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Allen & Overy continues to rate highly for banking, finance and capital markets work in the Czech Republic despite the retirement from 
the partnership of its banking guru Mikuláš Touška, who remains with the practice as counsel but no longer leads the team. In his place is Václav Valvoda, who now takes responsibility for all debt work from the firm’s Prague office. Praised for its ‘very good knowledge’ and ‘professional approach’, the group also includes two senior associates – Robert David and Lucie Vávrová – and acts for clients including CSOB, Komercni banka, ABN AMRO, UniCredit and Investkredit. In 2009, Allen & Overy acted for the group of lenders providing CZK2.5bn acquisition and working capital senior and mezzanine facilities to Czech food processing group Hamé.

The Czech firm BBH, Attorneys at Law, v.o.s has a market-leading practice that genuinely competes with larger international law firms for clients and instructions. Highly rated as ‘one of the best Czech firms in the market’, the banking, finance and capital markets team is led by Tomáš Otruba, who is supported by senior lawyer Tomáš Sedlácek in capital markets and structured finance work. Clients of the practice include PPF banka, CEZ, BAWAG Bank, Komercní banka and Ceská sporitelna.

Clifford Chance’s Czech banking and finance practice is led by Vlad Petrus, who is praised by clients as ‘very good’ thanks to his ‘personal approach’. Petrus runs a team that comprises three senior lawyers, two lawyers and four junior lawyers, and covers the whole gamut of bank lending, real estate finance, capital markets, debt and equity securities, financial regulation, derivatives, insolvency and restructuring and structured finance. Clients include UniCredit Bank Czech Republic, Citibank, Komercni banka, Ceskoslovenská obchodni banka and HSBC, while a 2009 highlight was acting for Komercni banka on the €80m financing for the acquisition by Doosan of Skoda Power. Senior associate Martin Glajch is recommended for capital markets work, whilst Tomáš Richter is an expert in insolvency and restructuring.

PRK Partners is another Czech firm that has now successfully developed a banking and finance practice to rival the international law firms with which it competes. The firm’s practice is led by Robert Nemec and also includes Václav Bílý, Jan Kohout, Martin Aschenbrenner and Radan Kubr in a team of 32 lawyers. It is described by clients as ‘extremely responsive’, with ‘deep expertise’, ‘high flexibility’, and the ‘ability to discuss and quickly solve problems’. Clients include ABN AMRO, Barclays Bank, Calyon, Ceská sporitelna, Czech Banking Association, CSOB and ING Bank.

Weil, Gotshal & Manges has a banking, finance and capital markets team with two partners, Karel Drevinek and Petr Severa. The practice’s largest client by some distance is Czech electricity generator and distributor CEZ, with the majority of the firm’s work revolving around advice to borrowers on complex financing arrangements. Key deals in 2009 included work for CEZ on the €550m refinancing of the €600m Term Loan Facility for its acquisition of a 7% stake in MOL, and advising the Czech Road and Motorway Directorate in connection with its pilot PPP project for the construction of the D3 Highway. One client describes the firm as ‘number one among the law firms I have worked with in the Czech Republic’.

The banking and finance team at White & Case in Prague is ‘extremely forthcoming, knowledgeable, working long hours, always delivering on time, supportive in negotiations and innovative if needed’, according to one client. It is led by David Plch and Ivo Bárta on banking and finance; and by Michal Dlouhý and Kvetoslav Krejcl on capital markets. The practice was bolstered in 2009 with the move by London partner Jonathan Weinberg to Prague as co-head of the CEE banking group, while Petr Kuhn and Jirí Tomola were appointed partners in 2009, bringing the total to nine. Clients include HSBC Bank, CEZ, RWE, Czech Export Bank, UniCredit Bank, ING Bank and KBC Bank.

Baker & McKenzie V.O.S.’s finance team provides ‘top-tier and cost-effective advice’ under the leadership of department head Libor Basl, who was appointed to the partnership in 2009. Basl works with a team of three lawyers and another partner, Tomáš Skoumal, for major clients that include UniCredit Bank, Investkredit Bank and CSOB, advising the latter on the financing for the acquisition of Ceska pojistovna’s headquarters in Prague for CZK1.6bn. Clients appreciate Basl’s ‘creative approach and good value for money’.

