Banking, finance and capital markets in Bulgaria

Boyanov & Co.

The banking and finance team at Boyanov & Co. is especially well versed in handling financial transactions including bilateral bank loans, syndicated loans, corporate and public bond issues and M&A transactions. The firm has established strong relationships with Bulgarian and international financial institutions and corporate borrowers and has particularly strong relationships with key banks in Bulgaria, where they act as in-house legal counsel. Damian Simeonov heads the practice and has a strong track record of assisting with large financing transactions, and the team is further strengthened by Ralitsa Nedkova and Georgi Drenski.

Responsables de la pratique:

Damian Simeonov


Autres avocats clés:

Ralitsa Nedkova; Georgi Drenski


Les références

‘The team offers exceptional expertise in banking and finance matters. We have worked with them on cross-border matters, and our collaboration has been seamless. They have in-depth knowledge of the industry and can deliver excellent work even on very tight deadlines. They are very responsive, great communicators and available to discuss different opinions.’

‘Our collaboration with Damian Simeonov has always been fantastic. He is a first-rate professional, incredibly knowledgeable, and very well-respected in the market. He offers his clients an incredible blend of top-notch legal advice and strong commercial awareness and he is seen as a trusted partner by many of his peers in various jurisdictions. It is always a pleasure to work with him.’

Principaux clients

Eurobank Bulgaria AD


DSK Bank AD


OTP Bank Plc


Česká spořitelna, a.s.


Permira Credit Limited


Truist Bank


J.P. Morgan


Wilmington Trust


Credit Suisse, Morgan Stanley


Ideal Standard Vidima AD


Citibank N.A. London


eToro Group Limited


Payhawk


Principaux dossiers


  • Advised Česká Spořitelna on the Bulgarian law aspects of the financing (2022) and subsequent refinancing (2023) of a loan to Aricoma Group, part of which was used to support the acquisition of the Bulgarian leading software company Musala Soft AD.
  • Advised Eurobank S.A. and Alpha Bank S.A. on the Bulgarian law aspects of financing the acquisition by Tyrbul, a Bulgarian subsidiary of Hellenic Dairies S.A., of United Milk Company, a leading Bulgarian dairy.
  • Advised DSK Bank AD on the financing of the construction of the biggest Bulgarian solar park, located near the town of Dupnitsa, Southwest Bulgaria.

CMS

CMS is well positioned to advise on cross-border matters, and the team is frequently involved in high-profile cross-border transactions, where it draws on its knowledge of English and German law to coordinate international deals out of Bulgaria. The firm has considerable experience representing clients on both the borrower and lender side of deals, and counts international financial institutions, commercial banks, private equity firms and fintech companies among its regular clients. The team is led by Gentscho Pavlov and Dimitar Zwiatkow, who specialise in advising banking M&A transactions and large-scale portfolio transactions, and Elitsa Ivanova, who is a dual qualified Bulgarian and English lawyer and routinely advises on cross-border mandates. Further strengthening the team is head of capital markets Katya Todorova and finance expert Ivan Gergov, who made partner in July 2023. In February 2024, Konstantin Altandzhiyski joined from Wolf Theiss.

Responsables de la pratique:

Elitsa Ivanova; Gentscho Pavlov; Dimitar Zwiatkow


Autres avocats clés:

Katya Todorova; Ivan Gergov; Konstantin Altandzhiyski


Les références

‘Highest professional standard applied consistently by team on the ground.’

‘Quick access to specialised knowledge and expertise.’

‘Very strong customer relationship.’

Principaux clients

Atradius Collections


B2Holding


DSK Bank


Erste Bank der österreichischen Sparkassen AG


UniCredit S.p.A.


Principaux dossiers


  • Advising B2 Holding ASA, a leading pan-European debt company, on a number of structuring and servicing issues, related to a financing in the form of issuance of senior notes.
  • Advising Erste Bank der österreichischen Sparkassen AG in connection with the EUR 47 million financing of a shopping mall located in Sofia.
  • Advising Atradius Collections BV, a Netherlands-based debt collection services company, on the acquisition of the Bulgarian subsidiary of Pro Kolekt, a Slovenian-based debt collection company.

