Banking, finance and capital markets in Bulgaria

Boyanov & Co.

Boyanov & Co.’s banking and finance practice advises on many of the largest and most complex transactions taking place in the country, including the sale of Piraeus Bank’s Bulgarian subsidiaries to Eurobank. The team is particularly experienced in acting for the lenders on high-value syndicated financing; in 2019 it assisted with arranging €100m of acquisition financing from a consortium of three banks to two Bulgarian SPVs in under a month. On the borrower side, the firm has advised on project and acquisition financing across a variety of highly regulated sectors, including telecoms and energy. Damian Simeonov, who heads the practice, is highly praised by clients, as is Yordan Naydenov  and ‘very knowledgeable’ senior associate Ralitsa Nedkova.

Practice head(s):

Damian Simeonov

Other key lawyers:

Ralitsa Nedkova


“The Boyanov practice is extremely well connected and has good insights beyond the actual legal know how. There is clear leadership and focus.’

Key clients


Eurobank Bulgaria


European Investment Fund

Deutsche Bank AG, London Branch (UK)


Raiffeisen Bank International AG (Austria)

International Investment Bank

European Investment Bank

Sofia South Ring Mall EAD

UniCredit Bulbank AD

Československá obchodní banka


NBG Pangaea REIC

I & B Real Estate


Credit Suisse Securities (USA) LLC

Credit Suisse AG

Work highlights

  • Acted as Bulgarian legal counsel to the lenders, a consortium of banks, on the €3bn bond refinancing carried out by PPF to acquire Telenor’s assets in the central European region.
  • Advised Piraeus Bank on the €75m sale of its Bulgarian subsidiary.
  • Advised Eurobank Bulgaria on the sale of a €65m real estate-secured portfolio of corporate loans and leasing receivables.


CMS employed its ‘well established cross-border practice’ to advice on a number of major regional deals in 2019, including assisting OTP Bank with its €600m acquisition of Société Générale’s subsidiaries across the CEE region. Within Bulgaria, it advises chiefly on large-scale real estate financing, acquisition financing and project financing on for local and regional lenders and borrowers, drawing on the experience of Dimitar Zwiatkow, who jointly heads the team. Gentscho Pavlov and Elitsa Ivanova are the other practice co-heads, and have been active in the sale of NPL portfolios and cross-border financings respectively.

Practice head(s):

Gentscho Pavlov; Elitsa Ivanova; Dimitar Zwiatkow

Key clients

UniCredit S.P.A.

UniCredit Bank Austria

OTP Bank

Black Sea Trade and Development Bank


Erste Bank

UniCredit Bulbank

Nordea bank


Europa Capital


Work highlights

  • Advised the OTP Bank Group on its €600m acquisition of Société Générale subs diaries SG Expressbank Group, Sogelife Insurance Company, and SG Banka Albania.
  • Provided UniCredit BulBank with full support on the disposal of a mixed €250m NPL portfolio.
  • Advising UniCredit S.p.A. and UniCredit Bulbank on the restructuring of €116m real estate financing.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s ‘knowledgeable and proactive’ banking and finance practice advises on the full spectrum of matters in the space, including syndicated financing, project and acquisition financing, issuances and, a relative rarity for the Bulgarian market, initial public offerings, which are a particular focus of practice co-head Georgi TzvetkovNikolai Gouginski is experienced in real estate financing for foreign and domestic lenders, and Vessela Stancheva-Mincheva has assisted clients including Western Union and MasterCard with compliance and regulation within the country. The firm counts CitiBank, Deutsche Bank and the EBRD among its clients.

Practice head(s):

Vessela Stancheva-Mincheva; Nikolai Gouginski; Georgi Tzvetkov


‘One of the leading practices in Bulgaria.’

Key clients


Alpha Bank A.E.


Amylum Bulgaria EAD

AP Investments AD


Barclays Capital

Blantyre Capital Limited

BNP Paribas Factor

Bohemian Financing Zrt (BoFi )

Bridge Capital

British Arab Commercial Bank (BACB)

BTC (Black Toro Capital Group)


Burgan Bank A.Ş.

Caterpillar Financial Services GmbH

China Eximbank

The Export Import Bank of China (CEXIM)

Citadel Securities Europe Limited (CSEL)


DEG Invest

Deutsche Bank AG




EMP Invest Bulgaria AD (Empower Capital Fund)



Euroclear SA/NV Brussels

European Bank for Reconstruction and Development (EBRD)

Forex Capital Markets Limited

GetBack Recovery S.R.L.

