Banking, finance and capital markets in Bulgaria

Boyanov & Co.

Boyanov & Co. provides expert advice on the financing of large construction projects, particularly those in the renewable energy space, investments and M&A transactions, where the team acts on the lender side for the leading Bulgarian and international banks, namely United Bulgarian Bank, Raffeisenbank and J.P Morgan. Damian Simeonov leads the practice and has expertise in the financial markets and telecoms sectors and is supported by associates Ralitsa Nedkova and Georgi Drenski.

Praxisleiter:

Damian Simeonov


Weitere Kernanwälte:

Ralitsa Nedkova; Georgi Drenski


Referenzen

‘Strong reputation, trusted advisor, experienced and knowledgeable lawyers, swift execution.’

‘Commercial approach to the extend possible, solution-based guidance on complex transactions.’

‘The team is very responsive, knowledgeable and trustworthy.’

Kernmandanten

Raiffeisenbank International


European Investment Bank


J.P. Morgan


Eurobank Bulgaria AD


DSK Bank AD


United Bulgarian Bank (a KBC subsidiary in Bulgaria)


UniCredit Bulbank


Credit Suisse, Morgan Stanley


Permira Credit Limited


Highlight-Mandate


  • Advised a syndicate of UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria and Raiffeisen Bank International on the financing of the construction and operation of a 160 MW photovoltaic power plant in Bulgaria (in the Maglizh Municipality).
  • Advised UniCredit Bulbank and United Bulgarian Bank on the financing of the acquisition by Plastchim-T of Manucor S.p.A, Italy
  • Advised the clients on $300m Guaranteed Notes issued by Energo-Pro a.s. and guaranteed by, amongst others, its Bulgarian Subsidiary Energo-Pro Varna EAD, and issued a legal opinion on Bulgarian law aspects of the transaction.

CMS

CMS covers a broad scope of work, including investment, financing and re-financing of large cross-border transactions and projects, often those in the renewable energy space, securities offerings, tender offers and takeover bids and loans, where the firm has experience advising banks and PE-firms on the borrower side and fintech companies on the lender side. The team is led by three practitioners: Elitsa Ivanova, who is a dual qualified Bulgarian and English lawyer, and is therefore well placed to advise on cross-border corporate, project and leveraged finance mandates; Dimitar Zwiatkow, who handles real estate finance, regulatory matters and banking litigation; and Gentscho Pavlov, who specialises in M&A, restructuring and banking regulatory work. Further key names in the department include Ivan Gergov, Katya Todorova and Konstantin Altandzhiyski, who joined the team in February 2024 from Wolf Theiss.

Praxisleiter:

Elitsa Ivanova; Dimitar Zwiatkow; Gentscho Pavlov


Weitere Kernanwälte:

Ivan Gergov; Katya Todorova; Konstantin Altandzhiyski


Kernmandanten

IFC


ING Bank N.V.


DSK Bank


Erste Group Bank AG


Bank of Montreal


SumUp


Highlight-Mandate


  • Advice to IFC in relation to their investment through a sustainability-linked financing package.
     
  • Advising ING Bank N.V. as bookrunning mandated lead arranger and agent with respect to the syndicated senior secured EUR 100m term and revolving facilities to Moto Pfohe Group to refinance their existing 2015 facilities.
  • Advising DSK Bank on the amendment of the facility agreement entered into with Akuo Group related to the acquisition of 2 hydro power plants in Yahinovo and Germanea by Akuo Energy Bulgaria and the subsequent disposal of shares.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s ‘market-leading practice’ boasts expertise across the entire banking and finance sector, including secured transactions and corporate financing, most recently in the energy and transport sectors, debt restructuring, securitisations, and sovereign bonds transactions, to name a few. Among the firm’s regular client base are national and international banks, asset managers, investment funds and financial institutions. Leading this practice are Nikolai Gouginski, who is well known for his expertise in cross-border lending and project finance, Georgi Tzvetkov and Kaloyan Krumov, who are both well versed in project and acquisition financing, as well as Gergana Monovska, who frequently covers regulatory mandates in the banking and finance and capital markets field.

Praxisleiter:

Nikolai Gouginski; Georgi Tzvetkov; Kaloyan Krumov; Gergana Monovska


Weitere Kernanwälte:

Tsvetelina Bayraktarova; Deyan Bogdanov


Referenzen

‘A market-leading practice I’d trust with a local counsel role on the most complex financings.’

