Banking, finance and capital markets in Bosnia & Herzegovina

CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers

At CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers, the banking practice has an excellent reputation in the local market, which is enhanced by its strong capabilities in cross-border matters. Jointly led by Andrea Zubović-Devedžić and Nedžida Salihović-Whalen, the team handles a varied portfolio of work for clients, including those operating in the energy and pharmaceutical sectors. Its expertise includes financial regulation, bank lending transactions (including syndicated loans) and non-performing loan (NPL) restructurings. Senior associate Sanja Voloder is the key name for project finance transactions and day-to-day advice on restructuring matters.

Practice head(s):

Andrea Zubović-Devedžić; Nedžida Salihović-Whalen

Other key lawyers:

Sanja Voloder

Key clients


European Bank for Reconstruction and Development

Finish Fund for Industrial Cooperation Ltd (FINNFUND) and KPA UNICON GROUP


European Fund for Southeast Europe

CONTAINEX Container-Handelsgesellschaft m.b.H.- (WALTER GROUP company)


MKD Moneda

Work highlights

  • Advising and representing the major international bank Gazprombank on a the sale of shares in the leading pharmaceutical company in Bosnia which were pledged in favour of the bank as security for a loan granted to the debtor.
  • Advising the syndicate of lenders (including Unicredit, BNP, Societe General, Citibank, ING, Raiffeisen International) on a cross-border structuring and implementing the changes to the existing security package to reflect the restructuring on the borrower’s side.
  • Advising the European Bank for Reconstruction and Development on all aspects of the financing of the EBRD-Regional Energy Efficiency Programme (REEP) (over €10m) that supports energy efficiency in the Western Balkan countries with the public sector.

Karanovic & Partners in cooperation with local lawyers

At Karanovic & Partners in cooperation with local lawyers, the practice is noted for its 'sound legal advice and excellent representation' and attracts a steady stream of high-end banking mandates from investment banks, including Unicredit bank. Highly rated by clients, team head Nihad Sijerčić has over a decade of experience in complex restructuring work. Also notable is that the group has an outstanding track record in large and complex finance transactions, as well as providing financial regulatory compliance advice. Its transactional strengths include areas such as project finance and structured finance. Amina Đugum advises local and foreign clients on financing matters. Banja Luka-based practitioner Nevena Tomić Lučić is another name to note.

Practice head(s):

Nihad Sijerčić

Other key lawyers:

Amina Đugum; Nevena Tomić Lučić


‘They are a very good team of young and diligent attorneys, lead by an extraordinary lawyer and a person. They are able to provide you with sound legal advise and excellent representation. They are very open-minded for cooperation and willing to listen to what you got to say. ’

‘Nihad Sijercic is their lead attorney. He has an extraordinary knowledge of law and is able to project all aspects of a legal-business issue.’

Key clients

European Bank for Reconstruction

Unicredit bank

ArcelorMittal Zenica doo


Addiko Group

Raiffeisen Bank International AG

Work highlights

  • Advised Raiffeisen Bank International AG in the privatization process of Komercijalna banka, the largest state-owned bank in Serbia.
  • Advised Addiko Group on the offering of shares in Addiko Bank AG (together with its consolidated subsidiaries in the CEE – the Addiko Group), for the contemplated IPO on the Vienna Stock Exchange.
  • Advised EBRD and the authorities of the Federation of Bosnia and Herzegovina in the revision of the current PPA Framework.

Wolf Theiss - in cooperation with local lawyers

Wolf Theiss - in cooperation with local lawyers' practice, which is led by Naida Čustović, demonstrates a wealth of expertise in NPL portfolio transactions and debt restructurings. Project finance transactions are another key area of strength, including those related to sectors such as healthcare and energy and infrastructure. Clients of the firm include domestic and international companies, as well as financial institutions. Counsel Lamis Kulenović is one of the names to note in the team.

