AEQUO is one of the preferred legal counsel, with well-established relationships involving international organizations and lenders, as well as big Ukrainian borrowers. The team advises on different types of lending transactions, acquisition finance, debt restructuring, banking M&A, regulatory and NPLs matters. The banking’s team recent profile was support to the State Savings Bank of Ukraine, a leading state-owned bank, in a transaction commenced by EBRD on providing USD 100 million as a convertible loan in connection with potential privatization. The team advised Dragon Capital on borrowing USD 12.5 million loan from EBRD to develop “green” real estate. The firm’s restructuring pipeline including advising the state-run Deposit Guarantee Fund of Ukraine (DGF) on the restructuring of its multibillion indebtedness towards the State of Ukraine due to mass pay-outs of guaranteed deposits to the depositors of Ukrainian banks that failed in 2014-2017. The team is regularly involved in supporting banking M&A. For example, it advised Dragon Capital in connection with the acquisition of Unex Bank from Smart Holding, one of the leading business groups in Ukraine. Another notable project was giving advice to Ukrposhta, the national Ukrainian postal service, on the purchase of Alpari Bank which might result in the creation of a nationwide postal bank. The practice is led by partner Yulia Kyrpa, who is very visible in the banking community and constantly admired for her strong regulatory knowledge. Bohdan Dmukhovskyy and Denys Kulgavy are counsel line figures. 

AMBER Law Company has an enviable portfolio of banking clients, to name a few – Bank Julius Baer (Switzerland), Bank Picted & Cie (Switzerland), Ukreximbank, Tascombank, Ukrgasbank, OTP Bank, Reiffeisen Bank. The firm is well-positioned to advise on financial compliance, regulatory and contentious matters, extending Agreements of Finders executed between the firm and several foreign banks providing the firm with clients and verifying them in order to provide evidence that all taxes are duly paid in the country of their incorporation and/or conducting business. The firm has an established practice of advising depositors in their creditor claims to banks undergoing liquidation procedures. Andriy Segal and Semen Khanin are the main contacts. 

The largest domestic full-service law firm, Asters, is a consistent choice for international lenders and major international financial institutions granting high-value loans to Ukrainian borrowers, as well as supporting debt restructuring and insolvency procedures, handling banking M&A. In 2021, the firm demonstrated a vivid track record of complex deals. For example, it acted as a Ukrainian law counsel to a syndicate formed by financial institutions on a complex transaction involving financing up to PLN 1.5 billion (EUR 325 million) for Polish, Russian, Romanian, Ukrainian and German companies from Cersanit Group, a European leader in production and distribution of goods used in finishing and fitting out bathrooms; advised the EBRD and IFC in connection with their loans to JSC Concern Galnaftogaz, Ukraine’s largest company in retail distribution of transportation fuels; IFC in its financing to the city of Zaporizhzhia and the city of Kryvyi Rih. As the team is active on the restructuring front, and the team represented an ad hoc group of lenders in the course of USD 2.066 billion debt restructuring of DTEK, the largest private, vertically-integrated energy company in Ukraine. The formidable practice team has three partners on board – renowned banking and finance professional Armen Khachaturyan, Iryna Pokanay and Roman Stepanenko. The senior team includes counsel Gabriel Aslanian and Kateryna Oliynyk.

AVELLUM is one of the top referred Ukrainian law firms in sophisticated financing transactions and landmark restructuring projects. The firm is also traditionally retained for the majority of capital markets work. Working alongside international law firms, the team is present in major cross-border deals, and represents all types of clients: sovereign, corporate borrowers and major lenders – investment and commercial banks and financial institutions. The firm advised the Ministry of Finance of Ukraine on intergovernmental financial transactions starting from 2015. In 2021 the banking team advised the Ministry on two loan agreements for a total amount of EUR 116 million together constituting official financial support from France to Ukraine aimed at strengthening its maritime safety and security. AVELLUM is preferred by IFIs as most active in international lenders in the corporate finance field. In particular, the firm advised the EBRD on a EUR 50 million loan to Communal Enterprise Kyiv Metropolitan guaranteed by the Kyiv City Council. The firm is one of the preferred counsel for large-scale cross-border restructuring mandates, having acted as the Ukrainian legal counsel to DTEK Group in connection with the USD 2 billion debt restructuring under the two inter-conditional English schemes of arrangement for DTEK Energy B.V. and DTEK Finance PLC. The 2021 portfolio included acquisition finance, projects finance, pre-export finance, debt transferability and insolvency matters. With many years of commitment to this practice, Glib Bondar, senior partner, is the busiest and most referred practicing banking lawyer in Ukraine. He is supported by the team of Anastasiya Voronova and Oleg Krainsky.