‘Nikolai Gouginski stands out with his deep market knowledge, sophistication and negotiation skills. Kaloyan Krumov is an extremely capable, reliable and conscientious young partner.’

‘The banking and finance practice at DGKV stands out for its expertise and client-focused approach. The team has a strong grasp of financial regulations in Bulgaria and international transactions, they are client-centred. The team prioritises understanding each client’s needs and offers tailored solutions. They provide solid expertise and personalised legal counsel in the Bulgarian financial market.’

Kernmandanten

BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE, and UniCredit Bank AG


Lion’s Head Investments AD


ICBC International Finance Limited


DSK Bank AD and OTP Bank Plc


UniCredit Bulbank AD


UniCredit Bank Austria AG


United Bulgarian Bank AD


CMBC International Investment (HK) Limited


Bianor Holding AD


European Bank for Reconstruction and Development (EBRD)


Highlight-Mandate


  • Advised on the European Bank for Reconstruction and Development (EBRD)’s project, to assess the current status of the Bulgarian capital market to benchmark the Bulgarian capital markets in comparison with selected EU jurisdictions and to provide recommendations to address the identified barriers and shortcomings.
  • Advised Lion’s Head Investments AD (LHI) in two related financing transactions with IFC as lender.
  • Advised Bianor Holding AD on the acquisition of a number of software companies.

Eversheds Sutherland

Eversheds Sutherland is highly regarded for its ‘deep understanding of the capital market rules’ and the team provides expert advice in the areas of debt capital markets, derivatives and financial and banking regulatory advice, that are often cross-border in nature, with particular expertise in projects in North Macedonia. Capital markets and banking experts Nikolay Bebov and Damyan Leshev jointly lead the team, and both lead on matters for national and European banks, asset managers and governmental departments. Petar Ivanov further strengthens the team in the areas of banking regulation and debt and equity capital markets transactions and more.

Praxisleiter:

Nikolay Bebov; Damyan Leshev


Weitere Kernanwälte:

Petar Ivanov; Maria Karacholova


Referenzen

‘Nikolay Bebov is a very experienced senior partner. He has everything under control at any time, no matter what the situation is. He is very knowledgeable on the law and has common sense as well as very strategic thinking. Petar Ivanov is a real active young but very considerate lawyer, super-fast with great ideas and also common sense and strategic thinking.’

‘The team has extensive knowledge in banking, finance and capital markets law that goes beyond the national boundaries. It follows all legal developments and the changing regulatory landscape thus always being able to elaborate on up-to-date topics and take part in discussions. The team follows the practice of the court on debatable topics and successfully uses it in order to support and improve the quality of their legal services.’

‘High level of services. Broader knowledge. Very professional team. Deep understanding of the capital market rules, practices and issuance of instruments. Very well know the regulatory requirements for FIs.’

Kernmandanten

Energo-Pro a.s. and its Bulgarian subsidiary Energo-Pro Varna EAD


TBI Bank EAD


Republic of Bulgaria – Ministry of Finance


Allianz Bank Bulgaria


Bulgarian-American Credit Bank


WVP Group


KBC Asset Management


First Investment Bank AD


Blockchain.BG/Human Liberty


European Bank for Reconstruction and Development


MK Brokers AD


Smart Fund Asset Management EAD


United Bulgarian Bank


Bluesmart Investments AD


Highlight-Mandate


  • Advised, as single transaction counsel, TBI Bank EAD on the issuance of a third series of MREL bonds, the EUR 20m MREL bonds due 2026.
  • Advised on all matters of Bulgarian law the Republic of Bulgaria in relation to its EUR 2.3bn dual-tranche issue under its GMTN Programme increased to EUR 14bn (from EUR 12bn).
  • Advised as a Bulgarian law issuer counsel Energo–Pro a.s. and the Bulgarian Guarantor, Energo-Pro Varna EAD, in relation to the bridge-to-bond transaction, including the issuance of $300m guaranteed notes.

Kinstellar

Bulgarian and European banks, financial institutions, payment services providers and investors frequently turn to Kinstellar for advice on transactional, energy and real estate financing as well as for regulatory advice, including on crypto regulations and MiFID services. Svilen Issaev leads the practice and is well versed in financing transactions, while also handling regulatory and compliance mandates in this field, particularly those relating to the fintech and banking services sector. Diana Dimova is an expert in M&A and corporate matters in the banking and finance sector, and Denitsa Kuzeva regularly covers financing transactions and regulatory matters.

