Law Requires Banks to Become Public Companies, Doubles Minimum Share Capital.

Parliament adopted a draft law requiring all new banks to be public (open joint stock) companies and obligating all banks currently registered as closed joint stock companies or limited companies to convert into OJSCs within three years. The law also doubles the minimum statutory capital of banks from EUR 5m to EUR 10m. Alexander Viktorov: The president is virtually certain to sign this law as it was approved by 390 of the Rada’s 450 MPs, including most from Our Ukraine. It will be good for the banking sector, increasing transparency and public confidence in banks.