Goldman Sachs

Gradus – 1 OOD


Intersel Bulgaria EOOD


JP Morgan Europe Limited

Karsch Venture Capital

Landmark Holding AD

LAUNCHub Fund Cooperatief U.A.

MasterCard Europe SA

Mechel Carbon AG

Mechel International Holdings GmbH

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

OTP Bank Ltd.

P&S Group

PPF a.s.

Raiffeisen Bank International AG


The Black Sea Trade and Development Bank (BSTDB)

The World Bank

TRG Management LP

UniCredit Bank Austria AG

V2 Investment S.à r.l.

Visa Europe Limited

Western Union Financial Services International

Work highlights

  • Advised PPF Group on the financing of the acquisition of Telenor’s assets in Central and Eastern Europe for €2.8bn.
  • Acted as legal adviser to poultry producer Gradus -1 OOD on its €41.6m IPO on the Bulgarian Stock Exchange.
  • Acted for the Export-Import Bank of China (CEXIM) on $94m of financing provided to subsidiaries of Navigation Maritime Bulgare.

Kambourov & Partners

Kambourov & Partners provides ‘prompt and high quality’ advice across the full spectrum of banking and finance work. The team is experienced in refinancing large loan facilities and arranging project and acquisition financing, chiefly on behalf of borrowers. Proceedings arising from insolvencies and liquidations are another key strength, where it draws on the firm’s strong litigation practice.  Yavor Kambourov, who is praised for his ‘great knowledge of the market and the country’ heads the team, while Vladimir Rangeloff, whose ‘knowledge and experience are exceptional in the field’ leads on most of the team's largest matters.

Practice head(s):

Yavor Kambourov


‘Excellent team with highly professional approach to the cases.’

‘The team provides prompt and high-quality services where the motivation of the lawyers and their level of expertise are constantly expressed.’

‘I was very impressed by the team’s responsiveness, knowledge and service mindedness.’

Key clients

Ziff Ivin Associates

Bulgarian Telecommunications Company

Highgate Capital

First State Investments/ AENA

Advance Media Group

International Investment Bank

First Investment Bank





Bulgarian Industrial Engineering and Management AD (BIEM)


Impera Trading

Dedicated Property Group

Work highlights

  • Advised Highgate Capital Management LLP on the potential €80m acquisition of the Bulgarian subsidiaries of Piraeus Bank.
  • Acted for the First State Investments / AENA consortium on a potential  €600m of financing as part of its bid for the 35-year concession to operate Sofia Airport.
  • Advised Advance Media Group on securing €185m acquisition financing to buy Nova Broadcasting Group.


Very experienced, knowledgeable and superbly responsive’, the team at Kinstellar is well versed in high-value and complex cross-border financings. In one highlight, Diana Dimova led on the due diligence of Sofia Airport, including advising on the bankability of the €3.9bn Sofia Airport project. The group also advised the China Development Bank and the EBRD on making loans worth hundreds of millions of euros to Bulgarian banks in 2018 and 2019. ‘Exceptional practitionerSvilen Issaev, who heads the practice, is experienced in project financing, having advised United Bulgarian Bank as a lender, and Ecophos SA as a borrower. Senior associate Kristina Lyubenova is 'outstanding'.

Practice head(s):

Diana Dimova; Svilen Issaev


‘They are the best possible choice for a legal advisor in Bulgaria. They are great communicators and negotiators with a commercial approach. They are very detail-oriented and always provide outstanding commitment.’

 ‘A great mixture of international and local experience in banking and finance.’

‘The team is comprised of true professionals, very motivated and excited about what they do.’

‘The professionals within Kinstellar provide extensive and broad support in various areas to our company. Their reactions are quick, straightforward and the performance is outstanding.’

