the largest Ukrainian grain and oilseed  producers and exporters;

  • EBRD on a number of major projects with a total value exceeding 1 billion USD, including 140 million USD and 100 million USD subordinated loan facilities to PJSC UkrSibbank, a BNP Paribas subsidiary in Ukraine;

  • EBRD, IFC and 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-stations network;

  • Barclays Capital, Citigroup, Credit Agricole Corporate and Investment Bank, Intesa Sanpaolo S.p.A. London Branch, ING Bank N.V. and SACE in connection with the restructuring of Interpipe's 887 million USD debt portfolio;

  • China Development Bank 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 telecommunication equipment and service companies);

  • Deutsche Bank AG in connection with a 480 million USD loan facility provided to the State Road Service of Ukraine under the guarantee of the Ukraine Cabinet of Ministers for the purpose of financing the reconstruction of the Kiev-Odessa highway;

  • Creative Group in connection with a 255 million USD syndicated loan facility from PJSC Ukrsotsbank, a member of Unicredit Group, VTB Capital PLC, Erste Group Bank AG, and Societe Generale;

  • ING Bank N.V. in connection with a number of financings to Ukrainian companies, including a 20 million USD pre-export finance facility to Grain Trading Company, which is part of the Cyprus-based Allseeds Group, and a 50 million USD sunflower pre-export finance facility to Myronivsky Hliboproduct Group, one of the largest agro-industrial companies in Ukraine;

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

  • Citigroup Global Markets and Bank of America Merrill Lynch in connection with a 368 million USD  secured loan facility provided to the group of companies, including the software department of Flextronics International Ltd;

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

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

  • Coal Energy S.A., a Luxemburg-based holding running ten coal mines and recycling and processing plants in Ukraine, in connection with 70 million USD financing provided by EBRD;

  • Česká exportní banka on a number of secured loan facilities to Ukrainian companies including major glass plants, among which financing for a total amount of approximately 70 million USD was provided to Volnogorskoe Steklo Ltd;

  • Expobank CZ a.s. (formerly LBBW Bank CZ a.s.), a leading Czech bank, in connection with providing a 21.25 million USD secured loan to Volnogorskoe Steklo Ltd, a major Ukrainian glass producer.

Featured services:

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

Publications
Currency control reform in review
Asters acts as local Ukrainian counsel for Ukraine in $3bn Eurobond dispute with Russia
Asters advises EBRD on USD 15 million financing to Modern-Expo Group
Changes in defining the courts' jurisdiction limits: a step towards more efficient protection of creditors' rights
Regression, subrogation or ... nothing?
Asters advises International Finance Corporation on USD 17 million financing to Agrofusion
Asters advises IFC on USD 30 million financing to Astarta
Asters advises International Finance Corporation on USD 12.5 million financing to Nyva
Ukraine's debt restructuring reforms create fresh opportunities and challenges
Debt recovery trends in Ukraine
OTP Bank, 1991 Open Data Incubator, National Bank of Ukraine and Asters crown the winners of the Open Banking Lab program
Private Banking development trends in Ukraine
Digital technologies in banking
Asters advises International Finance Corporation on over EUR 30 million financing to IMMER Group
Ukraine has taken new steps towards implementation of the escrow concept in the national legislation
Asters advises on the first banking merger under the new bank reorganization law
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
Financial Arbitration Procedure in Ukraine
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 substitutes the loan assignment prohibition with enhanced control over cross-border loan agreements registration
NBU reiterates its currency restrictions
NBU extends the term of foreign lender loans prepayment prohibition
Shedding light on bank ownership
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: Currency Legislation and FEZ Crimea
NBU Extends the Term of Foreign Lender Loans Prepayment Prohibition
Imposition of Moratorium on Foreclosure of Ukrainian Citizens' Property Provided as Collateral for Foreign Currency Loans
NBU extends the term of foreign lender loans prepayment prohibition until 1 September 2014
Ukrainian banks are restricted doing banking business in Crimea
NBU Extends the Term of Foreign Lender Loans Prepayment Prohibition (update)
NBU Introduces Prohibition of Prepayment of Loans Provided by Foreign Lenders
25 March 2014
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
SCU Clarified the Right of Individuals and Legal Entities to Extend Interest Bearing Loans
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
Parliament Allows Payments in Hryvnia in Cross-Border Trade
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
National Bank reintroduces reserve requirements for short-term funds attracted by Ukrainian banks from abroad
Ukraine's National Bank Requires Individual Licenses for Payments by Ukrainian Sureties to Foreign Creditors
Parliament changes the procedure of acquisition of a substantial interest in Ukrainian banks
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