Banking, finance and capital markets in Bulgaria

Boyanov & Co.

The banking and finance team at Boyanov & Co. is especially well versed in handling financial transactions including bilateral bank loans, syndicated loans, corporate and public bond issues and M&A transactions. The firm has established strong relationships with Bulgarian and international financial institutions and corporate borrowers and has particularly strong relationships with key banks in Bulgaria, where they act as in-house legal counsel. Damian Simeonov heads the practice and has a strong track record of assisting with large financing transactions, and the team is further strengthened by Ralitsa Nedkova and Georgi Drenski.

Practice head(s):

Damian Simeonov

Other key lawyers:

Ralitsa Nedkova; Georgi Drenski


‘The team offers exceptional expertise in banking and finance matters. We have worked with them on cross-border matters, and our collaboration has been seamless. They have in-depth knowledge of the industry and can deliver excellent work even on very tight deadlines. They are very responsive, great communicators and available to discuss different opinions.’

‘Our collaboration with Damian Simeonov has always been fantastic. He is a first-rate professional, incredibly knowledgeable, and very well-respected in the market. He offers his clients an incredible blend of top-notch legal advice and strong commercial awareness and he is seen as a trusted partner by many of his peers in various jurisdictions. It is always a pleasure to work with him.’

Key clients

Eurobank Bulgaria AD


OTP Bank Plc

Česká spořitelna, a.s.

Permira Credit Limited

Truist Bank

J.P. Morgan

Wilmington Trust

Credit Suisse, Morgan Stanley

Ideal Standard Vidima AD

Citibank N.A. London

eToro Group Limited


Work highlights

  • Advised Česká Spořitelna on the Bulgarian law aspects of the financing (2022) and subsequent refinancing (2023) of a loan to Aricoma Group, part of which was used to support the acquisition of the Bulgarian leading software company Musala Soft AD.
  • Advised Eurobank S.A. and Alpha Bank S.A. on the Bulgarian law aspects of financing the acquisition by Tyrbul, a Bulgarian subsidiary of Hellenic Dairies S.A., of United Milk Company, a leading Bulgarian dairy.
  • Advised DSK Bank AD on the financing of the construction of the biggest Bulgarian solar park, located near the town of Dupnitsa, Southwest Bulgaria.


CMS is well positioned to advise on cross-border matters, and the team is frequently involved in high-profile cross-border transactions, where it draws on its knowledge of English and German law to coordinate international deals out of Bulgaria. The firm has considerable experience representing clients on both the borrower and lender side of deals, and counts international financial institutions, commercial banks, private equity firms and fintech companies among its regular clients. The team is led by Gentscho Pavlov and Dimitar Zwiatkow, who specialise in advising banking M&A transactions and large-scale portfolio transactions, and Elitsa Ivanova, who is a dual qualified Bulgarian and English lawyer and routinely advises on cross-border mandates. Further strengthening the team is head of capital markets Katya Todorova and finance expert Ivan Gergov, who made partner in July 2023. In February 2024, Konstantin Altandzhiyski joined from Wolf Theiss.

Practice head(s):

Elitsa Ivanova; Gentscho Pavlov; Dimitar Zwiatkow

Other key lawyers:

Katya Todorova; Ivan Gergov; Konstantin Altandzhiyski


‘Highest professional standard applied consistently by team on the ground.’

‘Quick access to specialised knowledge and expertise.’

‘Very strong customer relationship.’

‘Consistently demonstrating quality and highest professional standard.’

‘Partner availability and engagement is outstanding.’

Key clients

Atradius Collections


DSK Bank

Erste Bank der österreichischen Sparkassen AG

UniCredit S.p.A.

Work highlights

  • Advising B2 Holding ASA, a leading pan-European debt company, on a number of structuring and servicing issues, related to a financing in the form of issuance of senior notes.
  • Advising Erste Bank der österreichischen Sparkassen AG in connection with the EUR 47 million financing of a shopping mall located in Sofia.
  • Advising Atradius Collections BV, a Netherlands-based debt collection services company, on the acquisition of the Bulgarian subsidiary of Pro Kolekt, a Slovenian-based debt collection company.

Djingov, Gouginski, Kyutchukov & Velichkov

Banks, financial institutions, strategic investors, private equity and venture capital funds regularly turn to the practice at Djingov, Gouginski, Kyutchukov & Velichkov for advice on secured transactions and corporate finance, debt restructuring, capital markets, the regulation of financial and investment services and bonds issuances, among other matters. The team is led by Nikolai Gouginski, who excels in cross-border lending; Georgi Tzvetkov, who is a key name for transactional and regulatory matters; Kaloyan Krumov, who has strength in project and acquisition finance; and Gergana Monovska, who provides transactional and regulatory support in the capital markets area. Valentin Bojilov further strengthens the team with his experience in lender and borrower financing transactions.