Djingov, Gouginski, Kyutchukov & Velichkov

Banks, financial institutions, strategic investors, private equity and venture capital funds regularly turn to the practice at Djingov, Gouginski, Kyutchukov & Velichkov for advice on secured transactions and corporate finance, debt restructuring, capital markets, the regulation of financial and investment services and bonds issuances, among other matters. The team is led by Nikolai Gouginski, who excels in cross-border lending; Georgi Tzvetkov, who is a key name for transactional and regulatory matters; Kaloyan Krumov, who has strength in project and acquisition finance; and Gergana Monovska, who provides transactional and regulatory support in the capital markets area. Valentin Bojilov further strengthens the team with his experience in lender and borrower financing transactions.

Responsables de la pratique:

Nikolai Gouginski; Georgi Tzvetkov; Kaloyan Krumov; Gergana Monovska


Les références

‘The teams I had the pleasure to work with demonstrate a high level of expertise and work hard to understand the exact needs, expectations and goals.’

‘Gergana Monovska and Georgi Tsvetkov: the standards and know-how in terms of both pure legal understanding and project management are on a world class level.’

Principaux clients

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


United States International Development Finance Corporation and Citibank, N.A. in New York


Silverline Partners – Fund LP


UniCredit Bulbank AD, DSK Bank AD and United Bulgarian Bank AD


OTP Bank PLC


PIMCO Europe Limited


DSK Bank AD


TELUS International (Cda) Inc


Unicredit Bulbank AD


ICBC International Finance Limited


UniCredit Bank Austria AG


Principaux dossiers


  • Advised the Joint Lead Managers BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE and Unicredit Bank AG on the Bulgarian law aspects of the update of the Republic of Bulgaria’s Global Medium Term Note Programme and the concurrent Republic of Bulgaria’s issuance of EUR 2.250 billion sovereign bonds in 2022.
  • Advising the lenders on additional financing of Ceres Pharma NV and its corporate group in connection with the acquisition of the group by Naxicap by providing EUR 31 000 000 incremental facility resulting in an increase of the total amount of financing to EUR 126 000 000.
  • Advised a syndicate of three of Bulgaria’s largest banks – Unicredit Bulbank AD, DSK Bank AD and United Bulgarian Bank AD – in relation to the financing of MAXCOM EOOD, Chipolino EOOD and MAXBIKE EOOD.

Eversheds Sutherland

Eversheds Sutherland is well known in the market for its capital markets practice and additionally has a well-regarded financial regulatory offering. The firm advises clients including banks, asset management firms and other financial institutions. Nikolay Bebov and Damyan Leshev are the practice co-heads, while Victoria Tzonkova provides further support in project financing and litigation in the banking space.

Responsables de la pratique:

Nikolay Bebov; Damyan Leshev


Autres avocats clés:

Victoria Tzonkova; Petar Ivanov


Principaux clients

4finance Group, including TBI Bank


Allianz Bank Bulgaria, part of Allianz Group


Bulgarian-American Credit Bank


Blockchain.BG/Human Liberty


Dronamics Global


Energo-Pro a.s.


European Bank for Reconstruction and Development


Ferratum Bank, Malta; Ferratum Bulgaria; Ferratum/Multitude Group


First Investment Bank AD


KBC Group, including KBC Asset Management N.V. and United Bulgarian Bank


MK Brokers AD


Ministry of Finance of the Republic of Bulgaria


Raiffeisen Asset Management


Raiffeisen Capital Management


Smart Fund Asset Management EAD


Société Générale


Principaux dossiers


  • Advised Energo-Pro a.s. and its subsidiary Energo-Pro Varna EAD, a guarantor under the bonds, on all Bulgarian law aspects of the issuance of €300,000,000 4.262 per cent. guaranteed notes due 2035.
  • Acted as single transaction counsel on the first tranche of €10,000,000 out of €70,000,000 in total MREL bonds issued by TBI Bank EAD.
  • Acted as single transaction counsel on the €39,500,000 MREL bonds issued by Allianz Bank Bulgaria on 30 March 2023.

