Banking and finance in Austria

Binder Grösswang

Binder Grösswang's sizeable team has a fine reputation for its broad banking and finance offering, which includes assistance with various financing transactions, such as sustainable, acquisition, project and real estate finance, alongside restructurings and sector-specific regulatory matters. This far-reaching expertise attracts an equally broad client base including domestic and international banks as well as large international corporates, who benefit from the team's close cooperation with top global firms. Michael Binder and Stephan Heckenthaler are key contacts for regulatory matters, including fintech, while structured finance expert Stefan Tiefenthaler is a regular fixture on acquisition, project and real estate finance deals. Tibor Fabian frequently handles real estate finance and DCM-related work and Emanuel Welten has recently been particularly active advising on sustainable finance (ESG) but also advises on various other financing transactions. Counsel Stefan Frank provides assistance with compliance, fund registrations and administrative criminal proceedings before the FMA.

Practice head(s):

Michael Binder; Stefan Tiefenthaler; Tibor Fabian; Emanuel Welten; Stephan Heckenthaler

Other key lawyers:

Stefan Frank


‘Very practical approach and excellent understanding of client needs.’

‘Great availability, hands-on mentality, solution seeker in contract negotiations.’

‘Stephan Heckenthaler: excellent listener, offers practical solutions (thinking out of the box) and is very helpful in negotiations.’

‘Stefan Tiefenthaler: professional approach, gives the feeling that the client’s deal always has priority.’

‘Emanuel Welten stands out with regard to corporate finance matters; pleasure to work with him as he has a very realistic view.’

Key clients

Austrian Post AG and bank99 AG


BNP Paribas

Cape 10 Einrichtungs & Betriebs GmbH

UniCredit Bank Austria


Société Générale

Erste Bank der oesterreichischen Sparkassen AG

Landesbank Baden-Württemberg

Hypo Niederösterreich AG

Austrian Federal Railways (ÖBB)

Work highlights

  • Advised Österreichische Post AG on the acquisition of the majority share in bank99 AG (former Brüll Kallmus Bank AG) from the CAPITAL BANK – GRAWE GRUPPE AG.
  • Advised bank99 AG (Austrian Post’s new banking and financial entity) on regulatory matters pertaining to its general product offering and its product partnerships with the GRAWE Banking Group, most notably with RIA.
  • Advised Arval and its Austrian subsidiary Arval Austria GmbH on the acquisition of 100% of the shares in Unicredit Leasing Fuhrparkmanagement GmbH, the Austrian fleet management company of the UniCredit Group.

Schoenherr (Schönherr Rechtsanwälte)

Schoenherr (Schönherr Rechtsanwälte) has recently been particularly active advising on Covid-19-related matters such as the establishment of the state-owned funding agency COFAG and, subsequently, on COFAG rescue financing packages. While providing regulatory advice, including Brexit and fintech-related matters, constitutes a key strength of the team, it is equally well versed handling transactional work across the CEE region, which is routinely carried out in tight cooperation with its offices across the network. In this space, banks, investment firms and corporates receive advice on acquisition, real estate, project and green finance alongside investments and DCM-related matters. In conjunction with its new tech group, the practice is also well placed to advise start-ups and fintechs on cryptocurrency and blockchain matters. Ursula Rath is a key contact for fintech-related work and best known for her capital markets expertise. Team head Martin Ebner also acts at the intersection with DCM and handles a wide range of financing matters, including structured finance, loan portfolio sales, debt restructuring and refinancings. Peter Feyl routinely represents international banks and financial institutions in various transactions, while Laurenz Schwitzer is a key contact for real estate and project finance as well as distressed debt transactions and green finance.

Practice head(s):

Martin Ebner


‘Knows the industry and has expert knowledge, goes the extra mile to get things done.’

‘They ask the right questions, they listen to the answers and they come up with really good ideas in order to solve problems efficiently.’

‘One of Vienna’s leading firms in banking; very wide experience, have the manpower to handle very big and work-intensive projects very well. Have a very good network in the CEE region. Single point of contact concept (also if you have an issue in CEE) works very well.’

‘The team is particularly experienced in M&A transactions in the banking and finance and asset management industry.’

‘The team is extremely personable, and yet also very professional. They anticipated any issues we may have and directed our attention to them without being prompted or being asked. The team is also very competent and offered expertise and insights on a wide spectrum of relevant issues.

‘Reliable and always accessible main contact persons.’

‘Ursula Rath has a strong track record of managing M&A transactions in the asset management industry. She is always approachable and highly committed to delivering best possible results for her clients. Very strong at negotiations with contractual parties and regulators.’

‘Peter Feyl and Ursula Rath: both very competent, yet extremely approachable, personable and warm.

‘Martin Ebner: experienced; very good drafter and negotiator; creative.’

Laurenz Schwitzer: incredibly quick and good in picking up things, in transforming an idea to contractual language, always keeps the overview of things and remains on top of matters.

Key clients

ABBAG Abbaumanagementgesellschaft des Bundes

Advent International


America Movil

Aves One

B & C Holding Österreich

Bank of America Merril Lynch

Barclays Bank


Conda Crowdinvesting Europe


COVID-19 Finanzierungsagentur des Bundes GmbH (COFAG)



Credit Suisse International

Deutsche Bank



EPH Holding

Erste Group Bank

Goldman Sachs

Interglobe Enterprises Limited

JP Morgan


Mayr-Melnhof Holz Holding

Morgan Stanley

Raiffeisen Bank International

Raiffeisen-Holding NÖ-Wien and Raiffeisenlandesbank Niederösterreich-Wien


SIX Group

Societé Generale International


Standard Life

UniCredit group, including UniCredit Bank Austria

UNIQA Insurance Group

Work highlights

  • Advised a group of lenders led by Erste Group on a €300m COFAG-guaranteed and secured financing for Austrian Airlines.
  • Advised ABBAG Abbaumanagementgesellschaft des Bundes (an entity owned by the Republic of Austria) on the establishment of Covid-19 Finanzierungsagentur des Bundes GmbH (COFAG), the state-owned funding agency in the wake of the 2020 Covid-19 pandemic, and on structuring the COFAG support (guarantee) scheme.
  • Advised Credi2 GmbH on an investment from a German Volkswagen Bank’s venture capital arm, which will hold a 20% share in Credi2.

