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27 April 2011

Sayenko Kharenko advised on the acquisition of 100% of Renaissance Capital Bank by SCM Group

Sayenko Kharenko acted as a Ukrainian legal counsel to the financial advisor in the transaction, First Ukrainian International Bank (FUIB), on the acquisition of 100% of Renaissance Capital Bank (operating under Renaissance Credit brand) from Renaissance Credit Group.

Sayenko Kharenko scope of work as well included obtaining all necessary approvals from the National Bank of Ukraine and due diligence of IP assets of Renaissance Capital as part of legal due diligence.

Soon the bank will integrate into the SCM Group's financial business. The acquisition will allow SCM Group to expand its portfolio in the financial services sector and enter new market segment. SCM Group intends to maintain the existing business model of the Bank, working closely with its experienced management team and employees.

Renaissance Capital Bank operates under TM Renaissance Credit and specializes in consumer finance. The bank’s regional network spans 16 regions of Ukraine and the Crimea and consists of over 30 branches.

SCM Group is a professional investor that owns and controls assets in mining and metals, power generation and distribution, telecommunications, banking, insurance, media, as well as in retail and real estate. The SCM Group includes Metinvest Holding, DTEK, Vega telecommunications group, Segodnya Multimedia, TRK Ukraina, ESTA Holding, Ukrainskiy Retail, Mining Machines Group and others.

Sayenko Kharenko team for this transaction was led by partner Vladimir Sayenko and included counsel Dmytro Korbut and lawyer Oleksandr Nikolaichyk. 

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