Avellum has advised a private equity vehicle managed by ResponsAbility Investments AG on Ukrainian law matters related to its acquisition of a shareholding in Bank Lviv. On English law, ResponsAbility was counseled by Norton Rose Fulbright.
ResponsAbility Investments AG is an asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional, and public investors. The company supplies debt and equity financing to firms in emerging economies. The company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo, and Paris.
According to Avellum, “Bank Lviv is the first investment project of ResponsAbility in Ukraine. Further on, ResponsAbility intends to increase its stake in the bank to 51%.”
Bank Lviv is a public joint stock company supervised by the National Bank of Ukraine that is active across Western Ukraine. The bank’s financing offer is mainly targeted at SMEs and agricultural companies.
Avellum Partner Yuriy Nechayev commented that: “Ukraine is continuing to increase its attractiveness to foreign investors and this deal is a promising example. It indicates a gradual recovery of the Ukrainian banking sector after the severe turmoil in the recent past."
Avellum also advised ResponsAbility on obtaining the approval of the National Bank of Ukraine and on requirements to obtain the approval of the Antimonopoly Committee of Ukraine in connection with the transaction. The firm's team was led by Partner Yuriy Nechayev and Associate Andriy Romanchuk with support from Associates Andrii Gumenchuk, Dmytro Tkachuk, Vladyslav Alexandrov, Anton Arkhypov, and Anna Mykhalova. Counsel Vadym Medvedev advised on the tax aspects of the deal.
