Next Generation Partners

Banking, finance and capital markets in Bulgaria

Boyanov & Co.

The established banking and finance practice at Boyanov & Co. advises financial institutions, corporate borrowers and lenders on a range of transactions, from bilateral banks loans to complex syndicated loans, as well as corporate and public bond issues. The ‘very knowledgeableDamian Simeonov leads the team and is supported by Ralitsa Nedkova and Georgi Drenski. Praised for its ‘excellent mix of local law knowledge and international standards’, the team frequently acts as local partner to foreign law firms and sits on the panels of domestic and international financial institutions.

Practice head(s):

Damian Simeonov

Other key lawyers:

Ralitsa NedkovaGeorgi Drenski


‘Very knowledgeable, flexible and engaged team.’

‘Damian Simeonov is very knowledgeable, pragmatic and helpful in finding solutions for his clients.’ 

‘They are not only very experienced with profound knowledge on the matter at hand, but also very quick to react in drafting and providing feedback.’  

‘Damian Simeonov is simply one of the best corporate lawyers with whom I’ve worked. Very business-oriented, in a way that few lawyers are. Always quick with proper and timely advice. Ralitsa Nedkova, senior associate in the firm, is always available and has provided strong and timely support to us.’ 

‘Boyanov, for me, are different because of the high quality of their business knowledge and understanding, morale and ethics, partnership with their clients, innovative and effective solutions, use of technology and project management.’ 

Key clients



JP Morgan

Credit Suisse Securities, Sociedad de Valores, SA

European Investment Fund

Deutsche Bank

Morgan Stanley Europe

International Investment Bank

European Investment Bank


National Bank of Greece

HSBC Bank Canada

First Investment Bank

Barclays Bank


DSK Bank

OTP Bank

Work highlights

  • Advised the local subsidiary of the borrower Sutherland Global Services.
  • Acted for the lenders and the security agent on matters relating to the Bulgarian security, in relation to the refinancing of New World Cinemas B.V.
  • Advised Komerčni Banka as the security agent in relation to a facility agreement.


The finance team at CMS leverages the firm’s global network to handle cross-border matters, as well as domestic transactions, and is well-placed to coordinate international deals out of Sofia. International financial institutions, commercial banks, private equity firms, financial service providers and fintech companies feature in the practice’s client roster. Dual qualified Bulgarian and English lawyer, Elitsa Ivanova, leads the team alongside Dimitar Zwiatkow, who focuses on real estate financing, and co-managing partner Gentscho Pavlov. Senior associate and capital markets head Katya Todorova is a key contact in the practice.

Other key lawyers:

Katya Todorova


‘High disposability and strong availability, good understanding of the energy market.’

‘High precision, attention to details and client focused.’

Key clients

OTP Bank and DSK Bank


Coöperatieve Rabobank U.A.

The Export Import Bank of Korea

UniCredit/Allianz Bank Bulgaria

Work highlights

  • Assisting OTP Bank and DSK Bank in relation to the syndicated refinancing of Business Park Sofia and assisting the clients in relation to the provision of a new development financing regarding the construction of a new Class A office building.
  • Acted as lead counsel to Oliva/Buildcom as the borrowers in relation to a syndicated secured uncommitted borrowing base and prepayment facilities for a large Bulgarian agri-business arranged by BNP Paribas (Suisse) SA.
  • Advising the Export-Import Bank of Korea (KEXIM) on the refinancing of Grain Terminal Holdings, a Singapore-based joint venture between Posco International and the Orexim Group.

Djingov, Gouginski, Kyutchukov & Velichkov

With one of the largest banking and finance teams in the market, Djingov, Gouginski, Kyutchukov & Velichkov advises its roster of both domestic and international clients on the full spectrum of matters in the finance sector, including debt capital markets transactions. Nikolai Gouginski, who heads the project finance and international lending practice groups, jointly leads the team alongside ‘exceptionalGeorgi Tzvetkov, who is noted for his expertise in regulatory mandates and transactional work, and Vessela Stancheva-Mincheva, who also oversees the capital markets and insurance group.

Other key lawyers:

Stephan Kyutchukov


‘DGKV is responsive and provides real-time, practical and commercial solutions rather than simply being “local counsel”. They go above and beyond.’

‘Georgi Tzvetkov is exceptional – he has a strong client focus with a can-do attitude.’

Key clients

Acibadem City Clinic

Alpha Bank A.E.