Housing one of the most experienced banking and finance practices in Ukraine, Baker McKenzie offers wide-ranging expertise across different areas of work, in particular, cross-border lending, restructuring and insolvency, financial services regulation, capital markets. The team deals in different economic sectors, particularly agriculture, food production, energy, consumer goods and retail, manufacturing. In 2021, the firm advised Cargill Financial Services International in relation to a series of loans to Ukraine in the maximum amount of EUR 250 million. Among the long-lasting projects of the Kyiv team is advising IFC in connection with the European Union’s program to support Ukraine’s state-owned Energy Efficiency Fund, including implementation of the guidelines and agreements for the proper use of grants from the Multi-Donor Trust Fund to be managed by IFC in cooperation with the Energy Efficiency Fund, participating financial institutions and homeowner associations. The practice team is a point of choice for large-scale cross-border restructuring projects, and has acted for both borrowers and lenders. The team acted as a special Ukrainian expert and issued an expert opinion on the recognition in Ukraine of the two schemes of arrangement sanctioned by the High Court of Justice of England and Wales, to obtain the restructuring of debts owed by DTEK Energy B.V., DTEK Finance PLC to certain notes creditors and bank lender creditors. Another notable project of the past year was advising First Ukrainian International Bank in connection with the structuring, negotiation and entry into a conditional purchase agreement for shares in Idea Bank (Ukraine) from its sole owner, Polish financial group Getin Holding. Serhiy Chorny, co-managing partner, is one of the undisputable luminaries and mentored a number of renowned banking and finance practitioners. Victoria Ischenko, senior associate, is noted for handling renewable energy financing. The other team members are Stepanyda Badovska, Hanna Smyrnova and Bogdan Dyakovych. The payments practice as well as fintech projects were led by counsel Maksym Hlotov^[1].

СMS is represented through two offices in Ukraine.

CMS Cameron McKenna Nabarro Olswang stands out for its English law capability on the ground, commanding an extensive portfolio of export and project finance, regulatory, debt factoring matters, and having raised its presence on capital markets. The Kyiv team is retained by banking syndicates for handling large-scale cross-border financing. Having advised ING over the last couple of years, in 2021 the team advised a syndicate of banks led by ING Bank N.V. in relation to the extension of the USD 450 million pre-export facility for Ukraine’s Kernel Group; on a USD 100 million three-year syndicated pre-export finance facility for Nibulon S.A., one of Ukraine’s leading agribusiness companies. In addition, the firm advised Horizon Capital and Datagroup on obtaining UAH financing from EBRD in the amount equivalent to EUR 65 million for funding acquisition of 100% of Volia group of companies in Ukraine, with the full backing of Horizon Capital’s EEGF II fund and refinancing of the working capital facilities of Tascombank. The firm advised PrimoCollect Group on successfully securing approval from the National Bank of Ukraine for the acquisition of a substantial shareholding in Tiger Finance, a leading non-banking financial company in Ukraine. Partner Ihor Olekhov was frequently referred as a universal banking lawyer with outstanding experience in various transactions and regulatory matters. The key members of the senior practice team are Kateryna Chechulina and English-qualified Orest Matviychuk. Sofia-based finance partner Elitsa Ivanova is present in many projects.

