Firms To Watch: Banking, finance and capital markets

Ariga offers a partner-led service to fintech clients on digital transition and regulated industry work, with a particular focus on multi-jurisdictional matters.
Strelia has expanded its finance offering with the hire of ex-Eubelius partner Frédéric Heremans, an expert in domestic and cross-border financing transactions.

Banking, finance and capital markets in Belgium

Allen & Overy LLP

Allen & Overy LLP offers a pan-European and global services to major banks and financial institutions, advising on the full range of lending and financing transactions, debt and equity capital markets, and financial services regulatory issues, with strong cross-border capabilities. The team, which operates across Dutch and French-speaking regions of Belgium as well as internationally, has also developed strong expertise in innovative ESG financing and green bonds work, and has expanded its share of private equity-backed acquisition finance mandates. Practice head Filip Tanghe specialises in financing and corporate lending, with Sylvia Kierszenbaum taking the lead on debt capital markets work, also specialising in financial services regulatory issues. Yves Van Pul has a strong record in financing, with a key focus on leveraged and acquisition finance transactions. ‘Very accessible‘ counsel Sophie Rutten leads on many of the teams’s ECM mandates, while senior associate Julie Vander Donckt specialises in multi-jurisdictional financing transactions.

Practice head(s):

Filip Tanghe

Other key lawyers:

Sylvia Kierszenbaum; Yves Van Pul; Greet Vanslambrouck; Sophie Rutten; Julie Vander Donckt


‘Super-sophisticated, yet pragmatic – in-depth market knowledge’

‘Unrivalled experience.’

‘Yves Van Pul – very hands-on and pro-active. Extremely good general knowledge, solution driven.’

‘Sophie Rutten: very accessible, pragmatic’

‘A&O is very experienced in the market, and was therefore able to provide us with in-depth analyses and market comparison of specific legal problems. This was of great value to us in our negotiations with subcontractors and lenders. Also, A&O’s team (partner Filip Tanghe in the lead) provided us a way forward with elegant solutions when parts of the project/negotiations got stuck. Its ability to deblock negotiations has been greatly appreciated by us.’

‘A&O’s Belgian Banking & Finance practice is one of the most established teams on the market. The team stands out through the breadth of its expertise, its ability to tackle complex transactions through the involvement of other practices and other offices within its network.’

‘Filip Tanghe is well established as one of the leading partners for Banking & Finance. Filip is very experienced, pragmatic and solution-oriented.’

Key clients

Bank of America Merrill Lynch


BNP Paribas Fortis

European Investment Bank


International Swaps & Derivatives Association

JP Morgan

KBC Bank



Work highlights

  • Advised Recticel, a Belgium-based producer of foams and synthetic compounds, on the finance aspects of Recticel’s acquisition of FoamPartner from Swiss-listed Conzzeta Group for €249m and on its refinancing.
  • Advised Argenta Spaarbank on the set-up of a €7.5bn covered bonds programme, and the first benchmark issue of €500m under the programme.
  • Assisted Kharis Capital, a Switzerland-based investment firm backed by family offices and wealthy individuals, with a €500m unitranche financing.

Baker McKenzie CVBA/SCRL

Baker McKenzie CVBA/SCRL has established strength in acquisition financing, real estate finance, and syndicated lending, and has further expanded its capabilities in areas such as export financing, asset-based lending, and capital markets, both debt and equity. The firm advises international banks and financial institutions as lenders, as well as a broad range of domestic and global companies as borrowers and issuers. Joint practice heads Antoine De Raeve and Roel Meers take the lead on lending and finance, and capital markets respectively, working across the full range of matters, while Michael Van Acker has a strong record in international finance, particularly syndicated loans. Eric Blomme left the firm in May 2022.

Practice head(s):

Antoine De Raeve; Roel Meers

Other key lawyers:

Michael Van Acker


‘Close contact with the team – easy communication.’

‘Pragmatic – open to different views – willingness to serve.’

‘Apart from their outstanding expertise, the lawyers are very efficient, available and commercial, i.e. solution driven. This is particularly the case with Dominique Maes.’

‘Strong, experienced capital markets team.’

‘Roel Meers is excellent and does a great job of helping clients navigate the FSMA.’

‘Very swift, pro- and reactive. They are perfectly trilingual (Dutch, French, English), in line with the Belgian corporates. They have experience in different types of credit documentation.’

‘Highly regarded expertise in legal banking & financing workstreams with highly dedicated team that is constructive and has strong ties with local financial institutions while having a global network.’

Key clients

KBC Bank

KBC Securities

Goldman Sachs International

Firstrand Bank Ltd

Febelfin VZW

Crédit Agricole CIB



Bluegem Capital Partners LLP

Equity Estate

Caisse d’Epargne Hauts-de-France


Capital Royalty Group


Bank Degroof Petercam

Belfius Bank


Bryan, Garnier & Co


Joh. Berenberg, Gossler & Co. KG

Kempen & Co


Mithra Pharmaceuticals

Orange Belgium SA (Independent Directors)


Sequana Medical


Vicinity Affordable Housing Fund





BNP Paribas Fortis

Novo Nordisk

CVC Credit

Work highlights

  • Advised Traxys on their $1.33bn flagship multicurrency syndicated revolving credit facilities and the establishment of their inaugural trade receivables securitisation programme.
  • Avised Société Générale  as arranger dual lender on a €500m bridge facility agreement for Cofinimmo SA/NV.
  • Aadvised Mithra Pharmaceuticals on its debut €125m convertible bond offering.