Alvogen Emerging Markets Holdings Limited

Amylum Bulgaria

AP Investments

Arab Bank (Switzerland) Ltd.

Barclays Capital

Blantyre Capital Limited

Blocks Group

BNP Paribas Factor

Bohemian Financing Zrt (BoFi)

British Arab Commercial Bank

BTC (Black Toro Capital Group)

Bulgarian Development Bank

Bulgarian Real Estate Fund Inc.


Burgan Bank A.Ş.

Caterpillar Financial Services

China Eximbank

The Export Import Bank of China (CEXIM)

Citadel Securities Europe Limited (CSEL)


Citigroup Global Markets Limited

DEG Invest

Deutsche Bank

DSK Bank


Eleven Fund Cooperatief

EMP Invest Bulgaria


Etem Bulgaria

Euroclear SA/NV Brussels

European Bank for Reconstruction and Development (EBRD)

Forex Capital Markets Limited

GetBack Recovery

Goldman Sachs

Gradus – 1


International Finance Corporation

Intersel Bulgaria


JP Morgan Europe Limited

Karsch Venture Capital

Landmark Holding

LAUNCHub Fund Coöperatief U.A.

MasterCard Europe

Mechel Carbon

Mechel International Holdings

Nuntius Brokerage and Investment Services S.A. – Bulgaria Branch

Niton Group

Portigon and Erste Abwicklungsanstalt

P&S Group

PPF a.s.

Raiffeisenbank Bulgaria

Raiffeisen Bank International

Regional Urban Development Fund

The Black Sea Trade and Development Bank (BSTDB)

The World Bank

TRG Management

UniCredit Bank Austria

Unicredit Bulbank

United Bulgarian Bank

V2 Investment S.à r.l.

Visa Europe Limited

Western Union Financial Services International

Work highlights

  • Advised and assisted the joint lead managers in a €2.5bn sovereign bond issuance by the Republic of Bulgaria.
  • Advised Blocks Group in respect of raising multilayer financing including project finance, corporate bonds and mezzanine finance, with a deal value of €65m.
  • Advised OTP Bank and DSK Bank on financing provided to Ministry Properties for the development of NV Tower, with a deal value of €26m.


Kinstellar advises financial services providers on banking regulatory matters, and is noted for its expertise in handling project finance and structured finance mandates in the infrastructure and real estate sectors. The Bulgaria base, which was launched in late 2014, is one of the firm's eleven offices across Emerging Europe and Central Asia. The team is jointly led by managing partner Diana Dimova and counsel Svilen Issaev, who advises lenders and borrowers on domestic and cross-border lending and restructuring matters.

Practice head(s):

Diana Dimova; Svilen Issaev


‘Kinstellar has showed considerable experience in advising us on various legal matters. They have been super responsive to any and all questions we have had in the past. They have also shown great expertise in supporting foreign companies set up operations in Bulgaria.’

‘The services provided were highly efficient and in terms with the deadlines. The lawyers involved have high professional standards that are implemented in their work on a daily basis. They were very responsive and took actions with equanimity to every new circumstance in spite of the legal difficulties. The work process was straightforward and we had no doubt that our interests would be objectively assessed and fully protected.’

‘The team is very supportive and always puts its client’s needs first. The law firm has the best legal expertise in every area of the law. However the firm is open to seeking external professional judgement on matters if such are needed to fully guarantee the legal protection of their client’s interest. The law firm has the broadest scope and highest level of expertise and experience as well as a professional attitude towards ensuring their client’s interests.’

Key clients


Allianz Bulgaria Holding

European Bank for Reconstruction and Development

Eurasian Development Bank

Black Sea Trade and Development Bank



American Express Group


Facebook Inc

Meridiam/SOF Connect

Inter Cars

APS Investments

Novenergia II Bulgaria

Novus World

Work highlights

  • Advised Meridiam as sponsor and SOF Connect as borrower on Bulgarian law aspects of the landmark €296m financing from a syndicate of banks in relation to the concession and modernisation of Sofia Airport.
  • Representing KBC Group/DZI – Life Insurance, on the acquisition of NN’s Bulgarian pension insurance and life insurance businesses.
  • Advising European Bank for Reconstruction and Development on approximately €9m loans to water and wastewater utility operators, under the €200m Bulgarian Water Sector Financing Framework.


