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Konnov & Sozanovsky - Banking

Konnov & Sozanovsky — Advising Various Businesses
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The financial sector of Ukrainian economy experienced rapid growth till the third quarter of 2008, which began in 1991 when the Law of Ukraine «On Banks and Banking» was adopted. But from the end of 2008 the banking sector started to operate in the conditions of increasing recessionary pressures, growing instability and uncertainty on world financial markets, and diminishing accessibility to financial resources. This was the reason for subsequent correction of the financial services market and strengthening of monitoring of Ukrainian banks and their activities. However, according to the official data of the main financial institution of the country – National Bank of Ukraine, key indicators of the banking system gave evidence of its sustainable development throughout 2008.

The Ukrainian banking system is a two-tier structure consisting of the National Bank of Ukraine and commercial banks of various forms of ownership, including the state-owned Export-Import Bank and a Savings Bank. Starting from 1 January, 1998, the banking system of Ukraine switched to the international accounting and statistics standards. Now there are about 190 banks servicing various transactions in Ukraine.  In 2008 the number of banks with foreign investments reached 50, of which 18 are wholly-owned by foreign companies.  In 2008 the equity capital of such banks increased by 62,7% compared to 2007 and amounted to 103,2 billion UAH. Foreign investors continue to take great interest in the banking sector of Ukraine. At present the share of foreign capital in the registered capital of Ukrainian banks constitutes nearly 36%. The given data are certainly indicative of a dynamic development of Ukrainian banks, which cannot be said about the banking legislation.

Poorly-crafted laws, controversial provisions, governing financial transactions, require profound knowledge of both the sector and its respective legislation. Our financial law team provides solution-driven and seamless advice to financial institutions and their customers. The Konnov & Sozanovsky lawyers advise Ukrainian banks and other financial institutions on different aspects of their activity. Having profound understanding of the business environment, we develop 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, their representative offices or branches. We provide a full range of legal services 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. We advise our clients on different types of security, including pledge, mortgage, and bank guarantees.

 

The banking system of the Russian Federation includes Russian Bank, credit organizations, as well as affiliates and agencies of foreign banks. To gain WTO accession Russia mustconduct more liberal policy in respect of foreign banks, as it presentlylegislatively impedes their entry to the Russian market of the banking services. Consequently, the number of banks with the foreign capital steadily grows, as does the quantity of mergers and takeovers transactions within the banking area.

The legistaive landscape is problematic. Imperfect legislation, coupled with controversial regulations, governing financial operations, require profound knowledge, both in the economic sphere itself, and in the corresponding areas of the legislation.

Konnov & Sozanovsky's lawyers provide solution-driven and seamless legal advice to both financial institutions and clients. Possessing knowledge of the market and respective legislature, our lawyers render legal services to the banks, investment funds, insurance companies, as well as to the companies, carrying out property management, pension funds and real estate management funds, etc. Thoroughly familiar in the business sphere, we can develop innovative and practical solutions for our clients. We advise on matters of business structure development, mergers and acquisitions, operations with the securities and other property, tax planning, dispute settlements, etc. Our sphere of legal services includes matters of shares’ purchase with the participation of the Russian banks, as well as creation of the new banks with the foreign capital. Taking into consideration the interest of the foreign investors, as well as Russian companies to the different methods of their interests protection in the process of doing business at the so unstable, from the political and economical point of view, Russian market, we advise clients, with regard to different kinds of financial security, including real security, mortgage, and bank guarantees.

 
Leading Lawyer Key Practice Office Position  
Gluhovskaya, Tatiana Intellectual property law Kiev (Ukraine) Đartner
Derbal, Yevgeniya Tax law Kiev (Ukraine) Partner
Ivanov, Alexey Corporate law Kiev (Ukraine) Managing Partner
Konnov, Sergei Corporate law Kiev (Ukraine) Senior partner
Semeniy, Julia Intellectual property law Kiev (Ukraine) Partner
Yaremchuk, Helen Corporate law Kiev (Ukraine) Partner