Leading FIRMS
Listed in alphabetical order
Other established practices
Listed in alphabetical order

Fintech

Established practices
Listed in alphabetical order

The personalities category — Authorities — reflects individual achievements, referring to undisputed market professionals who are named as standard-setters, less involved in each project at present, but who play a key role in the client relationships, reputation and market longevity of their firms or practices.

Asters, the largest Ukrainian full-service law firm, is a reliable preference for international and domestic banks as well as significant international financial institutions when providing substantial loans to Ukrainian borrowers. The firm is also adept at supporting cross-border debt restructuring, currency control matters, financial services regulations. The firm is a longstanding legal counsel to IFIs, having a wide range of assignments in its recent track record. For example, the firm acted as a legal counsel to the EBRD in connection with its EUR 10 million financing for Grain Alliance Group, a Swedish-owned large-sized agricultural holding in Ukraine; on an up to EUR 15 million secured loan to LLC Ahrokompleks Zelena Dolyna, a Ukrainian medium-size group of agricultural companies; acted as a legal counsel to the Black Sea Trade and Development Bank in connection with its up to EUR 25 million short-term revolving trade finance facility to  Galnaftogaz, a leading Ukrainian petroleum retailer company. The firm is one of the few teams to possess expertise in capital markets transactions. The firm’s current portfolio included  acting as a Ukrainian counsel for JSC Ukrainian Railways in the successful restructuring of loan participation notes issued by Rail Capital Markets plc in the total amount of USD 895 million. Among other areas of focus was advising financing deals with several Ukrainian municipalities, advising on innovative sub-brokerage activities and products, payment services regulations. The firm supports the development of Ukrainian legislation in the sphere of payment services and harmonization with European legislation, and was involved in providing advice on structuring and establishing a payments model via the instruments of a mobile telecom network. The practice is co-headed by three renowned partners, namely Armen Khachaturyan, Iryna Pokanay and Roman Stepanenko. The banking senior team includes counsel Gabriel Aslanian and Kateryna Oliynyk. Oleksiy Demyanenko, partner, is also present as lead partner in banking practice projects.

Baker McKenzie boasts one of Ukraine’s most seasoned banking and finance practices, and provides extensive expertise across cross-border lending, restructuring and insolvency, financial services regulation. The team is sought out by lenders and borrowers, and continues to advise on several significant finance deals, as well as multi-million restructuring mandates. During the research period, the firm’s banking and finance practice focused predominantly on projects within the agricultural, renewable energy, financial services regulations, financial sector reform, payment services regulations, and Fintech sectors. Among ongoing disclosable highlights is advising the IFC on the channeling of EUR 25 million in EU funds in grants across Ukrainian cities to help renovate municipal buildings for internally displaced people, creating jobs and driving economic recovery, as well a program, launched by the Energy Efficiency Fund, to help homeowners’ associations restore war-damaged residential buildings. Additionally, the team was involved in several high-profile projects within financial service regulations, with the primary emphasis being on payment services regulations, Fintech, and the implementation of advanced technology for the financial industry sectors. The firm provides ongoing support to a leading European financial institution on a high-profile financial services project regarding the regulatory implications of its private banking cross-border business model in Ukraine. The Kyiv team possesses experience of capital markets transactions in Ukraine. Recent mandates include preparing a due diligence report, legal opinion, and providing input to the prospectus in connection with the proposed initial public offering and listing on the Main Board of the Singapore Exchange Securities Trading Limited of shares in Olam Agri Holdings Pte. Ltd., an indirect parent company of LLC Olam Ukraine. An outstanding legal professional with longstanding dedication to his practice, Serhiy Chorny, co-managing partner, is one of the market’s authorities with a robust professional reputation. The key team members are Victoria Ischenko (cross-border lending, renewable energy financing), Hanna Smyrnova (banking regulatory and sanctions compliance), Bogdan Dyakovych (payment systems, Fintech), Stepanyda Badovska (transactional practice, especially sustainable finance). Viacheslav Yakymchuk, co-managing partner of the Kyiv Office, heads the firm’s equity capital markets.