Kinstellar

Kinstellar covers a broad scope of work, including financing, payments and fintech advice, support with regulatory and compliance questions, as well as transactional work. International financial institutions, development banks, fintech companies as well as payment service providers entrust the team on a wide spread of work. Svilen Issaev has particular experience representing lenders and borrowers in complex financing transactions and leads the Sofia practice, and Diana Dimova is head of the firm-wide financial institutions group and advises on a range of corporate matters. Denitsa Kuzeva is another key name in the banking and finance department.

Responsables de la pratique:

Svilen Issaev


Autres avocats clés:

Diana Dimova; Denitsa Kuzeva


Les références

‘Consistently high level of service provided by the team.’

‘Good depth of the team with a broad expertise and ability to handle complex matters.’

‘Always thoughtful and very responsive, on top of the detail while at the same time maintaining a strategic view and practical guidance.’

Principaux clients

KBC Bank NV


United Bulgarian Bank


European Bank for Reconstruction and Development


NovEnergia


Lion’s Head Investments AD


European Investment Fund


SOF Connect


European Investment Bank


First Investment Bank


Principaux dossiers


  • Advised United Bulgarian Bank on the merger of KBC Bank Bulgaria EAD (ex Raiffeisenbank (Bulgaria)) with United Bulgarian Bank (UBB – the Bulgarian subsidiary of KBC Bank).
  • Advised the European Bank for Reconstruction and Development on several loans to water utility companies under the EUR 200 million Bulgarian Water Sector Financing Framework.
  • Advised Lion’s Head Investments on the refinancing of investment loans by UniCredit Bulbank, provided to Polygraphia Office Centre and Megapark.

Schoenherr

The team at Schoenherr advises financial institutions, corporate clients and regulatory bodies on a range of complex mandates. The team covers the full range of financial services, with its strengths lying in high-end financial regulatory work, transactional advice and in project and acquisition finance. The firm increasingly works with international fintech companies. Practice head Tsvetan Krumov advises banks and other financial institutions on regulatory matters, and is supported by Milena Gabrovska, who is well versed in domestic and cross-border transactions, and Kristina Lyubenova, who supports private investors and financial institutions with project financings and transactions.

Responsables de la pratique:

Tsvetan Krumov


Autres avocats clés:

Milena Gabrovska; Kristina Lyubenova


Les références

‘The team at Schoenherr demonstrated exceptional expertise and collaboration in a complex transaction. ’

‘The individuals I had the chance to work with displayed remarkable skills and dedication. ’

Principaux clients

RGREEN Invest SAS


Raiffeisen Bank International AG (RBI)


Capital One Financial Corporation


MET Group


Citibank Europe Plc (Bulgaria Branch)


ING Bank NA – Bulgarian branch


UniCredit Bulbank AD, Bulgaria


Credit Suisse


ProCredit Bank AG


European Bank for Reconstruction and Development


China Development Bank


United Group


BNP PARIBAS (Suisse) S.A.


Société Générale Group


European Investment Bank


J.P. Morgan Securities plc


Ares Management Limited


Business Park Sofia EOOD


OTP Bank Plc, Hungary


Principaux dossiers


  • Advised United Group on ca EUR 2bln notes issuances.
  • Advised the EBRD, the Ministry of Finance of the Republic of Bulgaria and DG REFORM of the European Commission on a one-year landmark legislative project assisting the Bulgarian Ministry of Finance with the preparation and adoption of a comprehensive legal framework for close-out netting in Bulgaria.
  • Advised RGREEN Invest SAS on EUR 140m equity investment on a joint venture in the legal form of an Austrian limited liability company (GmbH).