Praxisleiter:

Svilen Issaev


Weitere Kernanwälte:

Diana Dimova; Denitsa Kuzeva; Nikolay Gergov


Referenzen

‘Kinstellar has an integrated team of local and international specialists in various areas of law, as well as an extensive network of affiliated and trusted experts from other firms, enabling Kinstellar to handle complex and high-profile assignments by assembling the most appropriate team for the task.’

‘Diana Dimova and Svilen Issaev demonstrated exceptional efficiency, professionalism and flexibility in delivering the services to meet the changing requirements of the client. Their communication skills and availability made for an excellent team between Kinstellar and the client.’

‘They are always helpful and on top of things.’

Kernmandanten

United Bulgarian Bank


European Bank for Reconstruction and Development


European Investment Bank


Bank of China


Citibank Europe Plc


SOF Connect


Telecommunications Towers Company CJSC (TAWAL)


Globe Trade Centre S.A.


Inter Cars S.A.


Lempriere Wool EOOD


Eleven Capital


Revolut


Highlight-Mandate


  • Advised TAWAL on Islamic financing facility in the total amount of $1.2bn in relation to the acquisition of the tower assets of United Group B.V. across Bulgaria, Slovenia and Croatia.
  • Advised the European Investment Bank on an irrevocable first demand guarantee agreement with United Bulgarian Bank, facilitating the provision of nearly EUR 150m financing to Bulgarian mid-cap companies.
  • Advised Inter Cars on amendments to a $642m loan, including the implementation of sustainability-linked provisions that commit Inter Cars to ESG targets.

Schoenherr

Schoenherr handles mandates across the entire banking and financing legal sector, including on the financing of projects and acquisitions, debt restructuring, derivatives, secured lending, as well as providing expert regulatory advice, such as on the drafting of new legislation. Regulatory expert Tsvetan Krumov leads the practice and clients note that his ‘comprehensive knowledge of banking and financial regulations make him an invaluable partner’. Further names to note are Milena Gabrovska, who often advises banks, insurers and companies, and Kristina Lyubenova, who handles work for investors and financial institutions.

Praxisleiter:

Tsvetan Krumov


Weitere Kernanwälte:

Milena Gabrovska; Kristina Lyubenova


Referenzen

‘The Schoenherr team consists of very experienced lawyers with remarkable knowledge of the market. Their extensive expertise in both local and international markets has been invaluable to us. They have strong capabilities in complex matters and provide practical and effective legal solutions. The lawyers are always available, willing to go above and beyond, and deliver exceptional service.

‘Tsvetan Krumov is a highly respected lawyer in Bulgaria, known for his competence and deep understanding of markets and financial instruments. His comprehensive knowledge of banking and financial regulations, alongside other areas of law, makes him an invaluable partner. He is highly responsive, delivers excellent work, and consistently finds solutions. Milena Gabrovska was highly supportive, demonstrating extensive and diverse knowledge, along with a quick understanding of matters that are crucial to her clients.’

‘Complex legal matters become much more manageable with the support of this great team.’

Kernmandanten

HSBC Innovation Bank Limited


Enery Development GmbH


Nomura International PLC


COMMERZBANK Aktiengesellschaft


ING Bank N.V. /ING-DiBa A.G.


PETRACO OIL COMPANY SA


Raiffeisen Bank International AG (RBI)


Aricoma Group (Musala Soft EAD)


European Bank for Reconstruction and Development


United Group B.V.


UniCredit Bulbank AD, Bulgaria


Citibank


ING Bank N.V. (the Netherlands) and ING Bank N.V. – Bulgarian Branch


European Investment Bank


BNP PARIBAS (Suisse) S.A.


Société Générale Group


J.P. Morgan Securities plc


Ares Management Limited


OTP Bank Plc, Hungary


Highlight-Mandate


  • Advised United Group B.V. (UG) as issuer on the Bulgarian aspects of multiple issues of Senior Secured Notes (SSNs) under New York law; the fifth issue of fixed and floating rate senior secured notes is for a total value of EUR 1.430bn.
  • Advised Enery Development GmbH (Enery) (by its subsidiary Tsenovo Solar Plant EOOD) on attracting project financing from UniCredit Bulbank for the construction and operation of Enery’s first greenfield solar photovoltaic (PV) project in Bulgaria. The total value of the deal is EUR 69m.
  • Advised Aricoma Group (as a borrower) and Musala Soft AD (as a guarantor) on amendment and restatement of senior multi-currency term and revolving facilities agreement and establishment of new Bulgarian law security package with Česká Spořitelna – leading a syndicate of banks including Československá obchodní banka and Komerční banka.