Practice head(s):

Nikolai Gouginski; Georgi Tzvetkov; Kaloyan Krumov; Gergana Monovska


‘The teams I had the pleasure to work with demonstrate a high level of expertise and work hard to understand the exact needs, expectations and goals.’

‘Gergana Monovska and Georgi Tsvetkov: the standards and know-how in terms of both pure legal understanding and project management are on a world class level.’

Key clients

BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE and UniCredit Bank AG

United States International Development Finance Corporation and Citibank, N.A. in New York

Silverline Partners – Fund LP

UniCredit Bulbank AD, DSK Bank AD and United Bulgarian Bank AD


PIMCO Europe Limited


TELUS International (Cda) Inc

Unicredit Bulbank AD

ICBC International Finance Limited

UniCredit Bank Austria AG

Work highlights

  • Advised the Joint Lead Managers BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE and Unicredit Bank AG on the Bulgarian law aspects of the update of the Republic of Bulgaria’s Global Medium Term Note Programme and the concurrent Republic of Bulgaria’s issuance of EUR 2.250 billion sovereign bonds in 2022.
  • Advising the lenders on additional financing of Ceres Pharma NV and its corporate group in connection with the acquisition of the group by Naxicap by providing EUR 31 000 000 incremental facility resulting in an increase of the total amount of financing to EUR 126 000 000.
  • Advised a syndicate of three of Bulgaria’s largest banks – Unicredit Bulbank AD, DSK Bank AD and United Bulgarian Bank AD – in relation to the financing of MAXCOM EOOD, Chipolino EOOD and MAXBIKE EOOD.

Eversheds Sutherland

Eversheds Sutherland is well known in the market for its capital markets practice and additionally has a well-regarded financial regulatory offering. The firm advises clients including banks, asset management firms and other financial institutions. Nikolay Bebov and Damyan Leshev are the practice co-heads, while Victoria Tzonkova provides further support in project financing and litigation in the banking space.

Practice head(s):

Nikolay Bebov; Damyan Leshev

Other key lawyers:

Victoria Tzonkova; Petar Ivanov

Key clients

4finance Group, including TBI Bank

Allianz Bank Bulgaria, part of Allianz Group

Bulgarian-American Credit Bank

Blockchain.BG/Human Liberty

Dronamics Global

Energo-Pro a.s.

European Bank for Reconstruction and Development

Ferratum Bank, Malta; Ferratum Bulgaria; Ferratum/Multitude Group

First Investment Bank AD

KBC Group, including KBC Asset Management N.V. and United Bulgarian Bank

MK Brokers AD

Ministry of Finance of the Republic of Bulgaria

Raiffeisen Asset Management

Raiffeisen Capital Management

Smart Fund Asset Management EAD

Société Générale

Work highlights

  • Advised Energo-Pro a.s. and its subsidiary Energo-Pro Varna EAD, a guarantor under the bonds, on all Bulgarian law aspects of the issuance of €300,000,000 4.262 per cent. guaranteed notes due 2035.
  • Acted as single transaction counsel on the first tranche of €10,000,000 out of €70,000,000 in total MREL bonds issued by TBI Bank EAD.
  • Acted as single transaction counsel on the €39,500,000 MREL bonds issued by Allianz Bank Bulgaria on 30 March 2023.


Kinstellar covers a broad scope of work, including financing, payments and fintech advice, support with regulatory and compliance questions, as well as transactional work. International financial institutions, development banks, fintech companies as well as payment service providers entrust the team on a wide spread of work. Svilen Issaev has particular experience representing lenders and borrowers in complex financing transactions and leads the Sofia practice, and Diana Dimova is head of the firm-wide financial institutions group and advises on a range of corporate matters. Denitsa Kuzeva is another key name in the banking and finance department.

Practice head(s):

Svilen Issaev

Other key lawyers:

Diana Dimova; Denitsa Kuzeva


‘Consistently high level of service provided by the team.’

‘Good depth of the team with a broad expertise and ability to handle complex matters.’

‘Always thoughtful and very responsive, on top of the detail while at the same time maintaining a strategic view and practical guidance.’

‘Strong practitioners both from a technical as well as practical perspective.’

