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25 September 2008

Sayenko Kharenko advised Bank Renaissance Capital on USD 25 million loan from EBRD

SAYENKO KHARENKO acted as a Ukrainian legal counsel to Limited Liability Company "Bank Renaissance Capital" (Ukraine) on USD 25 million loan facility from European Bank for Reconstruction and Development.

The loan was provided for the period of 39 months. The attracted funds are reported to be used to continue the bank’s operation on providing consumer credit to customers in Ukraine in the form of general purpose loans, sales finance and credit cards.

The European Bank for Reconstruction and Development is the biggest financial investor in Ukraine. As of July 2008, it had committed over €3.74 billion through 172 projects.

LLC “Bank Renaissance Capital” is a part of Renaissance Group, an independent group of investment banking, asset and wealth management, merchant banking, and consumer finance companies specializing in high-opportunity emerging markets. Renaissance Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom, the United States of America, Cyprus and Sub-Saharan Africa.

SAYENKO KHARENKO team for the current transaction included counsel Nazar Chernyavskiy, led by partner Michael Kharenko.

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