Banking, finance and capital markets in Bosnia & Herzegovina

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

Known for its work with international clients, the banking, finance and capital markets team at CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers offers advice across the full range of financial, regulatory and banking matters. Andrea Zubović-Devedžić stands out for her expertise in the regulatory aspects of financial operations, Nedžida Salihović-Whalen is noted for her transactional work, particularly with international companies. Dual qualified in English as well as Bosnian law, Sanja Voloder is actively involved in cross-border transactions.

Practice head(s):

Andrea Zubović-Devedžić; Sanja Voloder

Other key lawyers:

Nedžida Salihović-Whalen


‘Professionalism, transparency, knowledge. You gain a great first impression, but then the results speak also for themselves.’

Key clients

European Bank for Restructuring and Development

European Fund for Southeast Europe

Green for Growth Fund

European Investment Bank

International Finance Corporation

Alpiq Energy SE


Hitachi Energy

Work highlights

  • Advising EFSE on the regulatory framework on subordinated debt financing and the treatment of Tier 2 Capital under Basel III rules in Bosnia and Herzegovina.
  • Advising the EBRD on restructuring and the subsequent release of the security packages to allow for the accession of new lenders into the arrangement with the borrower.
  • Advising GGF on the financing of several banks and microcredit institutions in Bosnia and Herzegovina, in respect of the LMA-based financial documentation.

Karanovic & Partners in cooperation with local lawyers

With deep expertise across the full spectrum of banking and financing matters, the team at Karanovic & Partners in cooperation with local lawyers offers market-leading advice to domestic and international clients alike. The team has significant experience advising on project finance, dispute resolution and complex regulatory work, particularly for clients in the financial services sector. In addition, the team is noted for its knowledge of syndicated lending and PPP financing. Practice head Nihad Sijerčić focuses on energy and infrastructure-related banking and finance issues, while Amina Đugum has extensive experience in financial markets transactions, including corporate finance and loan finance transactions.

Practice head(s):

Nihad Sijerčić

Other key lawyers:

Amina Đugum


We were very satisfied with the cooperation. This practice is responsible and professional.’

Key clients

Power China Resources Limited


American express


Volkswagen Aktiengesellschaft

Visa International INC

Brilliant GmbH

Google Pay

Work highlights

  • Advising EBRD on the harmonisation of the FBiH energy efficiency legislation with the requirements of the EPBD / EED which will lead to increase of financing for energy efficiency.
  • Assisting a client with the financing matters connected with the development of a wind power plant which will be the biggest wind farm and the largest-ever investment in renewable energy sources in Bosnia and Herzegovina.
  • Advising CEXIM on the contemplated financing of the Banja Luka – Prijedor highway.

Maric & Co Law Firm

Maric & Co Law Firm‘s banking and finance team stands out for its market-leading capabilities across all aspects of banking, finance and capital markets. Particularly strong in transactional matters, the firm is also renowned for its dispute resolution and civil litigation work. Its clients include the largest domestic banks as well as a number of major international investment and development banks. Founder and head of practice Branko Maric, whose legal experience is ‘second to none’, advises domestic banks on issues of foreign ownership. He is assisted by Nebojša Marić, whose expertise also covers securities work and litigation.

Practice head(s):

Branko Maric

Other key lawyers:

Slaven Dizdar; Ezmana Turkovic; Džana Smailagic – Hromic; Bojana Bošnjak-London; Nebojša Maric


‘They entered into a very difficult situation and overturned it to the maximum satisfaction of our company. From then on we always engage them when there is a complex matter and we need the highest quality expertise.’

‘We are very happy with the team at Maric & Co. We only engage them on issues which are very complicated or of high importance for us. We have full confidence that they will invest their maximum efforts to work in our favour and they are very successful. They are cost-sensitive, staff the projects with the appropriate staff and there is no empty walk. We mostly work with Branko Maric and Nebojša Maric – we would highly recommend them.’

‘The go-to firm in Bosnia and Herzegovina. Branko Maric’s experience is second to none.’