Wolf Theiss

Wolf Theiss acts on both the lender and borrower side on a range of complex financing transactions and projects, corporate bond issuances and financial compliance and regulatory advice in the areas of AI and digitalisation projects, where the team acts for a series of Bulgarian banks, investment funds, financial services companies and corporates. Katerina Kraeva, who is experienced in acquisition and project finance as well as regulatory matters, and Richard Clegg, who advises on diverse financing transactions, jointly lead the team.

Praxisleiter:

Katerina Kraeva; Richard Clegg


Weitere Kernanwälte:

Ivan Ivanov


Kernmandanten

Allianz Bulgaria


Renalfa


European Investment Bank (EIB)


Belozem Solar Park


Lion’s Head Investments


J.P. Morgan Securities (JP Morgan)


DSK Bank


Sunotec Group


Highlight-Mandate


  • Assisting Allianz Bank with the Bulgarian aspects of structuring and negotiating a EUR 280m synthetic securitisation instrument with the EIB and EIF.
  • Acting as a lead adviser to Belozem Solar Park as a borrower on above EUR 125m project financing granted by DSK Bank for the acquisition and development of one a photovoltaic plant, with an installed capacity of 123 MWp in Western Bulgaria.
  • Advising the financing institutions involved in EUR 280m financing of Sofia Airport concession, Bulgaria’s largest airport, on structural changes related to the concession site and the decision by the Council of Ministers to designate the entire territory within the Concession Agreement as a Site of National Importance.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co ‘demonstrates a deep understanding of complex financial regulations and transactions’, where the team advises private investors, various corporate clients and financial services companies, including those in the crypto space. Hristo Nihrizov is experienced in project and acquisition finance in the regulated industries and TMT sector and leads the practice. Pencho Stanchev is a key name in the department and advises on asset acquisitions and loan agreements. Yordanka Dimova joined the firm in March 2024 from an in-house role.

Praxisleiter:

Hristo Nihrizov


Weitere Kernanwälte:

Pencho Stanchev; Yordanka Dimova


Referenzen

‘The team demonstrates the ability to think strategically, offering not just legal advice but also tailored business solutions. They can anticipate challenges, find innovative ways to structure financing, and navigate difficult negotiations, all while our their interests. They have a strong network of partner law firms in key financial hubs and they are able to handle cross-border issues such as navigating EU regulation very smoothly.’

‘Always available, solution oriented.’

‘Hristo Nihrizov and Pencho Stanchev are the experts whose advice we usually seek on banking and finance matters. Hristo is not only up-to-date with traditional banking but also well-versed in areas like blockchain, digital payments and cryptocurrency regulation. Pencho has deep financial sector knowledge and strategic problem-solving, regulatory acumen.’

Kernmandanten

Evrotrust Technologies


Lued Holding S.r.l.


VM Petroleum/Tradenet Varna


Webit Management


New Capital Management


United Bulgarian Bank


Pilco EOOD (part of Ameta group)


VM Petroleum


Alpiq Energy SE


Highlight-Mandate


  • Advised Evrotrust Technologies in securing an investment round of EUR 3.3m from the private investment fund Silverline Capital.
  • Advised Lued Holding on the financing and the complicated sale of 17 land plots.
  • Advised VM Petroleum on the conclusion of loan agreements with two Bulgarian banks – DSK Bank and Bulgarian-American Credit Bank.

Georgiev, Todorov & Co

The ‘top-notch’ banking and finance team at Georgiev, Todorov & Co have recently acted on a number of solar park construction projects, handling aspects related to the financing approvals and syndicated facility agreements. The teams’ other capabilities include insurance and reinsurance matters, representation in disputes and ongoing regulatory advice. Arno Mamasyan leads the practice and advises a diverse array of banks, investors and insurance companies on EU regulations.

Praxisleiter:

Arno Mamasyan


Weitere Kernanwälte:

Tsvetelina Dimitrova; Dobrina Pavlova


Referenzen

‘This team consistently delivers exceptional results with a unique combination of expertise, innovation, and collaboration.’

‘All of the individuals have been top-notch, consistently demonstrating strong expertise, responsiveness and a commitment to delivering quality results that sets them apart from competitors.’

‘When presented with an issue to resolve, this practice always involves experts with the necessary qualifications to resolve the issue with high quality.’

