The banking, finance, and AML practice group at Cobalt has extensive experience representing both international and local clients in various complex banking and finance law-related matters. The firm covers a broad range of related matters, such as M&A transactions involving financial institutions, cross-border lending and refinancing agreements, capital market work, and financial restructuring. The breadth of work is highlighted by involvement in several industries, including aviation, food and drink, IT services, and waste management. Leading the banking and finance side of the team is the experienced Edgars Lodziņš, who has ‘particular expertise in the capital markets’, whilst Edgars Pastars takes control of the AML aspect.
Banking, finance and capital markets in Latvia
Cobalt
Praxisleiter:
Edgars Lodziņš; Edgars Pastars
Referenzen
‘Cobalt specialists are high-level professionals in a wide variety of legal matters. Banking, finance, and capital markets is one of the areas.’
‘Cobalt banking and finance division knowledge and expertise are well respected by the banks. Cobalt specialists will always tend to search for the solution that is best for the client. This approach saves both party’s time significantly.’
‘Documents produced by Cobalt are well structured, easy to navigate and operate with, clear in substance, and contain no statements that could be misinterpreted by any of the parties, which makes the cooperation process extremely efficient and reliable from our side.’
Kernmandanten
airBaltic
American Express group
Credit Agricole
Eiffel Investment Group SAS
European Investment Bank
HSBC
ING Belgium NV/SA
IPF Digital
Luminor Bank
Jyske Bank
Highlight-Mandate
- Advised Latvian national airline, airBaltic, on the issuance of EUR340m in senior secured bonds with a maturity of 5.25 years, listed on Euronext Dublin stock exchange.
- Advised ACP Credit, a prominent Central European corporate lender, on their EUR10m financing agreement with Eleving Group, a Latvian non-bank lender seeking to expand its business.
- Advised Salv, the first company in Latvia to obtain the closed shared Know Your Customer utility service provider license from the Data State Inspectorate of Latvia, on ensuring compliance with financial regulations, data protection, and Latvian branch establishment.
Ellex
Ellex‘s banking and finance team continues its involvement in financing transactions across the region, with an increasing focus on the alternative investment funds industry and fintech and alternative financing business models. The firm continues to be a key regulatory advisor in the banking and insurance sector, with specific knowledge of compliance matters. The ‘reliable and responsible’ team offers a range of services across the practice area, including advising financial institutions, acting in project financing, and advising capital market players. The group is led by co-heads Marta Cera and Zane Veidemane-Bērziņa; the former brings experience in cross-border secured lending and structured financing transactions, whilst the latter has extensive expertise in financial regulatory matters.
Praxisleiter:
Marta Cera; Zane Veidemane-Bērziņa
Referenzen
‘The Ellex team is very reliable and responsible, and they consider the issue comprehensively and can flag the potential issues.’
‘They are responsible and responsive, they can help locate the potential issue and provide solutions.’
Kernmandanten
BigBank
SG Capital Partners
Citigroup
Deutsche Bank
Providence Capital
European Bank for Reconstruction and Development
Goldman Sachs
JPMorgan
International Capital Markets Association
International Finance Corporation
Bank of America
Generali Europe
Warwick Capital
Danske Bank
Clearstream Banking S.A.
Livonia Partners
BNP Paribas
Raiffeisen Bank International
SEB banka
Highlight-Mandate
- Advising NORD/LB on the construction bridge financing of Latvia’s largest standalone solar PV project.
- Advised on the Nasdaq acquisition of Adenza, a provider of mission-critical risk management, regulatory reporting, and capital markets software to the financial services industry, from Thoma Bravo, a leading software investment firm.
- Assisting Alimentation Couche-Tard Inc. with its issue of Series 7 senior unsecured notes for an aggregate principal amount of CAD800m.
