Sayenko Kharenko advised Oschadbank on becoming an issuing bank under EBRD’s Trade Facilitation Programme
Sayenko Kharenko 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 European Bank for Reconstruction and Development (EBRD) to Oschadbank as an issuing bank under the EBRD’s Trade Facilitation Programme.
The EBRD’s Trade Facilitation Programme promotes international trade amongst the EBRD countries of operations, including Ukraine, and provides support to Ukrainian exporters and importers through EBRD’s partner issuing and confirming banks. Following Oschadbank’s joining the Programme as an issuing bank, EBRD will be able to provide guarantees to international confirming banks in connection with international trade transactions of Ukrainian business involving Oschadbank.
EBRD’s support under the Trade Facilitation Programme is provided within a broader effort aimed at facilitating Oschadbank’s commercialisation 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 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.
EBRD is the largest international financial investor in Ukraine. As of 1 November 2016, it had a total cumulative commitment of almost EUR 12 billion through 396 projects since the start of its operations in Ukraine.
Sayenko Kharenko’s team advising on the transaction included counsel Anton Korobeynikov, senior associate Maria Tsabal and was led by partner Nazar Chernyavsky.
