Firms To Watch: Banking, finance and capital markets

Though based in Serbia, Milosevic Law Firm has built up a strong base of Bosnian clients, advising private individuals and banks on bankruptcy and lending matters.

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Banking, finance and capital markets in Bosnia & Herzegovina

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

CMS Reich-Rohrwig Hainz D.O.O. in cooperation with local lawyers handles a number of mandates from market-leading commercial and national banks and advises on a full range of financial services legal needs. Key clients are often in the energy and infrastructure sectors. The team is co-led by Andrea Zubović-Devedžić and Nedžida Salihović-Whalen. The former is particularly known for her strong regulatory advice on financial operations, and the latter offers a more transactional focus. Associate Sanja Voloder is also well regarded for her cross-border work, and is well placed to handle international work as she is qualified in England and Wales.

Practice head(s):

Andrea Zubović-Devedžić; Nedžida Salihović-Whalen

Other key lawyers:

Sanja Voloder


Very good team!

Sanja Voloder, amazing attorney, very kind, professional and solution-oriented!

Key clients

European Bank for Restructuring and Development

European Fund for Southeast Europe

European Investment Bank

International Finance Corporation

Heta Asset Resolution AG


Work highlights

  • Advising the lenders on security package restructuring and release issues.
  • Advising EFSE and GGF on the financing of several banks and microcredit institutions in Bosnia and Herzegovina, in respect to the LMA-based financial documentation.
  • Advising a syndicate of lenders on a cross-border restructuring and implementing changes to an existing security package.

Karanovic & Partners in cooperation with local lawyers

One of the largest dedicated banking and financial services practices in the country, Karanovic & Partners in cooperation with local lawyers is known for its work with major international banks. In addition to existing expertise with project finance and broad advisory work, it offers novel expertise on syndicated lending and PPP financing. Team lead Nihad Sijerčić brings over a decade of experience to the practice, including particular expertise with restructuring. Amina Đugum is also recommended for her work with energy and infrastructure clients.

Practice head(s):

Nihad Sijerčić

Other key lawyers:

Amina Đugum


Great team and service.

Nihad Sijercic, best on the market.’

Key clients

UniCredit Bank

Addiko Group


Volkswagen Aktiengesellschaft

Visa International INC

Brilliant GmbH

Big 4


Work highlights

  • Advising EBRD on the harmonisation of the FBH energy efficiency legislation with the requirements of the EPBD/EED
  • Assisted Addiko Bank AG with the publication of the Vienna Stock Exchange IP.
  • Assisted UniCredit Bank in the financing of the construction of a new production facility.

Maric & Co Law Firm

Maric & Co Law Firm. has a deep understanding of the Bosnian financing market, providing legal services to a range of domestic and international banks. It lists amongst its clients the four largest domestic banks, and a number of state investment banks. While its transactional work is particularly well regarded, it also offers dispute resolution, governance and regulatory services. Founder Branko Marić leads the team, and is known for advising banks on foreign ownership. Associate Nebojša Marić is known for his securities work.

Practice head(s):

Branko Marić

Other key lawyers:

Nebojša Marić


‘Considered the best in our sector.’

‘This legal team, in short, is composed of highly professional members who are providing top value for us as clients.’

‘We have considered Marić & Co for a very long time as one of the best law firms in finance and banking sector, related activities and especially litigation, and we have been cooperating with them for a long time.’

‘The team at Marić & Co is highly skilled, and they think outside the box.’

‘Their knowledge on any subject matter is unique, as they are always well prepared, detailed and able to put solutions in simple terms.’

‘They are able to combine their business and legal knowledge to really understand the issues and advise the clients in the best possible way.’

‘I have professionally known Branko Marić for a very long time. Ever since then I have regarded his firm as one the best practices in the country, as I was always impressed with the size of the team, how quick and responsive they are, and their knowledge of course.’

‘Marić & Co are very solution-oriented and will not create unnecessary issues.’

