Madrid/Kyiv—Dentons advised Latvian commercial bank Reģionālā investīciju banka (RIB) on its financing of Farmak, Ukraine’s leading pharmaceutical company. The transaction marks RIB’s entrance to the Spanish market. The financing is a part of RIB’s "West Bridge" project, a loan program, which aims to help Ukrainian businesses obtain financing for development in Europe. The loan will be used to finance the launch of a new pharmaceutical plant in Barcelona, Spain.

Partners Jabier Badiola and Natalia Selyakova led Dentons’ legal team on the project. The team, which included Madrid-based associate Adelaida Torres and senior associate Ignacio Fernández, advised on Spanish law matters in relation to the transaction and assisted with drafting finance and security documents.

Yuriy Voievoda, a representative of RIB on this project, commented: “I am proud of our cooperation with Farmak and this particular project. Opening a new manufacturing facility in Europe is not an easy task for a Ukrainian business, but starting a pharmaceutical plant from scratch is many times more difficult. It was really a challenge, involving comprehensive collateral examination of large production during the construction process, financial analysis in various countries, and a new jurisdiction for Reģionālā investīciju banka – Spain. Special thanks to Dentons, our legal partners in Spain.”

Founded in 2001, Reģionālā investīciju banka is the eighth largest bank in Latvia, according to assets on December 31, 2023. Its paid-up capital is €32.33 million and its largest shareholder is SIA SKY Investment Holding (44%). RIB strategically focuses on lending to Latvian medium and large companies, and it also offers a full range of everyday financial services and digital solutions for convenient financial management.

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