Practice head(s):

Naida Čustović

Other key lawyers:

Lamis Kulenović; Ajla Delić


‘very professional, quick answers, full support’

‘Lana Sarajli is very professional, quick answers, full support, great collaboration’

Key clients

APS Recovery Management s.r.o.

AFINUM Management GmbH

Eli Lilly B-H d.o.o.

Abbvie Inc.


Lexmark BH d.o.o.

Teleperformance, Germany

Addiko banka d.d. Sarajevo

Addiko banka a.d. Banja Luka

Raiffeisen Landesbank, Austria

Raiffeisen Bank International

ArcelorMittal, Germany

ArcelorMittal Zenica

Keune Adrija BiH

Keune Adriatic

Cisco USA

Dinners club. BiH

Erste Club Card

Sparkasse Bank BH d.d.

Suzlon, BiH

B-One Solutions d.o.o.

Crosc Inc.

Unicredit bank Mostar d.d.

Pivovarna Laško


NIS a.d.

Nishimura & Asahi

Unis Fagas d.o.o.

Maric & Co Law Firm

At Maric & Co Law Firm, the 'excellent' team is singled out for its strength in acting for leading domestic and foreign banks and other financial institutions on high-value transactions. In addition to being active in banking work, practice head Branko Marić is the key name for advice on capital markets transactions. Reflective of the firm's strong reputation, it counts the European Investment Bank as a client. Experienced associate Nebojša Marić is knowledgeable about a wide variety of matters, such as lending agreements, securitisation matters and litigation.

Practice head(s):

Branko Marić

Other key lawyers:

Nebojša Marić


‘Maric & Co. provides legal services to leading banks and advise on all matters related to financial services. Banking & Finance is one of their strongest practice areas.’

‘The team is excellent. I have worked with them in Bosnia for many years. They are thorough and I have no doubt that the end result will meet the needs of the ultimate client without fail.’

‘Branko Marić is excellent: receptive to comments and prompt in delivery of the required product. A pleasure to work with.’

‘Maric & Co is practically the only and the best solution in case of more complex issues related to banking activities.’

‘Highest levels of professionalism, knowledge, and experience, but also a high degree of dedication to the success of the project. The leading individual is Branko Marić who heads the company, and the main thing about the company is that he has worked for more than 40 years.’

‘Very pleasant and professional team with an open, transparent, and proactive approach in collaboration. ’

‘They provide services at a very high level and what is important, these services always result with a positive outcome for the bank. They simply understand the banking sector and know what are its needs. There is not much empty talk, but concrete resolutions and risks they carry.’

Key clients


European Investment Bank (EIB)


Unicredit Bank London Branch

Unicredit bank Mostar

Intesa Sanpaolo bank

Raiffeisen bank

ProCredit Bank

Addiko Bank Sarajevo

Addiko Bank Banja Luka




Global Payment Europe

Federal Banking Agency

JP Elektroprivreda

Work highlights

  • Advised UniCredit Bank London Branch in relation to financing provided to United Media Group, the leading regional cable and broadband service provider.
  • Advised EBRD on multiple loans granted to local financial institutions whose total aggregate value exceeds €65m.
  • Engaged by BH Bank Association for development of strategy and argumentation in litigation procedures.

Law Office Miljkovic & Partners

At Law Office Miljkovic & Partners, the 'competent and capable'  banking team is equally strong advising banks and borrowers on a wide range of matters, including corporate finance and project finance transactions, as well as debt restructurings and NPL portfolio transactions. Practice head Sead Miljković, who is noted for his 'creative solutions', has a strong profile among large domestic and regional banks. Amar Bajramović is another key figure.

Practice head(s):

Sead Miljković 

Other key lawyers:

Amar Bajramović


‘It is very competent and capable team, with excellent individuals. The thing which is probably the best recommendation is the ability to master the material aspects of the task that is not typical for the area. ’

‘The individual we work with the most is lawyer Sead Miljkovic. He is a very capable lawyer, ready to dedicate himself to the task to the maximum and is ready for the highest level of cooperation with the client.’