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

  • Advising German development agency DEG on its first-ever direct investment in Bosnia, which is a long-term loan of around €12m.
  • Advised EBRD on multiple loans granted to local financial institutions.
  • Engaged by BH Bank Association for development of strategy and argumentation in litigation procedures initiated against the majority of banks in Bosnia and Herzegovina.

Wolf Theiss - in cooperation with local lawyers

The multidisciplinary team at Wolf Theiss – in cooperation with local lawyers provides a broad range of expertise to borrowers and financial service providers alike. It has particular strength advising on project financings, with a number of core clients in the energy infrastructure industries. The team also has strong international capabilities, advising on a number of cross-border loans. The team is led by Naida Čustović, with expertise in acquisition financing and restructuring.

Practice head(s):

Naida Čustović

Key clients

APS Recovery Management s.r.o.

Eli Lilly B-H d.o.o.

Abbvie Inc.

CINEPLEXX International GmbH

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 Zenica

Keune Adrija BiH

Keune Adriatic

Cisco USA

Crosc Inc.

Unicredit bank Mostar d.d.

Pivovarna Laško


NIS a.d.

Unis Fagas d.o.o.

Dinners club. BiH

Sparkasse Bank BH d.d.

Erste Club Card

Suzlon, BiH

GlovoApp23 S.L.

Law Office Miljkovic & Partners

The banking team at Law Office Miljkovic & Partners provides a full array of services, covering regulatory and transactional issues. It lists amongst its clients not only commercial banks but investment and development banks as well, offering a full range of lender-side expertise. On the borrower side, the team acts for mostly small and medium-sized operations. Sead Miljković leads the team, and has a particular emphasis on acquisition financing. Amar Bajramović is also noteworthy for his expertise in securities and capital markets work.

Practice head(s):

Sead Miljković

Other key lawyers:

Amar Bajramoviç


‘The team is solution-focused, quick in responding and extremely dedicated.’

‘We as a group have been working with them on several big transactions. They helped us structure it, negotiate it, and finalize it.’

‘I have worked with Sead Miljkovic before and have always been pleased with the level of service he provided. He is upfront and business oriented, with focus on solutions.’

‘Amar Bajramović is a very good and experienced lawyer. His approach stands out, he is out of the box thinker and it has always been great pleasure to work with him.’

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

European Bank for Reconstruction and Development

LC Waikiki Group

dm drogeriemarkt

Apollo Fund

Oikocredit, Ecumenical Development Cooperative Society U.A


Work highlights

  • Advising client EBRD and Enterprise Expansion Fund on providing €2m loan to support the expansion of TEM Mandeks.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s team has strong banking expertise, advising a combination of regional and domestic clients. Project financing is a core area of expertise for the group, and it is particularly involved in energy projects. Beyond that, it is able to advise lenders on key investments. Matija Vojnovic leads the team from Belgrade. Key in Sarajevo is junior partner Minela Šehović.

Practice head(s):

Matija Vojnovic

Other key lawyers:

Minela Sehovic; Jelena Arsić


‘Their banking and finance practice is the best in the region. They have a multi-disciplinary team of highly experienced lawyers. I love working with them. They always offer seamless cross-border solutions.’

‘Matija Vojnovic is an outstanding lawyer who is very sharp and supportive. The combination of his wealth of experience and creative approach always brings the best results.’

‘Jelena Arsic is a great lawyer, fluent in international financial and corporate law matters. Her advice is always insightful, she is great in finding solutions and delivers a high-quality product.’

‘Minela Sehovic is very knowledgeable and experienced lawyer with excellent market knowledge.’

‘I appreciate the team’s professional and innovative approach and ability to handle all matters, especially complex, landmark financial transactions in the region. They get the deal done and give decisive guidance, they are an extremely well-organized team.’

‘Matija Vojnovic is the leading banking and finance and corporate lawyer in the region. I particularly appreciate his commercial approach to transactions.’

‘Jelena Arsic leads all transactions we have been working on, she is one of the best finance lawyers I worked with. She is commercial in her approach, tries to understand the commercial background and is also able to get into the technical details. She delivers excellent results.’