‘I have been working with Maric for a long time. They are simply the best lawyers in the country – they cover all areas of law that we need, and each of the employees is extremely specialised, so I know that we will always get the best possible advice. Bosnia is a very complicated market and sometimes it is very difficult to do business, and especially to understand all the risks and problems that may arise. But with Maric Law Firm there is no worry for us, because they have so much experience and knowledge that we know that we are fully insured.’

‘We work with a lot of their attorneys on various assignments. They are all exceptional lawyers, quick to respond but also very thorough. Some names that stand out are Branko Maric, Ezmana Turkovic, Džana Smailagic – Hromic, Bojana Bošnjak-London, Nebojša Maric.’

‘I have excellent experience with this company. At all times during my cooperation with the firm, I was always very happy. No question was unanswered, and at all times they have always taken all facts into consideration to best defend the interest of the client.’

‘They provide services on a very high level and these services always result in a positive outcome. 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. It is fascinating that when we hire Maric & Co the problem seems unclear, complex, or unsolvable. But when they present it, it all looks obvious and easy to solve. I always contact Branko Maric but also Slaven Dizdar, Ezmana Turkovic, and Nebojša Maric.’

‘Great professionals, first of all, providing high-quality legal service in banking relevant topics and issues. What makes a significant comparative advantage of this team is its strong capability to cover the most important banking topic but at the same time to provide very clear legal opinions followed by strong arguments. A very important advantage is the avoidance of bureaucracy in providing legal services. In general, we work the most with Branko Maric, a high-quality lawyer and legal specialist.’

Key clients



European Investment Bank (EIB)


Unicredit Bank London Branch

Unicredit bank Mostar

Intesa Sanpaolo bank

Raiffeisen bank

ProCredit Bank

Addiko Bank Sarajevo



Global Payment Europe

JP Elektroprivreda

Modo Money London

Work highlights

  • Advising German development agency DEG (Deutsche Investitions und Entwicklungsgesellschaft) on its first-ever direct investment in Bosnia, whereby DEG is providing Bosnian food producer Vispak with a long-term loan.
  • Advised EBRD on multiple loans granted to local financial institutions.
  • Engaged by BH Bank Association for the development of strategy and argumentation in litigation procedures initiated against banks in Bosnia and Herzegovina.

Wolf Theiss - in cooperation with local lawyers

The multidisciplinary team at Wolf Theiss - in cooperation with local lawyers offers a full-service banking and finance practice. Its clients include major domestic and regional banks as well as clients from the energy and infrastructure sectors. The team’s international capabilities are another strength, with cross-border work a core area of focus. Acquisition and project financing and restructuring expert Naida Čustović heads the Sarajevo office, with key assistance from Zagreb-based partner Dalibor Valincic. Associate Alija Genjac assists clients in cross-border transactions.

Practice head(s):

Naida Čustović; Dalibor Valinčić

Other key lawyers:

Alija Genjac

Law Office Miljkovic & Partners

Law Office Miljkovic & Partners‘ banking and finance team advises on corporate finance, project finance and financial restructuring. Acting for both borrowers and lenders, the firm offers a full-service financing practice. Sead Miljković heads the team, advising commercial, investment and development banks as well as multinational financial institutions on various transactions, including acquisition finance, and regulatory matters. Amar Bajramović is noted for his expertise in capital markets and securities work.

Practice head(s):

Sead Miljković

Other key lawyers:

Amar Bajramović

Key clients

European Bank for Reconstruction and Development

INA d.d. Zagreb

Instituto de Credito Oficial

ASA Finance

ASA Banka d.d.

Addiko Bank

Credit Suisse Microfinance Fund Management Company

European Bank for Reconstruction and Development

LC Waikiki Group

dm drogeriemarkt

Work highlights

  • Engaged by EBRD to advise public company Motorways of the Federation of Bosnia and Herzegovina on financing the motorway section, which is part of Corridor Vc.
  • Assisting ASA Banka in the acquisition of Sberbank, making the client ASA Banka the third biggest bank in BiH.