‘This team is wonderful. There are people from a wide range of backgrounds, and their perfectionism is impressive’

‘Knowing the fact that clients are seeking greater value for their legal spend, Law Office Miljkovic & Partners embraced this change and gives their clients purposeful, highly engaged service that drives progress for their business. The office provides services based on knowledge and experience which makes businesses run in the best possible way. The office also maintains the level of quality for many years and the proof that their clients are with the office for over a decade. ’

‘Managing partner Sead Miljkovic always finds creative solutions to complex problems for all banking & finance matters. ’

‘The knowledge and experience of this law office is at the highest possible level. Their ability to find solutions that help clients come out of seemingly unsolvable situations is unbelievable. Law office Miljković  and Partners offers market-leading advices across a wide range of laws. Clients trust them to manage the complexity of their operations, connecting legal and commercial knowledge in order to turn various issues into successful outcomes. The office keeps to a high level of legal services. The team is committed to clients in order to achieve supreme level of legal services.’

‘Based on previous experience with firms from BiH, one must admire the responsiveness and ability to provide clear, straightforward legal advice.’

Key clients

European Bank for Reconstruction and Development

INA d.d. Zagreb


ASA Finance

ASA Banka d.d.

Addiko Bank

Credit Suisse Microfinance Fund Management Company

LC Waikiki Group

dm drogeriemarkt

Apollo Fund

Oikocredit, Ecumenical Development Cooperative Society U.A


Work highlights

  • Advising EBRD in relation to financing joint venture Toplana Zenica for the construction of new combined heat and power plant.
  • Advising EBRD and Enterprise Expansion Fund in providing 2 million EUR loan to support the expansion of TEM Mandeks, a leading producer of electrical installation accessories and based in Bosnia and Herzegovina
  • Advising EBRD in relation to the conclusion of the Portfolio Risk Sharing Guarantee Agreement with UniCredit Bank d.d.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

The 'excellent' banking team at Moravcevic Vojnovic and Partners in cooperation with Schoenherr demonstrates strong capabilities in complex, cross-border banking mandates. It is notably prominent in the energy and real estate sectors. Matija Vojnović in Belgrade works closely with Sarajevo-based practitioner Minela Šehović; the latter is highlighted by clients for her 'reliable and precise' advice. The team's work includes project finance transactions and syndicated lending transactions, among other matters.

Practice head(s):

Matija Vojnović


‘They did an amazing job and helped us a lot. The quality of their work was excellent, not only technically, but also from a business point of view. They are well experienced and have a profound knowledge of all aspects of law, not only in Bosnia, then in the entire Balkan region. Their main strength is their cooperation with the other offices, that enables them to always provide and cover different aspects of the matter and they always deliver important recommendations regarding how to complete matters in the most efficient way.’

‘Matija Vojnovic is a high-quality lawyer, with over 15 years of experience within all the aspects of law in the region. Matija is well known for his numerous energy projects in the country, as well as for advising on corporate matters. He always has a solution and brings the answers to our business, does not matter how complex the issue is. I really enjoy working with him.

‘Minela Sehovic is reliable, precise and very client-oriented. She sees the whole picture and she did very well in explaining and communicating in a simple way. With great organization skills and a practical approach, she did an amazing job in incredibly short deadlines. Jelena Arsic is detail-oriented and she has a good sense for structuring the deals, takes ownership and follows up. She is a proactive, clever, and highly dedicated lawyer. What is great about her is her ability to explain complex legal matters in a simple way.’

Key clients



GETINGE GROUP (GETINGE AB Sweden and Getinge Group South East Europe)

VTB Bank (Europe) SE

Hidroelektrana Dabar

Work highlights

  • Advising Hidroelektrana Dabar on the public procurement proceedings for the construction of three hydro plants on the river Trebisnjica.
  • Advising Sberbank Russia and its local entities in Croatia, Serbia and Slovenia in relation to high-profile case in SEE –collection of more than €1.3bn claim towards Agrokor d.d. and its affiliates.
  • Advised VTB BANK (EUROPE) SE in its capacity as a sole mandated lead arranger of a €80m refinancing facility for Poslovni sistem Mercator d.d. being one of the region’s largest retailers.