Wolf Theiss

Wolf Theiss‘ team provides expert advice on strategic investments and funding initiatives for financial institutions and private equity funds, as well as assisting with domestic and cross-border financing transactions, and providing regulatory advice to banks and fintech companies. Katerina Kraeva, who advises on acquisition finance, project finance and restructuring,  jointly leads the team with Richard Clegg, who has extensive expertise in transactions in the technology and regulated sectors, and often represents funds, founders and blue-chip corporates. Ivan Mangatchev has expertise in regulatory issues in the European financial sector.

Responsables de la pratique:

Katerina Kraeva; Richard Clegg


Autres avocats clés:

Ivan Mangatchev; Jasmina Uzova; Irina Dekova; Ivan Ivanov


Les références

‘The team is great – we’ve always received swift and reliable assistance.’

‘Katerina Kraeva and Ivan Ivanov are our regular advisors for Bulgarian local law matters. They’re both great.’

‘Wolf Theiss Bulgaria is among the best law firms in Bulgaria, as I have personally worked with most of them. Very committed and knowledgeable in the IT industry, great integrity and personal attitude. ’

Principaux clients

IFC


BNP Personal Finance


Belozem Solar Park 3


EuShipments


Supplier Plus


METRO AG


EIB


JP Morgan Securities


UniCredit Bulbank


DSK Bank


OTP


Apollo Global Management


Principaux dossiers


  • Advised the International Finance Corporation (IFC) on the acquisition of a minority stake in Bulgaria’s largest pension insurance fund, Doverie.
  • Advised BNP Paribas on the sale of its personal finance leg to Eurobank Bulgaria.
  • Assisted in the development of Bulgaria’s largest photovoltaic energy park so far, Belozem 3, from every possible angle, including with the EUR 125 million financing.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co is engaged by companies and public institutions from the real estate, construction, telecoms and energy sectors to handle a range of matters, including regulatory issues, and project and asset financing, as well as debt restructuring and insolvency questions. Practice head Hristo Nihrizov has expert knowledge of payment services and banking and finance matters, and has a track record handling digital transformation projects. Alexander Todorov and Pencho Stanchev further strengthen the team and are involved in litigation work.

Responsables de la pratique:

Hristo Nihrizov


Autres avocats clés:

Alexander Todorov; Pencho Stanchev; Donka Stoyanova


Les références

‘DPC is a very responsive and flexible law firm, with a broad range of experience. Every lawyer on their team possesses a high level of commitment. Their team has international experience, a very business-oriented approach and always provides valuable advice.’

‘Hristo Nihrizov has a strong record of managing financial projects and is highly committed to delivering the best possible results for the client. He has a tremendous amount of experience and is one of the best attorneys I have worked with.

‘Pencho Stanchev: it is always a pleasure working with him. He never fails to amaze, respects the deadlines and holds up to the highest standards of the profession.’

Principaux clients

Alpiq Energy SE


Black Sea Property SA


New Capital Management


United Bulgarian Bank


BlockChain Tech


VM Petroleum/Tradenet Varna


J investment


Pilco (part of Ameta Holding)


Evrotrust


Yettel


Networx Bulgaria


Principaux dossiers


  • Advised Black Sea Properties AS on EUR 10 million bridge financing.
  • Advised Evrotrust Technologies on obtaining EUR 2,5 million capital investment from the Capital Investments Fund, a company which is part of the Bulgarian Development Bank.
  • Advising New Capital Management on the acquisition of a company from the portfolio of the Eurobank Bulgaria.

Georgiev, Todorov & Co

The team at Georgiev, Todorov & Co specialises in insurance and reinsurance matters, including insurance transactions and disputes, but it is also well versed in debt finance, capital markets and the implementation of payment services. Among its regular clients are asset and wealth management companies, tech companies and banks. Arno Mamasyan heads the practice and is especially experienced in litigation and EU regulations pertaining to banking. Tsvetelina Dimitrova and Miglena Peneva provide further support.