Clifford Chance

Clifford Chance has an experienced team with expertise across financing transactions, regulatory issues, and capital markets work, both debt and equity. The team advises international banks and financial institutions as well as public sector bodies on large-scale project financing matters, bank lending, bonds issues, and public listings. Bert De Maeyer takes the lead on bank lending and financing, including project and real estate finance, Lounia Czupper has a strong record in financial regulation and structured finance, particularly complex cross-border bonds issues, while Niek De Pauw leads on corporate financing and equity capital markets matters. At senior associate level, Wim Aerts has a strong record in DCM work, with Hélène Volkova and Valérie Demeur noted for their debt restructuring and ECM expertise respectively.

Practice head(s):

Bert De Maeyer; Lounia Czupper; Niek De Pauw

Other key lawyers:

Wim Aerts; Helene Volkova; Valerie Demeur


Professional – available – looking to deliver best service for the client.’

‘Wim Aerts – outstanding knowledge of local market, ran a very swift process, knowing what to focus on.’


Key clients

ING Belgium

BNP Paribas Fortis


AB InBev

European Investment Bank (AIB)

The Belgian State

Patrizia AG


Banque Degroof Petercam


BofA Securities Europe SA

Goldman Sachs

Bank of America Merrill Lynch


The Bank of New York Mellon

Work highlights

  • Advised the lenders of Hamon & Cie (International) SA on the debt restructuring and recapitalisation of Hamon.
  • Advised the European Investment Bank as lender on the financing of the Arcadis Ost Offshore Wind Farm.
  • Advising ING Bank on an amendment, resyndication and increase of the borrowing base facilities for Traxys SA.

Jones Day

Jones Day advises on sophisticated financing and capital markets transactions, and has integrated regulatory expertise, alongside debt restructuring and insolvency capabilities. Alongside acquisition and project financing, cross-border syndicated lending, and standard equity and bonds issues, the team also handles innovative matters such as green bonds, special situations funds, and ESG lending considerations, and is a regular adviser to public authorities on complex regulatory issues. The team is led jointly by Ferdinand Brughmans, who focuses on financing transactions; capital markets and financial services regulatory specialist Matthieu Duplat; and Michèle Grégoire, who advises on business restructuring, banking, and finance issues for listed companies and investment funds.

Key clients

BNP Paribas

Deutsche Bank


KBC Bank

Belfius Bank



Buysse & Partners

Biobest Group NV

Ardent Group

Work highlights

  • Advised Belfius Bank SA/NV and KBC Bank NV as lenders on the financing of the acquisition of Moortgat Mometal BV.
  • Advised a consortium of senior creditors represented by BNP Paribas Fortis SA/NV as intercreditor agent and security agent on the project completion and conversion of Northwester 2’s offshore wind farm.
  • Advised the Deutschsprachige Gemeinschaft Belgiens on the set-up of its inaugural €1bn EMTN programme for issue of notes.

Loyens & Loeff

Loyens & Loeff handles a wide range of work, with a strong focus on asset-based lending, real estate and project financing, leveraged finance, and financial regulatory issues, with dedicated teams for each. Clients include major banks, financial institutions, and Belgian offshore wind developers, as part of the practice’s expertise in renewable energy project financing. The practice is led by Marc Vermylen, who specialises in asset-based financing and securitisation for major banking clients. Vanessa Marquette focuses on regulatory work for funds, financial institutions, and insurers, as well as sustainable finance matters, while Koen Panis takes the lead on project financing.

Practice head(s):

Marc Vermylen 

Other key lawyers:

Vanessa Marquette; Koen Panis


Good knowledge of our needs and requirements.’

‘Loyens is a great law firm to work with which score well on a wide variety of parameters, including non-legal. Their lawyers are hands-on, proactive and well trained. As to billing, we rarely have overruns. Finally, we appreciate that we can also contact them for general questions or ad hoc advice.’

‘Marc Vermylen is our relationship partner and comes highly recommended. He is easy to reach, great communicator and manages to match his in depth legal expertise with commercial acumen.

Good to work with, accessible, knowledgeable.

Key clients

KBC Bank, Belfius Bank, Helaba, KfW IPEX-Bank, Coöperatieve Rabobank, Société Générale, ING Bank, EKF Danmarks Eksportkredit and the European Investment Bank

TIIC, ACB & Binders


KBC Bank NV and the other senior financiers of the C-Power project

Befimmo / ABN AMRO

CBRE Global Investors

European Investment Bank

Intermediate Capital Group (ICG) plc

JP Morgan Securities plc KKR Capital Markets Partners LLP

Infopro Digital Group

JP Morgen AG BNP Paribas Natixis Citigroup Global Markets Europe AG Crédit Agricole Corporate and Investment Bank HSBC Continental Europe Deutsche Bank Aktiengesellschaft Goldman Sachs Bank Europe SE

Work highlights

  • Advising a bank syndicate led by KBC Bank NV on the funding of Arcadis Ost 1, a 257MW offshore wind farm located in German territorial waters.
  • Advising the consortium of TIIC, ACB & Binders on the Kekava Bypass, a PPP project with the Latvian Ministry of Transport and funding of the European Investment Bank and the Nordic Investment Bank.
  • Advised CBRE Global Investors, acting for an Italian pension fund Casa Forense, on the refinancing by Aareal Bank of the shareholder debt granted in relation to the acquisition of the building complex called “the Mondrian”.


