The Parliament of Ukraine adopted a new law that will allow foreign banks to open branches in Ukraine once the country enters the World Trade Organization.
The law will not place any restrictions against foreign banks business in Ukraine, leaving the National Bank of Ukraine the right to fix the criteria needed to access the market.
More detailed restrictions will be announced within a year to secure the Ukrainian economy from possible risks once foreign banks joins the market, according to the National Bank of Ukraine. Ukraine is expected to enter the WTO in December 2006 or latest by first quarter 2007, according to a SEB spokesman.