Wolf Theiss Rechtsanwalte GmbH & CoKG

With an extensive network in the CEE and SEE region, Wolf Theiss Rechtsanwalte GmbH & CoKG is regularly called upon by banks, insurance companies, funds and other financial institutions as well as borrowers on the full spectrum of financing transactions, most notably acquisition, real estate and project finance. Andreas Schmid is a key contact in the project finance sphere. Solid capabilities in the regulatory and litigation space complement this broad offering as does team head Nikolaus Paul's investment funds expertise, which includes the establishment of multi-jurisdictional fund structures. His team includes Markus Heidinger, whose wide-ranging banking law expertise includes dispute resolution alongside regulatory investigations and associated proceedings, and Matthias Schimka, who was promoted to the partnership in June 2020. He is well versed in handling DCM-related matters, which constitutes another key area of the team's expertise alongside financial restructuring work. Managing partner Andrea Gritsch is a key contact for fintech issues.

Practice head(s):

Nikolaus Paul


‘We have worked with the team on multiple deals with an Austrian law angle – very knowledgeable and responsive on aspects of fund marketing and specific Austrian investor requirements.’

‘Excellence in regulatory matters.’

‘Sensibility for both, commercial and regulatory matters.’

Key clients

Steinhoff Europe AG


Kommunalkredit Austria AG

DDM Group AG

B2 Holding

Cone Capital AG

KELAG-Kärntner Elektrizitäts-Aktiengesellschaft

Addiko Bank AG


Miba AG

Deposit Solutions

Munich RE Group

VTB Bank

Goldman Sachs

Intel Corporation

Work highlights

  • Advising Cone Capital AG on the acquisition and financing of Passage Linz and City Garage Linz, which includes the acquisition of the shopping mall by way of a share deal from different sellers, the acquisition of two neighbouring buildings by way of asset deals, as well as senior and subordinated financing.
  • Advising KELAG-Kärntner Elektrizitäts-Aktiengesellschaft on a €250m sustainability-linked credit facility agreement.
  • Advised a consortium of global banks, including, amongst others, Citigroup, JP Morgan Chase, Wells Fargo, Barclays and RBC on the cross-border collateral structure and the intra-group sale and assignment of Austrian law-governed receivables held by entities operating, among others, across Europe, Canada and the US, pertaining to the consortium’s secured asset-based financing totalling $4.87bn to support affiliates of Apollo Global Management, Inc. in the acquisition of Tech Data Corporation.

Cerha Hempel

Representing lenders and borrowers, Cerha Hempel has particular expertise in corporate, project and real estate finance on one hand and banking regulatory and compliance on the other. Peter Knobl is a key contact for the latter segment and has recently been advising on various Covid-19 and restructuring-related issues, among other matters, while Volker Glas and Thomas Zivny regularly take the lead on transactional work alongside matters at the intersection with capital markets. Senior partner Edith Hlawati heads the practice and also stands out for her capital markets expertise.

Practice head(s):

Edith Hlawati


‘What we appreciate most is the deep knowledge and fast responsiveness of Cerha Hempel’s banking and finance practice.’

‘We consider Cerha Hempel’s banking and finance practice’s combination of outstanding knowledge, fast response times, solution-oriented working and relatively moderate billing unique in Austria.’

‘The main contact person is Volker Glas, who stands out for his easy-going personality, his solution-oriented work and his tremendous knowledge.’

Key clients

Commerzbank AG (Luxembourg)

Commerz Real Mobilienleasing GmbH

Commerzbank AG (Vienna)


XXXLutz Group

Erste Group Bank AG

voestalpine AG

UniCredit Bank Austria AG

Commerz Factoring GmbH

Work highlights

  • Advised XXXLutz Group on the purchase and acquisition financing of Kika’s Eastern European subsidiaries and furniture stores in Hungary, Czech Republic, Slovakia and Romania.
  • Advising UniCredit Bank Austria AG on an extension, amendment and restatement of two loan facilities granted to shopping centres in Slovenia, which are operated by SPAR/SES.
  • Advised voestalpine AG on its €300m construction financing provided by the European Investment Bank (EIB) in two tranches.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH has carved out a strong practice handling finance transactions as well as regulatory work with Günther Hanslik, who co-heads the practice with Martin Zuffer, being the main contact for the former and Zuffer the key for the latter. In the transactional space, instructions include acquisition finance, corporate lending, real estate and project finance and routinely contain cross-border elements, most notably within the CEE and SEE regions. The team's cross-border offering and English law capabilities were further strengthened by the arrival of Marcell Clark from Dentons in August 2020, while Stefan Paulmayer brought additional expertise in securitisation, banking supervisory law and fintech but also handles restructuring-related work; also an area of expertise for Hanslik. Paulmayer joined in January 2020 from PwC Legal Austria-oehner & partner. He is particularly active for financial services providers but also acts for borrowers. Walter Gapp, who joined in March 2020 from Rautner Rechtsanwälte GmbH, predominantly handles capital markets work but also provides banking regulatory advice.

Practice head(s):

Günther Hanslik; Martin Zuffer


‘Very experienced, very good knowledge of the market, fair and calm negotiators, not unnecessarily dramatising things. Good solutions which can be put into practice.’

‘The law firm has a broad field of activity. One of their strengths is real estate finance. In real estate finance they are one of the most experienced in the Austrian legal market.’

‘CMS provides highly accurate work in a timely manner and has very good negotiation skills. Good team work.’

Really strong soft skills in the team.

‘Stefan Paulmayer: it is a pleasure working with him, he is very hands-on and supportive, quick in understanding our needs, has very good experience and know-how in the required fields. Always delivers in time, good communication – keeps you up-to-date.’

Key clients

UniCredit Bank Austria AG

Erste Group Bank AG

Raiffeisen Bank International AG

VTB Bank (Europe) SE

Deutsche Bank (London Branch)

Ford Credit (FCE Bank)


HYPO NOE Landesbank für Niederösterreich und Wien AG

Deutsche Hypothekenbank

Wiener Städtische Versicherung AG Vienna Insurance Group

Work highlights

  • Advised an international banking group on the acquisition financing of the largest German retail chain Kaufhof.
  • Advised a banking syndicate on the refinancing of the shopping centre PlusCity in Upper Austria (Pasching).
  • Advised an international banking group in connection with the financing of the indirect acquisition of control of Casinos Austria AG by the Czech Sazka Group.