Stibbe is a leading player in the evolving Belgian direct lending market, as well as a strong choice for domestic and international corporates and financial institutions for acquisition financing, and the full range of capital markets matters. The team has particular expertise in bond lending and securitisation, with senior associate Pieter Nobels a key name for debt capital markets work. Practice head Wouter Ghijsels is experienced in domestic and cross-border syndicated lending and acquisition finance deals, while Pascal Vanden Borre specialises in equity capital markets work, including IPOs and secondary offerings. Pieter-Jan Leemen was promoted to counsel in January 2022, and has a strong record in cross-border syndicated lending.

Practice head(s):

Wouter Ghijsels

Other key lawyers:

Pieter Nobels; Pascal Vanden Borre; Pieter-Jan Leemen

Key clients


Apax Partners


Belfius Bank

Blackstone Group

BNP Paribas Fortis


Centerbridge Partners

CVC Credit Partners

Deutsche Hypo

Deutsche Bank Securities

Fnac Darty

ING Group


KBC Bank


Mercedes Benz Financial Services

Panasonic Healthcare

Proximus Group (BEL20 company)

PSA Finance


Smurfit Kappa

Société Générale



Walloon Region

Warehouses De Pauw (WDP)


Union Bank


Work highlights

  • Advised KBC as super senior lender and Tikehau as unitranche lender on the €100m refinancing of the Image Line group.
  • Advising Barclays, NatWest Markets and Deutsche Bank as joint bookrunners on €685m senior secured notes issued by APCOA, and on the arrangement of an €80m super senior revolving credit facility for APCOA.
  • Advised Unifiedpost Group SA and the selling shareholders (PE Group NV, Smartfin Capital NV, Mr. Michel Delloye and EJF Funding DAC) on their successful private placement of €252m.

White & Case LLP

White & Case LLP focuses on direct lending, acquisition and project financing, and capital markets work, with a strong collection of clients including debt funds, private equity investors, and financial institutions. The team has notable expertise in club deals, cross-border syndicated lending, and ESG financing. The practice is led by Thierry Bosly, who focuses on debt restructuring, acquisition and leveraged finance specialist Hadrien Servais, and Willem Van De Wiele, a counsel who advises on capital markets and financial services regulatory issues. Senior associate Eline Souffriau continues to burnish her growing reputation, advising on financing transactions and debt capital structures.

Other key lawyers:

Eline Souffriau


‘Unique mix of knowledge of European private credit experience and profound knowledge of local Benelux markets.’

‘Hadrien Servais and Eline Souffriau stand out as individuals in this practice. Mr Servais through his hands-on attitude, proactiveness and problem-solving mentality. Ms Souffriau through her intelligence and work ethic.’

‘Very sophisticated. Pleasant to work with.’


Key clients







Bank of America Merrill Lynch


Baring Asset Management Limited


Bluebay Asset Management

BNP Paribas Fortis

Castik Capital Partners



Coöperatieve Rabobank U.A.

Crédit Agricole Corporate and Investment Bank

Credit Suisse

CVC Capital Partners

CVC Credit

Deutsche Bank


DNB Bank

Elia System Operator

EQT Credit

The European Investment Bank


Goldman Sachs Private Credit

GSO Capital Partners

Hamon & Cie




Ideal Standard



KBC Bank

Le Pain Quotidien

Mithra Pharmaceuticals

Morgan Stanley


NatWest Markets

Nordea Bank


Park Square


Royal Bank of Canada


SD Worx


Siemens Bank

Sumitomo Mitsui Banking Corporation

Société Générale


Triton Partners



Ashurst LLP

With a strong focus on cross-border transactions, Ashurst LLP advises international banks, financial institutions, and funds on structured finance products, real estate financing, restructuring, and financial services regulatory issues, with notable expertise in Euroclear and ISDA matters. The 'very sharpArnaud Wtterwulghe leads the team, and has experience in the full range of financing transactions, alongside accompanying regulatory issues.

Practice head(s):

Arnaud Wtterwulghe


‘Very helpful and personable team, with a strong experience in debt financing.’

‘Arnaud Wtterwulghe is very sharp, capable of providing detailed advice whilst not losing sight of what is at stake commercially.’

Key clients

Petra Diamonds Limited

Dexia Crédit Local

Goldman Sachs



UK Government

Merill Lynch International

CVC Credit Partners Limited

The senior secured noteholders to the CWT (formerly known as Carlson Wagonlit Travel) Group

Tritax Eurobox plc

Renewi plc

Société Régionale d’Investissement de Wallonie (SRIW)

Work highlights

  • Advised Petra Diamonds Limited on its long-term balance sheet restructuring.
  • Advised Dexia Crédit Local on its €45bn guaranteed EMTN programme and its $20bn guaranteed US medium term note programme.
  • Advised Renewi plc on its €125m green bond issuance to Belgian retail investors and institutional investors.