Schoenherr advises corporate clients and financial institutions on a wide range of matters, from project and acquisition finance to debt restructuring and refinancing, as well as financial transactions and regulatory issues. Tsvetan Krumov, who has experience in advising banks and other financial institutions on regulatory matters, leads the team and is supported by associate Milena Gabrovska. Ilko Stoyanov also plays a key role on major matters.

Practice head(s):

Tsvetan Krumov

Other key lawyers:

Milena Gabrovska


‘Our joint cases are related to different forms of corporate financing, loans, syndicated facility arrangements, securities and related pledges, as well as questions about the tax and banking issues. Separately, we have also discussed specific cases regarding corporate transformations, restructuring and mergers and acquisitions. The term sheets and reports are submitted always on time and we have always satisfied by the value of their services.’

‘Ilko Stoyanov’s knowledge and experience are exceptional on the field of banking and financing law. He also has broad expertise in the regulatory legislation applicable to the credit institutions, investments and banks.’

Key clients

China Development Bank

Guggenheim Partners

Banca Intesa

Nomura International

Credit Suisse Securities Sociedad de Valores S.A.

Axpo Solutions

Balkan Advisory Company

Revetas Capital

United Group

Monroe Capital Investments


Société Générale Group

VTB Capital

UniCredit Bulbank, Bulgaria

European Investment Bank (EIB)

J.P. Morgan Securities

ING Bank N.V.

Bulgarian Development Bank

Citibank Europe

International Swaps and Derivatives Association

Ares Management Limited

OTP Bank

Raiffeisen Bank International

Work highlights

  • Advised United Group on the Bulgarian legal aspects of its €2.1bn notes issuances and on the structuring of the Bulgarian security package under the financing of the acquisition of BTC/Vivacom.
  • Advised Guggenheim Partners LLC on a $535m financing extended to a Bulgarian subsidiary of a global BPO company.
  • Advised Monroe Capital Investments on the Bulgarian legal aspects of a series of $500m financings.

Tsvetkova Bebov & Partners

The financial services team at Tsvetkova Bebov & Partners is widely recognised for its expertise in the debt and equity capital markets space, and is adept at handling financial transactions and regulatory issues. Managing partner Nikolay Bebov has 20 years’ experience in the banking and capital markets space, and counts high-end matters in his caseload. Bebov heads the team alongside Damyan Leshev; they are supported by Victoria Tzonkova, who focuses on financial litigation matters.

Practice head(s):

Nikolay Bebov; Damyan Leshev

Other key lawyers:

Victoria Tzonkova

Key clients

4finance Group

Alaric Securities

Balkan Advisory Company

Compass Invest

Energo-Pro A.S.

First Investment Bank

KBC Asset Management N.V.

Ministry of Finance of the Republic of Bulgaria

MK Brokers

National Bank of Canada

OFM Capital Partners

Raiffeisen Asset Management

Raiffeisen Capital Management

Smart Fund Asset Management

Société Générale

TBI Bank

Transact Europe

Work highlights

  • Advised The Republic of Bulgaria’s Ministry of Finance on all matters of Bulgarian law in relation to its €2.5bn dual-tranche issuance under its increased €10bn GMTN Programme.
  • Advised KBC Asset Management N.V. on the legal aspects of launching a new umbrella feeder fund in Bulgaria.
  • Advising TBI Bank EAD on the issuance of first tier 2 bonds issued by a Bulgarian bank.

Wolf Theiss

Wolf Theiss advises an impressive roster of domestic and international clients on cross-border financings, with new mandates continuing to emerge out of the IT sector, as well as project finance transactions. The team recently advised the lenders, including BSTDB and EBRD, on one of the largest project finance matters in Bulgaria, regarding the payment of the upfront concession fee due by the concessionaire of Sofia Airport. The team is led by Katerina Kraeva and Richard Clegg, who are supported by senior associate Jasmina Uzova, associate Konstantin Altandzhiyski and dual UK-Bulgaria qualified consultant Irina Dekova, who is praised for her cross-border experience.

Practice head(s):

Katerina Kraeva; Richard Clegg

Other key lawyers:

Jasmina Uzova; Konstantin Altandzhiyski; Irina Dekova


‘We worked with Katerina Kraeva and Irina Dekova. I always felt I was in very safe and capable hands and was particularly impressed by the knowledge, experience and personal commitment of dual English and Bulgarian qualified Irina Dekova. The quality, thoughtfulness and pragmatism of her comments showed and international/cross-border experience, having worked in London for several years before returning to Bulgaria.’

