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ASTERS ADVISES ON THE FIRST BANKING MERGER UNDER THE NEW BANK REORGANIZATION LAW
Asters, Kyiv, Ukraine,
Thu, Dec 7, 2017
Asters acts as a legal counsel to JSCB Industrialbank in connection with its merger with Express Bank, the first ever merger completed in accordance with the new Law of Ukraine on Simplifying Banks' Capitalization and Reorganization.
The legal advice on the deal included consulting on the banks reorganization issues, drafting necessary documents, and assistance in coordination of the merger process.
The decision on merger of Express Bank to Industrialbank was approved at the general meeting of shareholders in August 2017 and agreed with the National Bank of Ukraine on 18 August 2017. The merger of the banks under Industrialbank brand took place on 1 December 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 become the final stage in the reorganization of two banks.
“The integration of two banks is a complicated multistep process. Its optimal implementation became possible thanks to the simplified bank merger procedure ensured by the National Bank of Ukraine”, - comments Mikhail Bukreev, Chairman of the Board of Industrialbank. “Asters advised us on the most sophisticated banking regulatory and corporate merger issues in accordance with the new Law. Their accurate and acute legal consultations saved us a lot of time and efforts and allowed to become the first to complete the bank merger according to the new Law.”
Involvement of Asters' banking and finance team in the Project was coordinated by Leonid Antonenko.
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Founded in 1990, Industrialbank is a universal bank that provides a wide range of services to business and individual clients. Upon its merger with Express Bank on 1 December 2017 Industrialbank operates 104 branches and 319 ATMs throughout Ukraine. The financial reliability of the Bank is confirmed by the ratings of Credit-Rating independent rating agency at the uaA- level (June 2017).
Asters is a full-service independent national law firm that has maintained a strong presence in Ukraine since 1995. Asters has been acknowledged as the Law Firm of the Decade by Ukraine's Legal Awards 2016. The Firm is a two-time winner of the Law Firm of the Year: Ukraine and the CIS award (The Lawyer European Awards 2014 and 2015), Law Firm of the Year (Ukraine) award (Who's Who Legal Awards 2014), Law Firm of the Year award (Ukrainian Legal Awards 2014) and is also named No.1 law firm in Ukraine according to the 2011, 2012, 2013, 2014, 2015 and 2016 Top 50 Law Firms Annual National Ranking.
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