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14 January 2008

Sayenko Kharenko advises on the sale of Ukrinbank to the leading Israeli bank

Sayenko Kharenkois acting as a Ukrainian legal counsel to the shareholders of OJSC Ukrainian Innovations Bank (Ukrinbank) in connection with USD 136 million sale of a 75.8% stake to Bank Hapoalim of Israel. The shareholders of Ukrinbank and Bank Hapoalim signed the share purchase agreement and other transaction documents and expect to receive all necessary regulatory approvals and close the transaction in the first half of 2008. Bank Hapoalim belongs to the leading Israeli financial group involved in investment banking, trust services and portfolio management.

The acquisition of Ukrinbank, the oldest commercial Ukrainian bank, was made as part of Hapoalim’s strategy for increasing its global presence, including on the emerging markets in Europe and CIS. The sale of Ukrinbank has once again demonstrated sustainable interest of foreign strategic investors in the Ukrainian banking sector. Sayenko Kharenko continues to be one of the leading teams providing legal advice on high-profile M&A transactions in the finance area, having advised Commerzbank, Piraeus Bank, NBG, Societe Generale, Alpha Bank, Morgan Stanley and other international banks on their completed or current acquisitions in Ukraine.

The team working on this transaction includes partner Michael Kharenko and associates Taras Pryhoda and Igor Lozenko.

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