‘Very responsive and solution oriented. Proactive in discussing legal solutions directly with counter-party.’

‘Katerina Kraeva is an excellent professional, very trustworthy, efficient and legally prepared. She is keen to add value for the client, including by ensuring cost control and providing out of scope legal feedback, as a commercial gesture.’

Key clients

Allianz Bank Bulgaria

Arco Capital Corporation and Business Park Sofia

Ares Management Corporation

Assurant Europe

Black Sea Trade and Development Bank

Coöperatieve Rabobank U.A. (Netherlands)

DSK Bank

DSK Bank


Edmond de Rothschild Asset Management

Goldman Sachs Merchant Banking Division

H.I.G. Capital, LLC


International Bank for Economic Co-operation

JP Morgan Securities

Kommunalkredit Austria

Lloyd’s Insurance Company S.A.

Raiffeisenbank Bulgaria

Sensata Technologies

Societe Generale

Standard Profil

UniCredit Bank

UniCredit Bulbank

Work highlights

  • Advising the lenders, including EBRD, BSTDB, IFC, Kommunalkredit Austria, Societe Generale, UniCredit Bulbank, DSK Bank and UniCredit Bank, on one of the largest project finance transactions in Bulgaria, for the purpose of funding the payment of the upfront concession fee due by the concessionaire of Sofia Airport.
  • Acting for a syndicate of lenders, led by UniCredit Bulbank, on €117m financing to Overgas Mrezhi and €15m financing to Overgas Inc for the purpose of settlement of pending legal proceedings and funding the exit of Gazprom and Gazprom Export as shareholders from the Overgas Group.
  • Advising the bondholders on the Bulgarian law aspects of bond issuance with regards to the acquisition by Enery Development of Karadjalovo project, from Saudi-based ACWA Power.

Deloitte Legal Law Firm

Deloitte Legal Law Firm expertly handles a wide range of banking and finance matters relating to M&A transactions, syndicated credit facilities, loan portfolios, corporate restructurings, as well as regulatory matters. ‘Business-oriented’ managing partner Renata Petkova has experience in a range of financial mandates, in addition to corporate lending, foreign investments and banking regulations and compliance issues. Petkova leads the practice group alongside ‘diligent’ managing associate Adelina Mitkova, who acts for domestic and international corporate clients, banks and financing institutions on acquisition financing and debt restructuring matters.


‘The team has a commercial approach to the project and their commercial awareness is good. They are competent, responsive and advised to the point. We received the advice we needed in time and were impressed by the practical approach they had. The legislation was complex and they managed to navigate us through it by translating it to a business language. As there were cross-border aspects in our project, Deloitte appears to have a well-developed network of companies throughout Europe and they managed to handle cross-border matters in a swift and diligent manner.’

‘Knowledge, expertise and know-how.’

‘The team leader, Reni Petkova, is a remarkable, business oriented lawyer with an impressive background. Adelina Mitkova was diligent and focused to get the job done. They were confident and knew what they are doing, however, taking into account our point of view and our needs.’

‘The practice has vast experience and profound background on the market and the business specifics, which makes it a preferred choice for potential clients. The team is well staffed, with good level of internal communication.’

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co ‘provides services of high quality’ to its list of domestic and international clients on a range of banking and finance matters. The team has secured a range of important new mandates from clients, including Staghorn Capital and Turnovopharma, and advised on the restructuring of Telenor Bulgaria. The team is led by Hristo Nihrizov, who is praised for his ‘strong track record in managing financial projects’. Other key members in the team include ‘accomplished attorneyAlexander Todorov and Pencho Stanchev, who was promoted to partner in March 2021.

Practice head(s):

Hristo Nihrizov


‘Hristo Nihrizov has a strong record in managing financial projects and is highly committed to delivering the best possible results for the client. He has tremendous amount of experience, and is one of the best attorneys I have worked with. It is always a pleasure working with Pencho Stanchev. He never fails to amaze, respects the deadlines and holds up to the highest standards of the profession. Alexander Todorov is another accomplished attorney, very professional when it comes to any client and project. He knows how to focus not only on the legal aspect but also on the general business aspect.’

‘The team provided us and our client with an excellent level of service throughout. They were always accessible and quick to respond and their advice was practical and user friendly.’