The Kyiv banking and finance practice at CMS Reich-Rohrwig Hainz is part of the broader CEE regional banking practice. The office is traditionally a point of choice for a range of prominent banks and investment companies, especially from German-speaking countries. The team’s recent portfolio included representing international banks in extending export credit facilities to large industrial corporate borrowers, debt assignments and complex debt recovery. The firm has notable expertise in aviation finance and lease matters. Anna Pogrebna is lead partner.

The Kyiv office of Dentons traditionally commands a strong practice encompassing expertise on cross-border lending and debt restructuring, trade finance; advises on regulatory reforms, banking regulations and sanctions, restructuring and distressed debt trading, financial services and Fintech. The cross-border team has been providing Oesterreichische Entwicklungsbank AG with legal support in financing construction of the Hlyniany photovoltaic project near Lviv; advised Black Sea Trade and Development Bank on a small and medium-sized enterprises (SME) term loan from West Finance and Credit Bank. The team advised Piraeus Bank on the sale of a loan of about USD 62.5 million granted to GOOIOORD B.V., a Dutch developer. The client base includes sound names like Goldman Sachs, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, European Investment Bank, UniCredit, National Securities and Stock Market Commission (NSSMC) and the National Bank of Ukraine. Lead partner Natalia Selyakova is a highly-experienced practitioner. Counsel Nadiya Shylienkova is the key figure, leading major transactions at the Kyiv office.

Eterna Law focused its banking and finance practice on financial services regulation, factoring, banking regulation abroad and compliance. The firm advised an ultra-high net worth individual regarding obtaining financing to purchase a 44-meter yacht; advised a Bulgarian investment company on establishing a financial company in Ukraine focusing on consumer crediting; advised Ibox Bank on its relations with clients. Nikolas Likhachov is practice lead partner^[2].

Ukrainian dispute resolution firm EQUITY has a solid client roster of financial companies, advising on the purchase of portfolios of non-performing loans (NPLs) and distressed assets from Ukrainian commercial insolvent banks, including their enforcement. The firm represented Finance Company Helios, a large finance company in Ukraine, in litigation on the enforcement of NPLs purchased from Delta Bank (approx. USD 2 million) and Imex Bank (approx. USD 9.7 million). With the firm finding itself high on the Ukrainian litigation market, partner Oleh Malinevskyi leads large-scale insolvency cases and guides NPLs workload.

Ukrainian law firm EVERLEGAL has experience of transactions and regulatory matters involving banks and non-banking finance institutions. The team obtains cross-border financing assignments and domestic lending, domestic banking and finance products. Notably, the team was recently focused on trade finance, crown-funding arrangements, and broadened its expertise in non-financial derivatives. The team advised an investment banking boutique based in Ukraine in relation to financing the structuring of a management and financing vehicle for a major privatization project. With its experience in supporting financing for the construction and development of innovation parks in Ukraine, the firm was called upon by Israeli IT Developer in connection with structuring of capital markets to finance deals to fund certain smart-city solutions for smaller towns in Ukraine. The firm’s clients include major foreign banks and private banking corporations, domestic and international developers of renewable energy projects, IT and investment companies. The practice is co-headed by two partners – Vsevolod Volkov and Andriy Olenyuk.

EY Ukraine has an extensive portfolio of projects related to financial restructuring and assessment of non-performing loans (NPL) and supply chain finance (SCF) markets in Ukraine, including relevant regulatory framework and possible investment structures. The team possesses a strong portfolio of financial restructuring projects undertaken under the Law of Ukraine On Financial Restructuring. For example, it acted as an independent advisor in financial restructuring of debts owed by the Association of Baby Food LLC to Oschadbank, HVC Tavria PJSC and International Business Center LLC to Ukreximbank, etc. Among other areas of recent focus are establishment of investment funds and advising foreign financial institutions on matters related to placement of their securities in Ukraine. Borys Lobovyk and Bogdan Malniev are the key points of contact. 

