Industries

Banking and Financial institutions

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Overview

Vulnerable to the effects of frequent global and local downturns, Ukraine’s banking and financial sector is fast-changing and heavily regulated. With in-depth knowledge of the sector and extensive experience across our core practices, we are perfectly placed to render top-notch legal service, helping our clients navigate their way through this challenging environment.

Avellum’s attorneys regularly advise a wide range of financial institutions, including international and domestic banks, investment firms, asset managers, insurers, brokers, stock exchanges and other financial institutions. They benefit from our capacity to advise both on aspects of their operations, and the products and instruments they offer to their clients.

Our expertise

We know how to set up efficient teams of lawyers from our core practice areas to advise banks and financial institutions on M&A transactions in the sector, financing, debt and equity placements, regulatory compliance, debt and corporate restructuring, taxation matters, and debt collection – usually accompanied by enforcement of guarantees/suretyships, as well as mortgages and pledges over assets located in Ukraine.

Our clients

We advised the Black Sea Trade and Development Bank, Citi, Credit Suisse, Deutsche Bank, the European Bank of Reconstruction and Development, ING, Raiffeisen Bank International AG, Rabobank, and UniCredit.

Key experience

Tax advice on cross-border financing matters

Legal Advisor to PrivatBank

Advice on tax aspects of Eurobond offering, fully guaranteed by the United States of America

1

Bln USD

Legal Advisor to the Ministry of Finance of Ukraine

Acquisition of 100% shares in Portmone Group by Kaspi Pay, a wholly owned subsidiary of Kaspi.kz

Legal advisor to JSC “Kaspi.kz”

Two loan agreements constituting financial support from France to Ukraine for strengthening maritime safety and security of Ukraine

116

Mln EUR

Legal advisor to the Ministry of Finance of Ukraine

A loan to Communal Enterprise “Kyivskiy Metropolitan” guaranteed by the Kyiv City Council

116

Mln EUR

Legal advisor to EBRD

Debut bond issue of Ukravtodor at the international capital markets with the state guarantee

700

Mln USD

Legal advisor to the Ministry of Finance of Ukraine and Ukravtodor

Merger of PJSC “MTB Bank” and PJSC “Commercial Bank “Center”

Legal Advisor to MTB Bank and Bank Center

Legal Advisor to a private equity vehicle managed by responsAbility Investments AG

Acquisition of a shareholding in Bank Lviv

Secured credit facilities to Kuwait Energy

116

Mln USD

Legal Advisor to Lenders

Long term secured loan to Limited Liability Company “Novi Biznes Poglyady”

52.5

Mln EUR

Legal advisor to EBRD

Show all key experience

Related materials

Legal alerts

UKRAINE ADOPTS EXTRAORDINARY CURRENCY CONTROLS AMID RUSSIAN MILITARY AGGRESSION

On 24 February 2022, promptly following the outbreak of Russian military aggression against Ukraine, the martial law was declared across the entire territory of Ukraine. With effect from the same date, the National Bank of Ukraine (“NBU”) passed resolution No. 18 “On the Functioning of the Banking System during the Martial Law”.

Posted on August 24, 2022

Newsroom

UKRAINIAN LAW ON JOINT STOCK COMPANIES IS SUBSTANTIALLY MODERNISED

The Parliament of Ukraine has adopted in its entirety draft law “On Joint Stock Companies” No. 2493, dated 25 November 2019 (“Draft Law”).

Posted on August 24, 2022

Legal alerts

UKRAINE STREAMLINES REGULATION OF LOCAL FINANCIAL SERVICES MARKETS

On 1 July 2020, the Law of Ukraine “On Amendments to Certain Legislative Acts to Improve Functions for State Regulation of Financial Services” (“Law”), dated 12 September 2019, became operational.

Posted on August 24, 2022

News

AVELLUM ADVISES THE MINISTRY OF FINANCE OF UKRAINE ON OFFICIAL LOANS EXTENDED TO UKRAINE BY ITALY AND CANADA

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine.