Kernmandanten

Belozem Solar Park 2


Galabovo Solar BG


Kaloyanovo Solar BG


Trakia MT Solar


Belozem Solar Park 3


Tibiel LTD


Pro Trade Finance Consult LTD


OZK Insurance


LNG Systems


Highlight-Mandate


  • Advised Belozem Solar Park 2 on the approval by the Energy and Water Regulatory Commission of the bank financing for the construction and operation of a large-scale solar plant in Maglizh, in the Stara Zagora region of Bulgaria.
  • Advised Galabovo Solar BG on the approval by the Energy and Water Regulatory Commission of the bank financing for the construction and operation of a solar plant in the area of Galabovo village, in the Stara Zagora region of Bulgaria.
  • Advised Kaloyanovo Solar BG on the approval by the Energy and Water Regulatory Commission of the bank financing for the construction and operation of two stages of a solar plant in the area of Kaloyanovo village, in the Plovdiv region of Bulgaria.

Kambourov & Partners

Kambourov & Partners covers a broad array of work within the banking and finance field, including syndicated facility agreements, intercreditor agreements and loan agreements as part of project financing mandates, as well as handling a range of regulatory questions and litigation mandates for banks, financial institutions and corporates. Practice head Yavor Kambourov is experienced in restructuring, litigation, insolvency and bankruptcy cases and often consults banks and financial institutions in this capacity. Vladimir Rangeloff is a key name in the department and covers syndicated financing, financial collateral arrangements and debt restructuring, amongst other work.

Praxisleiter:

Yavor Kambourov


Weitere Kernanwälte:

Vladimir Rangeloff; Ivo Alexandrov


Referenzen

‘Very professional and responsible during the whole process. They are very attentive to detail, not leaving any stones unturned. Have extremely good knowledge when it comes to company buyouts, due diligence and negotiation process.’

‘Ivo Alexandrov is very professional partner in the firm. We are working closely with him the last 4 years and we have full trust and confidence to his proposals, deal architecture and being at the whole process on our side.’

‘Reliable, consistent.’

Kernmandanten

Muzinich


ICBC Aviation Leasing Company Limited (ICBCAL)


Kredyt Inkaso S.A.


AD Assets


CASP Leasing I, LLC


Slovenia Broadband S.a.r.l.


Chailease International Financial Services (Singapore) Pte. Ltd.


Regiocom SE


European Trade Center EOOD


UniCredit SpA, UniCredit Bulbank, Allianz Bulgaria, United Bulgarian Bank


Highlight-Mandate


  • Assists Muzinich with the Bulgarian law aspects of the accession of a Bulgarian entity to an English-law-governed senior facilities agreement and intercreditor agreement.
  • Assists Sky High 142 Leasing Company Limited with the Bulgarian law aspects of an aircraft dry lease.
  • Assists Kredyt Inkaso S.A. with the Bulgarian law aspects of acquiring a potential new strategic investor.

Penkov, Markov & Partners

Penkov, Markov & Partners are praised for their ‘deep understanding of the regulatory landscape and market dynamics’, which they use to assist banks, credit institutions, insurance companies and investment funds on transactions, project financing and regulatory issues. The team also offers advice and analysis on various novel developments in this sector, including on e-money, fintech and crypto products. Nikolay Cvetanov, whose recent work includes regulatory and product compliance support for crypto and crypto related products, and Ivan Markov, who is well versed in transactions in this area, including related deal structuring and loan agreements, jointly lead the team. Asen Apostolov, who was made partner in April 2024, is also a key contact and handles a range of matters, including on anti-money laundering.

Praxisleiter:

Nikolay Cvetanov; Ivan Markov


Weitere Kernanwälte:

Boris Lazarov; Asen Apostolov; Tihomir Tishev


Referenzen

‘This practice stands out for its exceptionally proactive and supportive approach, backed by thorough research and extensive cross-industry expertise. The team’s broad network of connections proved invaluable in helping us navigate investment opportunities in the Bulgarian market. What truly sets this practice apart is its commitment to innovation and collaboration, providing a seamless, client-focused experience with a clear emphasis on delivering results.’

‘Nikolay Cvetanov distinguishes himself through his proactive leadership and deep commitment to our project. His extensive legal and regulatory expertise was not only impressive but essential in navigating complex challenges. What truly makes Nikolay invaluable is the fact that he went far beyond the typical role of a legal adviser, acting as a true partner. His strategic insight, combined with his hands-on involvement made him a key figure in developing our project and added tremendous value to our work together.’