Redcliffe Partners excels in providing legal support for extensive cross-border lending and refinancing projects, along with handling intricate restructuring mandates. Having an established history of representing lenders, the firm maintains enduring relationships with multinational commercial banks and international financial institutions. In 2022-2023, the team was among the busiest on the market. The firm advised the DFC, IFC and EBRD on up to USD 480 million worth of financing for MHP to refinance its Eurobonds, as well as to sustain its operations and enhance its capacity for sustainable power generation, minimising its environmental carbon impact; advised the State of the Netherlands acting through Invest International Public Programmes B.V. in the course of providing a EUR 27 million long term facility to Kovalska Group, a group which unites more than 20 enterprises in the field of construction, raw materials extraction and manufacturing. The team is a legal counsel to the EBRD on its risk-sharing deals with several leading Ukrainian banks. Among landmark disclosable highlights is ongoing advice to Citibank and the EBRD with respect to a EUR 262 million secured term loan to Ukrainian project company SyvashEnergoProm. The team is known for handling large-scale cross-border restructurings. In a recent highlight the practice team has been advising a syndicate of major European and UK banks on matters relating to the EUR 400 million restructuring of facilities provided to Origin Enterprises plc, a focused agri-services group providing specialist on-farm agronomy services and the supply of crop technologies and inputs. Bringing over two decades of experience, Olexiy Soshenko, managing partner, stands as one of the most esteemed Ukrainian professionals in the field of international finance. Partner Andriy Nikiforov advises on finance transactions, restructurings, financial services regulation as well as technology-related matters. Counsel Olesia Mykhailenko is an important team member with recognized professional reputation. Sevastian Viktoruk is noted as a rising practitioner.

Sayenko Kharenko has been historically advising high-profile transactions involving Ukrainian banks, corporates, state-owned entities and Ukrainian Government. The firm is known for its continuous representation of global financial institutions, foreign funds and other private lenders, international financial institutions and foreign governments. The team is among top Ukrainian counsel for handling international capital markets mandates, cross-border financing, advisory on financial products and services, and in the GR arena, contributing to the development of key legislation. Throughout 2022-2023, the team advised the Government of Canada in connection with a new CAD 2.4 billion loan to Ukraine; French Development Agency on EUR 100 million worth of credit support to Ukraine for financial, economic and humanitarian needs; the Netherlands in connection with its EUR 200 million loan to Ukraine. The team is constantly preferred by IFIs, having advised IFC on a risk-sharing facility for each of OTP Bank and OTP Leasing; the EBRD on a loan to purchase new trolleybuses for the city of Khmelnytskyi and on loan to Bank Lviv to support Ukrainian small and medium-sized enterprises affected by war; advising NEFCO on financing projects in various cities in Kyiv Region, etc. The team is experienced in managing high-profile domestic and cross-border financial restructurings, acting predominantly on the lenders side. The notable engagement included advising J.P. Morgan on landmark USD 22.5 billion consent solicitation by Ukraine. Among other disclosable projects was advising J.P. Morgan and Dragon Capital on the USD 895 million consent solicitation by Ukrainian Railways; acting for a group of noteholders in connection with solicitation of consents under EUR 325 million senior notes due 2024 issued by DTEK Renewables. Additionally, the firm is sought after for its expertise in fintech regulatory matters, business structuring, guidance on personal data processing and compliance. The largest banking practice in the market has four partners on board. Nazar Chernyavsky guides sovereign debt and capital markets work, Fintech and broad technology matters. Igor Lozenko is lead partner for corporate banking lending and Eurobond issues, as well as the IFI’s projects in Ukraine. Anton Korobeynikov is in charge of liability management issues, advising state-owned banks and regulatory. Counsel Iryna Bakina is focused on regulatory and payment systems, Oleksandr Olshansky guides legislation development projects in capital markets and financial sector. Respectable Michael Kharenko advises foreign investment funds on accelerators for military technologies, and traditionally assists with raising funds from IFIs and other international creditors.

Dentons is sought out for handling local and cross-border financing, restructuring, wide range of regulatory matters in financial services and Fintech. The Kyiv office has strong positions in the energy sector, and provides legal support to its clients on refinancing their solar projects. The firm has a well-established standing in the Fintech industry, having advised key Fintech market players on their entry to the Ukrainian market, while their services include offering new payment solutions to Ukrainians relocated abroad. The practice team takes part in a research project aimed at identifying the assets of the Russian Central Bank that are now frozen in the US, EU and UK to determine if under relevant laws these assets can be confiscated and converted to aid Ukraine. Partner Natalia Selyakova advised the National Bank of Ukraine on a pro bono basis in connection with the development of legislation and regulatory framework for the Fintech, digital assets and cryptocurrency markets in Ukraine. Corporate and M&A partner Adam Mycyk leads the project finance and refinancing of the Ukrainian renewable energy sector.  Counsel Nadiya Shylienkova is noted for her transactional experience.

