Hall Of Fame

Next Generation Partners

Firms To Watch: Banking, finance and capital markets

WIDEN‘s financing and AML compliance team is experienced in dealing with a range of AML and compliance work, sanction risk assessments, and representing clients in court proceedings.

Banking, finance and capital markets in Latvia

Cobalt

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.

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.