Sorainen
The finance and insurance team at Sorainen is an experienced group that has ‘knowledge and experience of practices in different countries’. The firm is involved in a variety of work, including note issuances, business sale agreements, private bond issuances, and advising on financing deals. The breadth of the firm’s capabilities is further evidenced by the various industries it operates in, with matters involving aviation, insurance, renewable energy, and real estate. The team benefits from the joint leadership of Rūdolfs Eņģelis and Ramona Miglane, following the latter’s arrival in May 2024.
Praxisleiter:
Rūdolfs Eņģelis; Ramona Miglāne
Referenzen
‘The assessment of the situation is carried out widely, and is quickly available to customers in urgent cases.’
‘Knowledge and experience of practices in different countries provides different solutions and scenarios.’
‘The Sorainen finance team is very responsive and well connected with local authorities.’
Kernmandanten
Bitė Group
Gjensidige
VPH
Avia Solutions Group
Salv Technologies OÜ
Berenberg
Kekava ABT AS
Nasdaq CSD SE
DelfinGroup AS
Highlight-Mandate
- Advised Bitė Group on a EUR920m senior secured notes issue.
- Advised Avia Solutions Group, an aviation group, on issuing USD300m in senior unsecured bonds with a tenure of five years at a rate of 9.75%.
- Advised the Norwegian non-life insurance company Gjensidige Forsikringon on signing a sale agreement for its business in the Baltics with Ergo International, the company managing Ergo’s international business portfolio.
Eversheds Sutherland Bitans
The team at Eversheds Sutherland Bitans has an excellent reputation when it comes to advising issuers and stakeholders on capital market projects and regulatory developments. The firm is heavily involved with capital market projects, in both the bond and equity markets, operating with an in-depth knowledge of IPOs. The team is also well versed in sanctions, compliance, and anti-money laundering matters, benefitting from the leadership of practice head Māris Vainovskis, who has extensive experience in capital market transactions alongside regulatory and compliance matters.
Praxisleiter:
Māris Vainovskis
Referenzen
‘Always prepared to provide comprehensive support for both smaller and larger projects with strong cutting edge knowledge on ESG-related matters.’
‘Māris Vainovskis as the team leader ensures excellent coordination of the wider team at the practice so that there is a ‘full service capability’ when it comes to a project. That is, projects frequently require specialist knowledge from eg. competition-related areas. He is always keeping in mind the long-term development of the Latvian capital market, rather than shorter term KPIs.’
Kernmandanten
IPAS “Indexo”
Xpate, SIA
Akciju sabiedrība
AS APF Holdings
SIA Kalve Coffee
International Swaps and Derivatives Association
AS “SEB banka”
AS “Rietumu Banka”
AS “DelfinGroup”
AS DelfinGroup major shareholders
AS “Eco Baltia”
AS “Clean R Grupa”
Grenardi Group AS
AS MAPON
AS Hestio
Eleving Group
Highlight-Mandate
- Advised investment management company IPAS “Indexo” on obtaining the credit institution licence for its subsidiary AS IDX1R.
- Advised payments platform SIA “Xpate” on obtaining the electronic money institution license in Latvia.
- Advised commercial bank AS “SEB banka” on the provision of financing of EUR5.5m to the glass coatings manufacturer SIA “GroGlass”.
TGS Baltic
TGS Baltic‘s banking and finance team advises on a wide range of matters, including syndicated loans, project financing, asset-based lending, and cross-border financing deals. The team offers extensive knowledge, evidenced by their involvement with various industries, such as aviation, agriculture, education, and renewable energy. The group is led by Inese Hazenfusa, with key support provided by Mārtiņš Galzons.
Praxisleiter:
Inese Hazenfusa
Weitere Kernanwälte:
Martinš Galzons
Referenzen
‘Ready to engage in unusual, unclear projects with the best solutions possible.’
‘Good cooperation with lawyers from other countries, they have a good track record and reputation.’
‘Smooth and on-time work. Perfect communication.’