‘Diana Dimova: brings commercial acumen and the level of advice needed at any given stage in an instruction. Provides excellent service and understands the industry well. Proactive, tenacious and extremely hard-working.

‘Svilen Issaev  provides clear and pragmatic advice. Comes in with a great understanding of clients’ needs, offering very user-friendly advice. Up-to-date knowledge on all key regulatory issues. Very hands-on and solutions-oriented.’

‘Robust cross-border banking and finance expertise with immense experience on the market. The team includes lawyers who are the first ones on the market to test and close large-scale financing despite various local legal and other challenges and to pave the pathway to further transactions.’

‘Denitsa Kuzeva is always there for her clients and is always on top of things.’

Key clients


United Bulgarian Bank

European Bank for Reconstruction and Development


Lion’s Head Investments AD

European Investment Fund

SOF Connect

European Investment Bank

First Investment Bank

Work highlights

  • Advised United Bulgarian Bank on the merger of KBC Bank Bulgaria EAD (ex Raiffeisenbank (Bulgaria)) with United Bulgarian Bank (UBB – the Bulgarian subsidiary of KBC Bank).
  • Advised the European Bank for Reconstruction and Development on several loans to water utility companies under the EUR 200 million Bulgarian Water Sector Financing Framework.
  • Advised Lion’s Head Investments on the refinancing of investment loans by UniCredit Bulbank, provided to Polygraphia Office Centre and Megapark.


The team at Schoenherr advises financial institutions, corporate clients and regulatory bodies on a range of complex mandates. The team covers the full range of financial services, with its strengths lying in high-end financial regulatory work, transactional advice and in project and acquisition finance. The firm increasingly works with international fintech companies. Practice head Tsvetan Krumov advises banks and other financial institutions on regulatory matters, and is supported by Milena Gabrovska, who is well versed in domestic and cross-border transactions, and Kristina Lyubenova, who supports private investors and financial institutions with project financings and transactions.

Practice head(s):

Tsvetan Krumov

Other key lawyers:

Milena Gabrovska; Kristina Lyubenova


‘The team at Schoenherr demonstrated exceptional expertise and collaboration in a complex transaction. ’

‘The individuals I had the chance to work with displayed remarkable skills and dedication. ’

Key clients


Raiffeisen Bank International AG (RBI)

Capital One Financial Corporation

MET Group

Citibank Europe Plc (Bulgaria Branch)

ING Bank NA – Bulgarian branch

UniCredit Bulbank AD, Bulgaria

Credit Suisse

ProCredit Bank AG

European Bank for Reconstruction and Development

China Development Bank

United Group


Société Générale Group

European Investment Bank

J.P. Morgan Securities plc

Ares Management Limited

Business Park Sofia EOOD

OTP Bank Plc, Hungary

Work highlights

  • Advised United Group on ca EUR 2bln notes issuances.
  • Advised the EBRD, the Ministry of Finance of the Republic of Bulgaria and DG REFORM of the European Commission on a one-year landmark legislative project assisting the Bulgarian Ministry of Finance with the preparation and adoption of a comprehensive legal framework for close-out netting in Bulgaria.
  • Advised RGREEN Invest SAS on EUR 140m equity investment on a joint venture in the legal form of an Austrian limited liability company (GmbH).

Wolf Theiss

Wolf Theiss‘ team provides expert advice on strategic investments and funding initiatives for financial institutions and private equity funds, as well as assisting with domestic and cross-border financing transactions, and providing regulatory advice to banks and fintech companies. Katerina Kraeva, who advises on acquisition finance, project finance and restructuring,  jointly leads the team with Richard Clegg, who has extensive expertise in transactions in the technology and regulated sectors, and often represents funds, founders and blue-chip corporates. Ivan Mangatchev has expertise in regulatory issues in the European financial sector.

Practice head(s):

Katerina Kraeva; Richard Clegg

Other key lawyers:

Ivan Mangatchev; Jasmina Uzova; Irina Dekova; Ivan Ivanov


‘The team is great – we’ve always received swift and reliable assistance.’

‘Katerina Kraeva and Ivan Ivanov are our regular advisors for Bulgarian local law matters. They’re both great.’

‘Wolf Theiss Bulgaria is among the best law firms in Bulgaria, as I have personally worked with most of them. Very committed and knowledgeable in the IT industry, great integrity and personal attitude. ’

‘Richard Clegg and Ivan Ivanov – both a pleasure to work with.’

