The  rapid growth of financial sector of Ukraine started in 1991, when the Law of Ukraine «On Banks and Banking» was adopted. New types of financial institutions and financial services are rapidly emerging in Ukraine.

The Ukrainian banking system is a two-tier structure consisting of the National Bank of Ukraine and commercial banks of various types and forms of ownership including the state-owned Export-Import Bank and a Savings Bank. Starting from January 1, 1998, the banking system of Ukraine switched to international accounting and statistics standards. Now there are about 160 banks servicing various transactions in Ukraine.  In 2005 the number of banks with foreign investments reached 23, of which 9 banks are wholly-owned by foreign companies.  The share capital of such banks amounts to UAH 3602 million. In 2006 the aggregate assets of the Ukrainian banks increased by 18.8% and made up UAH 264974 million. During recent years the interest in Ukrainian banks from foreign banks has substantially increased. Now, the shares of the banking sector are actively traded on the Ukrainian stock exchange. Since 2004 some 6 Ukrainian banks have been sold to the major European financial groups - SEB, Raiffeisen, OTP Bank, BNP Paribas and others.

Poorly-crafted law, particularly, controversial provisions governing financial transactions, required profound knowledge of both the sector and its respective legislation. Our financial law team provides solution-driven and seamless advice to both financial institutions and customers of their services. The Konnov & Sozanovsky financial law team advises Ukrainian banks and other financial institutions on different aspects of their activity. Having the profound understanding of the business environment, we develope innovative solutions for our clients. We advise on the development of business framework, M&A issues, transactions with securities and other assets, tax planning, dispute resolution etc. Our lawyers advise on share purchase matters involving Ukrainian banks and on incorporation of new banks with foreign investments. We provide a full range of legal services to our clients starting from the registration and obtaining of necessary permits from the National Bank of Ukraine. Both foreign investors and Ukrainian companies are increasingly looking at various methods of securing their interests while doing business in such a volatile market as Ukraine from both: political and economic point of view. We advise our clients on different types of security, including pledge, mortgage, and bank guarantees.

16.03.2007

Konnov & Sozanovsky organized an international seminar on Cyprus

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