Cleary Gottlieb Steen & Hamilton

With a focus on high-value cross-border work, Cleary Gottlieb Steen & Hamilton advises blue-chip financial institutions, banks, and major corporates on financing and capital markets transactions, with standout capabilities in equity capital markets matters, such as IPOs and equity raisings. Other areas of growing expertise for the team include infrastructure financing and debt restructuring, primarily for clients investing in Africa. The practice is headed by Christophe Wauters, who takes the lead on banking and finance matters, with Laurent Ruzette handling corporate finance and debt restructuring matters. Géraldine Bourguignon has left the firm.

Practice head(s):

Christophe Wauters

Other key lawyers:

Laurent Ruzette


‘Very professional team, tasks always performed timely, understands the client’s needs.’

Top team.

Christophe Wauters – very professional, provides business oriented advice.’

Key clients




Bank Degroof Petercam



BNP Paribas Fortis







Société des Hydrocarbures du Tchad (SHT)

Société des Pétroles du Sénégal (PETROSEN)

The Republic of Benin

The Republic of Côte d’Ivoire

The Republic of Gambia

The Republic of Niger

The Republic of Senegal

The Republic of Togo

Work highlights

  • Advised CMA CGM S.A. on an offering of €525m in 7.5% senior notes due 2026.
  • Advised Collibra NV on its $112.5m Series E financing round at a post-money valuation of $2.3bn.
  • Advised ArcelorMittal on concurrent offerings of shares and mandatorily convertible notes totalling $2bn.


CMS has a strong record in debt capital markets and financing matters, advising domestic and international banks on an array of transactions including commodities, real estate, corporate, and acquisition finance, as well as advising on loan restructuring and banking regulatory work. The team primarily advises international banks as lenders and a combination of corporates and investment funds as borrowers, and regularly handles cross-border mandates in collaboration with its wider network. The practice is led by Benoît Vandervelde, who primarily advises on financing transactions and loan restructuring, Bruno Duquesne, a real estate finance specialist, and corporate finance-focused Arnaud Van Oekel.


‘Excellent technological support, great network over several countries allowing the firm to render excellent advice in multiple jurisdictions deals at a high level. Great flexibility in proposing secondees during times we need more support. Very pleasant team with great know-how.’

‘Benoît Vandervelde is a very efficient and pleasant partner with great know-how in legal finance matters allowing a great work for our bank. Same goes for Bruno Duquesne.’

‘CMS Belgium have a strong and efficient legal team with deep experience in various fields of law. CMS have offices in various jurisdictions across the world, and it is always CMS Belgium who coordinate other CMS teams which is very convenient.’

‘Arnaud Van Oekel is a very experienced professional, and it is always a pleasure to work with him. He is reachable and flexible to meet the client’s needs, and has a deep knowledge of the market.’

‘Real legal and business partners. Always available, for complex and simple questions with an attention to fair billing.’

‘Benoit knows about the business and its needs. He is very pragmatic in his approach.’

Benoît Vandervelde is an excellent finance lawyer. Benoit is very competent and knowledgeable. He is responsive and adds value by giving succinct legal advice with a keen commercial view.

Excellent legal team that works very well under pressure and within tight deadlines.

Key clients

Weerts Logistic Group

ING Belgium

Société Générale


Deutsche Bank



Prime Capital – Robus

UBS Asset Management

Natixis Bank

Opel Finance

RCI Financial Services

Aareal Bank

Banque Casino

Crédit Agricole CIB



FCE Bank



Apcoa Parking



Work highlights

  • Advised Deutsche Bank on a secured bond issuance under its collateralised debt programme.
  • Advised Apcoa Parking Belgium on a secured notes offering placement of €685m and an additional super senior revolving credit facility in the amount of €80m.
  • Advised Superbet on the €400m financing of the acquisition of Napoleon Games Group, a leading Belgian operator active in the online, retail arcade and sports betting business.

Deloitte Legal

Deloitte Legal advises a wide range of corporate clients on equity capital markets and financing transactions, with strong expertise in financial services regulation and USPP markets, allowing it to work with clients to find innovative funding structures for transactions and restructurings. Other recent areas of focus for the team include sustainable finance and Covid-19 recovery issues. The team is now led by Laurent Godts, who is focused on innovative financing structures, alongside debt capital markets practitioners Benoît Féron and David Roelens. Former practice head Werner Van Lembergen remains highly active across the firm’s financing matters, and is a leader in the field of public capex and deconsolidation projects.

Other key lawyers:

Werner Van Lembergen; Christoph Michiels


‘Christoph Michiels and Laurent Godts are hard-working individuals with a high degree of flexibility. They are always available for their customers also during the weekends and communicate extremely well on the status and progress.’

‘Very good knowledge of the market.’

‘Werner Van Lembergen is very smart and outstanding, a real statesman.’

‘Hands on, they act as part of the company, readily available when support is needed.’