Key clients

Meridiam SAS

Lion’s Head Investments AD

Novenergia II Bulgaria

United Bulgarian Bank AD

Ecophos SA and Aliphos Bulgaria EAD

OTP Bank Nyrt


Mezzanine Management

Work highlights

  • Advising the winning bidder, a consortium led by Meridiam on financing for the 35-year, €3.9bn Sofia Airport  Concession.
  • Acted for Ecophos as the borrower on acquiring €131m of financing, made available by a syndicate of banks.
  • Advised Akbank T.A.Ş., one of Turkey’s biggest banks, on amending the terms of an existing €258m credit facility to Standard Profil, a Turkish automotive manufacturer with facilities in Bulgaria

Schoenherr (in cooperation with Stoyanov & Tsekova)

The Sofia office at Schoenherr (in cooperation with Stoyanov & Tsekova)  works closely with its other teams across the region, enabling it to effectively handle cross-border deals, having notably advised Société Générale on the sale of its CEE subsidiaries in 2018 and 2019. Practice head Tsvetan Krumov advised ING Bank and Raffeisen Bank on the structuring and enforcement of security arrangements and Ilko Stoyanov  is experienced in the sale of NPL portfolios. The practice also assists with acquisition financing and project refinancing, with a particular focus on structuring LMA-style loans in accordance with Bulgarian law. Key clients include UniCredit BulBank and VTB Capital plc.

Practice head(s):

Tsvetan Krumov

Key clients

Unicredit Bulbank AD

Citibank Europe Plc – Sofia branch

VTB Capital PLC (UK)

Raiffeisen Bank International AG


Work highlights

  • Advised Société Générale on the €600m sale to DSK Bank of its Bulgarian subsidiaries.
  • Acted for Debt Collection Agency EAD, a subsidiary of B2 Kapital on the purchase of a €249m NPL portfolio from UniCredit Bulbank.
  • Advising VTB Capital on the Bulgarian legal aspects of restructuring €240m financing to Viva Telecom.

Tsvetkova Bebov Komarevski

Tsvetkova Bebov Komarevski’s banking and finance practice focuses on debt and equity capital markets work, having advised Energo-Pro a.s. on a €250m secondary bond issuance, and refinanced €400m of bond issuances for a syndicate of banks. The firm is experienced in refinancing loan and credit facilities, as well as representing creditors seeking the repayment of high-value debts. Nikolay Bebov and Damyan Leshev lead the team and Victoria Tzonkova is an expert in issuances and refinancings.

Practice head(s):

Nikolay Bebov; Damyan Leshev


“One of the unique characteristics of this team is their willingness to work on innovative products and challenging questions.’

“They provided valuable support and had profound expertise.’

“Each of the members in the team has a very strong knowledge of the existing legal framework, constantly update and enhance their knowledge of the new regulations and most importantly take on new challenging questions very eagerly.’

Key clients

Balkan Advisory Company



Fourth Limited

Raiffeisen Capital Management

Société Générale

TBI Bank

U.S. Bank

Work highlights

  • Advising Société Générale as a secured creditor of €23m on the bankruptcy of Corporate Commercial Bank in 2014. The proceedings are ongoing.
  • Acted for Energo-Pro a.s. on its €250m second bond issue.  
  • Assisted Galeria Burgas, as borrower, with establishing the security under a €38m loan facility.

Wolf Theiss

Wolf Theiss advises banks and investment funds on large cross-border financings, loan facility restructurings and project finance across a variety of sectors. The firm is increasingly active in the growing Bulgarian fintech market, advising on compliance in a developing regulatory environment, and acting for banks and alternative investment funds to finance growing fintech companies, and for those companies to raise capital as borrowers. Notably, the team acted for private equity firm TPG on a €330m loan to SumUp, a fast-growing payment processing service. Clients include the United Bulgarian Bank, Sensata Technologies and Bain Capital. The practice is led by Katerina Kraeva and Richard Clegg, and senior associate Jasmina Uzova is highly rated.

Practice head(s):

Katerina Kraeva; Richard Clegg

Key clients



European Investment Bank


BNPP Cardif


Micronix Group


Ria Financial Services

UniCredit Bank AG

UniCredit Bulbank AD

UniCredit Austria AG

Visa Europe

Raiffeisen Bank

BNP Paribas

Gramercy Emerging Markets Fund

Arco Capital Corporation

European Bank for Reconstruction and Development

ERG Renew

United Bulgarian Bank

QBE Insurance Group

Piraeus Bank

Sensata Technologies Holding N.V.


Bain Capital

Work highlights

  • Advising the European Investment Bank on financing for the development of the Bulgarian-Greek gas interconnector pipeline.
  • Advising TPG, Bain Capital Credit, Goldman Sachs Private Capital, HPS Investment Partners on providing €330m of financing to Bulgarian fintech company SumUp in order to support its expansion beyond Bulgaria.
  • Assisting the Bulgarian subsidiary of SIG Air with the local law aspects of €350m loan agreements made under UK law by a consortium led by British banks.