‘The banking and finance practice of Dimitrov, Petrov & Co., just like the rest of their practices, provides services of the highest quality. They have advised us on various finance matters and their advice has always paid off by saving us a lot of costs, time and efforts. They are also very good at negotiating with banks.’

‘We mainly work with Hristo Nihrizov and Pencho Stanchev. They both have intricate understanding of the banking business and profound knowledge of its sensitivities.’

‘DPC is a very responsive and flexible law firm, with a broad range of experience. Every lawyer on their team possesses a high level of commitment. Their team has international experience, a very business-oriented approach and always provides valuable advice.’

‘The banking and finance team of DPC proved to be exceptionally productive and precise. What we appreciate most is their practical approach which adds value to the pure legal work.’

Key clients

Staghorn Capital

United Bulgarian Bank

VM Petroleum/Tradenet Varna

Excelion Development Group


Turnovopharma 1 and Dobrichfarma

Work highlights

  • Representing United Bulgarian Bank before the court of appeal against an account holder suing the bank for reimbursement of an unauthorised payment transaction.
  • Advised PPF Telecom Group on the restructuring of the collaterals triggered by a complex intra-group restructuring.
  • Advising VM Petroleum on facility agreements with two Bulgarian banks in the amount of €13.5m.

Georgiev, Todorov & Co

Georgiev, Todorov & Co provides representation to major banks, including the Bulgarian National Bank, in high-stakes disputes and assists asset and wealth management firms in transactions and regulatory matters. The team is led by Arno Mamasyan, who recently represented the International Asset Bank in a €20m dispute regarding the execution of special pledges and acquisition of properties. Miglena Peneva focuses on real estate finance mandates, as well as the financing aspects of EU projects. Mariya Derelieva and Tsvetelina Dimitrova remain key contacts in the team.

Practice head(s):

Arno Mamasyan

Other key lawyers:

Miglena Peneva; Mariya Derelieva; Tsvetelina Dimitrova


‘Our main contacts in the law firm are Arno Mamasyan and Tsvetelina Dimitrova. Arno’s strengths lie in his long term experience, in-depth knowledge of corporate and commercial regulations and negotiation skills. Tsvetelina is a great communicator, manages to work under pressure and has a PhD in International Law, which lets us feel even more secure due to her additional knowledge of foreign statutes and ability to protect our interests abroad as well.’

Key clients

Alfred C. Toepfer International

AG Capital

Agricultural State Fund

BlackPeak Capital


Bulgarian National Bank

Bulgarian Posts JSC

Bulgarian Telecommunications Company (BTC)

Dolna Mitropoliya Municipality

Entrea Capital

Fleet Services

International Asset Bank

Max Select

Silistra Municipality

Sliven Municipality

Water Supply and Sewerage, Smolyan City

Work highlights

  • Representing Agriculture State Fund on 70 cases regarding appeals against acts for establishment of public state receivables for approximately €20m.
  • Representing Bulgarian Posts JSC in several court cases against bank institutions and before the National Revenue Agency.
  • Successfully represented the International Asset Bank in a €20m dispute regarding the execution of special pledges and acquisition of properties.

Kambourov & Partners

Kambourov & Partners advises domestic and international banks, as well as other financial institutions, on cross-border financing and restructuring matters, in addition to financial regulatory issues. Notable client gains include Bank of China Limited (New York Branch) and United Group. The team is led by founding partner Yavor Kambourov and includes Vladimir Rangeloff, who assists international clients in corporate finance mandates. Ivo Alexandrov, who heads the firm’s restructuring and enforcement of securities practice, is a key member of the team.

Practice head(s):

Yavor Kambourov


‘Diverse, broad expertise, trustworthy, competent, efficient and business oriented.’

‘Smart, deep knowledge and expertise, good standing and relations in the sector.’

Key clients

Bank of China Limited (New York Branch)

ICBCIL Aviation Company Limited

United Group


Yapi Kredi Bank Netherlands N.V.


Silverfleet Capital

Bulgarian Telecommunications Company/Vivacom

Venus Concept



University Specialised Hospital for Active Treatment of Obstetrics and Gynecology “Selena”

Work highlights

  • Assisted the Bank of China Limited (New York Branch) on the finance aspects of the leasing of three Airbus A320-214 aircraft.
  • Assisted United Group on the finance aspects of the acquisition of Nova Broadcasting Group.
  • Assisted Yapi Kredi Bank N.V. with regard to the granting of loans in Bulgaria.