‘Penkov, Markov & Partners have quite experienced team in finance, being experienced in negotiating and drafting any type of financing agreements both in the bank sector and with other financial institutions and private equity funds. They have good reputation on the market, act diligently and are not afraid to negotiate heavy with bank institutions for improvement of the conditions they are offering on loan packages.’

Kernmandanten

Vienna Insurance Group AG


Binance


M Holding AD, Sila M LLC (US company), Green Line Group AD, pool of private investors


INVENIO PARTNERS FUND II Scsp


Unilink S.A., Unilink Bulgaria EOOD


Pension Assurance Company Doverie AD


Allianz Bank Bulgaria EAD


ZAI AD (part of Industrial Capital – Holding Group)


Multitude Bank p.l.c.


Arteks Engineering AD


Paynetics AD


NetCredit OOD


Eurostar EOOD


Infinity Capital AD


Highlight-Mandate


  • Advised Unilink S.A. and Unilink Bulgaria EOOD on structuring of the financing and acquisition of the SDI Group AD.
  • Advised Vienna Insurance Group AG on negotiating and structuring of the financing and acquisition of 10% of the capital of the largest Bulgarian Pension Fund by the International Finance Corporation (IFC).
  • Advised Allianz Bank Bulgaria in the restructuring of factoring relationship with a Bulgarian construction company.

Stoeva, Tchompalov & Znepolski

Praised for their ‘remarkable experience in various capital market and banking issues’ Stoeva, Tchompalov & Znepolski advises on facility agreements, project financing, financial transactions as well as delivering advice related to the anti-money laundering directive and counter terrorist financing requirements. Furthermore, the team’s expertise in the insurance sector is highly regarded, and they continue to act in a series of litigation cases. Iordan Tchompalov is a highly reputed name in the capital markets field, and he leads the practice alongside Irina Stoeva, who is experienced in insurance litigation. Further key names in the department are Natalia Yordanova and Peter Znepolski.

Praxisleiter:

Iordan Tchompalov; Irina Stoeva


Weitere Kernanwälte:

Natalia Yordanova; Peter Znepolski; Tihomir Todorov; Miroslava Iordanova


Referenzen

‘Stoeva, Tchompalov & Znepolski are one of the very few Bulgarian law firms that know in depth the capital market law. Iordan Tchompalov is active in the market for more than 20 years and Natalia Yordanova – for nearly 15 years. They both have gained remarkable experience in various capital market and banking issues, not only investment funds but also listed companies specific regulation, disclosure, market abuse.’

‘What distinguishes Natalia from other lawyers I have worked with is that she knows in details not only the administrative procedural law and court practice, but like no other she combines this knowledge and experience with deep understanding of the substantive law and regulatory guidelines applicable to asset managers and investment firms. In addition, I would like to praise Tihomir Todorov and Miroslava Iordanova who are very competent young lawyers with strong theoretical background and eager to learn more and more. ’

‘Stoeva, Tchompalov & Znepolski is a highly reliable firm with very experienced partners who have profound understanding of the issues they are dealing with. There are not so many Bulgarian law firms who know in detail the insurance and finance law, as well as the capital markets regulation. Communication is always quick, clear and concise. They are extremely thorough in their approach and will help you weigh up the pros and cons of taking certain decisions.’

Kernmandanten

Eurohold Bulgaria AD


Belozem Solar Park 3 OOD


Electrohold Sales (Bulgaria)


Euroins Insurance Group (Bulgaria)


Insurance Company Armeec (Bulgaria)


Varengold Bank AG


The Bulgarian Association of Insurance Brokers


AVUS Bulgaria International Claims Handling


AXA (Belgium)


SDI Group (the largest Bulgarian insurance broker)


Dealing Financial Company AD (Bulgaria)


Investment Firm Bulbrokers AD (Bulgaria)


EuroFinance Investment Firm (Bulgaria)


FFBH Asset Management (Bulgaria)


ABV Investments OOD (Bulgaria)


Corporex Bulgaria EOOD (Bulgaria)


Alteron REIT (Bulgaria)


Invest Capital Asset Management EAD (Bulgaria)


First Financial Brokerage House (Bulgaria)


Highlight-Mandate


  • Advising Eurohold Bulgaria AD and its Dutch subsidiaries regarding a EUR 500m refinancing transaction, which comprises a EUR 460m senior facility agreement and a EUR 65m holdco facility agreement.
  • Advised Belozem Solar Park 2 OOD on a EUR 104m project financing for the construction and operation of a 160 MW photovoltaic power plant in Maglizh Municipality, Bulgaria.
  • Represented AXA Belgium before a Bulgarian court in a claim for compensation brought by the heirs of a Belgian citizen who died in a road accident in Bulgaria.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria specialises in the financing of national infrastructure projects, including advice on loan agreements, credit facility agreements. The team, led by project finance expert Stoyan Barzakov and energy and real estate specialist Dimitar Delchev, also provides advice in insolvency proceedings and on financial transactions.