Andrey Delchev and Partners - Eurolex Bulgaria

The team at Andrey Delchev and Partners - Eurolex Bulgaria advises lenders and borrowers on project financing, with a key focus on financing related to bids for public tenders, having acted for one of the bidders on the Sofia Airport concession. Its insurance practice is also strong: the firm assisted the Bulgarian Development Bank with introducing the concept of subrogation into Bulgarian legal practice, and acted for Eurohold Bulgaria on a €10m bond issue. The ‘exceptional’ Stoyan Barzakov  heads the practice.

Practice head(s):

Stoyan Barzakov


‘They balance the requirements of a technical legal solution with a commercial approach and ensuring that clients are fully briefed.’

‘Stoyan Barzakov enabled us to navigate many of the complexities of working in Bulgaria and provided clear and commercial legal advice.’

Key clients

American University in Bulgaria

Bulgarian Development Bank


Manchester Airport Group

National Trust Ecofund (NTEF)

Nova City Group

World Bank

Work highlights

  • Advising Eurohold Bulgaria AD on a €10m bond issue to be placed on the London Stock Exchange.
  • Acted for the Bulgarian Development Bank on the establishment of the mechanism of subrogation in Bulgarian law.
  • Provided oversight of the €20m financing of tendered projects funded by the National Trust Ecofund.

Deloitte Legal Law Firm

Deloitte Legal Law Firm handles large-scale, cross-border, and complex transactions for clients, with a particular expertise in drafting security agreements, cross-collateralisation agreements, and protections for debtors and creditors in the event of default. Drawing on the strength of its accountancy and management consultancy arms, the firm is well placed to advise on acquisitions where the acquiring or target company also needs to undergo corporate restructuring. The firm also advises on amending syndicated loan facility agreements, acquisition and real estate finance, bond issuances, and the sale and acquisition of NPL portfolios. On the regulatory side, the practice advises clients on compliance with updated AML and PSD2 legislation. Reneta Petkova and Adelina Mitkova lead the team.

Practice head(s):

Reneta Petkova; Adelina Mitkova


‘Highly experienced team with profound and long-lasting knowledge on local market, legislation, industries, and sectors.’

‘The team is very well coordinated and organized. It also has an excellent understanding of the business side of banking & finance. It has easy access to tax and finance professionals which is always an advantage in complex transactions.’

Key clients

Boulevard Bulgaria 69 EAD

Eurobank Bulgaria AD

Work highlights

  • Advised on a complex corporate retructuring for Boulevard Bulgaria 69 EAD, a real estate development company, to facilitate financing for a €185m development project.

Dimitrov, Petrov & Co

The banking and finance team at Dimitrov, Petrov & Co, which is led by the ‘impressive’ Hristo Nihrizov, principally advises on regulatory matters for high-profile clients. In 2018, the firm provided full legal assistance with setting up one of the first alternative funds for collective investment in Bulgaria and acted for clients on obtaining full-scope investment licences under MiFID II rules. The team also acts for borrowers on debt and credit restructurings as well as representing clients in proceedings brought by the Financial Supervision Commission. Pencho Stanchev, who ‘stands out’ for his ‘skills, accuracy, sharp mind and style’ is a key member of the team, and Boyana Milcheva (head of the real estate and construction practice) assists with matters related to project and real estate finance.

Practice head(s):

Hristo Nihrizov


‘I would recommend these multifaceted, reliable and client-focused lawyers to every business peer.’

‘Dimitrov, Petrov & Co are offer excellent service in practically every area of law.’

‘They always find a solution which combines legal knowledge and forward thinking.’

Key clients

Manchester Airport Group (part of Vitosha Consortium)

Vaha Trade EOOD

Neveq III


GetBack Bulgaria EOOD

Trading 212


Evrotrust Technologies AD

Telenor Bulgaria

VM Petroleum / Tradenet Varna

Work highlights

  • Advised the lenders to one of the bidders for the Sofia Airport Concession.
  • Assisted Vaha Trade EOOD with obtaining an investment licence under the new MiFID II rules.  
  • Assisted with setting up a new €25.6m investment fund, Neveq III, for collective investment by using the mechanism of an alternative investment fund.