In 2021 GOLAW extended its debt restructuring workload, being instructed for complex projects, including foreclosure of assets, assignment of claims under security agreements, insolvency proceedings. The firm maintained its focus on the renewable energy sector, having advised ProCredit Bank on regulatory matters within green energy industry, developed the strategy related to foreclosure of a debtor’s assets, a renewable energy company. The firm provided full legal support to the Export Guarantee and Insurance Corporation (EGAP) on the sale of the grain storage complex that was foreclosed by EGAP as a result of a debt restructuring matter. Three partners guided the firm’s work – Sergiy Oberkovych, Max Lebedev and Iryna Kalnytska.

Gramatskiy & Partners advised a variety of local companies, especially from the agrarian, real estate and construction sectors, on obtaining finance from Ukrainian banks, pledge and collateral, wide range of regulatory issues, including financial monitoring and anti-laundering procedures. The firm retains instructions for opening banking accounts abroad, debt restructuring, conversion of debt into equity. The team represented MGT Black Sea LLC in obtaining a USD 10 million loan facility from OTP Bank; supported Graal LLC in financial restructuring throughout a factoring operation with financial companies. Igor Reutov heads the practice. 

Ilyashev & Partners is a primary dispute resolution firm with leading positions in insolvency and debt recovery practice, advising on substantial debt under loan agreements and restructuring proceedings, representing creditors and domestic borrowers. The firm further confirms its presence in the insurance and online payment fields. Clients include Arctic Securities, Munich Reinsurance Company, Development Bank of Kazakhstan, Ukreximbank, PZU Ukraine, ProCredit Bank. Mikhail Ilyashev, managing partner, oversees the practice. The practice team was extended with the arrival of Oleksandr Rudenko and Yurii Mosunov.

INTEGRITES expanded its banking and finance profile, having IFIs in its client following and being one of the preferred legal counsel for project finance in the renewable energy field. The firm advised Ukrgasbank, a state-owned bank, and the Ministry of Finance of Ukraine on a EUR 30 million loan extended by the IFC. Furthermore, the team advised Scatec (Norway) on the provision of additional security for project financing in respect of construction of three solar plants located in Progressivka. The team is called upon to support commercial loan restructuring, market entries and banking M&A, financial services, compliance and regulatory requirements. The firm acted for Scatec Solar on restructuring of the EUR 38 million non-recourse debt financing for the construction of solar PV power plant in Bohuslav, extended by FMO, Green for Growth Fund and GIEK providing an unfunded credit guarantee. The team acted in a consortium with PwC EU Services EESV and Correggio Consulting Ltd for Delegation of European Commission in Ukraine to assist the Ukrainian securities markets regulator – National Securities and Stock Market Commission in improving energy commodity markets, including organized trading for commodities in Ukraine. The practice is led by two partners focused on transactional work, namely Igor Krasovskiy and Dr. Oleh Zahnitko, both of whom are focused on regulatory projects.

The Kyiv office of French law firm Jeantet is consistently hired by international financial institutions. This past year, the firm advised the European Investment Fund on the guarantee agreement with Bank Lviv to cover a portion of risk related to the portfolio of domestic loans to small and medium-sized enterprises as part of the InnovFin Project in the amount of EUR 10 million; advised Malteurop on the prolonging of credit lines with Ukrainian banks, guarantees issued as security for its subsidiary’s payment obligations under loan agreements with Credit Agricole and Raiffeissen Bank. The office was continuously instructed by the European Investment Bank on its transactions with Ukrainian corporate and public borrowers, in particular, secured loans for JSC ProCredit Bank to finance sub-projects promoted by SMEs and MidCaps; for Nibulon to finance an agriculture storage and logistics investment program; Kernel Group to finance the construction of two inland grain silos, and a grain handling and storage terminal located within the Port of Chornomorsk, biomass-fired CHPs and a sunflower oil crushing plant; JSC Ukrposhta and PJSC Ukrainian Railways. The practice is co-led by partner Bertrand Barrier and senior lawyer Olga Babiy. Andrii Koshman is the key team member.