EVERLEGAL’s banking and finance practice consistently demonstrates its expertise in complex financial transactions, spanning agribusiness, renewables, fisheries, real estate, and national recovery efforts. The team also advises on regulatory aspects related to banking and other financial controls, compliance matters, etc. The team recently advised one of the leading private banking corporations based in Switzerland, in connection with the planned offering of non-deliverable commodity based derivatives to Ukrainign clients with the anticipated notional amount of USD 200 million to hedge pricing fluctuation for grain commodities. Notable projects include securing a facility for a leading Ukrainian agrocompany’s commodity trading and harvesting activities; advising on the EUR 15 million financing of a wind generation engineering project in Ukraine; facilitating EUR 50 million in financing for a growing Ukrainian fishing company; guiding a real estate company through debt liquidation via a debt-to-equity swap, and engaging in financial agreements with international organizations to support Ukrainian authorities in providing state services and addressing the aftermath of Russian aggression. The practice has two partners on board, namely Vsevolod Volkov (banking and financial services regulatory, currency control) and Andriy Olenyuk (financial transactions).

INTEGRITES is mandated to handle large-scale cross-border financing, preserving a significant presence in energy and renewable financing. The team has a balanced representation of Ukrainian and foreign borrowers, as well as commercial banks and major international financial institutions. For example, the team advised JSC Naftogaz of Ukraine, the Ukrainian national gas company, on a loan of up to EUR 300 million extended by the EBRD to finance gas purchases and compensate for the loss of natural gas production following the invasion of Ukraine; acted for Bank Gospodarstwa Krajowego (BGK) and Bank Pekao S.A. in connection with a EUR 540 million senior secured facility and super senior revolving credit facility for Barlinek Group; acted for Kovalska Group on a EUR 27 million long-term secured loan from Invest International, a joint venture between the Dutch Ministry of Finance and FMO, to finance the construction of a new aerated concrete production plant located in Ukraine. The long-standing key client Energy AS entrusted the firm to become lead counsel on EUR 270 million loan facilities from Erste Group Bank AG and Procredit Bank AG, covered by the Export and Investment Fund of Denmark (EIFO), to finance the construction of the Alibunar wind farm in northeast Serbia. The restructuring portfolio includes complex assignments. The banking and finance practice is led by two partners. Being especially noted for his project finance performance, Igor Krasovskiy is committed to transactional work. Dr. Oleh Zahnitko is focused on regulatory projects and shaping the reform agenda in the energy sector of Ukraine. Olena Savchuk, counsel, is an important team member.

Kinstellar advises on a wide range of financing matters acting for both the lender and borrower sides of deals, and also offers a diversified range of financial regulatory services. Traditionally the team is strong in general finance work, refinancing and restructuring acting from the lenders side, which is evidenced by various mandates from banks and ECAs. The Kyiv office also commands expertise in the area of derivatives, mandates related to Fintech and international payment systems. The team advised DEG – Deutsche Investitions-und Entwicklungsgesellschaft mBH, aka German Investment Corporation a large development finance institution providing financing solutions for private companies, on amendments to a USD 20 million term facility extended to one of Ukrainian companies in the Astarta Group; advised the Ukrainian founders of Headhunter.UA in respect of restructuring their payment obligations under a sale and purchase agreements secured by a Ukrainian law-governed pledge agreement. During the research period the firm was actively involved in regulatory and compliance matters, including anti-money laundering regulations and sanctions compliance. Notably, the firm contributed to the development of the structure and list of sanctions as a legislative tool to prevent further aggressive actions by the Russian Federation. The practice’s clientele includes large and mid-size commercial banks, payment systems, private equity firms, key export credit agencies, project sponsors, investors, major international financial institutions, state aid and international development agencies. Disclosable clients include GIZ (the German Agency for International Development and Cooperation), Raiffeisen Bank International AG, Chemonics Inc., Kyivstar, etc. Illya Muchnyk is a partner in the Kyiv office, the head of banking, finance and capital markets service in Ukraine and the head of the firm-wide Fintech sector.[1]

AMBER Law Company consistently advises senior executives of Ukrainian commercial banks on implementing effective compliance procedures and financial monitoring matters. AMBER has Finder Agreements with various foreign banks, involving bringing clients to a bank and verifying their compliance with tax obligations in their country of incorporation or business operations. Notable recent highlights include assisting a well-known Internet banking application in Ukraine on its compliance with banking legislation and financial monitoring requirements. Over the past year the firm advised a large Ukrainian bank on the consideration of the distribution of assets of companies owned by the bank between two joint holdings, including preparation of a group of notices to cover such arrangements. The firm also specializes in credit-related disputes and litigations. Andriy Segal and Semen Khanin are the main contacts.