‘Laurent Godts : knowledgeable, client oriented, solution oriented, pragmatic.’

‘Flexible broader team which is hands-on and pragmatic.’

‘Focus on a good teamwork. Always a team effort.’

Key clients

Lineas Group NV

Shell International Limited & Euroshell Cards B.V.

Bsit Technologies NV

Lloyd’s Insurance Company

Care Property Invest

Van Mossel Automotive Group NV

Crédit Agricole Corporate and Investment Bank (CA-CIB)

Vandewiele NV

AXA Bank Belgium

Inbiose NV

Xior Student Housing NV

Motown Real Estate Holding SA

Indigo Diabetes NV

Aphea Bio NV

MRM Health NV

Miracor Medical SA

Sopartec NV

International Car Lease Holding NV

Leaseplan Corporation NV

Montea NV

Work highlights

  • Advised Lineas on its €115m bank debt transactions.
  • Advised Van Mossel Automotive Group on the financing of its Belgian acquisitions and assisted on the structuring of their car lease securitisation programme.
  • Advised Shell on its pan-European regulated payments cards activity.

DLA Piper

The team at DLA Piper has a strong focus on project, acquisition, and real estate financing transactions, working with lenders and sponsors on an array of cross-border matters, including high-value infrastructure and energy financings. The practice also advises clients on financial services regulatory and fintech matters, with clients including funds, insurers, and asset managers. The team is led by Pierre Berger, who focuses on financial services regulatory and insurance sector work. Orestis Omran wins praise from clients for his  instrumental‘ work on complex structured and project financings. Johan Mouraux left the firm in January 2022.

Practice head(s):

Pierre Berger

Other key lawyers:

Orestis Omran


‘It’s great to work with such real experts that not only have excellent legal skills but are also fostering the spirit of collegiality. Every time I have worked with them, whether it’s to pick their brains for complex financial regulation issues or as transaction experts, they have simply been excellent, confirming their reputation in international legal circles. Shout-out to Orestis Omran with whom we work regularly and who always exceeds expectations.’

‘Excellent knowledge of the sector. Excellent track record with good and relevant references’

‘Pierre Berger is fast in response time with clear answers on complicated matters regarding fund structures.’

‘I have extensively worked with Orestis Omran and his team on a major asset management project. The team has proven to be the best option for its prompt accomplishment, being a perfect match of outstanding legal background and working ethics. Their innovative approach and proposed structures have been fully appreciated.’

‘The team has a unique combination of skills in both regulatory and transactional aspects of the banking sector giving them an ability to handle matters holistically and effectively. We have an excellent collaboration with them and they are great at working with our technical teams to understand our business concerns and use their excellent verbal communication skills to translate technical issues in legal language. We cannot recommend them enough.’

‘We are working for a number of years with Orestis Omran and he is our go-to guy for complex transactions whether it’s structured finance, project finance or transactions relating to financial products. His business acumen combined with his deep legal knowledge is simply unmatched.’

‘Efficient, excellent negotiators and real problem solvers. It has really been great working with them.’

‘Orestis Omran is a real master of structured finance and project finance. Having access to an expert of this caliber has been instrumental for our business. He has assisted us in a number of cross border transactions and has led the DLA Piper finance team in producing excellent results in all our deals.’

‘Pierre Berger’s team at DLA Piper stands out in terms of hands-on approach. A team combining expert knowledge with strong project management and communication skills.’

Key clients

A consortium comprising of Jan De Nul NV, Willemen Project Finance NV and Aclagro NV


Aion Bank

Argenta Bank- en Verzekeringsgroep

Astor VZW

Belfius Bank NV/SA

Delen Private Bank / Bank van Breda

Deutsche Bank

European Commission – Directorate-General for Climate Action

ING Belgium NV/SA

KBC Group


Minna Technologies AB

Tikehau Capital

Travelex AcquisitionCo Limited

Unifiedpost NV/SA and Unifiedpost Payments NV/SA

Willemen Project Finance NV & Federale Verzekering/Assurance Federale

Deutsche Bank

Engineers & Public Works Contractors Fund (“TMEDE”)

Qquant Master Servicer Servicing of Loans and Credits SingleMember S.A

Hellenic Central Securities Depository (ATHEXCSD)

Piraeus Bank

Alpha Bank

National Bank of Greece

Environmental Resources Management (ERM)

Libra Group (Libra Holdings Limited)

Viva Payment Services SA

Work highlights

  • Assisting a consortium comprising of Jan De Nul NV, Willemen Project Finance NV and Aclagro NV, as the sponsors, with the approx. EUR 1.4 billion R4 road PPP project.
  • Assisting Deutsche Bank in the roll-out of commercial real estate lending activities in Belgium, Luxembourg and the Netherlands.
  • Assisted Unifiedpost Group NV as well as its subsidiaries UnifiedPost NV and Unifiedpost Payments NV with the global roll-out of their product-offering in 27 new markets by setting up local branches.


Fieldfisher is developing a broad banking and finance offering, with strengths in acquisition, real estate, and project financing on both the lender and borrower side, alongside expertise in syndicated lending and financial services regulatory advice. The practice is led by ‘trusted contactSofie Heremans, who advises national and international banks and companies on an array of financing mandates, while counsel Dorothée Vanderhofstadt  handles regulatory issues and debt capital markets issues.