Penkov, Markov & Partners

Penkov, Markov & Partners handles a range of regulatory issues in the banking space, as well as M&A and compliance mandates, and advises financial and credit institutions, e-money and payment entities and providers on financial matters. The banking and finance department has been assisting Viraj Group on the negotiation of a factoring agreement with Allianz Bank. Praised as ‘a leading banking law practitioner’, Vladimir Penkov heads the practice alongside Ivan Markov and Nikolay Cvetanov, who is the key contact for longstanding client MoneyGram in Bulgaria.

Other key lawyers:

Asen Apostolov


‘A holistic, client driven approach. Able to bring together expertise from all practice areas to resolve complex issues and deliver a seamless service right through to the end. I was particularly impressed with the tenacity of the team and ability to stay focused throughout a long process, maintaining high client service throughout.’

‘Vladimir Penkov is a leading banking law practitioner. He has great negotiation skills.’

‘Nikolay Cvetanov is very innovative and finds the right solutions for our unique e-wallet services.’

‘Asen Apostolov is very responsive and provides the best support in every step.’

‘I truly appreciate our cooperation with Penkov, Markov & Partners. They are highly reliable and fast, providing fair assessments. The team is strong, covering a wide area of industries.’

Key clients

VE Staal (Viraj Group)

Accession Mezzanine Capital III Cooperatief U.A

Komercijalna Banka Skopje

Infinity Capital

Gurmazovo House


Unilink S.A.

Arteks Engineering


Colibra (INSA Ltd)

Money Gram International SPRL

Finance Center

Work highlights

  • Advised VE Staal (Viraj Group) on the negotiating of a factoring agreement with Allianz Bank.
  • Advised Accession Mezzanine Capital III Cooperatief U.A on the restructuring of existing loan facility agreement with corporate borrower and the securitisation thereof.
  • Advised Unilink S.A. on the structuring of transaction documents (acquisition of I&G Insurance Brokers), including provision of complex legal services in order to ensure the financing of the contemplated deal.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners – Eurolex Bulgaria is noted for its expertise in project financing for infrastructure projects, and counts the National Trust EcoFund, the Bulgarian Bank of Development and the World Bank among its roster of clients, as well as construction and mining companies. The practice is led by Stoyan Barzakov, who has experience in handling infrastructure, PPP and project finance matters. Barzakov is supported by the expertise of managing partner Andrey Delchev.

Practice head(s):

Stoyan Barzakov

Other key lawyers:

Andrey Delchev

Key clients

American University in Bulgaria

Bulgarian Development Bank

World Bank

Manchester Airport Group

National Trust EcoFund (NTEF)

Nova City Group

Work highlights

  • Advised Manchester Airport Group on its participation in the Sofia Airport concession bidding procedure.
  • Advised the Bulgarian Development Bank in respect to collecting its receivables arising out of bank guarantees that they have already paid out to beneficiaries of the Guarantee Fund for Micro Credit.
  • Advised National Trust EcoFund in public procurement and competition law matters related to environmental projects financed under its grants scheme.


CERHA HEMPEL Gerginov‘s caseload includes national and cross-border financings and facility arrangements, as well as the finance aspects of restructuring and M&A matters. The team is led by managing partner Boyko Gerginov, who has a strong focus on the IT sector. Barclays, The Walt Disney Company and Samsung are among the practice’s most notable clients. Senior associate Kalin Bonev and associate Polina Westerhoven are key members of the practice.

Practice head(s):

Boyko Gerginov

Other key lawyers:

Kalin Bonev; Polina Westerhoven

Key clients

Mirova Eurofideme IV


The Walt Disney Company

Knightsbridge Global Limited



Barclaycard International Payments Limited

Work highlights

  • Advising Barclays regarding an analysis of their structure providing merchant acquiring, the renting of payment terminals and provision of payment gateway services.
  • Advised Mirova Eurofideme IV regarding the equity financing for the acquisition of operating photovoltaic power plants.
  • Advised The Walt Disney Company in relation to the expansion of a commercial card agreement with Citibank.

Dinova Rusev & Partners

Key clients of Dinova Rusev & Partners’ banking and finance practice - which has a strong focus on the energy sector - include Terna Energy and Kaliakra Wind Power. The team handles refinancing and debt restructuring matters, in addition to regulatory issues. Diana Valkova leads the practice group and focuses on financial transactions and security related work, while Georgi Vladov has experience in project financing and syndicated loans.