In June 2021, Kinstellar merged with DLA Piper Ukraine and formed an amalgamated banking and finance practice with strong positions in financing issues in technology, telecommunications, transport, infrastructure, energy, agriculture. The big team represented both borrowers and lenders in large-scale, multijurisdictional finance mandates spanning bank and syndicate lending, trade finance, project finance, restructuring and insolvency. Most recently the team acted for EBRD on a local currency loan equivalent to USD 65 million to Datagroup, a leading national fibre infrastructure and digital services provider, to primarily finance its acquisition of Volia. The firm has notable expertise of aircraft leasing, and advised worldwide industry leader Aviation Capital Group on the leasing of four Boeing Model 737-8HX aircrafts under USD 147 million leasing agreements with local aircraft company Bees Airline LLC. In 2021, the team was also mandated for acquisition facility projects, large-scale restructuring, assignment of loans, fintech projects, and demonstrated expertise in fund formation. Dmytro Pshenychniuk is praised for hands-on experience in sophisticated finance and capital markets mandates. Illya Muchnyk was involved in bilateral financing, general banking, financial monitoring and investment fund formation. Oleksandr Kurdydyk is lead partner. Andriy Nikiforov joined Redcliffe Partners. 

Ukrainian law firm KPD Consulting has solid banking names among its clients, and was called upon to advise on restructuring and prolongation, and also demonstrated expertise in financial services. In a recent highlight its team advised UniCredit Bank AG on the review and roll-over of a USD 60 million loan facility to a United Arab Emirates trader with pledge of commodities located in Ukraine; International Reserve Bank on prolonging a USD 40 million loan to Mater Avia LLC and roll-over of the loan facility purported on reconstruction of the runway at Kyiv Airport. Backed by expertise in collateral and pledge, the team is a point of choice for banks, and assists ING Bank Ukraine in day-to-day collateral monitoring activities and with respect to mortgage law issues pertaining to enforcement of a USD 10 million non-performing loan; Piraeus Bank ICB on mortgage law issues relevant to the restructuring and sale of claims under the multimillion loan extended to a large real estate developer. The team has expertise in payment regulatory matters, and advised Diebold Nixdorf on payment services and regulations of payment infrastructure services operators. Vladyslav Kysil focuses on collateral law and is a leading name in real estate. 

KPMG Law Ukraine retained instructions of regulatory and currency control matters, structuring financing, including intra-group deals, reviews of non-performing loans portfolios, compliance with anti-money laundering regulations. The team assisted JCB International Co., Ltd with its proper registration as an international payment system in Ukraine; provided the Victorix AIF Variable Capital Investment Company with turn key legal support in structuring and attracting financing for the subsidiaries of a foreign real estate investor. NPLs continued to be an area of significant focus. The team recently handled complex due diligence of a non-performing loans portfolio of Ukrainian banks for Asset Portfolio Servicing Romania S.R.L. State postal operator Ukrposhta JSC hired a team for tax and legal due diligence as well as valuation in relation to its planned acquisition of a Ukrainian bank. The team advised a debtor – Terkuriy-2 LLC, the owner of the Shopping and Entertainment Center in Ternopil, in the course of financial restructuring of debts owed to Ukreximbank. Yuriy Katser heads the firm’s legal services. Bogdan Shyshkovskyi, promoted to counsel, is another key practitioner. 

Redcliffe Partners is well-versed in advising large-scale lending and refinancing projects, as well as sophisticated restructuring mandates. The firm has historically acted predominantly on the side of lenders and has long-standing clients – corporate and investment banks, international financial institutions. The firm continued advising EBRD in relation to risk participation agreements with various Ukrainian banks – advised on the provision of an unfunded guarantee of up to EUR 75 million to Raiffeisen Bank Ukraine; implementation of the first two sub-loans within the Framework Risk Participation Agreement with Piraeus Bank Ukraine. Redcliffe Partners advised Citibank Ukraine on the extension of a EUR 30 million loan to one of the largest Ukrainian producers of agricultural products. The team advises lenders on cross-border restructuring and insolvency cases of Ukrainian industrial borrowers; advised a syndicate of major European and UK banks on the restructuring of facilities provided to Origin Enterprises plc, a focused agri-services group. Olexiy Soshenko, managing partner, is one of the most respected professionals in international finance. The team includes Olesia Mykhailenko, Evgeniy Vazhynskiy and Olena Polyakova. In August 2021, Andriy Nikiforov joined as a new partner from Kinstellar. 