DORDA Rechtsanwälte GmbH

Various financial services providers, funds and companies routinely retain the team at DORDA Rechtsanwälte GmbH to advise on financing transactions and regulatory issues as well as on associated matters at various intersections, such as capital markets, restructuring and tax, which are handled in conjunction with the respective practice. Recently, the team's regulatory work has included FMA licensing procedures, contentious proceedings and an increasing number of fintech matters, which are frequently handled by Andreas Zahradnik. He jointly heads the practice with Tibor Varga, who is experienced in various types of loan documentation, including acquisition, corporate, project and structured finance, as well as transactions with DCM and ECM elements. Restructuring-related mandates are handled by both team heads.

Practice head(s):

Tibor Varga; Andreas Zahradnik


‘Hands-on mentality, great analytical approach, exceptional knowledge in many fields.’

‘Absolute experts in banking and finance law. Serious and reliable partners. Not cost-pushing.’

‘Tibor Varga: very friendly, professional approach, exceptional commitment to get the deal done.’

‘Tibor Varga: very sensible and client-oriented work, understanding of market practice and the client.’

Key clients



Work highlights

  • Advising BAWAG P.S.K. on proceedings against the City of Linz following a derivative swap in 2007, in which the client suffered significant losses.
  • Successfully represented a major Austrian credit institution in obtaining an injunction against a major competitor on grounds of unfair competition and breach of contract.
  • Advised a major Austrian credit institution on a strategic cooperation with an Austrian fintech.

E+H Eisenberger + Herzog

E+H Eisenberger + Herzog predominately acts for borrowers, although co-team head Marcus Benes is also experienced advising banks and investors on acquisition and real estate finance transactions as well as regulatory and restructuring-related matters. Benes, who also heads the firm's insolvency and restructuring group, is noted for his restructuring expertise and is also a key contact for international finance and structured products. This segment received a further boost with the partner promotion of Laurenz Liedermann in July 2020. In addition to restructurings, Liedermann also has a significant focus on acquisition and real estate finance alongside corporate loans and portfolio transactions. Co-team head Peter Winkler complements the team's banking and finance offering with solid expertise in capital markets and M&A.

Practice head(s):

Peter Winkler; Marcus Benes

Other key lawyers:

Laurenz Liedermann


‘From the case I know them, they have an experienced and committed team, looking to deliver solutions.’

‘Experience, legal and commercial background, understanding things beyond legal aspects; coming up with constructive proposals to solve problems.’

‘E&H is a very solid group of individuals. They stand out for having a wealth of market knowledge and are very dynamic lawyers who are able to handle multiple transactions and give pragmatic advice. We appreciate how quick and hard they work for us.’

‘We work with Peter Winkler on a regular basis. Peter Winkler is my first call any time I have a complicated matter. He is an excellent lawyer with a tireless attitude and plenty of experience. He is a phenomenal force in banking and finance.’

Laurenz Liedermann is a great lawyer who does an excellent job. He is always extremely responsive and can suggest efficient and practical solutions. He’s a collaborator and a consensus builder, who is always a pleasure to work with.

Key clients


Tech Data Group


Brisen Group

Toyota Kreditbank GmbH

Ball Corporation

Lufthansa AG

Black Pine Capital GmbH


Work highlights

  • Advised the fund CAERUS on extending financing to Cone Capital to acquire real estate. Assisted the client with the provision of the collateral, and issued several legal opinions.
  • Advising Tech Data Group as local counsel on the sale of receivables within the group and on securing a loan facility with receivables.
  • Acted as local counsel for Allgeier SE in a group-wide financing, which included a legal opinion and assistance with the inclusion of an Austrian group company as guarantor.

Fellner Wratzfeld & Partners

Fellner Wratzfeld & Partners' regulatory and transactional banking and finance expertise is typically drawn upon by banks and payment services providers in restructuring, compliance, licensing and contentious scenarios. Another key strength of the team is handling matters at the intersection with M&A, including the sale of non-performing loan portfolios. Gregor Schett is a key contact for banking-related arbitration and litigation, while founding partner Markus Fellner is best known for his restructuring and insolvency expertise, which has recently also led to a number of COFAG financing instructions, but he also provides assistance with sector-specific regulatory matters and dispute resolution. Florian Kranebitter routinely leads on national and cross-border finance transactions, most notably acquisition and real estate finance.

Practice head(s):

Markus Fellner; Gregor Schett; Florian Kranebitter


‘Very experienced team focussing on practicable solutions.’

‘Fast responses, highly experienced team, perfect availability.’

‘Markus Fellner – we have a very trustful relationship for more than 20 years with him.’

‘Markus Fellner is a brilliant lawyer and extremely good negotiator. We appreciate very much the long-term cooperation we have.’

Key clients


Cerberus Capital Management, L.P.

easybank AG

Erste Bank der oesterreichischen Sparkassen AG

Oesterreichische Kontrollbank AG

Powerlines Group

Raiffeisen Bank International AG

Raiffeisenlandesbank Niederösterreich-Wien AG

Raiffeisenlandesbank Oberösterreich AG

Steinhoff Group

UniCredit Bank Austria

VTB Bank (Europe) SE

Work highlights

  • Assisted the financing banks of the Huber Group with the restructuring of the group’s financing, including the provision of international collateral.
  • Advising UniCredit Bank Austria AG in connection with the enforcement of its minority rights resulting from UniCredit Bank Austria’s position as shareholder of the institutions forming the 3Banken Gruppe (3-banks group).
  • Advising Steinhoff Group on all banking and finance law matters, including advice on LMA-based restructurings of intra-group financings, as well as on atypical finance.

Freshfields Bruckhaus Deringer

DLA Piper Weiss-Tessbach

DLA Piper Weiss-Tessbach's financing work typically pertains to real estate and infrastructure projects across the CEE and SEE regions, while handling banking litigation and banking regulatory mandates are other key elements of its finance and banking offering. Claudine Vartian acts for banks in large-scale banking litigations, and Oskar Winkler and Jasna Zwitter-Tehovnik are regularly called upon to advise on the financing of real estate, infrastructure and energy projects. Clients include commercial and investment banks, corporates and private equity and mezzanine financiers.

