CMS secures regulatory approval for the acquisition of a substantial shareholding in Tiger Finance

International law firm CMS has advised PrimoCollect Group on successfully securing approval from the National Bank of Ukraine (the NBU) for the acquisition of a substantial shareholding in Tiger Finance, a leading non-banking financial company in Ukraine.

The NBU has taken on this new regulatory role following the introduction of the “On Amendments to Some Legislative Acts Regarding the Improvement of the Functions of State Regulation of Financial Services law (also known as the Split Law), which came into force last year. 

The Split Law reduced the number of regulators in the non-banking financial sector by liquidating the previous regulator, the National Commission for State Regulation of Financial Services Markets. The NBU now supervises non-banking financial institutions, such as insurance companies, credit institutions, financial companies, leasing companies and other non-banking financial institutions. 

Established more than a decade ago, PrimoCollect Group is a debt recovery company with over 11 years of experience. PrimoCollect Group is represented in two countries and offers its customers debt collection services, offering extensive operational capabilities in debt acquisition, outsourced debt collection and related scoring and risk management consulting.

Ihor Olekhov, CMS partner and Head of Banking and Finance at CMS Cameron McKenna Nabarro Olswang in Kyiv, comments: “This is yet another example of CMS continuing to successfully gain approvals from the National Bank of Ukraine for these types of acquisitions. We are delighted that we are able to support our client through the regulatory process. As a team of professionals with an excellent track record, we are capable of adding significant value by ensuring compliance with regulatory requirements applicable to financial institutions.”

The team was led by CMS partner Ihor Olekhov and supported by Ivan Pshyk, Iryna Barlit and Bohdan Ilchenko.