‘A well structured team of international and local experts in Sofia and extremely high competency on an extensive number of fields. ’

‘Katerina Kraeva is a reputable, eagle-eyed, highly-responsible expert who manages very efficiently the local teamwork and work flow.’

‘Ivan Mangatchev is an excellent lawyer renowned for his unwavering dedication to clients. Diligent and hard-working, he consistently provides top-notch legal advice tailored to his clients’ specific needs. Ivan’s commitment to client satisfaction and his meticulous approach make him a trusted advisor in the fields of banking and finance.’

Key clients


BNP Personal Finance

Belozem Solar Park 3


Supplier Plus



JP Morgan Securities

UniCredit Bulbank

DSK Bank


Apollo Global Management

Work highlights

  • Advised the International Finance Corporation (IFC) on the acquisition of a minority stake in Bulgaria’s largest pension insurance fund, Doverie.
  • Advised BNP Paribas on the sale of its personal finance leg to Eurobank Bulgaria.
  • Assisted in the development of Bulgaria’s largest photovoltaic energy park so far, Belozem 3, from every possible angle, including with the EUR 125 million financing.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co is engaged by companies and public institutions from the real estate, construction, telecoms and energy sectors to handle a range of matters, including regulatory issues, and project and asset financing, as well as debt restructuring and insolvency questions. Practice head Hristo Nihrizov has expert knowledge of payment services and banking and finance matters, and has a track record handling digital transformation projects. Alexander Todorov and Pencho Stanchev further strengthen the team and are involved in litigation work.

Practice head(s):

Hristo Nihrizov

Other key lawyers:

Alexander Todorov; Pencho Stanchev; Donka Stoyanova


‘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.’

‘Hristo Nihrizov has a strong record of managing financial projects and is highly committed to delivering the best possible results for the client. He has a tremendous amount of experience and is one of the best attorneys I have worked with.

‘Pencho Stanchev: it is always a pleasure working with him. He never fails to amaze, respects the deadlines and holds up to the highest standards of the profession.’

‘Alexander Todorov is another accomplished attorney from DPC, 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 is quite diverse consisting of lawyers with different background and experience. They work seamlessly as a team and are very efficient.’

‘Hristo Nihrizov is leading the team with confidence and care. Hristo often works on multiple projects simultaneously and always complies with deadlines. He is skilled negotiator who can find common ground and reach favorable settlements for us.’

‘Pencho Stanchev also deserves to be praised for his impeccable reputation, knowledge and experience with complex projects.’

‘The banking and finance team of DPC is very well-prepared and reliable. They know our industry specifics in detail which saves a lot and time and efforts and allows them to provide tailored advice. Their response time never exceeds 24 hours and they have the right experts to answer all our questions.’

Key clients

Alpiq Energy SE

Black Sea Property SA

New Capital Management

United Bulgarian Bank

BlockChain Tech

VM Petroleum/Tradenet Varna

J investment

Pilco (part of Ameta Holding)



Networx Bulgaria

Work highlights

  • Advised Black Sea Properties AS on EUR 10 million bridge financing.
  • Advised Evrotrust Technologies on obtaining EUR 2,5 million capital investment from the Capital Investments Fund, a company which is part of the Bulgarian Development Bank.
  • Advising New Capital Management on the acquisition of a company from the portfolio of the Eurobank Bulgaria.

Georgiev, Todorov & Co

The team at Georgiev, Todorov & Co specialises in insurance and reinsurance matters, including insurance transactions and disputes, but it is also well versed in debt finance, capital markets and the implementation of payment services. Among its regular clients are asset and wealth management companies, tech companies and banks. Arno Mamasyan heads the practice and is especially experienced in litigation and EU regulations pertaining to banking. Tsvetelina Dimitrova and Miglena Peneva provide further support.

Practice head(s):

Arno Mamasyan

Other key lawyers:

Tsvetelina Dimitrova; Miglena Peneva; Yasen Nikolov


‘We are very satisfied with the consultancy received by Georgiev, Todorov & Co. I am confident to say that the firm has a strong banking and financial practice and we are happy that we have chosen the law firm as our legal advisor.’

‘One of the strengths of the firm in my opinion is the team of professionals. The firm has all tools to provide excellent legal services.’

‘The whole team of Georgiev, Todorov & Co. is outstanding.’

‘Tzvetelina Dimitrova is an amazing lawyer with strong knowledge on banking & finance, competition law and intellectual property. I would like to recommend her in all these three practice areas, as it is a pleasure working with her. Not only an outstanding professional, who has been providing excellent legal services but also a great person with a friendly attitude.’