Practice head(s):

Oskar Winkler; Claudine Vartian


‘Their expertise in the relevant area of law is excellent. Lawyers are always available and at client disposal. In case of doubt, they provide additional explanation. Communication is very professional but at the same time very friendly.’

‘The legal professionals I worked with were of excellent legal knowledge with regards to the subject matter and at the same time available when needed. Although the team had a very short deadline to finish the job their performance was excellent. Communication was very professional but at same time very friendly. From the client perspective that creates additional trust which is very important.’

Key clients

KBC Group NV

Eiffel Investment Group

Merritz Securites


RLB Niederöstereich-Wien AG

Uniqa Versicherungs AG

Goldman Sachs International

Neqsol Holding

INTL FCStone Inc.

Banco do Brasil SA

Work highlights

  • Advising KBC Group NV on the restructuring of a troubled Croatian borrower.
  • Advising the Eiffel Investment Group on the financing of energy efficiency projects in Slovenia, Serbia, the Czech Republic and Croatia.
  • Advising Korean investors led by Meritz Securities on the financing and the acquisition of the Vienna Hilton Parkview from two Austrian family offices represented by Invester United Benefits.

Herbst Kinsky Rechtsanwalte GmbH

Advising lenders and borrowers, Herbst Kinsky Rechtsanwalte GmbH has acquisition and asset finance, most notably aviation and rail financing, at its core. Its work regularly includes cross-border elements as well as refinancing and structured finance issues. Aviation and rail finance expert Christoph Wildmoser jointly heads the practice with banking law specialist Christoph Herbst.

Practice head(s):

Christoph Wildmoser; Christoph Herbst


‘Very commercially thinking team members, who provided helpful and clear advice at a reasonable price. Very good advice and good response times.’

‘We often work with Herbst Kinsky. In particular, we have worked together on a major project in connection with the sale of trains. Herbst Kinsky has also assisted us in the passporting of several financial companies from Germany to Austria.’

The team has a pragmatic and high-quality approach and works excellently on an international level.

‘The team works incredibly hard and is also incredibly efficient. I know that any matters that I entrust them with will be well looked after which makes my life a lot easier.’

‘I mostly work with Christoph Wildmoser and his team. He works to the highest standards, is pragmatic, fast, reliable and a really pleasant guy.’

‘Christoph Wildmoser was extremely responsive, understood the issues and provided helpful advice.’

‘Christoph Wildmoser provides accurate advice quickly and is extremely responsive.’

Key clients

WESTbahn Management GmbH

DPE Deutsche Private Equity

Blackrock Investment Management

Marinomed Biotech AG


ARES Management und Rabo Bank


Standard Chartered Bank

Kreditanstalt für Wiederaufbau (KfW)


Work highlights

  • Advised WESTbahn Management GmbH on the replacement of its entire multiple unit fleet.
  • Advised the consortium Meag/PGGM Rail on the financing of the intended acquisition of the ELL Group – European Locomotive Leasing.
  • Advised Blackrock as mandated lead arranger and lender on the financing of the acquisition of the Austrian Catalysts Group and the German Crisp Research AG by DBAG Fund VII.

PHH Rechtsanwälte

Much of PHH Rechtsanwälte's recent work pertained to real estate and infrastructure finance but the team also handles various other finance transactions, including trade, export and aircraft finance, which is part of Wolfram Huber's set of expertise. He jointly heads the practice with Annika Wolf, who is another key contact for project and acquisition financing while also handling regulatory matters. This segment - with recent work including advice on investment funds, the launch of bank products and on the regulatory requirements for entering the Austrian market - received a significant boost with the arrival of Lukas Röper in September 2020. He led the financial services division at PwC Legal Austria-oehner & partner and also has transactional expertise.

Practice head(s):

Wolfram Huber; Annika Wolf

Other key lawyers:

Lukas Röper


‘Very responsive, hands-on, quick delivery, good team, pragmatic.’

‘Great young team but still very experienced. Available and responsive. Very positive with attention to detail.’

‘Approachable, informal, professional and hands-on business attitude in a very proactive manner. Good atmosphere.’

‘Combination of personality, hands-on-problem-solving and positive attitude. People you like to work with.’

‘Wolfram Huber: very experienced; great market insight.’

‘Wolfram Huber has long-standing experience in the banking and finance sector. While working together, he was committed to provide highest-quality work and precise legal advice at all times. He is pragmatic, solution-driven and reliable. He was also exceptionally responsive and always available.’

‘PHH provides high-quality services for real value for money. I very much appreciate their way of dealing with complex cases.’

‘We worked with PHH on several occasions and they really provided very concise advice that was very much to the point and showed their excellent know-how of the banking and finance practice in their jurisdiction. This is our go-to law firm.’

‘I usually work with Annika Wolf. She is an outstanding lawyer. I appreciate her know-how, flexibility and dedication. She is highly experienced in dealing with complex international cases and ambitious clients.’

‘We worked with most of the people of the banking and finance team. No issues, also from our clients, we referred to them.’

‘Excellent market knowledge, especially in the infrastructure and PPP financing sector; excellent legal advice combined with a pragmatic approach.’

‘PHH’s banking & finance lawyers are always well prepared and they have impressed us with their professional specialisations several times. We have worked with the PHH banking & finance team several times and we are clearly extremely satisfied with their working technique. The team members harmonise very well with each other and this naturally has a positive effect on their projects. According to their motto reliability and commitment, every transaction is therefore in safe hands with PHH. PHH’s professional structures and success-oriented approach clearly distinguishes the firm from its competitors. Every single member of the firm is well informed about the client and his interests. This means that every matter can be dealt with in an extremely short time without having to struggle with complex structures within the firm.’

‘When it comes to legal support (in particular in the field of project finance), I always prefer to work with PHH. I would also recommend it to everyone. The team of PHH is not only equipped with top expertise, but also offers its clients professional and detailed legal advice. Not without reason, Annika Wolf is known for her excellent advice in the field of project financing. Focused on the interests of the customer, PHH tries to achieve the best possible project result. Every single employee is informed and committed. They are ready to work around the clock to serve the interests of the customer. Availability round the clock is a top priority at PHH.’

