Turkey > Banking, finance and capital markets
Banking, finance and capital markets
Dr Mahmut Birsel of Birsel Law Offices is one of Turkey’s leading capital markets experts. The firm is one of Turkey’s oldest and has a fine pedigree in banking and finance matters, regularly advising international banks and funds, as well as borrowers on financial services matters, leveraged financings and syndicated loans. The firm is also highly recommended for regulatory work.
Güner Law Office has a well-established banking and finance practice headed by Ece Güner, who is praised for her ‘great overall management of the team’. The firm not only acts for banks on lending matters, but has also represented them on their own acquisitions. Recently it advised the Commercial Bank of Kuwait on its $1.18bn acquisition of a 60% stake in Turkiye Finans Bankasi.
Hergüner Bilgen Özeke acts for an impressive range of domestic and international banks, as well as corporate borrowers. Recently it advised Akbank on the financing of SOCAR’s acquisition of PETKIM Petrokimya. It also represented ABN Amro and Citibank on the refinancing of the privatisation of Turk Telecom. Within the 15-lawyer team Gokhan Eraksoy stands out for his lender-led work, while Hakki Gedik is recommended for capital markets.
Paksoy’s superb practice enjoyed an extremely busy year, acting for a mix of institutional lenders and borrowers. Highlights include advising JPMorgan as the arranger in the $1.8bn refinancing to the Çukurova Group. On the capital markets side it advised Ulker Chocolate Company, Turkey’s leading chocolate producer, in its IPO. Partners Serdar Paksoy and Halide Düren are well regarded by clients.
Pekin & Bayar Law Firm’s ‘excellent’ practice is highly recommended by clients, who are ‘extremely happy with all advice and services provided.’ On the lender side, it advised Barclays Bank in a €980m loan to BAT for its acquisition of TEKEL, and represented WestLB and a consortium of banks on a loan facility to Lukoil Eurasia Petrol. The firm is also well versed in advising borrowers. Selin Bayar heads the highly rated team.
Pekin & Pekin’s practice has been kept busy advising major international banks on an impressive array of syndicated loans. It has been involved on some of the country’s largest acquisition finance deals, such as for Garanti Bank on its multi-billion dollar financing of BC Partners’ acquisition of Turkey’s largest supermarket chain, Migros Turk. It also represented two global banks on the $950m financing of Ülker Group’s takeover of Godiva. Fethi Pekin and Ahmed Pekin enjoy a great deal of respect within the market.
Name partners Hakan Yazici and Can Verdi of Verdi & Yazici have earned a superb reputation in the market. Both partners cut their teeth working in-house at Garanti Bank, Turkey’s second largest private bank. The firm is noted for its first class track record in acquisition finance, structured finance and securities work, with the firm’s banking practice considered to be among ‘the very best.’
Akol Avukatlik Bürosu suffered two major departures in 2008, however several quality partners do remain, including Isil Okten, Meltem Akol, and Rozita Nigrin-Borden. The firm’s largest recent transactions were on the borrower side, such as for Kohlberg Kravis Roberts on the €570m financing of its acquisition of Un Ro-Ro. On the capital markets front it advised Deutsche bank on the $2.1bn listing of a 15% stake in Turk Telecom.
Mesut Çakmak and Mehtap Yildirim Öztürk are the key partners at Çakmak Avukatlik Bürosu’s highly regarded practice. The Ankara-based firm, which enjoys a strong relationship with White & Case Müsavirlik Ltd. Sirketi, is particularly recommended for regulatory work, but is also strong on the transactional side.
ELIG, Attorneys-at-Law gets very strong feedback from clients, where the ‘extremely astute’ Serkan Ictem is praised for his ‘strong commercial sense combined with exceptional legal knowledge,’ as well as his ability to handle complex transactions. The practice covers a range of matters, including distressed debt, acquisition finance and syndicated loans. Clients include Akbank, Credit Suisse International, Standard & Poor, and Bank of America.
The ‘very resourceful and responsive’ team at Ersoy Bilgehan Lawyers & Consultants is praised for its ‘high quality work and good turnaround times.’ The ‘hard working’ Dogan Eymirlioglu is particularly recommended for capital markets, while the firm is very strong on asset finance and securitisation. Recent highlights include advising a major international bank on its supply chain finance system in Turkey.
Taboglu & Demirhan has been busy on the capital markets and financing front. On the capital markets side a major highlight was advising Goldman Sachs as underwriters of the $1.85bn IPO of Halkbank. On the banking side it advised lenders, including HSBC and BNP Paribas on acquisition finance and project finance matters. Esin Taboglu is recommended for capital markets and structured finance.
YukselKarkinKucuk recently advised a major investment bank on a $100m syndicated loan, and on the borrower side advised Ülker Group on the $1bn financing of its takeover of Godiva. The firm is also recommended for capital markets and advised Turk Telecom on its IPO, the largest in Turkish history. Cuneyt Yuksel is highly recommended.