Key clients

Agricultural State Fund

Sliven Municipality

Bulgarian Posts JSC


Belozem Solar Park 3 Ltd.

Silistra Municipality

International Asset Bank

OZK Insurance

Pro Trade Finance Consult LTD

Galabovo Solar BG Ltd.

Work highlights

  • Advised the Sliven Municipality in relation to an appeal of six financial corrections imposed under the Regional Development Program regarding the awarding of a public contract.
  • Advised Galaxy RE and Galabovo Solar BG on the procedure for obtaining licenses for the activity production of electricity for photovoltaic power plants with total capacity of 300 MW, which included the approval of loan agreements by the Energy Commission with the total amount of more than EUR 175 million.
  • Advised the International Asset Bank in cases such as cancellation of deals for transfer of properties which the bank has acquired on the grounds of execution of special pledges established in favour of the bank, going concern pledges and more.

Kambourov & Partners

Kambourov & Partners' practice includes advising on cross-border financing, banking and capital markets regulatory advice as well as assisting with syndicated family arrangements, public and private bond placements and in cases of insolvency. The practice, which counts major creditors, banks and financial institutions in its client roster, is led by Yavor Kambourov, who has significant expertise in banking insolvency cases and is further supported by Vladimir Rangeloff and Ivo Alexandrov.

Practice head(s):

Yavor Kambourov

Other key lawyers:

Vladimir Rangeloff; Ivo Alexandrov


‘Highly professional, prompt and kind. They have a lot of experience and knowledge of the filed. ’

‘Great expertise, complex solutions. ’


‘Strong and accessible team of sharp legal minds’

‘Vladimir Rangeloff: accessibility and 360 degrees approach of all legal issues’

‘Kambourov & Partners’ banking, finance and capital markets team is extremely experienced, knowledgeable and has a problem-solving approach to complex transactions. ’

‘Ivo Alexandrov is highly skilled lawyer, a problem-solver and very responsive.’

Key clients

UniCredit SpA, UniCredit Bulbank, Allianz Bulgaria, United Bulgarian Bank

Viva Corporate Bulgaria

Cloud Investment Partners LLLP & CFM56-7B LLC



Chailease Leasing

Digitall Nature GmbH

Radina House EOOD

Asset Plus

Crowd Credit

Work highlights

  • Advised UniCredit SpA, UniCredit Bulbank, Allianz Bulgaria, United Bulgarian Bank on the local aspects of syndicated loan facilities for The Rohatyn Group for the purpose of financing their acquisition of the Bulgarian e-bike business, Leader 96.
  • Advised on Viva Corporate’s acquisition financing of Bulsatcom.
  • Advised Rothschild with regard to the financing of several renewable energy projects to be developed by United Group.

Penkov, Markov & Partners

The ‘knowledgeable and experienced’ team at Penkov, Markov & Partners works with various financial and credit, e-money and payment institutions on a wide array of regulatory issues. Practice co-heads Nikolay Cvetanov and Ivan Markov have extensive experience in the field of banking and finance and capital markets.

Practice head(s):

Nikolay Cvetanov; Ivan Markov

Other key lawyers:

Vladimir Penkov; Milena Gaidarska; Asen Apostolov


We have very good cooperation with the team as our long-term lawyers. They have long-term experience both in private and bank financing and help with structuring negotiations and security packages. We always recommend them to our partners when they seek legal advice.’

‘Milena Gaidarska is familiar with the conditions and requirements of the major banks in the sector and also knows their senior legal and financial officers which speeds up and facilitates the negotiations and closing of the deals. She is very reputable and easy to work with.’

‘They are patient, professional, rigorous. We had a great cooperation with Ivan Markov.’

‘Their law office has a very experienced financing team with coverage of any type of financing. They have done some very big deals in the sector and their name also helps facilitate the closure of financings, as the counter-parties consider them reliable and professional lawyers that aim to make a deal and not to delay it.’

‘Nikolay Cvetanov is the leading lawyer – knows the sector very well, analyses the case at hand not only from legal, but also from business perspective. Regularly applies innovative approach as regards various legal matters.’

‘The team leader – Nikolay Cvetanov is a lawyer we have worked with for many years and we are more than satisfied with the service provided. He is well known in the sector, very knowledgeable and knows the market perfectly. We always receive business wise advice from him which is paramount for our company. In terms of organizing the work under assignments he is second to none.’

‘Asen Apostolov is very knowledgeable, responsive, pays attention to every detail and we feel we are in safe hands with him.’