CMS Cameron McKenna V.O.S. has a banking and finance team led by Pavla Krecková in Prague and by Czech Republic-based head of CEE banking and finance Paul Stallebrass. UK-qualified Ana Radnev joined the team in 2009 from London, and the three partners are supported by three further fee-earners. Clients include HSBC Bank, UniCredit, Aareal Bank, HSBC, Credit Suisse, Erste Bank and KBC, and 2009 saw the usual diet of real estate financing work replaced by a considerable volume of leveraged and refinancing instructions.

Kinstellar s.r.o advokátní kancelár’s banking and finance team grew considerably in 2009 with the addition of UK-qualified Charles Dunn as a banking partner in Prague; Nick Eastwell in London to handle capital markets; and Tomáš Osicka as a senior lawyer in Prague, the former head of LCD at Erste Group. The head of the practice is Jarmila Hager and there are a total of six fee-earners in Prague, with clients including Citibank, Ceska sporitelna, Raiffeisenbank, Citigroup and ECM Real Estate Investments, the latter having been advised in 2009 on the issue of €80m of bonds arranged by Ceska sporitelna on the Prague Stock Exchange, and on the issue of bonds with convertible warrants to be converted into shares up to a total amount of 1.5 million shares, to be purchased by Bank Austria Creditanstalt.

The Norton Rose v.o.s. head of banking and capital markets in Prague is Marek Belšan, who is praised by clients for being ‘very good’ with a ‘personal approach’. He works alongside Pavel Kvicala in a practice described as ‘the best on the local market’, advising clients including ABN AMRO Bank, Ceska sporitelna, Czech Export Bank, CEZ and HSBC Bank. In 2009 the firm advised Mezzanine Management Financz-und Unternehmensberatungs on a €9m mezzanine finance facility to an entity from Michele Thierry Group.

The banking and finance team at Salans in Prague is led by Olga Humlová and comprises a total of ten fee-earners, including Jirí Stržinek and Michal Hink as up-and-coming senior associates in real estate financing. Clients appreciate the ‘very good service, high level of proficiency and experience of the senior members of their team’, and include ORCO Property Group, GE Real Estate, ING Lease, Invesco, Raiffeisenbank and Union Investment Real Estate.

Name partner Daniel Weinhold leads the banking and finance team at Weinhold Legal, v.o.s. in Prague, working with Ivan Sagál and Pav Younis on real estate finance. Praised for their ‘very professional approach and timely delivery’, the practice is ‘excellent in all departments’. Clients include HSBC, CSOB, Kormercni banka, UniCredit Bank, ABN AMRO, Commerzbank and Citibank.

bpv Braun Haškovcová s.r.o. had a busy year in banking and finance in 2009, and added two new senior associates to its 14 fee-earner practice. Led by David Vosol and also including Thu Nga Haskovcova, the team’s clients include Investkredit, Raiffeisenlandesbank and LandesBank Berlin. In 2009 the firm advised Investkredit and Oberbank on the extension of existing credit facilities and on the securing of all receivables arising in connection with them, to a worldwide wood processing company.

Balcar, Polanský Eversheds has a banking and finance team led by Michal Zahradník, whose work comprises regulatory and competition advice. A major client of the practice is Wood & Company Financial Services, which the team advised on its new framework contractual documentation for capital markets transactions in CEE following the MIFID regulations, and Straumur-Burõarás Investment Bank. A leading senior associate in the team is Marek Bomba.

The banking and finance team at DLA Piper Prague LLP is ‘very good in terms of knowledge and time’, clients say, and is led by senior associate Lucie Brejšková. A total of 21 fee-earners are available to clients in the area, with Peter Valert advising Investkredit Bank in 2009 on the CZK1.6bn financing for the development of the Opatov Centre in Prague and other clients including Erste Bank and HBOS.

Glatzová & Co., v.o.s.’s banking practice is led by Dana Schweigelová and offers ‘great, flexible, hardworking experts’ to its clients. There are five associates in the team, with Martin Dancišin elevated to the partnership in 2009. Clients include Komercni banka, Raiffeisenbank, Travelex Group, Commerzbank and HeidelbergCement Group. The firm advised Komercni banka on financial regulation and the implementation of the Payment Services Directive in 2009.