Dimitrijevic & Partners

The banking and finance department at Dimitrijevic & Partners advises governmental authorities and financial institutions on matters of lending, financing, regulatory matters and arbitration. The team’s client roster also includes domestic and international banks, as well as microfinance institutions. The team is led by Nina Vještica, noted for her experience advising governmental entities and clients from the financial sector. She is assisted by senior associate Djordje Dimitrijevic.

Practice head(s):

Nina Vjestica

Key clients

Altima Partners London, UK

Addiko bank a.d. Banjaluka

the Government of the Republic of Srpska

Unicredit Bank a.d. Banja Luka

MKD Mikrofin

Mlijekoprodukt d.o.o.

Hogan Lovells

Advantis broker a.d. Banjaluka


Work highlights

  • Advised the Ministry of Finance of the Republic of Srpska, acting through the Government of Republika Srpska, in relation to the issuance of €30m global Eurobonds by Republika Srpska.
  • Advising EBRD on a loan of up to €4,500,000 to the Environmental Protection and Energy Efficiency Fund of Republika Srpska, a legal entity with public authority wholly owned by Republika Srpska.
  • Advising holders, along with Hogan Lovells as the lead counsel, on the Bosnian legal aspects of the refinancing of Fortenova Grupa via a secured private note issuance of €1.2bn existing facilities.

Law firm SAJIC

Law firm SAJIC acts for domestic and foreign financial institutions on transactional, regulatory and capital markets issues. The team is jointly led by managing partner Aleksandar Sajic and Sanja Đukić. Sajic has significant experience representing local and foreign banks in securities and lending disputes, and capital markets expert Djukić handles both transactional and regulatory matters. They are assisted by Milica Karadza and associate Tijana Tatić.

Practice head(s):

Aleksandar Sajic; Sanja Djukic

Other key lawyers:

Milica Karadza; Tijana Tatić

Key clients

The Export-import Bank of China

Bitminer Factory


Ukio Bankas

EOS Matrix

MKO Partner


Work highlights

  • Advised Cexim on the process of approving a credit line to a Bosnian institutional company, including conducting the due diligence of the project.
  • Successfully represented Bitminer Factory against Unicredit Bank Banja Luka in court proceedings for the compensation of damages arising from the actions of the bank.
  • Representing Ukio Bankas and company PAVGORD d.o.o. Foca in a matter which includes multiple parties from Bosnia and Herzegovina and Lithuania regarding the validity of contracts, debt collection, established pledge rights and collection of receivables.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

The banking, finance and capital markets department at Moravcevic Vojnovic and Partners in cooperation with Schoenherr advises regional and multi-jurisdictional clients on the Bosnian aspects of their operations. The team is particularly strong in project finance, including cross-border financing. Matija Vojnovic leads the team from the Belgrade office, while Minela Šehović is head of the team’s Bosnian activities.

Practice head(s):

Matija Vojnovic

Other key lawyers:

Minela Sehovic


‘The team always offers seamless cross-border solutions. They have a strong banking and finance practice with highly experienced and extremely capable lawyers who always provide innovative legal advice.’

‘I have been working with the team on various complex matters. I am very satisfied with their service, and I highly value their extensive knowledge when it comes to complex issues. It is always a pleasure working with them.’

‘Minela Sehovic is an experienced international lawyer qualified in Bosnia. She is responsible for the firm’s office in Sarajevo.’

Key clients



Getinge Group (GETINGE AB Sweden and Getinge Group Southeast Europe)

VTB Bank (Europe) SE

Hidroelektrana Dabar

United Group

Wiener Insurance Vienna Insurance Group a.d


EOS Matrix

Work highlights

  • Advised Hydro Power Plant Dabar as borrower in connection with a €189m loan facility granted by the Export-Import Bank of China  for the development of a 160MW hydropower plant.
  • Advised United Group on Bosnian and Serbian law matters in connection with the issuance of €300m Senior Secured Notes due 2028 guaranteed by local subsidiaries.