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ARTICLE · 11 DECEMBER 2006

Foreign Banks Allowed To Open Branches In Ukraine

Baker & McKenzie - Ukraine
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On 16 November 2006, Verkhovna Rada (Ukrainian Parliament) passed the Law of Ukraine No. 358-V "On Amendments to Law of Ukraine "On Banks and Banking Activity" dated 16 November 2006 (the "Amendments") relating to the possibility for foreign banks to open branches in Ukraine. The following a brief summary of the provisions of the Amendments.

UkraineFinance and Banking
Ihor Olekhov
Ihor Olekhov

On 16 November 2006, Verkhovna Rada (Ukrainian Parliament) passed the Law of Ukraine No. 358-V "On Amendments to Law of Ukraine "On Banks and Banking Activity" dated 16 November 2006 (the "Amendments") relating to the possibility for foreign banks to open branches in Ukraine. The following a brief summary of the provisions of the Amendments.

The Amendments establish the procedure for, and conditions under which a foreign bank may open a branch or a representative office in Ukraine. The Amendments also specify the grounds upon which the National Bank of Ukraine (the "NBU") will refuse a foreign bank to open its branch or a representative office in Ukraine.

According to the Amendments, a foreign bank would be entitled to open a branch in Ukraine subject to the following conditions:

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