Given its renown aviation practice, Ante Law Firm is primarily focused on aviation finance and recently gained experience servicing insurance companies. The firm provides legal advice to Amber Assets LAS (former PrivatBank AS, Latvia) on receiving payments in foreign currency from Ukraine during the martial law; advised on the aircraft purchase financing deal between a Swiss and Turkish companies worth USD 6 million; advised international airlines regarding the transfer of all income from sales of international air transportation from representative offices to parent companies as currency exchange issues exist due to martial law restrictions. The firm also provides legal advice on all regulatory issues for PJSC Innovative Insurance Capital and reporting to the National Bank of Ukraine. Managing partner Andriy Guck advises on aviation finance matters. Mariia Tereshchenko leads insurance assignments.

Renowned for its vivid bankruptcy practice, ARIO Law Firm is increasingly active in regulatory assignments, encompassing banking and financial services, international payment systems. The firm recently represented Сoncord Bank in the course of challenging the National Bank of Ukraine’s decision to impose sanctions on the bank due to violations of AML/CFT regulations, leading to the revocation of the bank’s license. The firm has a solid debt restructuring and insolvency portfolio. The firm currently serves as the legal counsel for the retailer Eldorado.ua in the process of debt restructuring. Julian Khorunzhiy, senior partner, is the main figure.

Gramatskiy & Partners advised clients on a broad variety of payment and banking regulations that have been put in place during martial law in Ukraine, assisting with corporate guarantees, loan repayments, opening bank accounts, etc. The firm traditionally advises its long-standing client ULMA OPALUBKA Ukraine on the restructuring of customer receivables. Another restructuring highlight includes representing the U.S. Bank National Association on restructuring of a loan debt by corporate group Young Living Warm Springs with the provision of additional collateral by the debtor and the sale of the collateral in the course of collection. The firm advised KS Volodar on development of a mobile payment system for a credit card, as well as introduction of a payment mechanism through the website and a mobile payment system. The firm also demonstrates experience in virtual assets. For example, it acted as a legal counsel in the course of structuring of payment infrastructure in Playroom/Arbitrum project, which encompassed the issuance of internal platform tokens, negotiations with payment gateways, banks and agents, setting up financial infrastructure, customer identification, licensing and banking control, risk management, provision of token mass with company property, opening of merchant accounts in Europe and Hong Kong; acted for UAF Marketing LLC, Whitebit on the issuance of NFT tokens based on image rights of players of the National Football Team of Ukraine. The financial services industry at the firm is supervised by partner Igor Reutov; financial, credit, and mortgage disputes, as well as cases related to restructuring and bankruptcy are mainly handled by Andrii Trembich. President Ernest Gramatskiy supervises the most complex projects.

Ilyashev & Partners maintains its prominent positions in insolvency and debt recovery practices, as well as complex banking disputes appealing regulatory decisions and related to banks’ ownership rights. The team provides counsel on significant debts arising from loan agreements and restructuring proceedings, as well as restructuring intra-group loan portfolios. In a recent highlight the firm advised Agricole LLC on restructuring of loan obligations to Capital Dnepr Financial Company. Another notable case was representing shareholders of JSC Bank Sich in a dispute against the National Bank of Ukraine and the state-run Deposit Guarantee Fund of Ukraine in connection with withdrawal of the bank from the banking market and subsequent liquidation, resulted in seizure of shareholders’ rights to participation and management of Bank Sich. Firm’s senior partner Roman Marchenko appears in court as an independent expert on Ukrainian law appointed by Meitar Law Offices, the law firm representing Mr. Gennadiy Bogolyubov in a case brought against him and others by PrivatBank in the District Court in Tel Aviv. Disclosable client names include BTA Bank, Oxi Bank, PZU Ukraine, RoboMarkets. Throughout the research period the team expanded its offering with regulatory and compliance mandates. Oleksandr Rudenko, counsel, is a practice head. Mikhail Ilyashev, managing partner, supervises the practice.