Aksu Savas Çaliskan Law Office regularly advises international banks as well as domestic corporate borrowers across the full range of finance matters. Partner Okan Beygo is recommended, and, before joining the firm as a partner in 2005, he had senior in house roles at both Garanti Bank and Citibank.
Bener Law Office has a strong practice, with a particular focus on project, asset and Islamic finance, and securitisation. Major clients include Wachovia, as well as the World Bank and IFC, which it advised on the $339m financing of a hydroelectric power plant. Senior partner Erim Bener enjoys a good reputation.
CLO – Coskun Law Office is used by a number of local and international banks for advice on syndicated loans, asset and project finance, financial regulations, corporate finance and securities. Founding partner Ihsan Coskun is the main point of contact.
Çaga & Çaga Law Firm has a strong practice, particularly in areas such as securitisation and asset-backed financings. Name partner Barbaros Çaga is well known for capital markets, while Erdem Degerli is also recommended.
The ‘outstanding’ Arzu Cosar of Cosar Attorneys at Law has developed a solid reputation. The firm recently represented a major international bank on its investments in the energy sector. It is also representing the Privatisation Authority on the sale of a majority share in Turkiye Halk Bankasi. The practice is backed up by a superb litigation team.
In January 2009, Eryurekli & Fidan became Eryurekli Law Office, following the departure of former name partner Erdogan Fidan to form his own firm. The firm still benefits from the structured finance and capital markets capabilities of managing partner Murat Eryurekli, who is held in very high regard. The firm regularly advises on the financings of major privatisations and can often be found as lender’s counsel on project finance work.
Arzum Gunalcin heads a strong practice at EsinIsmen, which is focused on acquisition, real estate, Islamic and project finance. Recent highlights include advising Turkish Industrial Development Bank on a $200m syndicated loan and a significant project finance deal.
Gür Law Firm has a broad practice with a good track record in securitisation, real estate finance, project finance, shipping finance and debt capital markets. Corporate head Aylin Aksun is recommended for securitisation, while Hande Aykut has a strong niche in Islamic finance. Clients include Finansbank, Garanti Bank, Credit Europe Bank and Nordea Bank.
Somay Hukuk Bürosu has good expertise in capital markets, project finance, syndicated loans and Islamic finance. Sera Somay is highly regarded.
Balcioglu & Selcuk Avukatlik Burosu is strong on real estate finance, where it advised Aareal Bank on a number of transactions totalling €240m in value. The firm also acted for Bayerische Landesbank on €45m of real estate backed loans. Name partner Barlas Balcioglu is recommended.
Bezen & Partners is active across a range of areas, especially project finance, asset finance and structured finance. On the capital markets side, it regularly advises on IPOs, secondary offerings and derivatives. Serdar Bezen previously worked at Allen & Overy LLP’s project finance department, while UK-qualified Yesim Bezen completed her training at Clifford Chance’s London office.
Erol Bircanoglu and Sedat Ozkanli are the main points of contact at Bircanoglu Attorneys at Law. The firm is experienced in advising domestic clients on foreign exchanges, such as AIM, and is also strong in acquisition finance, regulatory and debt restructuring work.
Cerrahoglu Law Firm’s Fadlullah Cerrahoglu is recommended for his expertise in banking and finance, and is particularly experienced in equity capital markets.
Cukur & Yilmaz is recommended for capital markets work, restructuring and acquisition finance. Recently the firm advised a major glass manufacturer on its potential IPO in the German Stock Exchange. Devrim Çukur and Irem Soyman are the key contacts.
Halil Dogru of Dogru Law Office is one of the leading experts in capital markets in Turkey, having started his career at the Turkish Capital Markets Board in 1983, he continued to work as senior expert in the CMB Departments of Enforcement and Corporate Finance for nine years. The firm is also recommended for structured finance.
Erdem & Erdem Consultancy has a well-balanced practice, which advises on syndicated loans and capital markets. Recently it advised HSBC on a €70m loan to Teknik Aluminyum. It also represented Emaar Properties on several credit facility agreements from Turkish banks.
Gürcan Law Offices has a strong background in banking and finance work and name partner Cuneyd Gürcan is recommended.
Özel & Özel offers its clients a broad spectrum of services, including capital markets and Islamic finance. On the acquisition finance side, it represented SOCAR and Turcas Enerji on the $925m financing required to buy a 51% stake in PETKIM Petrokimya Holding. The firm also advised Morgan Stanley International on its entry into the Turkish capital markets sector. Haluk Can Özel is recommended.
Reisoglu-Ensari-Dogrul’s name partners, Seza Reisoglu and Bülent Ensari, are both recommended as experienced banking practitioners. Reisoglu spent part of his career as Chief Legal Advisor to the Capital Markets Board.
Senguler & Senguler advises a number of investment banks on capital markets matters and recently acted for a European bank on a €20m financing for a hotel development in the Aegean region of Turkey.
Tekinalp Lawyers’ senior partner Ünal Tekinalp is a well-established academic who also boasts strong expertise in Turkish banking and commercial law.