Practice head(s):

Sofie Heremans

Other key lawyers:

Dorothée Vanderhofstadt


‘Proactive approach.’

‘Fieldfisher’s finance practice is relatively new on the market, but they have quickly become one of the key players. They offer the same interesting value proposal as a boutique local player without however compromising on a solid international network, which is crucial for any cross-border finance transaction.’

‘Sofie Heremans is definitely our trusted contact in the team. We like working with her, because she combines intelligence, pragmatism and a constructive negotiation style with a good sense of humour. She’s also very well connected within the Belgian finance community (banks, private equity, corporates) and has a good grasp on market practices and evolutions, beyond just legal aspects.’

Key clients



RCB Bank



Elawan Energy

Gigarant (

Belfius Bank

KBC Bank


GBA Group


Swen Capital Partners


Work highlights

  • Advised SigmaRoc on its £305m financing to be put in place for its acquisition of Nordkalk, a Finnish limestone quarries group.
  • Advised a consortium of banks on leveraged financing put in place for Sofindev’s and other investors’ investment in MEDIAGENIX.
  • Advised Elawan Energy on its project financing to be put in place for the development of a new wind farm in the Walloon region of Belgium.

Liedekerke Wolters Waelbroeck Kirkpatrick

Liedekerke Wolters Waelbroeck Kirkpatrick combines strong banking and capital markets expertise, advising on leveraged acquisition financing, asset-based lending, strucured, and real estate finance, alongside both debt and equity capital markets transactions, including IPOs and innovative debt issues such as green bonds. The firm advises both borrowers and lenders, with particular strength in the real estate and private equity space on the borrower side, and counts a number of international banks and financial institutions among its clients. The banking practice is led by Freya Mareels, who advises on a diverse range of lending and financing transactions, and was bolstered by the arrival of Thomas Vanthournout from Baker McKenzie CVBA/SCRL in early 2021. Wim Dedecker heads up the capital markets offering, and continues to develop the firm’s profile within the space.

Practice head(s):

Freya Mareels; Wim Dedecker

Other key lawyers:

Thomas Vanthournout


‘The team is a hidden gem on the Belgian market, in particular with respect to capital markets.’

‘I really love working with Wim Dedecker. He offers the quality you would expect to receive from the major US and UK firms, and is at the same time very dedicated, available and passionate.’

‘Wim Dedecker is highly involved, pragmatic, solution driven.’

‘Very strong, dynamic and talented team.’

‘Thomas Vanthournout is a good, intelligent and hands-on lawyer.’

‘The attorneys at Liedekerke Wolters Waelbroeck Kirkpatrick that we have worked with are all experienced in both legal and business matters, so they are able to provide “next level” guidance that is quite valuable to us as a business client. All of their partners and associates are extremely responsive and flexible.’

‘The team is responsible, knowledgeable, flexible and extremely reactive.’

‘Freya Mareels has a deep knowledge of the subject area, expertise through having significant experience in the sector. Also she has a good understanding on the commercial issues in general.’

Key clients

Abn Amro Bank

Ag Insurance

Allianz Benelux


Belfius Bank

Bmw Financial Services Belgium

Bnp Paribas Fortis Nv/sa

Brussels Airlines

Carpetright Limited / Carpet-land Nv

Davidson Technology Growth Gmbh & Co. Kg


Galeria Karstadt Kaufhof Gmbh

Global Graphics

Groupe B&b Hotels


Honda Belgium Nv

Ing België Nv

Inno S.a./n.v.

Jacquet Belgium

Kbc Bank

Keg Holding Ltd

Lineas Group Nv

Maxim Group Llc

Natixis, New York Branch

Nomad Foods Group (Iglo Belgium Nv)

Pnc Business Credit

Riverrock European Opportunities Fund Ii

Scih Salt Holdings

Shawbrook Bank Limited

Sonaca Sa

Tikehau Investment Management

Ufg Global Commercial & Hospitality Real Estate Fund

Willy Tans Nv (Tans Group)

Work highlights

  • Advised Brussels Airlines on its €290m financial support from the Belgian State to address the COVID-19 crisis.
  • Advising Bekaert on a €200m public offering of bonds.
  • Advising US investment bank Maxim Group LLC on the successful private placement of Bone Therapeutics shares in the EU and the US.


Lydian is a strong choice for mid-market domestic and international banks and financial institutions, advising on a wide range of lending facilities, including asset and acquisition finance, project financing, and trade & export financing. The firm also plays a key role in complex cross-border arrangements involving major international names, alongside bonds issues and investment fund structuring and regulatory issues. ‘Sharp and astute‘ practice head Tom Geudens has a strong record in financing transactions, capital markets work, alongside regulatory issues and debt restructuring, with counsel Caroline Hoste focusing on acquisition finance, syndicated lending, and securitisation.

Practice head(s):

Tom Geudens

Other key lawyers:

Caroline Hoste


‘Lydian’s team lead, Tom Geudens, is a very knowledgeable and skilled lawyer and a pleasure to work with.

