Asters has advised JSCB Industrialbank in connection with its merger with Express Bank, the first ever completed in accordance with Ukraine's new Simplifying Banks' Capitalization and Reorganization law.
The firm's advice on the deal included advising on the banks' reorganization issues, drafting documents, and assisting with the coordination of the merger process.
The decision to merge Express Bank with Industrialbank was approved at the general meeting of Industrialbank shareholders in August 2017 and approved by the National Bank of Ukraine on August 18, 2017. The merger of the banks, which will operate under the Industrialbank brand going forward, took place on December 1, 2017. In February 2018, Industrialbank will increase its charter capital and issue shares in the amount of the registered charter capital of Express Bank which will be the final stage in the reorganization of the two banks.
“The integration of two banks is a complicated multistep process," commented Industrialbank Chairman of the Board Mikhail Bukreev. "Its optimal implementation became possible thanks to the simplified bank merger procedure ensured by the National Bank of Ukraine"
Asters team was coordinated by Leonid Antonenko. Express Bank did not engage external counsel.