Dimitrijevic & Partners

Dimitrijević & Partners, Advokatsko o.d. Banjaluka is noted for its 'persistent dedication to client service' and handles transactional work for domestic banks and international companies. It is particularly active in regulated sectors, such as telecoms, insurance and food and beverages. Led by Nina Vještica, the team handles all aspects of financing work, particularly in the project finance space. Managing partner Stevan Dimitrijević works on high-value banking mandates with Davorin Marinković.

Practice head(s):

Nina Vještica


‘Throughout the years we have worked with several law firms in Bosnia and Herzegovina but only Dimitrijevic&Partners impressed us with their work ethic and readiness to battle any challenge.’

‘Dimitrijevic&Partners offered their expertise to help us achieve effective legal solutions, from the simplest matters to the most challenging business problems. Whether a successful outcome means winning at trial, closing a transaction or just getting thoughtful legal advice, lawyers from Dimitrijevic and Partners get results.’

‘All members of Dimitrijevic & Partners have provided excellent service, demonstrating professionalism and personal attention to all details. Their business-minded problem-solving approach, coupled with a persistent dedication to client service, enabled us to become more efficient with our work.’

Work highlights

  • Working with Linklaters, and providing local law advice to China Development Bank Corporation in connection with the project financing for the first thermal power plant built in this region.

dmb legal

dmb legal's banking practice is led by senior partner Dina Duraković, who handles an assortment of complex advisory work for leading domestic financial institutions. The firm has longstanding relationships with a number of banks and it is also highly regarded by corporate clients. Merima Čarković-Karasalihović acts in contentious matters, and also advises clients on regulatory work and data protection. Armin Hadžić joined from Sberbank.

Practice head(s):

Dina Duraković

Key clients

Sberbank BH d.d.

Vakufska banka d.d.

Bingo d.o.o. Tuzla

Aventus group

Work highlights

  • Advised Mogo Finance S.A. Luxembourg on issuing of security in form of a guarantee agreement by its local subsidiary related to issuing of senior secured bonds by the client.
  • Advised Sberbank BH d.d. on all issues surrounding issuing and payment on the basis of a bank guarantee related to real estate project.
  • Advised Aventus Group in all matters regarding establishing of its business operations in B&H.

Law firm SAJIC

Law firm SAJIC's team, which advises both domestic and foreign banks on the full spectrum of work, is jointly led by Banja Luka-based duo Aleksandar Sajić and Sanja Đukić. Its clients include companies, domestic and foreign banks, micro-credit institutions, investment funds and private investors. On the non-contentious side, the team assists with capital markets transactions and regulatory issues, banking-related regulatory advice and financing transactions. The group also represents regional banks in contentious matters including bankruptcy and enforcement proceedings. Milica Karadza, who was promoted to attorney in 2020, is recommended for domestic and cross-border transactions.

Practice head(s):

Aleksandar Sajic; Sanja Djukic

Other key lawyers:

Milica Karadza; Tijana Milacic

Key clients


ProCredit Bank

The Export-Import Bank of China

NLB Bank

Bitminer Factory

UniCredit Bank


EOS Matrix

Ukio Bankas

MKO Partners

Work highlights

  • Advising The Export–Import Bank of China (Cexim – China Exim Bank) Cexim on process of approving a credit line to the Bosnian institutional company including conducting the due diligence of the project.
  • Acted for NLB Bank, Slovenia on the acquisition of Komercijalna Banka a.d. Belgrade, which is majority owned by the state of Serbia.
  • Acting as external advisor to Sberbank since 2010, representing this client in several hundred cases so far, with on-going cases in more than 300 different active and passive court proceedings in the field of banking and finance, bankruptcy law, litigation, real estate, debt collection, etc.