Responsables de la pratique:

Arno Mamasyan


Autres avocats clés:

Tsvetelina Dimitrova; Miglena Peneva; Yasen Nikolov


Les références

‘We are very satisfied with the consultancy received by Georgiev, Todorov & Co. I am confident to say that the firm has a strong banking and financial practice and we are happy that we have chosen the law firm as our legal advisor.’

‘One of the strengths of the firm in my opinion is the team of professionals. The firm has all tools to provide excellent legal services.’

‘The whole team of Georgiev, Todorov & Co. is outstanding.’

Principaux clients

Agricultural State Fund


Sliven Municipality


Bulgarian Posts JSC


BORICA


Belozem Solar Park 3 Ltd.


Silistra Municipality


International Asset Bank


OZK Insurance


Pro Trade Finance Consult LTD


Galabovo Solar BG Ltd.


Principaux dossiers


  • Advised the Sliven Municipality in relation to an appeal of six financial corrections imposed under the Regional Development Program regarding the awarding of a public contract.
  • Advised Galaxy RE and Galabovo Solar BG on the procedure for obtaining licenses for the activity production of electricity for photovoltaic power plants with total capacity of 300 MW, which included the approval of loan agreements by the Energy Commission with the total amount of more than EUR 175 million.
  • Advised the International Asset Bank in cases such as cancellation of deals for transfer of properties which the bank has acquired on the grounds of execution of special pledges established in favour of the bank, going concern pledges and more.

Kambourov & Partners

Kambourov & Partners' practice includes advising on cross-border financing, banking and capital markets regulatory advice as well as assisting with syndicated family arrangements, public and private bond placements and in cases of insolvency. The practice, which counts major creditors, banks and financial institutions in its client roster, is led by Yavor Kambourov, who has significant expertise in banking insolvency cases and is further supported by Vladimir Rangeloff and Ivo Alexandrov.

Responsables de la pratique:

Yavor Kambourov


Autres avocats clés:

Vladimir Rangeloff; Ivo Alexandrov


Les références

‘Highly professional, prompt and kind. They have a lot of experience and knowledge of the filed. ’

‘Great expertise, complex solutions. ’

‘Reliable.’

Principaux clients

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


Viva Corporate Bulgaria


Cloud Investment Partners LLLP & CFM56-7B LLC


HSBC


Rothschild


Chailease Leasing


Digitall Nature GmbH


Radina House EOOD


Asset Plus


Crowd Credit


Principaux dossiers


  • Advised UniCredit SpA, UniCredit Bulbank, Allianz Bulgaria, United Bulgarian Bank on the local aspects of syndicated loan facilities for The Rohatyn Group for the purpose of financing their acquisition of the Bulgarian e-bike business, Leader 96.
  • Advised on Viva Corporate’s acquisition financing of Bulsatcom.
  • Advised Rothschild with regard to the financing of several renewable energy projects to be developed by United Group.

Penkov, Markov & Partners

The ‘knowledgeable and experienced’ team at Penkov, Markov & Partners works with various financial and credit, e-money and payment institutions on a wide array of regulatory issues. Practice co-heads Nikolay Cvetanov and Ivan Markov have extensive experience in the field of banking and finance and capital markets.

Responsables de la pratique:

Nikolay Cvetanov; Ivan Markov


Autres avocats clés:

Vladimir Penkov; Milena Gaidarska; Asen Apostolov


Les références

We have very good cooperation with the team as our long-term lawyers. They have long-term experience both in private and bank financing and help with structuring negotiations and security packages. We always recommend them to our partners when they seek legal advice.’

‘Milena Gaidarska is familiar with the conditions and requirements of the major banks in the sector and also knows their senior legal and financial officers which speeds up and facilitates the negotiations and closing of the deals. She is very reputable and easy to work with.’

‘They are patient, professional, rigorous. We had a great cooperation with Ivan Markov.’

