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published FEBRUARY 09, 2010

Baker & McKenzie Advises Steering Committee of International Creditors of FUIB on First Successful Restructuring of International Loans Portfolio from Ukraine

Baker & McKenzie announced today that it acted as legal counsel to the Steering Committee of the international creditors of Public Joint Stock Company "First Ukrainian International Bank" ("FUIB"), the 14th largest bank in Ukraine, which utilised a new USD237 million master facility to refinance its existing facilities provided by international creditors. This is the first successful restructuring of a Ukrainian bank's international loans portfolio since the financial crisis had an adverse impact on the Ukrainian banking sector. It is also relevant to both the German and London banking sectors as the majority lenders involved are either German or London-based banks. Baker & McKenzie acted for the Steering Committee of international creditors, which was lead by Standard Bank Plc, VTB Deutschland GmbH (now VTB Capital), Landesbank Berlin, Raiffeisen Zentralbank Österreich AG and Black Sea Trade and Development Bank. The English law team of Baker & McKenzie was led by Michael Foundethakis (Partner, Munich) and supported by Kathrin Schmid-Pfaehler and Catherina Haegele (Associates, Munich). The Ukrainian law team of Baker & McKenzie in Kiev was led by Serhiy Chorny (Partner, Kyiv) and supported by Victoria Ischenko and Maksym Hlotov (Associates, Kyiv). FUIB was represented by Clifford Chance.