‘Annika Wolf and the team at PHH are very professional, respond quickly to enquiries and have practical solutions that can be implemented quickly in our business.’

Annika Wolf has excellent argumentation techniques and her way of approaching things is also outstanding. Her strategic thinking has impressed us many times.’

‘Annika Wolf is an above-average lawyer. Especially in her field she is characterised by her in-depth legal knowledge and her flexibility. In comprehensive and complex finance transactions she is known for her business knowledge. Her excellent negotiation skills also make her stand out from the crowd as a successful lawyer. With a precise and clean legal argumentation, she offers her clients her out-of-the-box thinking. Finding the optimal solution for her clients is her highest priority. With Annika Wolf as advisor the client is in good hands. The interest of the clients is of special importance for Annika Wolf. Whether under time pressure or in crisis situations, she never loses sight of the clients’ interests. Her way of structured thinking and her clear argumentation has often been key to successful negotiations.’

‘Annika Wolf: great market insight, responsive and very client-focused.’

‘I usually work with Annika Wolf. She is an outstanding lawyer. I appreciate her know-how, flexibility and dedication. She is highly experienced in dealing with complex international cases and ambitious clients.’

‘Our contact person Annika Wolf is an excellent finance lawyer. Attention to detail and above-average commitment are qualities that make Annika stand out from the crowd. Annika Wolf is very well known for her in-depth knowledge in finance transactions and in particular in project finance transactions. It is very good to have her as advisor. Annika Wolf is definitely a deal-maker and not a deal-breaker. She understands the economic side of a transaction which sometimes is essential for the success of a transaction. It is impossible not to be fascinated by her professional knowledge. As one of the few women in a male-dominated legal field, she stands out in the field of banking & finance throughout Austria. Annika Wolf has a talent to make the hardest and most complex work look easy. With her structured approach, she masters every legal challenge. Apart from her professional competence, she has a great talent for business negotiations. With her precise argumentation skills, she is a pioneer in her field. Besides all that, Annika Wolf is simply a pleasure to work with.’

‘Wolfram Huber is a highly appreciated local counsel.’

‘I have worked with Wolfram Huber on a business jet acquisition transaction. I am very happy with his work. We spoke the same language. He has been very responsive and adequate in a number of critical situations during this transaction.’

‘With PHH’s banking and finance team even an exhausting and protracted financing transaction becomes a pleasure. Especially the cooperation with Annika Wolf and Wolfram Huber makes every legal hurdle easier, if one may say so. Not only technically extremely competent, but also able and willing to achieve the best possible result, 7/24 and under time pressure, if necessary.’

‘Our main contacts at PHH are the two partners from the banking and finance team, Annika Wolf and Wolfram Huber. Both are very competent and above all reliable in their field. If you are looking for legal advice in financing transactions, both names should be noted down in capital letters. Apart from their individual strengths, together they also create an extremely pleasant working atmosphere. Their commitment and their approach to every issue clearly stands out. The uncomplicated and transparent way of working as well as the availability round the clock are characteristics that not only make the transaction easier but also saves a lot of time and money. Wolfram Huber has a rare talent to win arguments without embarrassing the counterparty. His structured thinking compared with his coolness has impressed us, the clients and even counterparties several times. Annika Wolf is always focused on the details but never loses sight of the big picture. Her dynamic character and sharp skills make her a unique lawyer. Annika and Wolfram are not only recognised specialists in the finance field but also have a human approach. It is simply great to work with them.’

Key clients

European Investment Bank (EIB)

Erste Group Bank AG

Exporo AG

Intelligent Apps GmbH and mytaxi Austria GmbH

Raiffeisen Bank International AG

Sberbank Europe AG

VTB Bank Europe SE

VAMED AG and subsidiaries

PPP Radioonkologie GmbH & Co KG

Austrian Anadi Bank AG

Banca Comerciala Romana

Banco Santander S.A.

BNP Paribas SA, Niederlassung Österreich; BNP Paribas Personal Finance SA

Bonaventura Services GmbH

Civum GmbH

DIF Infra Luxembourg Sarl

HYPO NOE Landesbank für Niederösterreich und Wien AG


Hochtief Aktiengesellschaft and subsidiaries

Kommunalkredit AG

Landesbank Hessen Thüringen (Helaba)

Marktgemeinde Kreuzstetten

Mayr-Melnhof Group

Meridiam SAS

ODDO BHF (Schweiz) AG

RAG Energy Storage GmbH

Raststätten Betriebs GmbH

URBAS Maschinenfabrik GesmbH

VTB Bank (Europe) SE, Vienna Branch

Bio-Trainingszentrum Gars Hotel Gesellschaft m.b.H.

Quantic Financial Solutions GmbH


Work highlights

  • Advising the lenders European Investment Bank and ERSTE Bank AG on the financing of three wind farms in Lower Austria.
  • Advises Quantic Financial Solutions GmbH on alternative investment fund manager requirements under the Alternative Investment Fund Managers Act.
  • Advised HYPO NOE Landesbank für Niederösterreich und Wien AG, Hypo-Bank Burgenland AG on the financing of Bondi Immobilien-Consulting GmbH’s construction project Innovation Hub in Vienna.

Baker McKenzie Rechtsanwälte LLP & Co KG

Baker McKenzie Rechtsanwälte LLP & Co KG assists international and national banks, insurance companies, funds and asset managers, alongside medium-sized companies, with various transactions, most notably real estate and acquisition finance. The group also handles regulatory matters, including those stemming from the fintech sector such as FMA proceedings and blockchain matters, and is active in finance-related litigation. Georg Diwok heads the team and is experienced in finance transactions, structured finance and regulatory issues. He shares this set of expertise with counsel Robert Wippel, who joined the team from Binder Grösswang in October 2019.

Practice head(s):

Georg Diwok

Other key lawyers:

Robert Wippel

Key clients

Bank Frick

PREMIUM Bauträger GmbH


Österreichische Bautechnik Vereinigung

Siemens Bank GmbH

Work highlights

  • Acted as counsel to PREMIUM Bauträger GmbH in connection with a loan granted to L&M Immobilien Invest GmbH in order to finance the purchase and redevelopment of a mixed-used property in St. Pölten, Lower Austria.
  • Advised BRF Group on the Austrian law aspects pertaining to the repurchase of a bond co-issued by BRF GmbH under a New York law governed tender offer.
  • Representing Siemens Bank GmbH in a PPP project pertaining to the construction of two schools in Vienna, including assistance with the entire transaction documentation.