Principaux clients

Allianz bank bulgaria ead


Binance


Zai


Atbih


Pac doverie


Paynetics ad


Arteks engineering ad


Moneygram international


Eurostar eood


Infinity capital ad


Gurmazovo house eood


Netcredit


China development bank


Multitude bank p.l.c.


Unilink s.a.


Pfs card services ireland / eml payments


Ferratum bulgaria eood


Principaux dossiers


  • Advised Allianz Bank Bulgaria AD in relation to their factoring model, including innovative provision of the service through a mobile application.
  • Advised Binance on variety of matters, including the applicability of the new Regulation (EU) 2022/858 on Distributed Ledger Technology Market Infrastructures (“the DLT Regulation”).
  • Advised ATBIH GmbH on the sale of a minority stake (less than 10%) in the capital of the biggest Bulgarian Pension Fund – Doverie.

Andrey Delchev and Partners - Eurolex Bulgaria

The team at Andrey Delchev and Partners - Eurolex Bulgaria has a strong track record handling the financing of large-scale infrastructure projects, and has particular expertise devising financing structures for sustainable energy projects as well as supporting, among others, construction and mining clients during financial transactions. Stoyan Barzakov leads the practice and focuses on infrastructure, PPP and project finance legal work. Vesselin Sharov joined the firm as a senior associate from the European Parliament in 2023.

Responsables de la pratique:

Stoyan Barzakov


Autres avocats clés:

Andrey Delchev; Vesselin Sharov


Principaux clients

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)


Principaux dossiers


  • Advised the Bulgarian Development Bank regarding the collection of its receivables arising out of bank guarantees already paid out to beneficiaries of the “Guarantee Fund for Micro Credit”, including on the mechanism of subrogation in Bulgarian law.
  • Advised National Trust EcoFund on public procurement and competition law matters related to environmental projects financed under NTEF’s grants scheme.
  • Provision of legal assistance to the Ministry of Regional Development and Public Works in the administration of signals for irregularities under the Operational Program “Regions in Growth” 2014-2020 and in the process of imposing financial corrections in relation to public procurements.

Deloitte Legal Law Firm

Deloitte Legal Law Firm covers the full array of banking and financing matters and has notable specialisms in bilateral and syndicated financing, transfers of loan portfolios, alternative financings and restructuring, alongside regulatory compliance matters. Adelina Mitkova concentrates her practice on transactional and regulatory banking and finance for corporate clients, banking and non-banking institutions and is supported by Konstantin Ivanov.

Responsables de la pratique:

Adelina Mitkova


Autres avocats clés:

Konstantin Ivanov


Principaux clients

The European Bank for Reconstruction and Development


Eurobank Bulgaria


Principaux dossiers


  • Advised in respect of the amendment of an unfunded risk participation agreement with a major Bulgarian bank and review of subjoin templates and specific subloans.
  • Provided legal due diligence and transactional support on the acquisition of the Bulgarian retail banking business of a French bank operating in Bulgaria through a branch.
  • Advised the lender under Bulgarian, English and Cypriot law on the amendment and restatement of the existing facility agreement with a major shopping mall owner.

Ernst & Young Law Partnership

Ernst & Young Law Partnership cover a broad scope of work within the banking and finance area, including cross-border financing agreements, completing loan documentation and advising during M&A transactions in the finance sector where the team frequently assist banking clients and financial institutions. Practice head Rebeka Kleytman is well versed in M&A transactions and is supported in the team by Svetlin Adrianov, who often advises on privatisation transactions. Ana Petrova is another key name and is able to draw on her previous experience with the United Bulgarian Bank.

Responsables de la pratique:

Rebeka Kleytman


Autres avocats clés:

Svetlin Adrianov


Principaux clients

Endurosat AD


Cash Credit Group


European Investment Bank (EIB)


Monica Cirronis


HRM Solutions


Central Cooperative Bank AD


American Express Payments Europe S.L


BNP Paribas S.A. – Sofia Branch


PARTNERS INVESTMENTS, o.c.p., a.s


International Finance Corporation (part of World Bank Group)


Principaux dossiers


  • Advised EnduroSat EAD on the process of a global restructuring of the group.
  • Advised Cash Credit on the acquisition of 100% of the ownership of the group by the minority shareholders.
  • Provided legal support and prepared the risk assessment for 2020-2021 for money laundering and terrorist financing risks for the Central Cooperative Bank AD.