Kernmandanten
Bondora Group AS
Eco Baltia AS
Mundus Investment Fund
iCotton SIA
Glerup Agro SIA
Air Baltic
University of Latvia
SIA Marijas 2
Income EST SPV OÜ
Hornbaek Baltic AS
CVI
US Bank Trustees Limited
YIT Latvija SIA
Moller Auto Baltic SIA
United Partners OU
Trustly Group
Highlight-Mandate
- Advised bookrunners and co-managers on airBaltic’s, Latvian national airline, recent successful offering of EUR340m 14.5% Secured Bonds due in 2029.
- Assisted Bondora, an Estonian Fintech company, with the acquisition of a consumer lending license in Latvia.
- Advised iCotton SIA, a hygiene products manufacturer, on its issue of EUR20m secured bonds in collaboration with Signet Bank.
VILGERTS
The banking and finance team at VILGERTS regularly advises on a variety of transactions, including different types of asset acquisitions, as well as both private and public bond placements, acting on behalf of either issuers or bondholders across the Baltics. The firm is also engaged with notable matters in the insurance industry, with continued strength in transaction-related banking and finance matters and project finance. The team is led by Gints Vilgerts, with key support from Jānis Kubilis and Charles Clarke.
Praxisleiter:
Gints Vilgerts
Weitere Kernanwälte:
Jānis Kubilis; Charles Clarke
Kernmandanten
Advance Global Capital Ltd.
Air Baltic Corporation AS
Arsenal Industrial SIA
AvaFin
Banga Ltd. SIA
BPM Capital
Cachet
COFACE
DelfinGroup AS
East Capital Real Estate
Grenardi Group AS
If P&C Insurance AS
Longo Group AS
Marijas 2 SIA
Signet bank AS
Summus Capital
Highlight-Mandate
- Advised Summus Capital OÜ on its latest private bond issuance, amounting to EUR15m, in corporation with Signet Bank.
- Advised Advance Global Capital Ltd, a leading global investment management company, on the various legal aspects of its EUR6m revolving credit facility to an international factoring company, headquartered in Latvia.
- Advised AS DelfinGroup on the conditions of the unsecured bond issue prospectus in the amount of EUR15m.
WALLESS
WALLESS‘s banking and finance team has strength across a wide range of financing deals, regularly advising large banks and other credit institutions. The team has also been involved in assisting clients with obtaining loans and refinancing from banks to finance the acquisition of shares and other assets, as well as wider finance project development matters. This work is carried out in a variety of industries, from aviation, where practice co-head Valters Diure has particular expertise, to energy and real estate. Alongside Valters is Sintija Radionova, who brings exceptional knowledge of cross-border transactions and projects.
Praxisleiter:
Sintija Radionova; Valters Diure
Referenzen
‘The team stands out with several significant advantages: 1. professional competence – the team includes highly qualified and experienced lawyers who have in-depth knowledge; 2. result-oriented experience; 3. individual approach; 4. extensive industry experience; 5. excellent reputation.’
‘The law firm possesses extensive experience and knowledge, providing legal services for us in matters that require good knowledge in the banking and finance area.’
‘Law firm provides exceptional service. It is reliable, work is always done at the agreed time with no delays. Communication is professional and understandable. Deliverables are always detailed and of good quality.’
Kernmandanten
BNP Paribas Emissions- und Handelsgesellschaft mbH
Bayerische Landesbank and Airbus Bank
Šiaulių Bankas
Luminor Bank AS Latvijas filiāle
Latvenergo
BluOr Bank AS
4finance, AS
INVL Financial Advisors
PayRay, UAB
NC K2C
Highlight-Mandate
- Advised Latvenergo (largest power supplier in the Baltics) on high-profile derivatives transaction involving a state-owned energy company and two global banks – J.P. Morgan SE and Citigroup Global Markets Europe AG.
- Advised BluOr Bank AS (a systemically important credit institution in Latvia) on the optimal method for disposing of the real estate assets owned by the bank.