Havel & Holásek s.r.o. Attorneys-at-Law has a banking team led by Ondrej Petr, a partner, and Jan Topinka, a senior lawyer, with the practice comprising three partners and seven other lawyers. Clients included Cia. Brasileira de Cartuchos, Energy 21, State Bank of India, Raiffeisenbank and Banco Popolare Czech Republic in 2009, with the latter a new entrant into the Czech market which the firm advised on the implementation and documentation of its e-banking system.

The banking practice at PETERKA & PARTNERS is led by firm-wide managing partner Ondrej Peterka and in 2009 was particularly busy with restructuring and insolvency work. Clients include First Czech-Russian Bank, Landsbanki Islands, and Iveco Czech Republic. A team led by Jiri Cerny advised companies from the Spentex Industries group with a creditor’s claim in insolvency proceedings against its Czech debtor valued at approximately €24m.

The banking team at Squire, Sanders & Dempsey, v.o.s., advokátní kancelár in Prague had a busy year in 2009, working for major clients that include Czech Export Bank, CSOB and ING Real Estate Investment Management Central Europe. Key partners in the team are Vladimira Papirnik, Jeff McGehee and Danica Šebestová. In 2009, McGehee led a team advising ING on the refinancing of its acquisition of shopping centres in Hungary and an office building in Prague.

Wolf Theiss in co-operation with Czech lawyers has a banking team in Prague that acts for clients including Heleba, Bank Austria Creditanstalt and Erste Group Bank and is led by Erik Steger. In 2009, Paul Sestak worked for CEZ on a partial risk guarantee issued by the World Bank in support of the CEZ investment in OSSH Albania, valued at €60m.

Dvorák & spol., advokátní kancelár partners Stanislav Dvorák, Lenka Nemecková and Stanislav Servus act for fund managers setting up funds, often to invest in real estate in the Czech Republic, and handle capital markets work.

The banking team at Lovells (Prague) LLP is led by Miroslav Dubovsky and acts for clients including Živnostenská banka, West LB, Barclays, Raiffeisenbank, Real Estate Karlin Group and Veronagest Group. In 2009 the team worked for Živnostenská banka on additional security instruments securing loans provided for the financing of the Hotel Europort at Prague Airport.

Noerr v.o.s.’s banking and finance team in Prague is led by managing partner Barbara Kusak and acts for clients including Bank of Scotland and HSBC Bank.

Clients say that the service they receive from the banking and capital markets practice at Pokorný, Wagner & Partner is ‘excellent’ and praise in particular Radek Pokorný and David Skopal. Clients of the team include Wood & Company Financial Services, Antlntik FT, Patria Finance, CSOB, Ceská sporitelna, Prague Stock Exchange and Raiffeisenbank.

Local firm ROWAN LEGAL Law Firm has a banking and finance team led by Martin Šubrt that handled refinancing issues and EU financing projects in 2009. The firm’s disputes practice handles a number of banking and finance-related matters for clients.

Schönherr has a small banking and finance practice in Prague led by senior attorney Veronika Odrobinová, handling acquisition finance, negotiating security documentation, refinancing, syndicated lending, enforcement of security documentation and insolvency work. Clients include Gamma Holding, BAWAG, Raiffeisen and Erste Bank.

Vyroubal Krajhanzl Skolout, Law Firm, Ltd. is an 11-partner Czech firm with a significant practice in insolvency, insurance, capital markets and banking and finance work. Miroslav Švenda handles insolvency work for clients, and banking clients include AWD Ceská republika, Ceská sporitelna, Erste Bank, GE Money Bank and Wood & Company Financial Services.

Vyskocil, Kroslak a Spol.’s Jirí Spousta is best known for his work in banking, securities and derivatives, working alongside Pavol Krošlák, who is particularly renowned for insolvency and corporate law.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Czech Republic for Banking, finance and capital markets

  • New Regulatory Regime for Credit Rating Agencies in the European Union -

    Comments on legal basis and main features. The recent financial crisis has shown many of the weaknesses in the current regulatory framework of the financial market - a lack of or insufficiencies in the legal rules on the one hand and a lack of or insufficiencies in the competency and expertise of financial market supervisors and regulators on the other.
    - Brzobohaty Broz & Honsa, v.o.s.