BRANDL TALOS Attorneys at law

Attracting praise for its banking regulatory offering, BRANDL TALOS Attorneys at law provides Austrian banks, insurance companies, international financial services providers and investment funds with Austrian market entry advice and assistance with compliance matters and FMA proceedings. Its compliance work includes matters at the intersection with white-collar criminal law, such as anti-money laundering, and e-money issues. Ernst Brandl, who left the partnership at the end of 2020 and now acts as of counsel, heads the practice and acts for several national and international banks and financial services providers in arbitration alongside judicial and administrative proceedings.

Practice head(s):

Ernst Brandl

Other key lawyers:

Raphael Toman


‘Vast market knowledge and expertise; strong network in AT; focused and specialised on the key areas for us as a customer; takes the time to analyse every case in detail; open discussion and direct communication.’

‘The team covers the full range of banking and finance regulatory aspects, in particular compliance matters.’

‘Our company regularly needs assistance with financing and related regulatory issues. In this regard, we have found the perfect match in this law firm, whose business acumen, strategic vision and truly deep insight into the industry and the regulatory landscape truly makes a difference whenever we need them. The team is very thorough, which makes us feel well-protected from risks; and if a crisis comes we can always rely on a stable partner who offers functional, forward-thinking, and above all competent solutions. Ernst Brandl’s experience from having worked at the Financial Markets Authority has enabled him to build a diverse and able team around him.’

Key clients

card complete Service Bank AG

OVB Allfinanzvermittlung GmbH

Bank Winter

DSC Doralt Seist Csoklich Rechtsanwälte GmbH

Providing national and international banks with regulatory advice, including Covid-19-related issues, constitutes a key portion of DSC Doralt Seist Csoklich Rechtsanwälte GmbH's workload, which is typically handled by team head Markus Kellner. Other areas of expertise include advice on savings accounts, payment services and transactions alongside new product launches and cooperation agreements. The team is also well versed in handling banking litigation such as investor class actions and class actions brought by consumer protection agencies.

Practice head(s):

Markus Kellner


‘The collaboration with DSC’s banking and finance practice has mainly been with Markus Kellner who is a banking and finance partner. The team behind him is well organised; all deadlines were met on time; exceptional quality.’

‘The contacts in the law firms skilfully respond to the individual requirements and needs of the client and thus facilitate tailor-made legal solutions for their clients.’

‘The law firm combines excellent legal knowledge (also at a scientific level) with problem-solving skills with regard to the peculiarities of practical law enforcement and thus achieves an optimal representation of the client.’

‘Markus Kellner has an enormous knowledge and provides practicable solutions.’

‘Markus Kellner is an expert in the field and my number one for retail banking questions. He is an extremely good theoretical lawyer who does text-book analysis. This is paired with deep knowledge of the banking field with a very good understanding of the everyday needs of in-house counsels.’

Key clients

UniCredit Bank Austria AG

Raiffeisen Bank International AG

Raiffeisen Centro Bank AG

ERSTE Bank der österreichischen Sparkasse AG

Bank für Tirol und Vorarlberg AG

Wiener Privatbank SE

Österreichische Ärzte- und Apothekerbank AG

Work highlights

  • Advised a major Austrian retail bank on the acquisition and refinancing of a Viennese real estate holding company.
  • Advised S IMMO AG on its capital increase from authorised capital in an accelerated bookbuilding process with placement to selected investors.
  • Advised a large Austrian bank on the co-structuring of a debt push-down and provided an expert opinion.

Jank Weiler Operenyi

Jank Weiler Operenyi has recently been particularly active advising banks on financing matters arising from restructuring and liquidation scenarios, which is not least due to founding partner and practice head Andreas Jank's expertise in this area. The team, and Gabriele Etzl in particular, is also well versed in real estate finance. The practice's regulatory capabilities received a significant boost with the arrival of counsel Maurizia Anderle-Hauke from DORDA Rechtsanwälte GmbH in June 2020; she now heads the firm's banking regulatory group.

Practice head(s):

Andreas Jank


‘Deep industry sector knowledge, multidisciplinary approach.’

‘Very diligent and responsive, excellent professionals.’

‘ In addition to their strong legal expertise, the team has a profound understanding of the industry and our needs.’

‘We work with Gabriele Etzl. Gabriele is an excellent lawyer, with outstanding legal knowledge – not only within her area of expertise of real estate law but also all adjacent fields of law, including: finance, tax, corporate law and litigation. Thus, working with her is highly efficient. She is also very good in negotiations, has a profound understanding of the market and works extremely client-focused. This is far beyond market standard.’

‘We worked with Gabriele Etzl on a Croatian-Austrian cross-border transaction where Mrs. Etzl presented utmost professionalism, understanding of Croatian laws and unique practices, beyond what we have seen with similar practices from comparable Austrian firms. Mrs. Etzl and her team were and are highly responsive, always accessible and knowledgeable of Croatian practices which we (in our opinion) successfully implemented in this complex cross-border transaction.’

‘Gabriele Etzl and her team demonstrated the highest level of professionalism, flexibility and cooperativeness (with a professional yet informal approach); they are always responsive and accessible (day or night, weekend or work day).’

Key clients

hali gmbH

Top Value Ltd

Austrian Anadi Bank AG

Deutsche Pfandbriefbank

Allianz Investmentbank AG

Aviso Zeta AG

Bank consortium (Raiffeisenbank International, UniCredit Bank Austria, BAWAG, Bank für Tirol und Vorarlberg)

Work highlights

  • Advising a bank consortium consisting of Raiffeisenbank International, UniCredit Bank Austria, BAWAG, Bank für Tirol und Vorarlberg on the restructuring of the financing of Wolford Aktiengesellschaft.
  • Advising Allianz Investmentbank AG on its restructuring and liquidation following Allianz Group’s decision to discontinue classical banking activities in Austria.
  • Advising Deutsche Pfandbriefbank on the refinancing of a commercial business building in Vienna.