Kronbergs Cukste Levin
The banking and finance team at Kronbergs Cukste Levin acts for a range of clients, including both local and international banks, private equity lending businesses, and private equity mortgage lenders. The team is led by Vineta Čukste–Jurjeva, who controls a strong team of ‘very competent, very business-oriented and experienced lawyers’.
Praxisleiter:
Vineta Čukste-Jurjeva
Referenzen
‘Very competent, very business-oriented and experienced lawyers.’
Kernmandanten
PwC
ABLV
Luminor Bank
Express Credit
Sun Finance
Societe Generale
Wirecard Bank
Estate Guru
German Bankers Association
AIG
Latvian Alternative Finance Association
Extra Credit
Ministry of Economy
SEFinance
Deposit Solutions
Highlight-Mandate
- Represented Express Credit, one of the leading Latvian consumer crediting, in the submission of a claim to the Latvian Constitutional Court regarding amendments to the Latvian Consumer Protection Law restricting maximum interest rates on consumer loans and advertising restrictions.
- Advised ABLV bank on liquidation and regulatory matters.
- Advised German Bankers’ Association on custody of security matters.
drill. Law Firm
drill. Law Firm‘s banking and finance team is well-regarded for its work surrounding licensing, capital raising, online investment platforms, and asset-backed securities. The team is led by Margarita Ivanova.
Praxisleiter:
Margarita Ivanova
Kernmandanten
DelfinGroup
SIA ViziaFinance
SIA Provendi asset management AIFP
Nectaro
Highlight-Mandate
- Representing SIA Provendi Asset Management AIFP, an alternative investment fund manager, during its third-round, fourth-round, fifth-round, sixth-round, and seventh-round capital raising of the real estate fund.
- Advising Nectaro on the launch of its online investment platform and issuing EUR5m in asset-backed securities.
- Supporting DelfinGroup, one of the leading consumer lenders in Latvia operating under trade mark ‘Banknote’, with launching new loan issuance and repayment methods through the use of virtual cards and in launching a new product – a digital pawn shop.
LEADELL Vītols
The LEADELL Vītols finance group excels in a wide range of financial and corporate matters, particularly specialising in insolvency and restructuring matters. The ‘professional’ team is led by the experienced Kārlis Vītols.
Praxisleiter:
Kārlis Vītols
Referenzen
‘They are professional, not wasting my time, and are able to look many steps ahead.’
‘They are evaluating time, which is not very common in Latvia. Also, the capability to look many steps ahead is much higher than the market generally.’
‘This team is one of the top law firms in the Latvian market.’
Kernmandanten
NAFA Europe B.V.
Swedbank Leasing
Highlight-Mandate
- Representing NAFA Europe B.V. in two insolvency proceedings regarding loan recoveries.
- Represented Swedbank Leasing in large scale debt recovery proceedings worth over EUR2m.
Spridzans, Snipe & Hramcenko
The banking and finance team at Spridzans, Snipe & Hramcenko is involved in a wide variety of work, including regulatory matters, licensing work for alternative investment funds, debt recovery, and liquidations. Key senior names in the team include Ansis Spridzans, Svetlana Hramcenko, and Arta Snipe.
Praxisleiter:
Ansis Spridzans; Svetlana Hramcenko; Arta Snipe
Kernmandanten
ASP Asset Management AIFP
InGain Technologies SIA
Vivat Verwaltungs GmbH
CBL Asset Management IPAS
Blue Shock Race SIA
Spirit Capital Investments SIA
Easy Debt Service UAB
SME Bank UAB
SME Finance UAB
Insurance company Euroins AD
Commercialization Reactor Fund, SIA AIFP
Highlight-Mandate
- Advised CBL Asset Management, a subsidiary of Citadele banka, on the sale of its Ukrainian daughter company Mizush Asset Management, now providing legal support for its operation.
- Assisted Solar Invest with the issuance of ESG-compliant sustainable bonds.
- Advised alternative investment fund management company ASP Asset Management on the set-up of 4 investment funds in 2024.