‘Minela Sehovic is a very good lawyer with significant experience in financial and corporate law matters.’

Key clients




VTB Bank (Europe) SE

Hidroelektrana Dabar

United Group

Wiener Insurance Vienna Insurance Group a.d



Work highlights

  • Advising Hydro Power Plant “Dabar” on all financing matters concerning the 160 MW hydropower plant “Dabar.”
  • Advising VTB Bank (Europe) SE on the refinancing of its €100m loan to Poslovni sistem Mercator d.d.
  • Advised UNIQA insurance group on the streamlining of its group structure to improve the efficiency of the management of the group.

Dimitrijevic & Partners

Dimitrijevic & Partners represents a number of well-known borrowers and lenders. It frequently advises state-controlled and highly regulated entities, having assisted the Pension Reserve Fund on its first private pension scheme. Stevan Dimitrijević leads the team, with a significant amount of experience representing large-scale international corporate clients. Nina Vjestica is also notable for her public sector expertise.

Practice head(s):

Stevan Dimitrijević

Other key lawyers:

Nina Vjestica


‘Their law firm is highly responsible, always available and on time. I think this speaks the best about the capacity of the team and the law firm.’

Key clients

Altima Partners London, UK

Weiner Insurance (Vienna Insurance Group), Vienna, Austria

Addiko bank a.d. Banjaluka

KfW, Germany

The Government of the Republic of Srpska

Unicredit Bank a.d. Banja Luka

Sberbank a.d. Banja Luka

Addiko banka a.d. Banja Luka

MKD Mikrofin

Mlijekoprodukt d.o.o.

Work highlights

  • Advised the Government of the Republic of Srpska in relation to the issuance of €300m of global Eurobonds.
  • Providing Bosnian law advice to Hogan Lovells in a transaction related to a refinancing of €1.2bn existing facilities.

dmb legal

dmb legal handles both day-to-day regulatory matters and provides transactional support to clients. It is particularly known for its work with local financial institutions, including Sberbank and Moneda, while also offering support to lead retailers and other key borrowers. Dina Duraković  heads up the team, and leads on all major banking and finance transactions. She is supported by Merima Čarković-Karasalihović, who has a broader regulatory practice.

Practice head(s):

Dina Duraković

Other key lawyers:

Merima Čarković-Karasalihović


‘Team is small but consists of the right mix of individuals. They are always kind and approachable.’

‘The team is very professional. The response to client needs is on-time.’

‘Dina Duraković is highly competent, professional, quick in reacting to problems/questions, very concrete and concise in her advice.’

Dina Duraković is able to provide legal opinions, draft decisions and answer quick questions regarding complex legal issues. Dina is at our side whenever needed.’

Key clients

Sberbank BH d.d.

Vakufska banka d.d.

“MOGO” d.o.o. Sarajevo

Moneda d.o.o.

Work highlights

  • Advised Sberbank BH d.d. on a number of financing transactions including financing of infrastructure projects, local businesses and participation in syndicated lendings.
  • Advising Moneda on winding down of their operations in the country.
  • Acting as the principal advisor to Mogo in relation to all regulatory and claims collection issues.

Law firm SAJIC

Law firm SAJIC acts for a number of financial institutions, ranging from large-scale banks to microcredit institutions. It has particular expertise in transactional matters, including capital markets issues, while also offering notable regulatory advice as well. Contentious matters are another key strength, with an emphasis on enforcement matters. Aleksandar Sajic and Sanja Đukić lead the team out of Banja Luka.

Other key lawyers:

Milica Karazda

Key clients






Work highlights

  • Advised NLB Bank, Slovenia as a buyer on the sale of Komercijalna Banka a.d. Belgrade.
  • Representing Bitminer Factory against Unicredit Bank Banja Luka in court proceedings for compensation of damages.
  • Representing Ukio Bankas and company PAVGORD d.o.o. Foca in a multi-party matter relating to contractual and debt collection disputes.