KIEV , Nov. 2 ??“ Parliament has backed the first reading of a bill allowing foreign banks to open branches in Ukraine .

The bill on amendments to the Law on Banks and Banking, which was tabled by the Ukrainian president, garnered 394 votes out of the 437 MPs registered in the session hall. 16 MPs from the Communist Party faction voted against the motion. The bill is among the legislative acts Ukraine needs to pass to join the World Trade Organization (WTO).

The bill outlines the procedure for opening domestic and foreign bank branches and representative offices in Ukraine and introduced the term "bonded capital" ??“ a sum of money in freely convertible currency a foreign bank should provide to its branch for accreditation.