KPMG Law Ukraine offers guidance to prominent international and domestic companies on regulatory, currency control, debt restructuring, structuring intragroup financing, etc. The range of assignments touched upon compliance with the currency control framework regulation, providing different structures for potential payment options, participated in negotiations with non-resident counterparties and servicing banks, etc. During the research period the team consistently supported JCB International Co., Ltd.’s regulatory compliance in Ukraine and continues to provide assistance in preparing and submitting documents to the National Bank of Ukraine regarding the newly implemented Law of Ukraine On Payment Services. Having advised the Good Governance Fund, the team conducted a comprehensive analysis of national and foreign framework legislation in order to help develop Ukraine’s potential to issue and verify green bonds. The team possesses expertise in debt restructuring related to loans provided by banks to Ukrainian companies, and further continues to provide its clients on NPLs issues. In a recent highlight the firm acted as an independent consultant in the course of financial restructuring of debts owed by JSC Concern AVEC to Oschadbank. The banking and finance practice is led by Bogdan Shyshkovskyi.

Stron Legal Services is actively engaged in aiding various operators in the e-payments and e-money industry to establish their operations in EU countries and providing tailored advice with regard to ongoing compliance and operational matters. The team’s expertise in the financial services industry includes credit and financial institutions, such as payment services providers, electronic money institutions, and virtual financial asset providers, as well as private equity structures, tax structuring, compliance with money laundering and funding of terrorism regulations, data protection issues specific to the financial sector. Throughout the research period the firm advised on complex tax structuring for a virtual financial assets company based in Malta; structuring of a Fintech startup in Ireland, including assistance in obtaining financial licenses. Oleg Derlyuk, managing partner, is the main figure.

In 2022-2023, Wolf Theiss provided advisory on various banking and finance law matters, encompassing M&A transactions, stock options, local currency and sovereign bonds, banking law regulations, currency control, payment services, and agency. The team advised one of the largest US banks on the purchase of bonds issued by the Government of Ukraine including on applicable Ukrainian law regulatory and currency control requirements and restrictions. The firm continues advising Ukrmilkinvest, the operator of the Family Dairy Farms national project, in relation to cross-border and local financings, establishment, registration and licensing as a financial institution as well as on on-going regulatory compliance of a credit union; advised VakifBank International AG on the Ukrainian banking laws related to the bank’s liquidation, temporary administration regime, etc. The team is experienced in financial services regulations and virtual assets, having advised MoneyGram International on aspects of Ukrainian regulatory law in connection with the use of digital assets when providing money transfer services; Facebook Payments International Limited on Ukrainian financial law issues and requirements with respect to facilitation of charitable donations to Ukrainian charitable institutions using e-money products. The practice head, Oksana Volynets, has a long-term commitment in legal practice.

AEQUO*[2] was referred by the market for its involvement in landmark solicitation consent matters of strategic Ukrainian borrowers. In particular, the firm advised Naftogaz on exiting default and fulfilling its credit obligations towards Eurobond 2022/2026 investors, having acted on the consent solicitation exercise in relation to its USD 335 million and USD 500 million notes. Among public projects was advising a foreign direct financing business, AlmaStone, which provides secured, short to medium duration trade finance facilities, on granting a USD 10 million loan to a group of grain trading companies. The name of the banking and finance partner Yulia Kyrpa is recognized on the market.

AVELLUM* is widely acclaimed as a market leading Ukrainian law firm for intricate financing transactions and significant restructuring projects. The firm has a longstanding tradition of being selected for the majority of capital markets mandates. The subsequent practice team is an inevitable legal counsel to the Ministry of Finance of Ukraine on intergovernmental financial transactions. Public highlights include advising the Ministry of Finance in connection with a CAD 2.4 billion (equivalent to USD 1.8 billion) concessional loan from Canada; acted as Ukrainian legal counsel to MHP SE and its Ukrainian subsidiaries in connection with the recent loan financing from the EBRD, the IFC and the U.S. International Development Finance Corporation (DFC). Glib Bondar, senior partner, holds the distinction of being the most active and frequently recommended practicing banking lawyer during our poll.

CMS Cameron McKenna Nabarro Olswang* is a significant market player acclaimed for representation of foreign lenders. Among its public highlights in the research period was advising a syndicate of banks led by ING Bank N.V. on an adjustment to the loan repayment terms under a USD 450 million pre-export facility for Ukraine’s Kernel Group. Partner Ihor Olekhov and counsel Kateryna Chechulina are recognized practitioners.

 

 

 

 

[1] Oleksandr Kurdydyk, partner, energy and natural resources, departed in June 2023.

[2] The firms marked with asterisk (*) have not submitted information for the current research. The highlights were taken from the public sources to underscore their market presence, a fact consistently confirmed during in-depth interviews.