Posted on August 24, 2022

Newsroom

AVELLUM ADVISES EBRD ON EUR50 MLN FINANCING OF NEW METRO CARS FOR KYIV METRO

Proceeds from the EBRD loan will be used to finance the procurement of 50 new metro cars, as well as for related services and equipment.

Posted on August 24, 2022
AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with up to a EUR50 mln loan to Communal Enterprise “Kyivskiy Metropolitan” guaranteed by the Kyiv City Council. Proceeds from the EBRD loan will be used to finance the procurement of 50 new metro cars (as well as related services and equipment). These metro cars will carry passengers on one of the Kyiv underground rail network lines. Such an upgrade of the Kyiv metro rolling stock is expected to encourage more people to use modern and efficient public transport instead of their private cars, reducing traffic congestion in Kyiv. The EBRD remains the largest international financial investor in Ukraine and to date has committed more than EUR14.5 bln in over 488 projects to the country. The loan to “Kyivskiy Metropolitan” is a part of the Vital Infrastructure Support Programme launched by the EBRD in response to the economic fallout caused by the ongoing coronavirus pandemic to back the essential infrastructure. AVELLUM team working on the project was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Anastasiia Zhebel, and Mariana Veremchuk.

Newsroom

AVELLUM CLOSES 2020 WITH 3 MORE SUCCESSFUL EUROBOND DEALS

AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020.

Posted on August 24, 2022
AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020. Despite the global turbulence during the year, we are proud to close 2020 with the following successful Eurobond offerings and liability management transactions: USD300 million Eurobond offering and tender offer by Kernel AVELLUM acted as the Ukrainian legal counsel to Kernel Holding S.A. (“Kernel”) on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022. Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Natixis acted as joint lead managers of the Eurobond issue and joint dealer managers for the tender offer. Kernel is the world’s leading and the largest in Ukraine producer and exporter of sunflower oil, and a major supplier of agricultural products from the Black Sea region to world markets. Kernel exports its products to more than 80 countries. Since November 2007, the shares of the company are traded on the Warsaw Stock Exchange (WSE). USD600 million tap issue of outstanding 2033 Eurobonds by Ukraine AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033. The additional issuance was priced at a 6.20% yield, the lowest on a public USD Eurobond in the history of Ukraine. BNP Paribas and Goldman Sachs International acted as joint lead managers of this tap issue. Eurobond cash tender offer by Ukreximbank AVELLUM acted as the Ukrainian transaction counsel to Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”) as borrower and Goldman Sachs International as dealer manager on USD316 million cash tender offer. Ukreximbank for the first time among Ukrainian issuers of Eurobonds carried out the tender offer transaction without the simultaneous placement of a new issue. Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine. Notwithstanding the unprecedented challenges of 2020, AVELLUM remains a true market leader in legal support of capital markets transactions out of Ukraine. We are grateful to our clients for entrusting us with these challenging and exciting projects and hope that more to come. * * * * * The AVELLUM team working on these transactions* was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Anastasiya Zhebel, Mariana Veremchuk, Mykola Falko, Viktoria Bilenko, and Vladyslav Kostin. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided support on tax matters of the transactions. *transactions are listed in the alphabetical order

Key contacts

GLIB BONDAR

Senior Partner

gbondar@avellum.com

Team

MYKOLA STETSENKO

Managing Partner

mstetsenko@avellum.com

YURIY NECHAYEV

Partner

ynechayev@avellum.com

VADIM MEDVEDEV

Partner

vmedvedev@avellum.com

ANDRIY ROMANCHUK

Counsel

aromanchuk@avellum.com

OLEG KRAINSKYI

Managing Associate

okrainskyi@avellum.com

Practice

International arbitration

We do not ‘arbitrate for arbitration’s sake’. We understand that arbitration, as any dispute, is a stress for your business and always tailor our strategy to your needs.

Practices

Restructuring

We have been involved in many of the high-profile Ukrainian debt restructurings.

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