Sayenko Kharenko is acting as Ukrainian legal counsel to International Finance Corporation (IFC) on its proposed equity investment of up to 20% in two Ukrainian insurance companies – Kniazha and USG, both of which form part of Vienna Insurance Group (VIG), a leading insurance group in Central and Eastern Europe.
The investment is intended to unlock growth, strengthen resilience, and support Ukraine’s path to recovery and reconstruction, recognising the important role that non‑life insurers can play in supporting the country’s economy and reconstruction. The initiative will leverage the distinct market reach of Kniazha and USG to expand access to insurance products across the country. Kniazha’s well-established presence in Western regions and rural areas and USG’s extensive operations in major cities will contribute to broad nationwide coverage.
“We are honoured to support IFC on this impactful investment, which underscores IFC’s leadership in backing Ukraine’s private sector at a pivotal moment” said Igor Lozenko, partner at Sayenko Kharenko. “Despite the challenging environment, Ukraine continues to attract long-term strategic capital that strengthens resilience and accelerates recovery.”
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. Since February 2022, IFC has delivered USD 2.7 billion to support Ukraine’s private sector, including over USD 1 billion in mobilised financing, as part of its Economic Resilience Action (ERA) Program for Ukraine. Through the program, IFC assists the Ukrainian private sector following the full-scale invasion by providing financing, with select projects receiving risk-mitigation support from multiple development partners.
Sayenko Kharenko’s cross-practice team advising on the transaction included Igor Lozenko, Oleksandr Nikolaichyk, Maksym Nazarenko, Mykhailo Grynyshyn, Igor Pomaz, Oles Trachuk, Nazarii Pylypchuk, Tetiana Dyvak and Dmytro Zaiachkivskyi. Hunton Andrews Kurth (UK) LLP is advising IFC as lead international legal counsel. The Hunton team is led by partner James Comyn.