Georgiev, Todorov & Co

Georgiev, Todorov & Co acts for banks and financial institutions in complex and high-value disputes relating to fines, insolvencies, and non-payment of receivables. Outside of its litigation work, the team provides consultancy services to investment funds and banks related to regulatory compliance and capital markets rules. Ivan Todorov leads the team, with senior associate Tsvetelina Dimitrova also noted. Borica, Bulgaria’s largest payment processing service, Black Peak Capital and First Investment Bank are among the firm’s clients.

Practice head(s):

Ivan Todorov

Key clients

Central Depositary

Piraeus Bank Bulgaria

First Investment Bank

Bulgarian-American Credit Bank

International Asset Bank

Black Peak Capital

Entrea Capital

Bulgarian Bank for Development


Bulgarian Stock Exchange

Work highlights

  • Representing  the Bulgarian Telecommunications Company in ongoing seizure proceedings worth €9m related to the bankruptcy of the Corporate Commercial Bank in 2014.
  • Representing Piraeus Bank Bulgaria in disputes regarding two insolvency proceedings in relation to Mega Mall Rousse. The claims amount to €25m.
  • Acting for Sliven Municipality in eight cases brought against it regarding financial corrections of €24m under EU-funded projects.

Penkov, Markov & Partners

Penkov, Markov & Partners has considerable expertise in banking regulation in Bulgaria, having been selected to draft the operating agreement for an investment fund financed, initially, by state and EU funds. The firm has assisted cutting-edge fintech, cryptocurrency, and payment software companies with complying with banking regulations, including with the updated anti-money laundering legislation. On the transactional side, the team assists clients with acquisition finance, real estate, and project finance for borrowers and lenders. Vladimir Penkov, Ivan Markov and Nikolay Cvetanov lead the team. Smilena Hrusanova is a name to note.

Practice head(s):

Vladimir Penkov; Ivan Markov; Nikolar Cvetanov


‘We rely on the team’s efficiency, in-depth legal advice, and analysis of the sector, which are always related to our specific needs.’

‘They understand the business climate in this field and provide practical and business-oriented legislative advice.’

‘We definitely benefit from the strong business focus of their lead partners in the sphere, as well as from their legal precision, expedient approach, and ability to work within very narrow deadlines.’

Key clients

Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB)

Paynetics AD

European Bank for Reconstruction and Development (EBRD)


MoneyGram International



Weston Growth Capital

Phyre AD

Billy UK

Industrial Capital Holding (HIKA) and M+S Hydraulic (5MH)

CEZ a.s.

Work highlights

  • Advised on the establishment and implementation of a mezzanine / growth fund by the Bulgarian Fund of Funds.
  • Advising Paynetics on EU passporting  regulations.
  • Assisting with the structuring of €14m financing to ProfiCredit Bulgaria by Dairewa Finance and Profi Funding.

Dinova Rusev & Partners

Dinova Rusev & Partners' recent work has chiefly been related to regulatory and compliance issues. The team, led by Diana Valkova, has assisted clients with becoming registered as financial institutions and adjusting to the PSD II regulations. Georgi Vladov has advised on mandates relating to project finance, complex debt restructuring, and syndicated finance for a variety of clients. Senior associate Gergana Chushkova is another key member of the team. Clients include Northrop Grumman, 3M and Sephora Bulgaria.

Practice head(s):

Diana Valkova

Key clients


Economou Shipping

Terna Energy – company of GEK Terna group

AP Retail I

Northrop Grumman

Sephora Bulgaria

Kaliakra Wind Power

Beta Property EOOD

Cash Advance Bulgaria EOOD

Imerys Minerals Bulgaria AD

Work highlights

  • Assisted Cash advance Bulgaria EOOD with registering as a financial institution.

Tocheva & Mandazhieva Law Office

The banking and finance team at Tocheva & Mandazhieva Law Office advises a number of asset management companies on their ongoing compliance with Bulgarian banking, anti-money laundering (AML), Packaged Retail and Insurance-based Investment Products regulation, and MiFID II regulations. In 2019, the firm was mandated to draft internal rules for AML compliance for the Bulgarian Association of Asset Management Companies. Transactional work includes acting for Samsung on its €80m sale of operational solar energy projects in Bulgaria, including negotiations with banks that had provided project finance in 2016. Ivana Bliznakova, a regulatory and compliance specialist, leads the team. Zhulieta Mandazhieva and Dimitar Kaldamukov have expertise in fintech and payment technologies.