Stoeva, Tchompalov & Znepolski

Boutique firm Stoeva, Tchompalov & Znepolski houses a team of ‘experienced and knowledgeable’ lawyers, namely Iordan Tchompalov who has considerable experience in capital markets and finance, as well as expertise in security law, and leads the practice alongside Irina Stoeva, who has strength in insurance litigation. The team covers a broad range of capital markets, banking and insurance matters often in a cross-border context, where the firm acts as local counsel. Natalia Yordanova and Peter Znepolski are other key names.

Responsables de la pratique:

Iordan Tchompalov; Irina Stoeva


Autres avocats clés:

Natalia Yordanova; Peter Znepolski


Les références

‘Peter Znepolski and Irina Stoeva. Great experts in their field whom you can trust to advise you on the best decision and see this through.’

‘Stoeva, Tchompalov & Znepolski is a highly reliable firm with very experienced partners who have profound understanding of the issues they are dealing with. The firm is my first port of call for all legal requirements in the area of the insurance regulation. Communication is always quick, clear and concise.’

‘The Stoeva, Tchompalov & Znepolski team is well organised, responsive, and coordinated, with good market understanding, especially in the context of cross-border transactions. Irina Stoevas’ expertise in insurance business, client care and delivering excellent solutions set her apart from her peers. Iordan Tchompalov is also a great professional with a problem-solving mindset.’

Principaux clients

Eurohold Bulgaria AD


Texim Bank AD (Bulgaria)


Electrorazpredelitelni Mreji Zapad (Bulgaria)


Euroins Insurance Group (Bulgaria)


Insurance Company Armeec (Bulgaria)


UniCredit Bulbank (Bulgaria)


Varengold Bank AG


International Investment Bank (Hungary)


The Bulgarian Association of Insurance Brokers


AVUS Bulgaria International Claims Handling


AXA (Belgium)


SDI Group


Dealing Financial Company AD (Bulgaria)


Investment Firm Bulbrokers AD (Bulgaria)


EuroFinance Investment Firm (Bulgaria)


FFBH Asset Management (Bulgaria)


Investment Firm Real Finance AD (Bulgaria)


Alteron REIT (Bulgaria)


Invest Capital Asset Management EAD (Bulgaria)


Principaux dossiers


  • Advised Eurohold Bulgaria as a local counsel assisting Morrison & Foerster (London) in relation to the €40,000,000 Facility Agreement dated 9 December 2022 between, among others, Eurohold, as borrower and JP Morgan as Arranger, Agent, Calculation Agent.
  • Acted as local counsel assisting Dechert LLP (London) in relation to a consent solicitation and offer to the current holders of the outstanding €70 million 6.500% Notes due 7 December 2022 issued by Eurohold.

Tokushev And Partners Law Office

Tokushev And Partners Law Office is recognised for the depth of its expertise in the capital markets space, where the team advises on capital market transactions, IPOs, financing and regulatory matters for banks, financial institutions, public companies and venture capital funds. Practice co-heads Viktor Tokushev and Boris Teknedzhiev cover the regulatory aspects of capital markets.

Responsables de la pratique:

Viktor Tokushev; Boris Teknedzhiev


Les références

‘Great talent density, deep industry and legal know-how, commercial and proactive approach is what make this amazing team of well-established lawyers stand out from the crowd.’

‘Viktor Tokushev – a lawyer that you want by your side in all types of commercial negotiations and disputes in Bulgaria.’

‘Boris Teknedzhiev – a young partner with a bright future.’

