The main providers of custody in Ukraine recently agreed to consolidate resources and efforts to work with local authorities and issuers to bring the market more in line with international standards in the security business.
InG Bank Ukraine, SEB Ukraine, Citibank Ukraine and UniCredit Bank Ukraine met on September 4 in Kiev and discussed the formation of a securities market practice group.
The mission of the Lobbying Group was defined by three basic principles: standardization, risk minimization mitigate risk and efficiency. The banks claim these principles will promote and simplify foreign investments into the market.
Ukranian national oil and natural gas company Naftogaz Ukrainy “cannot understand” operations with Ukrtatnafta shares and dealings between AO Tatneft and ING Bank Ukraine, Naftogaz Ukrainy spokesman Oleksiy Fedorov said earlier this year.
“It cannot be ruled out that this is an attempt to legalize a stake of 18.3 percent in the authorized capital of ZAO Ukrtatnafta that was privatized illegally,” he said.