Legal Developments in Czech Republic

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Real Estate Tax in 2010

    The real estate tax rate doubled on the basis of the amendment to the Real Estate Tax Act that came into force in 2010. Therefore some municipalities took their option and increased the tax rates. The rate increased from CZK 5.00 to CZK 10.00 per square meter of built-up area for structures serving for industry, building industry, transport, energy industry and other agricultural production, and from CZK 0.10 to CZK 0.20 per square meter of land. Arable land, hop gardens, vineyards, gardens, fruit orchards, permanent grasslands, productive forests and fish ponds, and also structures for other business activity make an exception.
    - Alfery & Partner
  • Regulation of Mergers as a Tool for Rationalising Costs in the Economic Crisis

    A merger of Slovak limited liability companies and an up-stream merger (of a mother and a daughter companies) of Slovak joint stock companies can be much easier than one might first think, and the benefits can significantly outweigh the costs. Mergers are perceived as an instrument that is most commonly used during economic growth. But in specific situations it can also be a useful instrument during an economic downturn.
    - PETERKA & PARTNERS v.o.s
  • Tax Review – How To Protect One’s Rights Effectively

    In the Czech Republic, a country with a continental legal system, court decisions do not set precedents as they do in common law jurisdictions. Nevertheless, court decisions in tax proceedings may not be ignored, as to a considerable extent they modify the interpretation of legislation.  Without knowledge of court decisions one may not succeed in tax proceedings. Recently, two substantial decisions of the Czech Constitutional Court concerning tax reviews have been published.
    - PETERKA & PARTNERS v.o.s
  • Changes in Ukrainian law with an Impact on Real Estate

    Recently some changes to Ukrainian law have been introduced which have repealed the need to notarise land lease agreements and bring greater transparency in land certification and land allotment procedures. This article briefly describes these changes.
    - PETERKA & PARTNERS v.o.s
  • New Regulatory Regime for Credit Rating Agencies in the European Union -

    Comments on legal basis and main features. The recent financial crisis has shown many of the weaknesses in the current regulatory framework of the financial market - a lack of or insufficiencies in the legal rules on the one hand and a lack of or insufficiencies in the competency and expertise of financial market supervisors and regulators on the other.
    - Brzobohaty Broz & Honsa, v.o.s.
  • Funds of qualified investors in the Czech Republic: beneficial way of RE investment

    A number of law changes requested over last few years regarding the regime of funds of qualified investors were finally enacted and became effective. These changes may give a positive stimulus to further development of the fund industry in the Czech Republic.
    - Ambruz & Dark
  • Due Diligence – when and why?

    The term “Due Diligence” is commonly used when referring to a process through which a potential buyer evaluates a target company, an enterprise or its assets. Typical due diligence usually focuses in particular on the area of law, taxes and finance with the aim on emphasizing strengths and weaknesses of the target and detecting risks connected with its acquisition. For the sake of simplification, we will use the term “enterprise” or “target” when talking about subject matter of the due diligence.
    - Weinhold Legal v.o.s
  • Amendment to the Income Tax Act - July 2009

    On 3 July 2009, President of the Czech Republic signed an amendment to Act No. 586/1992 Sb., on income taxes, as amended (hereinafter referred to as the “ITA”), drawn up by the Ministry of Finance. This amendment has been published in the Collection of Laws under No. 216/2009 Sb. and became effective on 20 July 2009. The law amends the Income Tax Act in the following areas (without limitation): Depreciation of tangible assets , Financial lease-purchase agreements , Education of employees
    - Alfery & Partner
  • Opportunities for entrepreneurs in times of economic crisis

    Against the backdrop of the worsening economic conditions, company management are often faced with the decision whether certain business activities should be terminated or if different measures should be taken with respect to cost reduction. In this article, we will examine various measures that can be taken within a given context. At the same time focus will be placed upon the circumstances in respect of individual cases. Concurrently, it is nevertheless always advisable to carry out a detailed and extensive analysis of the economic, tax and legal aspects in regard to the circumstances surrounding the given case.
    - Weinhold Legal v.o.s
  • Let´s Bid in the Czech Republic

    Public procurement is a significant part of the Czech economy and constitutes more than 17% of its GDP. Public procurement is regulated by Act No. 137/2006 Coll., on Public Contracts and Act No. 139/2006 Coll., on Concession Contracts and Concession Procedure (Concession Act).
    - Wolf Theiss

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Carey Olsen advises on launch of new Jersey-based expert fund

    Channel Islands law firm Carey Olsen has advised Investment Services UK Limited (ISUL), the London-based fixed income specialist focused on emerging markets, on the establishment of Amrah Global Opportunities Fund Limited.
    Carey Olsen
  • Theoretical & Practical Approach of the Intellectual Property Law, Analysis of the Community Law