Practice head(s):

Diana Valkova

Other key lawyers:

Georgi Vladov; Anelia Dinova


‘Efficiency within deadlines is their most important, competitive advantage. Among the key capabilities are accuracy, well designed strategy, high experience and results.’

Key clients


Economou Shipping

Terna Energy

AP Retail I

Northrop Grumman

Kaliakra Wind Power

Imerys Minerals Bulgaria

House Market Bulgaria

Trade Estates Bulgaria

Stoeva, Tchompalov & Znepolski

The team at Stoeva, Tchompalov & Znepolski is noted for its demonstrable experience in capital markets, as well as banking and finance matters. Practice co-leader Iordan Tchompalov and Natalia Yordanova provide ‘tailored’ and ‘market-orientated’ advice on capital market transactions, while team co-leader Irina Stoeva is noted for her ‘deep expertise in insurance’ mandates. Peter Znepolski is also a key contact in the team for insurance disputes.


‘The team at STZ represents a unique combination of professionalism, experience and dedication that I have experienced on numerous occasions and project we were working on together. Their genuine attitude and commitment to every project undertaken is impressive and highly satisfactory. The STZ team are precise and fast. Customer needs are at the centre of their model and the results of their assignments are always above my expectations.’

‘Stoeva Tchompalov & Znepolski (STZ) is a highly reliable firm with very experienced partners who have a profound understanding of issues they are dealing with. There are not so many Bulgarian law firms who know in detail the capital markets and finance law, as well as insurance. STZ lawyers have proved that and can stand the pressure of cross-border legal work. Their responses to our queries are always prompt and the advice is practical and tailored to the circumstances. When the client is in need, they will work all night to solve the issue.’

‘Our main point of contact is Natalia Yordanova – she is a brilliant lawyer and a trustful person. She is highly respected among the local investment community for her successes in challenging before court regulatory penalties and compulsory measures. Irina Stoeva is also a highly respected lawyer with deep expertise in insurance and commercial law.’

‘STZ are one of the very few Bulgarian law firms that know in depth the capital markets law. Iordan Tchompalov and Natalia Yordanova have been active in the market for a long time, and they have gained huge experience. Their response to our queries is always prompt and the advice is market-oriented and tailored to the circumstances.’

Key clients

Eurohold Bulgaria

Central Cooperative Bank

Alfa Finance Holding

The Bulgarian Association of Insurance Brokers

SDI Group

Global Invest Holding B.V.

Expat Asset Management

Axion Swiss Bank SA

Dealing Financial Company

Investment Firm Bulbrokers

Alfa Finance Asset Management

EuroFinance Investment Firm

Balkan and Sea Properties ADSIC (REIT)

Phoenix Capital

Alteron REIT

Specialized Logistic Systems

Investment Firm Real Finance

Invest Capital Asset Management

Work highlights

  • Advising Eurohold and its Dutch subsidiaries in the financing phase of the acquisition of CEZ Bulgaria group.
  • Advising a Dutch issuer of bonds on the amendment of terms of the €65m 4.5% secured bonds.
  • Advised Specialized Logistic Systems (as borrower) on the €70m German law governed Promissory Loan (Schuldschein) and on the €70m Pass Through Notes.

Tokushev And Partners Law Office

Tokushev And Partners Law Office acts for banks, insurance companies, REITS and other financial institutions on the regulatory aspects of capital market matters, as well as financing and loans. The team is led by Viktor Tokushev, who is noted for his experience in capital markets, while recently promoted partner Boris Teknedzhiev is another key contact. Postbank, United Bulgarian Bank and Bulgarian Development Bank are among the practice’s key roster of clients.

Practice head(s):

Viktor Tokushev

Other key lawyers:

Boris Teknedzhiev

Key clients

Postbank (Eurobank Bulgaria)

United Bulgarian Bank

Bulgarian Development Bank

UD Invest Fund Management

IP Intercapital Markets

M2 Prom

Capital Investments Fund

East Golf Properties

Intercapital Property Development REIT

Innovation Capital – alternative investment fund manager

Work highlights

  • Rendering the full spectrum legal services to the fund manager in the lifecycle of their investment process.
  • Advised Intercapital Property Development REIT on its initial public offering of company shares worth over €11.1m.
  • Advised Postbank (Eurobank Bulgaria) on a cession agreement which saw all the receivables of the bank to a certain debtor being sold to another entity, with the total debt accumulated under 12 separate loan contracts and estimating at €2m.