‘For sheer responsiveness and user-friendliness, the team at Lydian are second to none.’

‘Tom Geudens – Very sharp and astute. Diligent and attentive. Always crystal clear in his advice, delivered in a crisp user-friendly style. He has been my go-to lawyer for banking and finance matters in Belgium for many years.’

‘The practice is unique for its technical expertise which they combine with practical solutions for the clients. This helps the clients to do their transactions swiftly and smoothly.’

‘They are pleasant to work with, dedicated and very approachable. They are very hands-on which gives you comfort that their part of the project will be dealt with in a practical and solutions based manner.’

‘Tom Geudens is a strong capable lawyer.’

‘They are very flexible, available at any time, meet deadlines, very friendly and competent, and bill quickly and fairly.’

‘Tom Geudens and Caroline Hoste, both outstanding collaboration and break-through negotiation skills.’

Key clients

AIG Europe Ltd

Allianz Global Corporate

Deutsche Bank Capital Markets

Société Générale

Crédit Agricole

HDI-Gerling Verzekeringen NV

XL Catlin / XL Catlin Insurance Company SE / XL Catlin Services SE, now: Financial Insurance Company td. c/o AXA

Amlin Insurance SE

Zurich Insurance Plc

CNA Insurance Company Ltd

Royal & Sun Alliance Insurance (Global)

Aon Belgium BVBA / Aon Consulting Belgium NV

Ergo Insurance NV

Ethias SA

Belfius Bank NV

Baloise Belgium NV


Qover NV

P&V Verzekeringen CVBA

SEB Life International Assurance Company

Dual Corporate Risks Ltd.

ARAG SE – Branch Belgium

DAS Belgische Rechtsbijstandsverzekering

FWU Life Insurance Luxembourg S.A.

Hiscox Europe Underwriting Limited


TVM België N.V.

Liberty Mutual Group

Beluga Insurance Solutions NV

Alta Signa Group

Immoweb Financial Services SA





SNS Bank

Federale Pensions

PMV (Flemish Investment Fund)


Adams Street Partners

N26 Bank

TD Securities

White Rock Insurance

ANZ Bank


Royal Bank of Canada

Argenta Bank

Lufthansa Airplus


Bank of America

Deutsche Bank


Wells Fargo

National Westminster Bank


United Rentals

Burgo Ardennes SA

Hitachi Capital

TMF Group

Work highlights

  • Advised a major international bank as lenders on a $500m sustainability-linked borrowing base facility agreement for the Sucafina group.
  • Advised ABN Amro Bank N.V. as the lender on a €17.5m financing for Motel One Group.
  • Advised Bank of America as the lender on the $200m acquisition financing of the Conair Group.


NautaDutilh is active across equity capital markets and financing transactions, with a strong record in issuer-side IPO advice and project financing particularly. The practice also handles debt capital markets, including innovative green bonds issues, acquisition financing, and real estate financing. Clients include financial institutions, banks, and REITs, with the firm regularly advising on cross-border mandates alongside its international allies and Benelux offices. The team is led by Thibaut Willems, a specialist in project financing and PPP, equity capital markets head Nicolas de Crombrugghe, who has a strong focus on the real estate and biotech spaces, and acquisition financing-focused Philippe Remels.


‘There is a clear continuity with the team and its members.

Nicolas de Crombrugghe is a very business oriented partner.

Stick to the agreed budget. Propose some alternatives to accelerate the process of the transaction and reduce the unhelpful tasks. Excellent collaboration.

‘Nicolas de Crombrugghe remains transaction after transaction perfectly informed regarding our group even after an increase of more than 200%. He knows exactly the details about our group. very impressive anticipation of our need.’

‘Nicolas de Crombrugghe is a senior partner well introduced in the Brussels financial market. He helped us a lot for our contacts with FSMA and Euronext.’

‘Very efficient team. Hands on and very business oriented.’

‘Impressive know how on ECM topics and regulatory issues.

Key clients



ABN AMRO Asset Based Finance

AG Insurance


Bank of America

Bausch & Lomb Pharma

Bayerische Landesbank


BNP Paribas Fortis

BNY Mellon


Coface Finanz GmbH


Deutsche Bank

ENGIE Electrabel


JP Morgan



Macquarie Capital

Münchener Hypothekenbank eG


Union Bancaire Privée UBP

Wells Fargo

Work highlights

  • Advised Bayerische Landesbank and Münchener Hypothekenbank on the financing of the acquisition by Riyad Capital of the “PwC Campus”, the Belgian headquarters of PwC.
  • Advised Cofinimmo on its first public benchmark sustainable bond offering, for an aggregate nominal amount of €500m.
  • Advised Nyxoah on two IPOs.


Best known for its work for private equity funds, the team at ARGO Law focuses on debt finance, asset-backed lending, and regulatory advice. Alongside acquisition finance for private equity clients, the team has also expanded its share of lender-side mandates, advising banks, and also works with corporate and listed clients on borrower-side work. The team is led by Nico Goossens, who is focused on capital markets transactions, including domestic and cross-border (primarily US-based) work, with experience handling innovative products such as green bonds, alongside Pieter Bogaerts, who offers expertise in debt finance, syndicated lending and financial regulatory issues.