    Our firm joined the Seminar " Theoretical & Practical Approach of the Intellectual Property Law, Analysis of the Community Law", which took Place in Cleopatra Hotel, on the 19th & 20th of July 2010
    Michael Kyprianou & Co
  • Carey Olsen advises on new infrastructure debt fund’s listing on the LSE

    Channel Islands law firm Carey Olsen has advised a new Jersey fund, GCP Infrastructure Investments Limited, on its listing on the Main Market of the London Stock Exchange.
    Carey Olsen
  • Christoph Niederer is appointed Zurich Head of Tax

    On September 1, 2010, Christoph Niederer, lawyer and certified tax expert will join VISCHER Ltd as partner and Head of the Zurich Tax Practice Group. In addition to advising national and international companies, Christoph also advises individuals and family offices on all aspects of inheritance planning and estate structuring. He represents clients before the tax authorities and in legal proceedings. VISCHER Ltd. offers a wide range of services in this sector, with its tax teams in Basel and Zurich cooperating closely.
    VISCHER
  • 30 August 2010 - Bär & Karrer breaks new ground with the training of its employees

    The Swiss law firm Bär & Karrer AG is significantly expanding the training pro-gram for its employees. In cooperation with the St. Gallen University (HSG), the Bär & Karrer College (BKC) was established. It will start running in Fall 2010. In the training program, associates attend lectures and seminars which aim at a strongly practically oriented in-depth development of existing professional know-ledge. In addition to legal topics the BKC will be offering courses in business ad-ministration, economics and other areas.
    Bär & Karrer
  • Ţuca Zbârcea & Asociaţii teams up with ICC Paris to host the first events in Romania

    Ţuca Zbârcea & Asociaţii teams up with ICC International Court of Arbitration in Paris to organize the first local ICC events to be hosted in Romania. The events focus on discussing the available dispute resolution alternatives to litigation. Various ICC guests, lawyers from Ţuca Zbârcea & Asociaţii, Freshfields Bruckhaus Deringer and Dragne & Asociaţii, along with the extraordinary presence of the President of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania will be part of the speakers.
    Tuca Zbarcea & Asociatii
  • Small Bites not Big Macs

    2010 Outlook for M&A in Germany
    GSK Gassner Stockmann & Kollegen
  • 25 August 2010 – Novartis AG completes acquisition of 52% stake in Alcon Inc. for USD 28.3 billion

    On 25 August 2010, Novartis AG has completed the purchase of 52 percent of the shares in Alcon Inc. from Nestlé SA for a consideration of USD 28.3 billion, exercising its call option provided for in the agreement, concluded between Novartis AG and Nestlé in April 2008. With the acquisition of the additional stake, Novartis AG now holds a total of 77 percent of the shares in Alcon Inc. Bär & Karrer acted as Swiss legal adviser to Novartis AG. The team included Rolf Watter, Charlotte Wieser, Urs Kägi and Georg Frey (all M&A/corporate). Allen & Overy New York advised Novartis AG as to US and international competition law.
    Bär & Karrer
  • Stamford Law advises Kim Eng on ban on sale of structured notes

    Stamford Law Corporation was mentioned in the Straits Times and the Business Times on the lifting of the ban on sale of structured notes for the six brokerages - CIMB Securities, DMG & Partners Securities, Kim Eng Securities, OCBC Securities, Philip Securities and UOB Kay Hian. The ban was issued by the Monetary Authority of Singapore (MAS) in July 2009 after the collapse of Lehman Brothers which led to the loss of investments in structured notes for thousand of retail investors.
    Stamford Law Corporation
  • SarrauThomasCouderc conseille Carlyle Group dans le cadre de la reprise de B&B

    Paris, le 25 août 2010. SarrauThomasCouderc vient de conseiller Carlyle Group dans sa négociation avec le management du groupe hôtelier B&B, dans le cadre d’un LBO ter. Carlyle Group est actuellement en négociation exclusive avec Eurazéo, Montefiore Investissement et Arts et Biens pour reprendre le groupe B&B. Numéro 3 français de l’hôtellerie économique, B&B a généré un chiffre d’affaires de 177 M€ en 2009. Sa valorisation atteint 485 M€.
    Sarrau Thomas Couderc