Principaux clients

Telematic Interactive Bulgaria


United Bulgarian Bank AD


Bulgarian Development Bank AD


Invest Fund Management AD


Intercapital Markets AD


Capital Investments Fund AD


Intercapital Property Divelopment (REIT)


Zagora Finacorp


BGI Group


Sofcom AD


Aktiv Properties REIT


Rak 2019 AD


Principaux dossiers


  • Advised INStinct EAD a part of the Management Financial Group (MFG), on the issuance of an insurance license under the Solvency II framework.
  • Advised Telematic Interactive Bulgaria AD, the first public Bulgarian company in the gaming industry, on day-to-day compliance matters in the capital markets field and regulations of transactions worth more than EUR 18,3 M.
  • Advised Sofia Commerce Pawn Shops SA in connection with the IPO on the Bulgarian SME growth market Beam of its subsidiary IpoTech, with which the company raised over BGN 2.4 million from investors – via preferred shares with a guaranteed dividend.

CERHA HEMPEL Gerginov

CERHA HEMPEL Gerginov is well regarded for its capital markets expertise. Other matters that the practice covers include assistance with designing and implementing facility agreements and cross-border financings across a variety of sectors. Boyko Gerginov advises on Bulgarian banking and finance transactions, with a focus on the IT sector.

Responsables de la pratique:

Boyko Gerginov


Les références

‘Boyko Gerginov stands out as one of the best lawyers in Bulgaria. He provides top notch advice and has a pragmatic hands on approach.’

Principaux clients

Hewlett Packard Enterprise


Barclays PLC and Barclaycard International Payments Limited


Thyssenkrupp AG


Euroclear


Euronet Services, Euronet 360 Finance Limited


Samsung Electronics


Principaux dossiers


  • Advise Barclays PLC and Barclaycard International Payments Limited in relation to merchant acquiring regulatory aspects and in relation to on boarding various large-scale clients.
  • Advised the thyssenkrupp AG in relation to the sale of its worldwide plant technologies business including in relation to an internal corporate financing of one of the targets via share capital increase for the purposes of re-financing
  • Advise Euronet Services and Euronet 360 Finance Limited on regulatory aspects, including in relation to direct access fees in relation to ATMs in Bulgaria, reporting requirements of the Bulgarian National Bank and on the contractual setup with a local Bank.

Kinkin & Partners

Kinkin & Partners' broad expertise covers all types of financing, alongside this, the firm regularly advises on debt restructurings, regulatory procedures, banking transactions and is involved with innovative financial technologies. Adriana Nacheva heads up the team and and advises clients across a broad range of areas.

Responsables de la pratique:

Adriana Nacheva


Les références

‘The financial team at Kinkin & Partners is well-functioning and responsive. They are always ready to assist and contribute to the goals of our company.’

‘For each of our cases a team of professionals is appointed. The individuals are experts in their field. The perfect correspondence between the different teams makes the lawyers familiar with our overall business.’

Principaux clients

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


EFACEC Engenharia e Sistemas, S.A.


Real Fruit ltd.


Showroom Ltd.


Principaux dossiers


  • Advised a client on a contribution of receivables, amounting to EUR 20000000.00 and following this represented him in the negotiations with potential investor for buying the business.
  • Advised the client in connection with an unjustified request for payment under bank guarantee for EUR 500000.00.
  • Represented the client in connection with the financing of a photovoltaic power plant for expansion of their business.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners represent local banks and other non-banking institutions with financing projects, financial corrections and transactions while also representing clients in administrative proceedings before court. The practice is led by Sibina Eftenova.

Responsables de la pratique:

Sibina Eftenova


Les références

‘They are highly professional and are easy to collaborate with.’

‘Very responsible individuals.’

Principaux clients

Botevgrad municipality


Burgas Water and Sewage ЕАD


Ministry of Regional Development and Public Works


Angelchev Ltd.


Sirma Group Holding


UniCredit Bulbank


UniCredit Consumer Financing EAD


Bulgarian Export Insurance Agency