Practice head(s):

Nico Goossens; Pieter Bogaerts


‘Pragmatic, friendly team.’

‘Excellent availability, friendly, very pleasant to work with, knowledgeable.’

‘Very detailed knowledge of market practice. Excellent responsiveness and flawless services.’

‘The team is responsive, pragmatic, knowledgeable and pleasant to work with.’

‘Pragmatic approach of the firm makes them unique. They really propose solutions compared to some other law firms that only put options forward. They are extremely creative in finding solutions.’

‘Nico Goossens always finds a solution.’

‘Accessibility and responsiveness combined with in depth technical knowledge.’

Technical knowledge used in a pragmatic way.

Key clients

Asteria Group

Club Brugge NV/Grizzly Sports NV


Down2Earth Capital



ING Belgium, KBC Bank, Belfius Bank, BNP Paribas Fortis, Rabobank


United Petfood Producers



Waterland PE


Work highlights

  • Advised Grizzly Sports NV and Club Brugge NV on the postponed IPO of approx. 30% to 40% of the existing shares of Club Brugge NV.
  • Advised VGP NV on its inaugural €600m green bonds issue via a private placement.
  • Advised lenders and Waterland PE on increases to the credit facility extended to its portfolio company United Petfood Producers.


Eubelius advises borrower and lender clients on acquisition, project, and asset-based financing, with expertise in complex arrangements such as syndicated loans, alongside regulatory and governance advice to banking clients. Elsewhere, the firm also handles capital markets transactions, both debt and equity, and has notable expertise in rights issues by REITs. The team is led by Lars Van Bever, who takes the lead on capital markets and real estate financing, alongside Marieke Wyckaert, who is focused on banking governance, lending and securities matters. Thomas Donnez was promoted to counsel in January 2022, and specialises in financing transactions and investment fund structuring.

Practice head(s):

Lars Van Bever; Marieke Wyckaert

Other key lawyers:

Thomas Donnez


Very professional and competent.

Eubelius has a team of highly qualified lawyers, who are not only very smart, but also very nice to work with.

The practice has a lot of experience that clients can benefit from. Definitely when the company has a small team, the practice makes sure deadlines are met by adding its own resources.

Lars Van Bever and Thomas Donnez – exceptional knowledge and availability.

Key clients

Belgian Federal Treasury Department




Acacia Pharma Group

Belgian Debt Agency



KBC Ancora


V-Bio Ventures

BCD Travel

Leasinvest Real Estate


Warehouses De Pauw

Care Property Invest

Xior Student Housing

BME Group Holding

Retail Estates

Work highlights

  • Advised Ekopak on its listing on Euronext Brussels and private placement of €56.6m.
  • Advised Leasinvest on its complex restructuring into a mixed listed real estate player, including the renunciation of its REIT-status and circa. €300m business combination with real estate developer Extensa Group NV.
  • Advised KBC Ancora on an amendment of its highly complex €293m margin loan agreement and related share pledge agreement.

Hogan Lovells International LLP

Hogan Lovells International LLP established its Brussels-based banking and finance offering with the arrival of a team led by Ivan Peeters and Philip Van Steenwinkel from PwC Legal in May 2021. The practice advises domestic and cross-border banks and financial institutions on lending and financing transactions, financial services regulatory issues, and fund structuring matters. Of particular note is the firm’s work on ESG-related matters such as sustainable financing and green bonds, many within the energy sector.

Practice head(s):

Ivan Peeters; Philip Van Steenwinkel


The team has a unique positioning for structured finance, which more than 20 years experience in setting up Belgian securitisation transactions.

Ivan Peeters and his team continue to be absolute experts in complex regulatory work, receivables finance and securitisations. The team is very responsive, makes granular risk assessments and is highly solution oriented. They have a broad international scope and cross-border experience, and a very deep understanding of market practice.

Ivan Peeters: In spite of being a real authority, manages to stay very humble and discreet throughout deals.

Highly knowledgeable team, easy to work with and understand client’s needs and business.

Ivan Peeters – Highly knowledgeable and easy to work with.

Philip Van Steenwinkel is great- he is a really good lawyer who brings value for money.

Technical skills, business acumen, ability to deliver quality products make a difference in this sector.

The ability to resolve key issues, negotiate with counterparties is what makes this team stand out.’

Key clients

Euroclear Bank


Euroclear Investments

ING Belgium

ING Solutions Investment Management

Belfius Bank


Landesbank Baden-Württemberg

Buy Way

Communauté Française De Belgique



Aion Bank

Medirect Bank

Inver Invest

La Française Group Uk Ltd

Warburg Pincus

Abn Amro

Sumitomo Banking Corporation

Société Générale

Financietoren (Finance Tower)

Meritz Securities

Deutsche Bank

Belfius Commercial Finance

Work highlights

  • Advised Buy Way on the refinancing of its outstanding public securitisation transaction through a new public securitisation transaction.
  • Advised a consortium of banks including Belfius on the establishment of the inaugural €7bn Belgian mortgage pandbrieven programme of Argenta Spaarbank and the first issuance thereunder.
  • Advised Euroclear on its €350m hybrid notes issuance.