Practice head(s):

Ivana Bliznakova

Key clients


Sky Asset Management Company


Elana Trading

Bulgarian Association of Asset Management Companies

Euromoney Transfer

Erol Ahmed

Work highlights

  • Assisted Samsung with its €80m sale of its photovoltaic power plants in Bulgaria, including negotiations with banks.  
  • Advising Sky Asset Management on compliance with AML and MiFID II regulations.  
  • Participated in drafting the AML Internal Rules for the Bulgarian Association of Asset Management Companies.

Tokushev And Partners Law Office

Tokushev And Partners Law Office has been heavily involved in the setting-up and ongoing operation of the Fund Manager of Financial Instruments in Bulgaria, a state-owned investment fund with €600m under management. For private clients, the firm assists with the collection of debts and receivables, regulatory compliance, and bond placements. Practice head Viktor Tokushev has expertise in assisting investment companies with AML and MiFID II compliance and Stiliyan Nedev advises on bank loans, including provision, amendment, and NPL collection. Senior associate Boris Teknedzhiev has worked on capital markets transactions, loans, and securitisation.

Practice head(s):

Viktor Tokushev


‘We find the services of Tokushev and Partners Law Office very helpful and useful.’

‘This practice is unique because of their high level of professionalism and their responsibility.’

Key clients




UD Invest Fund Management AD

IP Intercapital Markets AD

Paldin Lion Group ADSIC

Active Properties ADSIC


Sofia Commerce – Pawn Brokerage AD

IP Zagora Finacorp AD

IP UG Market AD

UD UG Market Fund Management AD




Work highlights

  • Handled the Winslow Group’s €8m bond placement.
  • Assisted with structuring the Fund Manager of Financial Instruments in Bulgaria.
  • Acted for Piraeus Bank on collecting €17m of non-performing loans since 2011.


CERHA HEMPEL Gerginov advises on cross-border financing and facility arrangements, as well as the regulatory aspects of share-option savings plans and consumer insurance products. Regulatory work includes assisting Euronet Services with the operation its network of ATMs in Bulgaria. Boyko Gerginov leads the team, which counts HSBC, William Hill, and Samsung among its clients.

Practice head(s):

Boyko Gerginov

Key clients

William Hill plc

Euronet Services

Samsung Bulgaria

Coface Finanz GmbH


Work highlights

  • Advised William Hill on a share option saving scheme.
  • Acted for Euronet Services on the establishment and operation of its ATM services in Bulgaria.
  • Advised HSBC on a €10m multijurisdictional facility agreement.

Gugushev & Partners Law Office

The 'highly reliable and trustworthy' banking and finance team at Gugushev & Partners Law Office chiefly advises on amendments to existing loan and credit facility agreements, as well as equipment financing and leasing arrangements. The firm principally acts for borrowers, advising on mezzanine facility arrangements and drafting collateral and security agreements. On the lender side, the firm notably advised Morgan Stanley on amendments to a credit facility extended to Sensata Technologies, with a global value of $2bn. Stefan Gugushev and the 'highly organised' and 'diligent' Dimitrinka Metodieva lead the team, which counts RemixGlobal and Kastmonu Bulgaria among its clients.

Practice head(s):

Stefan Gugushev; Dimitrinka Metodieva


‘We have been working with Gugushev and Partners Law Office for many years now, since the establishment of the company, and through all that time any single matter that they supported us on was handled with high level of quality and proficiency.’

‘The team is excellent in meeting tough deadlines and providing tailored solutions by acting in a highly professional manner.’

‘We were very impressed by the efficient manner they handled any and all matters we’ve assigned to them.’

Key clients

Morgan Stanley Senior Funding, Inc., USA

V&D Services Ltd., Bulgaria

Remix Global AD, Bulgaria

Kastmonu Bulgaria JSC, Bulgaria

Work highlights

  • Advised Morgan Stanley Senior Funding, Inc., on amending Sensata Technologies’ €2bn credit facility.
  • Acted for Prospect Capital JSC on providing a credit facility to V&D Services Ltd.
  • Advised Remix Global AD on amendments to a mezzanine facility agreement signed with AMC III Coöperatief U.A.