Rautner Rechtsanwälte GmbH

Rautner Rechtsanwälte GmbH has a focus on transactional work but is able to supplement this skill-set with regulatory capabilities. This leads to a steady flow of instructions from banks on real estate and project finance - recently the team has been particularly active advising on the financing of renewable energy projects - alongside matters at the intersection with debt capital markets. Uwe Rautner heads the practice.

Practice head(s):

Uwe Rautner


‘The team at Rautner is very creative and efficient and has been successful in moving/ closing our transactions despite challenging circumstances.’

Uwe Rautner is a specialist in national and international financing transactions.

Key clients

UniCredit Bank Austria AG

Erste Group Bank AG

Kommunalkredit Austria AG

Banco Santander SA, Frankfurt Branch

Banco Santander (Brazil) SA

HSBC bank plc

Windkraft Simonsfeld AG

BNP Paribas S.A. Austrian Branch

oekostrom AG

Société Générale

Work highlights

  • Advised Windkraft Simonsfeld AG on the project financing of 13 new wind power plants by the European Investment Bank (EIB) and Erste Group Bank AG with a total investment of approximately €110m.
  • Advised Banco Santander in relation to a high-volume cross-border factoring transaction under New York law involving various jurisdictions worldwide.
  • Advising Bank of America Merrill Lynch, Citibank, JP Morgan, HSBC on the tender offer carried out by Erste Group regarding certain subordinated bonds and advising on the parallel issuance of a €500m Tier 2 bond by Erste Group.

Saxinger, Chalupsky & Partners (SCWP Schindhelm)

Saxinger, Chalupsky & Partners (SCWP Schindhelm) utilises its solid real estate law expertise to specialise in real estate and construction finance and refinancing but also assists clients, including real estate developers, banks and public sector bodies, with regulatory matters. Co-head Matthias Steyrer is a key contact for regulatory issues, while co-head Immanuel Gerstner is experienced in real estate finance transactions, including those with DCM elements, and is regularly assisted by  Lukas Leitner, who was promoted to contract partner in April 2020.

Practice head(s):

Immanuel Gerstner; Matthias Steyrer

Other key lawyers:

 Lukas Leitner


‘The team works 24/7 on transactions; engagement is 120%; knowledge is 120%; high quantity of transactions; they always know the solution before problems arise.’

Key clients

LIGMA Lead Invest Management GmbH

IFA Invest GmbH

ecoduna AG

Soravia Group

Landes-Hypothekenbank Steiermark Aktiengesellschaft

IFA Institut für Anlageberatung AG

Bank of Shanghai

Work highlights

  • Advising Landes-Hypothekenbank Steiermark Aktiengesellschaft on the transfer, via asset deal, of independent bank branches to local Raiffeisen banks in a major restructuring exercise.
  • Advising Soravia Group on the refinancing of an existing mezzanine loan facility by means of a new mezzanine loan for the development of the Austro Tower.
  • Advising IFA Invest GmbH, a subsidiary of Soravia Group, on the operation of an online portal for corporate bonds and real estate-related investments for retail investors.


GRAF ISOLA's client portfolio includes banks, corporates, investors and private clients, who retain the team to assist with various finance transactions, most notably corporate, infrastructure and project finance, alongside regulatory matters, including money laundering and compliance, and banking litigation. Otto Wächter heads the practice and covers the full spectrum of banking and finance work.

Practice head(s):

Otto Wächter


‘The full-package service combined with high professionalism, timely manner and orientation on the needs of the client.’

Work highlights

  • Advised an Austrian construction company on the restructuring of a PPP and its financing due to Covid-19.
  • Advising a UK investor on finance and security issues pertaining to an investment.
  • Advising a bank on a loan transaction pertaining to the financing of infrastructure.

Greenlake Legal

Established in 2018, Greenlake Legal Raninger Hoedl Rechtsanwalts OG focuses on finance-driven transactions and financial restructurings which leads to regular national and cross-border instructions on project and acquisition finance in particular. The team also assists with regulatory matters and debt finance. Clients include corporates, commercial and investment banks, funds and financial sponsors. Founding partners Michael Raninger, who has recently been particularly active for sponsors and borrowers, and Erik Hödl, who acts for a number of banks, jointly head the practice.

Practice head(s):

Michael Raninger; Erik Hödl


Excellent and very fast service.

Very flexible, accurate and fast. We use Greenlake legal for complex transactions which have an Austrian legal aspect, which given the nature of the Austrian market, are not covered by larger firms with a seat outside Austria.

Excellent access to partners, response time and communication.

Automated signing procedure, very clear on-line tool.

Accessibility, availability, honest and fast communication.

Always meets deadlines and at all times had very good solutions to specific problems within the required time frame. Very well organised and always available.

Erik Hödl is a project finance expert for Austria. He understands the business of infrastructure projects.’

Compared to other practices far better organised, for example online data room and very effective and flexible execution handling.

Over the years we have built up a very professional and respectful relationship, with individual lawyers dedicated to our company who are always very responsive and available.

Small and flexible team with broad and deep finance experience combined with pragmatic approach.

Brilliant work ethic.

A young law firm with more than 25 years of experience in banking and finance law. Excellent availability and deep knowledge of banking law.

I worked with Michael Raninger who is very knowledgeable and immediately understands a transaction and provides pragmatic advice.

Erik Hödl is a project finance expert for Austria. He understands the business of infrastructure projects.’

Erik Hödl is very reliable.

Key clients

AMAG Austria Metall

Constantia Flexibles

Credit Suisse International


Hamburg Commercial Bank



Raiffeisen Bank International

Raiffeisenlandesbank Oberösterreich


Semperit Aktiengesellschaft Holding

Work highlights

  • Advised Hamburg Commercial Bank on the first project financing of a fibre optic network in Austria.
  • Advised Sappi Papier Holding and a group of Austrian banks on a multicurrency financing for the acquisition of a production facility in Canada with participation of the Austrian export credit agency Oesterreichische Kontrollbank AG (OeKB).
  • Advised a New York-based special opportunities fund as minority shareholder in connection with a squeeze-out of a listed Austrian company.

Schindler Attorneys

Schindler Attorneys is best known for its solid fund practice, advising investment, private equity and debt funds as well as Austrian targets on investments including associated tax law aspects, while the team's strong cooperation with the M&A practice also leads to regular finance instructions, including acquisition and real estate finance. Florian Cvak is a key contact for sponsor-backed mezzanine finance and frequently represents sponsors in LBO financings, while Martin Abram, who also handles LBO and LMA finance, complements this offering with expertise in DCM and ECM-related matters. He shares this interface expertise with Christian Thaler.

