The FINANCIAL — Raiffeisen Bank Aval has provided UAH 514 million financing for the UAH lending programme of the European Bank for Reconstruction and Development (EBRD) in Ukraine.
Sayenko Kharenko firm acts as a legal counsel of the transaction.
EBRD will use the UAH funds for financing its Ukrainian clients. We note that earlier the EBRD has been providing only foreign currency loans to Ukrainian companies, however, recently, the National Bank of Ukraine has permitted international financial institutions to give UAH loans, according to Raiffeisen Bank.
“We believe this is a landmark deal for Ukraine and we are happy to assist the EBRD with the launch of their Hryvnia denominated lending!” — noted Victoria Masna, Head of Financial Institutions at Raiffeisen Bank Aval.
Sayenko Kharenko’s partner Nazar Chernyavsky added “We are delighted to support our long stand client, Raiffeisen Bank Aval, during this innovative transaction.”
Raiffeisen Bank Aval offers a wide range of standard and innovative services to above 2.5 million clients through its nation-wide regional network of 500 branches in large cities and regional centers all around Ukraine. Most recently, Raiffeisen Bank Aval was recognised as “The Best Bank in Ukraine” by Euromoney magazine.
The EBRD is the largest international financial investor in Ukraine. To date, the Bank has made a cumulative commitment of almost €12.2 billion through 377 projects since the start of its operations in the country in 1993. The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. Under the EBRD’s new transition concept the Bank aims to promote the six transition qualities, defining successful and sustainable market economies as competitive, inclusive, green, well-governed, resilient and integrated. The Bank is owned by 66 countries, the EU and the EIB.
Sayenko Kharenko’s team advising on the transaction included senior associate Maria Tsabal, junior associate Glib Bukharin and was led by partner Nazar Chernyavsky.