Praxisleiter:

Stoyan Barzakov; Dimitar Delchev


Weitere Kernanwälte:

Magdalena Valova; Ivaylo Toskov


Referenzen

‘Andrey Delchev and Partners lawyers are always professional, responsive and fully aware of every detail of our cases.’

‘Andrey Delchev, Magdalena Valova and Ivailo Toskov are the lawyers we communicate most, and we are impressed by their knowledge and innovative approach, providing for the best solution to each issue.’

‘They work professionally, quickly and efficiently.’

Kernmandanten

Trace Group Hold


Asarel Medet Group


Bulgarian Development Bank


World Bank


National Trust EcoFund (NTEF)


Ministry of Regional Development and Public Works


Public Enterprise Vodovod & Kanalizacija – Skopje (the WSS Company in Skopje, Macedonia)


Nova City Group


Ministry of Transport and Communications (formerly Ministry of Transport, Information Technology and Communications)


Sofia Municipality


AZ Energies S.R.O, Czech Republic


Highlight-Mandate


  • Provides advice to Trace Group Hold on diverse legal matters, including legal advice regarding a EUR 55m granted to the client by the EBRD.
  • Advised National Trust EcoFund in public procurement and competition law matters related to environmental projects financed under NTEF’s grants scheme.
  • Advised AZ Energies S.R.O, on the opening of a bank account as well as on the conditions to be satisfied within the bank’s know-your-clients procedure.

Deloitte Legal Law Firm

Deloitte Legal Law Firm’s broad expertise covers regulatory compliance matters, particularly in relation to data protection, crypto and e-money and the implementation of the new Digital Operational Resilience Act, while also including transactional work. Practice head Adelina Mitkova and is experienced in both transactional and regulatory banking and finance matters.

Praxisleiter:

Adelina Mitkova


Weitere Kernanwälte:

Nadya Elchinova; Ivaylo Kotzev


Highlight-Mandate


Ernst & Young Law Partnership

The team at Ernst & Young Partnership advises on regulatory compliance in relation to corporate restructurings, new securities structures, loan agreements and transaction financing, while also recently providing support on the implementation anti-money laundering and counter-terrorist financing measures to various Bulgarian banks. Rebeka Kleytman leads the team and is well versed in financial regulation, international financing agreements and advice to non-banking institutions in this sector.

Praxisleiter:

Rebeka Kleytman


Weitere Kernanwälte:

Svetlin Adrianov; Irina Yaneva


Kernmandanten

AKUO ENERGY BULGARIA OOD


MONTEROSA OOD


Nordmann, Rassmann GmbH


INTRAMA Services GmbH


Central Cooperative Bank AD


American Express Payments Europe S.L.


Wise EU


UniCredit Bulbank AD


Highlight-Mandate


  • Advised Monterosa OOD on the sale of their local investment, including a commercial real estate property rented to the Financial Supervision Commission.
  • Conducted an extensive enterprise-wide risk assessment for the years 2021, 2022 and 2023, addressing money laundering and terrorist financing risks at both group and entity levels for one of Bulgaria’s largest commercial banks, including its Bulgarian company, North Macedonian subsidiary, and branch in Cyprus.
  • Reviewed key transaction documentation for the core trade asset products and advised on legal, regulatory and tax aspects related to potential implications stemming from asset centralisation within an entity in the EU, direct provision of services and advanced digitalisation for one of the biggest international banking groups based in the USA.

CERHA HEMPEL Gerginov

International banks and financial services companies are among the regular clientele that CERHA HEMPEL Gerginov advises, with a particular focus on financial regulatory advice and compliance, related to credit facilities, business restructurings, mergers and business expansions as well as e-money requirements. Boyko Gerginov leads the practice and has extensive experience in banking and finance transactions.

Praxisleiter:

Boyko Gerginov


Weitere Kernanwälte:

Kalin Bonev; Polina Westerhoven


Kernmandanten

Carl Zeiss AG


Tennant Company


Hewlett Packard Enterprise


DXC.technology


OMV


Pierer New Mobility GmbH


Mizuho Bank


HP Bulgaria Inc.