Kinkin & Partners

Kinkin & Partners has a strong track record in acting for clients seeking to recover debts and withheld funds. In addition to ongoing litigation for former depositors with the now-defunct Corporate Commercial Bank, the firm has acted for international clients whose accounts have been frozen, and for several clients seeking the release of payments made through electronic payment services. The group also advises on share acquisition finance, real estate and project finance, and amending existing loans. Adriana Nacheva leads the team.

Practice head(s):

Adriana Nacheva

Key clients

Association of the Depositors Harmed by the Corporate Commercial Bank


JLB One Power team

Laurea Ltd

Lewey Marketing Aktiengesellschaft


Wilson Workover

Work highlights

  • Acted for the Association of Depositors Harmed by the Corporate Commercial Bank.
  • Assisted Group NG Invest with the release of funds from the electronic payment services company, Leopay.  
  • Advised a client on the financing of new shares for the acquisition for Lewey Marketing Aktiengesellschaft.

Popov & Partners

Popov & Partners focuses on assisting foreign and local clients with navigating the banking and financial regulatory environment in Bulgaria, with a key focus on AML and MiFID II compliance. The firm’s work includes offering training, drafting internal rules, assisting with beneficial owner declarations, and protecting consumer privacy. The firm also handles debt recovery; it has acted for depositors in the now-collapsed Corporate Commercial Bank, and represented UniCredit Bulbank and UniCredit Consumer Financing in recovery proceedings for €11.7m of assorted overdue loans. The team is jointly led by Emiliyan Arnaudov, Sibina Eftenova , Borislava Sergieva, and Stanislav Nikolov.

Practice head(s):

Emiliyan Arnaudov; Sibina Eftenova; Stanislav Nikolov; Borislava Sergieva


‘The team is great.’

‘Emil Arnaudov stands out with his overall knowledge.’

Key clients

Unicredit Bulbank

Unicredit Consumer Financing

Huawei Technologies Bulgaria


Alpen Pharma

Odelo Bulgaria


Axereal Bulgaria

MPA Handels

Europapier Bulgaria

WSS Pleven

AIKO, part of XXXLutz

Rudolf Lesh Consulting

Gorubso – Kardzhali

WSS Burgas


Pettas Bulgaria

Dicon Group

Black sea Capital Bulgaria

Clico Bulgaria


Industrial Parts

IBS Scherer Bulgaria

ATC Access Trading and Rental

Beyond Fabrics

Valer Couching  International Industrial Services



M & K Shaydl Bulgaria

Tempus Motu

Terra Mix Bulgaria

Trio – Interactiv International

Hofer Rocket

CRA Services

Ja Ja Services De Groote

Correct Credit

Stoeva, Tchompalov & Znepolski

Within the field of banking and finance, the team at Stoeva, Tchompalov & Znepolski has a clear focus on insurance law. The firm acts for insurance claimants and insurance companies; as well as representation in court, the firm has advised the latter on mediation procedures, professional training, and anti-money laundering compliance. The team has also advised on high-value financing for M&A. Iordan Tchompalov and Irina Stoeva lead the team. Peter Znepolski has expertise in insurance law, having previously worked as an in-house lawyer for Bulstard Insurance.

Practice head(s):

Iordan Tchompalov; Irina Stoeva


‘STZ is a highly reliable firm with lawyers who understand the issues in depth.’

‘Stoeva, Tchompalov & Znepolski stand out among all legal practices in the finance and capital markets niche due to its extensive knowledge, deep understanding and on time manner with which they have handled our business needs.’

‘STZ comprises of very diligent and trustworthy lawyers with extensive legal expertise and experience, who are dedicated to providing top quality legal services to their clients.’

Key clients

Eurohold Bulgaria AD

Alfa Finance Holding AD (Bulgaria)

The Bulgarian Association of Insurance Brokers

SDI Group

UBB Insurance Broker (part of KBC group in Bulgaria)

Expat Asset Management EAD (Bulgaria)

Axion Swiss Bank SA

Dealing Financial Company AD (Bulgaria)

Bulbrokers AD (Bulgaria)

Paysera (Bulgaria)

Credissimo (Bulgaria)

Work highlights

  • Advised Eurohold on financing for its planned acquisition of ČEZ’s Bulgarian assets.
  • Advised Dechert LLP on the Bulgarian legal framework governing alternative investment funds, UCITs, and beneficial ownership disclosure requirements.
  • Advising the Bulgarian Association of Insurance Brokers on the applicable requirements of the Bulgarian Anti-Money Laundering Directive 4.