The market-leading banking and finance practice of Sayenko Kharenko has traditionally possessed a strong track record of transactional and regulatory advice, acting for major international lenders, investment advisors, borrowers and other institutions. The sizeable team is hired for a significant share of financing, restructuring and international capital markets work in Ukraine. In the course of 2021, the team advised EBRD on several projects, inter alia, on providing loans to ProCredit Bank, Ukrgasbank, Crédit Agricole Bank Ukraine, Bank Lviv. The firm consistently advises NEFCO on project financing, most recently in more than 10 cities and the Ukraine Higher Education Project; European Fund for Southeast Europe on EUR 5 million financing to Bank Lviv for support to agricultural producers. The firm is experienced in developing structures and purchasing distressed loan portfolios in Ukraine. Furthermore, the team is present in the largest debt restructurings. For example, it acted as Ukrainian legal counsel to an ad hoc committee of bondholders in terms of USD 2 billion debt restructuring by DTEK. Utilizing its financial services practice, IT and banking regulation, the firm is the first point of choice for advice on financial products and services, including securities and other financial instruments, and their launch in Ukraine. The practice team continued its GR dimension, contributed to the development of key legislation in the areas of finance and capital markets to create an enabling legislative framework in the Ukrainian financial sector. The largest banking practice in the market has four partners on board – Nazar Chernyavsky (sovereign and municipal financing, debt capital markets, fintech), Igor Lozenko (corporate lending), Anton Korobeynikov (distressed loan portfolios, out-of-court recovery), Michael Kharenko (GR). Iryna Bakina and Oleksandr Olshansky are the key counsel of the practice.

TCM Group Ukraine, a member of TCM Group International, an international network of law firms and debt collection agencies, has a distinctive focus on debt restructuring and recovery settlements. The team is hired for cross-border assignments, often acting for creditors, representing them in negotiations with distressed companies, its shareholders, and administrators/receivers. Denys Kopii and Taras Kopii are the main contacts.

Ulysses (previously known under the brand name of Marchenko Partners) acted on financing transactions, large-scale restructuring and changes in the terms of multi-million USD financing. The team is experienced in export financing loans, acting on the lenders side. The team assisted long-standing client WNISEF in launching the Impact Investing Program, and advised on loans granted within its auspices to social enterprises from all over Ukraine. In 2021, the firm supported loans envisaging a sophisticated financing mechanism granted to CLRDP Printing House, Veterano Pizza Kyiv, Veterano Pizza Mariupol, AnVita Clinic, and Smachni Stravy. The firm has a solid client base including, among others, Export-Import Bank of the United States, DP World, Western NIS Enterprise Fund, EnergoGroup, Holcim. The team also added projects in the area of fintech and advised on the launch of innovative programs. Roman Shulyar, who chairs banking and corporate and M&A practices, is lead partner.

The Kyiv office of Wolf Theiss is called upon in financing, financial regulatory advice, currency control, fintech and settlement requirements. The team advised Optimum Solar Kft, a major Hungarian solar power equipment producer and developer, on financing a project in connection with its entry into the Ukrainian solar generation market, including debt financing, security arrangement and currency control issues; Ukrmilk in relation to cross-border and local financings, establishment, registration and licensing as a financial institution as well as the regulatory compliance of a credit union. Furthermore, the firm retains a constant presence in the insurance sector, and the office advised its long-term client, Vienna Insurance Group AG, on a potential acquisition of one of the leading Ukrainian life insurers. The team possesses established expertise in financial services, and advised Metro International AG on banking, currency control, and non-banking financial services regulations and settlements applicable to a central payment and settlement system that is being contemplated. Oksana Volynets heads the practice in Kyiv.

^[1] In March 2022 he joined Mastercard as a senior counsel.
^[2] In September 2022 he joined Goretskyy & Partners.