Ernst & Young Law Partnership

Ernst & Young Law Partnership assists domestic and international clients on securities restructurings and loan mandates, as well as advising on financing agreements. The team is led by manager Rebeka Kleytman, who is supported by associate partner Svetlin Adrianov. Key contacts also include Irina Yaneva and Yura Mincheva.

Practice head(s):

Rebeka Kleytman

Other key lawyers:

Svetlin AdrianovYura Mincheva; Irina Yaneva

Key clients


Boleron AD and Boleron Consulting

International Life, Life Insurance S.A. and International Life, General Insurance


I&G Insurance Brokers

Asigest Broker SpA

Work highlights

  • Assisted in connection with contemplated investment of an investment fund in Boleron AD and subsequent intended acquisition of Boleron Consulting OOD.
  • Assisted I&G Insurance Brokers OOD in long lasting negotiations with a new investor (Unilink S.A).

Gugushev & Partners Law Office

Gugushev & Partners Law Office acts for real estate groups and energy corporations on lending transactions, secured loans and banking matters. Practice leaders include managing partner Stefan Gugushev and Dimitrinka Metodieva, who advised AgroTime on the €4.3m refinancing by the United Bulgarian Bank of six existing credit facilities.


‘Stefan Gugushev has exceptional experience in banking and finance law. He is practical, analytical and outgoing, with exceptional good judgement on the situations and quickly finds an effective solution for any situation.’

‘Gugushev & Partners Law Office has advised us since establishing our company. During that time, they have proven to be thorough and competent professionals, solid lawyers with having excellent analytical skills and the ability to formulate an effective strategy for each case, practicing the best customer service. That is why we will continue to trust them as our partners for years to come. In the year marked by Covid-19, the law firm conducted a couple of legal reviews and webinars concerning the precedent legislation during the pandemic. This was extremely valuable not only from a business standpoint but also as a feeling of security in these uncertain times.’

‘Victor Gugushev is a highly passionate and knowledgeable partner, having robust and individual thinking, highly-educated and experienced. He always provides his clients with a professional attitude and devotion and the best legal approach and consultations.’

Key clients


Morgan Stanley Senior Funding

El Bonus



Kinkin & Partners

Kinkin & Partners handles matters ranging from banking credit structuring matters to project financing, as well as advising investors in the industrial and real estate sectors on the financial aspects of business restructurings. The team is led by Adriana Nacheva, who has over 20 years’ experience in the banking and finance space. Nikolay Radev and of counsel Dilyana Tsoleva are key contacts in the practice.

Practice head(s):

Adriana Nacheva

Other key lawyers:

Nikolay Radev; Dilyana Tsoleva 


‘They have offered us a great service so far. One of their main strengths is their ability to understand the client’s wishes very well. The team has always managed to work in our interest in the best possible way. We are perfectly satisfied with Kinkin & Partners.’

Key clients

Association of the Depositors Harmed by the Corporate Commercial Bank

Bibar Asset




Universal Outsourcing (Marc Roos)

Zenith Crop Sciences Europe S.R.L.

Work highlights

  • Advising the depositors in connection with their rights as creditors in the insolvency proceedings against Corporate Commercial Bank JSC.
  • Supported Laurea ltd. on the investment process and the financing of a project for the build-up of a big residential building and further sale of the apartments.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners advises its roster of clients on the financial aspects of investment projects, the reorganisation of loans, debt collection and regulatory matters. Led by Sibina Eftenova, Desislava Tsvetkova, Tsvetelina Stoilova and Hristo Koparanov, the team acts for key clients including UniCredit Bulbank.

Key clients

MD Immobilien and Aiko Multi Concept

UniCredit Bulbank

UniCredit Consumer Financing

BNP Paribas Personal Finance S.A.

Huawei Bulgaria

Odelo Bulgaria


Alpen Pharma

BBI Building Investment

Business Center Evrotur


Work highlights

  • Represented UniCredit Bulbank in more than 1700 bank loan and consumer disputes for more than €11m.
  • Advised the MD Immobilien and Aiko Multi Concept in relation to securing €40m bank loan provided by Raiffeisen Bank International AG, as well as in the renegotiation of a €8m investment project for the construction of a logistic centre.
  • Advised Odelo in the certification, financing and implementation of a €10m project for the construction of a spare parts factory.