Samsung Electronics


Tchibo Bulgaria


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  • Advised Tennant Company on the acquisition of M&F Management and Financing GmbH.
  • Advised Mizuho Bank in relation to Theramex’ acquisition of the European marketing/distribution rights for certain pharmaceutical products from global pharmaceutical company Viatris.
  • Advised Tchibo amending its distribution network, including on renegotiating terms with distributors, drafting new and amending existing distribution agreements.

Dobrev & Lyutskanov

Dobrev & Lyutskanov handles all aspects of investment projects in Bulgaria for foreign investors and companies, including banking regulatory and compliance matters, funding applications, bond acquisitions and issuances and the drafting of all documentation related to this. Roumen Lyutskanov leads the department and is praised for his ‘extensive knowledge in the field’.

Praxisleiter:

Roumen Lyutskanov


Weitere Kernanwälte:

Lyuben Todev; Gergana Ilieva


Referenzen

‘The attorneys we work with at the law firm took our case to heart. This drive to find a solution that satisfies the client’s long-term interest is a trait we only find here. The approach to the work and to the client is at an extremely high level.’

‘Roumen Lyutskanov is experienced in banking law and banking operations. In addition to his extensive knowledge in the field, he is analytical and always offers workable solutions. The lawyer, we work with is Gergana Ilieva, who is an energetic, focused attorney who will do the impossible to protect his client. What is exceptional about her is her honest and open attitude about the legal effects and risks of various options.’

‘Deep experience in litigation (civil and commercial law).’

Kernmandanten

Prista Oil Holding Jsc.


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  • Advised Prista Oil Holding Jsc. in connection with the return of bank counter-guarantee coverage pledged as collateral to BIA Bank Paris.

Kinkin & Partners

Kinkin & Partners cover a range of work within the banking and finance sector, from financing, including refinancing credits and loans and project financing, to regulatory advice and compliance. Practice head Adriana Nacheva handles corporate and commercial, real estate, competition and energy matters next to her expertise in the finance sector.

Praxisleiter:

Adriana Nacheva


Weitere Kernanwälte:

Nikolay Radev; Pipi Popova


Referenzen

‘We were very satisfied with the approach and work of Kinkin & Partners. Whether it was responding to our diverse questions or specific tasks. We appreciate the professionalism, erudition and attention to detail of the team of the Kinkin. We appreciate the thorough knowledge of the relevant legislation as well as the practical experience gained. Based on the legal advice provided so far, we will continue to turn with confidence to Kinkin in the future. In the past, we have used the services of law firms in other countries. The legal services provided by Kinkin meet international standards.’

‘We have been working especially with Pipi Popova. She quickly understood the needs of our company as well as peculiarities arising out of law of capital markets stipulated in the MiFID II regulation. She explained to us in a reasonable manner how we should proceed, the specifics of the Bulgarian commercial register as well as the specifics of setting up a bank account in Bulgaria and what we should focus on.’

‘We highly recommend the legal services of Kinkin & Partners. The team of the law firm is highly educated and skilful. The lawyers of the team are always ready to provide solutions to our legal issues and provide more than one option for further action.’

Kernmandanten

Association of the Depositors Harmed by the Corporate Commercial Bank JSC, Karifert International S.A.L., Trans Balkani Ltd., AST Sofia Ltd., Linex Ltd, Palladium Ltd.


B Plus Ltd.


Casa Chic


CAPITAL MARKETS, o.c.p., a.s.


Highstock Investments Ltd.


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Popov, Arnaudov & Partners

Popov, Arnaudov & Partners routinely represents clients, including government departments, municipalities, as well as insurance companies, before Bulgaria’s highest courts in relation to insurance compensation, debt collection and financial corrections. The practice is led by Eleonora Sergieva, Elisaveta Yotova and Desislava Tsvetkova.

Praxisleiter:

Eleonora Sergieva; Elisaveta Yotova; Desislava Tsvetkova


Kernmandanten

‘Water Supply and Sewerage’ EAD, Burgas


Botevgrad Municipality


Ministry of Regional Development and Public Works


Unicredit Bulbank


InterEurope AG European Law Service


Bulgarian Export Insurance Agency /BAEZ/ EAD


DallBogg: Life and Health Insurance Company


Insurance company Armeec


UniCredit Consumer Financing


Odelo Bulgaria


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