Sayenko Kharenko has acted as legal counsel to Public Joint Stock Company "State Savings Bank of Ukraine" (Oschadbank) in connection with an uncommitted trade finance guarantee facility of up to EUR 50 million provided by the EBRD to Oschadbank as an issuing bank under the EBRD’s Trade Facilitation Program.
The EBRD’s Trade Facilitation Program promotes international trade among the EBRD countries of operations, including Ukraine, and provides support to Ukrainian exporters and importers through the EBRD’s partner issuing and confirming banks. Following Oschadbank’s joining the Program as an issuing bank, the EBRD will be able to provide guarantees to international confirming banks in connection with international trade transactions of Ukrainian businesses involving Oschadbank.
EBRD's support under the Trade Facilitation Program is provided within a broader effort aimed at facilitating Oschadbank's commercialization in the context of the state-owned banks' reform program developed by the Cabinet of Ministers of Ukraine.
Oschadbank, a government-owned bank, is the second largest bank by assets and retail deposits among the more than 100 Ukrainian banks. Through the largest branch network in the country with about 4,200 outlets and 30,000 employees, it provides services to almost 3,000 corporate, 126 thousand micro, small and medium businesses, and 5.6 million active retail customers. Oschadbank is the only Ukrainian bank where the deposits and other valuables of citizens are fully guaranteed by the state by law.
The EBRD is the largest international financial investor in Ukraine. As of November 1, 2016, it had a total cumulative commitment of almost EUR 12 billion through 396 projects since the start of its operations in the country.
Sayenko Kharenko’s team advising on the transaction was led by Partner Nazar Chernyavsky and included Counsel Anton Korobeynikov and Senior Associate Maria Tsabal.