Practice head(s):

Martin Abram; Florian Cvak; Christian Thaler


‘Professionalism, strong network, high level of diverse competencies.’

‘Integrity, thinks outside the box, strong commercial thinking and solution-oriented.’

‘It’s a boutique law firm, one has direct contact to the key partners at any time with no obstacles whatsoever.’

‘The partners care about fostering long-term and trust-based relationships.’

‘The availability of senior staff; the responsiveness of senior staff; outstanding written and spoken English; willingness to clarify complex matters in simple terms.’

‘Excellent service for a reasonable price, very easy to work with and very responsive.’

‘Martin Abram knows his turf, pragmatic and quick.’

‘The team around Christian Thaler is experienced in capital markets and related questions – without long research you can get a quick and profound answer.’

Key clients




Frey Group


Konica Minolta


NKD Österreich Holding

Principal Real Estate Europe



European Investment Fund




WEB Windenergie

Work highlights

  • Advising the European Investment Fund on multiple co-investments with different business angels.
  • Advised OAS S.A. and its Austrian subsidiary in connection with the restructuring of a €875m corporate bond (issued by OAS.S.A.’s Austrian subsidiary).
  • Acted as special proxy for STRABAG, FACC and Semperit in their 2020 virtual annual general meetings.  

Taylor Wessing enwc Rechtsanwälte GmbH

Taylor Wessing enwc Rechtsanwälte GmbH focuses on cross-border work, which the team led by corporate and acquisition finance expert Claudia Steegmüller routinely handles in close cooperation with various other offices within the firm's network. Much of its work lies at the intersection with corporate and M&A, where the group advises clients - most notably borrowers but also banks - on the financing structures of such transactions but it is also well equipped to guide clients through contentious and regulatory matters. Its litigation offering was recently strengthened by the arrival of Ivo Deskovic in 2020, while Peter Solt boosted the team's real estate finance capabilities. Both joined from Benn-Ibler Rechtsanwälte GmbH.

Practice head(s):

Claudia Steegmüller

Key clients


Bayerische Landesbank


Credit Suisse AG

VR Bank Niederbayern-Oberpfalz

Raiffeisenbank Fehring

Erste Group Bank AG


Raiffeisenlandesbank Vorarlberg

Bank of America Merrill Lynch

Work highlights

  • Advising Norske Skog Bruck GmbH in connection with the financing of an intended infrastructure investment by Raiffeisenlandesbank Oberösterreich Aktiengesellschaft and IKB Deutsche Industriebank AG.
  • Advising Vapiano SE and its Austrian group companies in connection with a group-wide (re)financing and debt rescheduling.
  • Advising The Rohatyn Group on the (re)financing of existing loan facilities and the (security) structuring of new loan facilities in connection with the client’s acquisition of a Croatian target company group.

Völkl Rechtsanwälte GmbH & Co KG

Völkl. Rechtsanwälte has a strong profile for regulatory work, which leads to frequent instructions from financial institutions on outsourcing matters, (digital) product launches, product governance, payment services and Brexit-related issues, among others, while representing clients before national authorities and the European Central Bank constitutes another key element of the practice. Clemens Völkl heads the team and is a key contact for regulatory and contentious matters; he also provides transactional assistance.

Practice head(s):

Clemens Völkl

Other key lawyers:

Philipp Schagerl


‘The team works fast and with a strong sense for the client’s business.’

‘Clemens Völkl: fast and with good industry knowledge; serves our practical needs.’

Key clients


Dornbirner Sparkasse Bank AG


Kommunalkredit Austria AG

Work highlights

  • Advised Kommunalkredit Austria AG on the structuring of two online savings/ lending products in a full virtual environment.
  • Assisted a client with the set-up of a financing programme enabling the client to raise up to €25bn within 7 days.
  • Advising a client on the restructuring of its banking operations and the set-up of a new structure for an entire banking sector in Austria.

Barnert Egermann Illigasch Rechtsanwälte GmbH

Alexander Illigasch heads the team at Barnert Egermann Illigasch Rechtsanwälte GmbH and acts for national and international companies alongside financial institutions in various finance transactions, including debt and structured finance, and also provides regulatory advice.

Practice head(s):

Alexander Illigasch


‘Alexander Illigasch is competent, solution-orientated, reliable and on time.’

Key clients

BNP Paribas


Erste Group Bank AG


Kromberg & Schubert

MC Management GmbH (Millhouse Capital Gruppe)

Graf Patsch Taucher Rechtsanwälte

Graf Patsch Taucher Rechtsanwälte's strength lies in transactional work, where the team has recently been particularly active for borrowers. Recent work includes advice on acquisition, corporate, real estate and start-up finance as well as debt finance, most notably promissory loans, and various associated matters such as corporate and restructuring. Bernd Taucher heads the practice.

Practice head(s):

Bernd Taucher

Key clients

HEAD Group

Raiffeisen Capital Management

Raiffeisen – Rent Vermögensberatung und Treuhandgesellschaft mbH

MyBucks S.A


Jadeberg Partners AG

Hatfield Philips Germany (now part of Situs)

Telekom Austria AG


Borealis Group

Livin Farms Agrifood GmbH


Work highlights

  • Assisted Borealis AG on a US private placement transaction with a value of approximately €200m.
  • Advised HEAD Group on a corporate finance transaction with UniCredit and Deutsche Bank.
  • Advised the aviation management start-up FL3XX on its first funding round – via a convertible loan structure – with investors from the United States.

Hausmaninger Kletter Rechtsanwälte GmbH

Name partner Christian Hausmaninger and Manfred Ketzer are the key contacts at Hausmaninger Kletter Rechtsanwälte GmbH and are best known for their banking litigation and regulatory expertise.

Weber & Co. Attorneys-at-Law

Weber & Co. Attorneys-at-Law is best known for its finance expertise at the intersection with capital markets law. Stefan Weber is now the sole practice head following Christoph Moser's departure to Schoenherr (Schönherr Rechtsanwälte) in January 2021.

Practice head(s):

Stefan Weber