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Lidings Advises Japanese Mizuho Bank

Lidings advises Japanese Mizuho Bank on corporate law issues including elaboration of documentation necessary to open and maintain accounts of the bank’s clients.

Upon request of the ZAO Mizuho Bank (Moscow) Lidings corporate and M&A practice lawyers have substantially revised the client’s standard bank account contract for legal entities, elaborating pledge account and escrow account agreements enabling the bank to expand its line of products offered to clients.

“Mizuho Bank has approached us in the light of the amendments to the Civil Code of the Russian Federation that entered into force in July 2014 implementing for the first time in history legal concepts of pledge of rights under bank account and escrow account agreements, allowing banks and credit organizations to introduce these new products to clients”, - said Vadim Konyushkevich, counsel at Lidings corporate and M&A practice. “In view of distinct regulation of these principles stating that not only account owner’s rights are affected, but the rights of third parties as well (the pledge holder is affected by pledge account or beneficiary by the escrow account), besides development of the new agreements we have substantially revised general terms of opening and maintaining accounts of the bank’s clients”, - added Mr. Konyushkevich.

In addition to the standard range of services Lidings provides to businesses, the firm’s legal advisors focus on a number of issues particularly important to the global representatives of the financial services industry operating in Russia. We advise multilateral financial institutions and international banks including: Alfa Bank, Garanti Bank, China Development Bank, Baltikums Bank, Industrial and Commercial Bank of China (ICBC), Korean Development Bank and others.

Mizuho Bank is a commercial bank of Japan, established in 1897 with headquarters in Tokyo. It is the second largest privately owned financial credit institution in Japan providing services to over 26 mln. individual investors and over 90 thousand of small and medium-sized enterprises around the world. ZAO Mizuho Bank (Moscow) has entered the Russian market in 2008.

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