‘Asen Apostolov is very efficient, has a very good knowledge on the legal framework and the latest developments.’

Key clients

Allianz bank bulgaria ead




Pac doverie

Paynetics ad

Arteks engineering ad

Moneygram international

Eurostar eood

Infinity capital ad

Gurmazovo house eood


China development bank

Multitude bank p.l.c.

Unilink s.a.

Pfs card services ireland / eml payments

Ferratum bulgaria eood

Work highlights

  • Advised Allianz Bank Bulgaria AD in relation to their factoring model, including innovative provision of the service through a mobile application.
  • Advised Binance on variety of matters, including the applicability of the new Regulation (EU) 2022/858 on Distributed Ledger Technology Market Infrastructures (“the DLT Regulation”).
  • Advised ATBIH GmbH on the sale of a minority stake (less than 10%) in the capital of the biggest Bulgarian Pension Fund – Doverie.

Andrey Delchev and Partners - Eurolex Bulgaria

The team at Andrey Delchev and Partners - Eurolex Bulgaria has a strong track record handling the financing of large-scale infrastructure projects, and has particular expertise devising financing structures for sustainable energy projects as well as supporting, among others, construction and mining clients during financial transactions. Stoyan Barzakov leads the practice and focuses on infrastructure, PPP and project finance legal work. Vesselin Sharov joined the firm as a senior associate from the European Parliament in 2023.

Practice head(s):

Stoyan Barzakov

Other key lawyers:

Andrey Delchev; Vesselin Sharov

Key clients

Trace Group Hold

Asarel Medet Group

Bulgarian Development Bank

World Bank

National Trust EcoFund (NTEF)

Ministry of Regional Development and Public Works

Public Enterprise Vodovod & Kanalizacija – Skopje (the WSS Company in Skopje, Macedonia)

Work highlights

  • Advised the Bulgarian Development Bank regarding the collection of its receivables arising out of bank guarantees already paid out to beneficiaries of the “Guarantee Fund for Micro Credit”, including on the mechanism of subrogation in Bulgarian law.
  • Advised National Trust EcoFund on public procurement and competition law matters related to environmental projects financed under NTEF’s grants scheme.
  • Provision of legal assistance to the Ministry of Regional Development and Public Works in the administration of signals for irregularities under the Operational Program “Regions in Growth” 2014-2020 and in the process of imposing financial corrections in relation to public procurements.

Deloitte Legal Law Firm

Deloitte Legal Law Firm covers the full array of banking and financing matters and has notable specialisms in bilateral and syndicated financing, transfers of loan portfolios, alternative financings and restructuring, alongside regulatory compliance matters. Adelina Mitkova concentrates her practice on transactional and regulatory banking and finance for corporate clients, banking and non-banking institutions and is supported by Konstantin Ivanov.

Practice head(s):

Adelina Mitkova

Other key lawyers:

Konstantin Ivanov

Key clients

The European Bank for Reconstruction and Development

Eurobank Bulgaria

Work highlights

  • Advised in respect of the amendment of an unfunded risk participation agreement with a major Bulgarian bank and review of subjoin templates and specific subloans.
  • Provided legal due diligence and transactional support on the acquisition of the Bulgarian retail banking business of a French bank operating in Bulgaria through a branch.
  • Advised the lender under Bulgarian, English and Cypriot law on the amendment and restatement of the existing facility agreement with a major shopping mall owner.

Ernst & Young Law Partnership

Ernst & Young Law Partnership cover a broad scope of work within the banking and finance area, including cross-border financing agreements, completing loan documentation and advising during M&A transactions in the finance sector where the team frequently assist banking clients and financial institutions. Practice head Rebeka Kleytman is well versed in M&A transactions and is supported in the team by Svetlin Adrianov, who often advises on privatisation transactions. Ana Petrova is another key name and is able to draw on her previous experience with the United Bulgarian Bank.

Practice head(s):

Rebeka Kleytman

Other key lawyers:

Svetlin Adrianov

Key clients

Endurosat AD

Cash Credit Group

European Investment Bank (EIB)

Monica Cirronis

HRM Solutions

Central Cooperative Bank AD

American Express Payments Europe S.L

BNP Paribas S.A. – Sofia Branch


International Finance Corporation (part of World Bank Group)

Work highlights

  • Advised EnduroSat EAD on the process of a global restructuring of the group.
  • Advised Cash Credit on the acquisition of 100% of the ownership of the group by the minority shareholders.
  • Provided legal support and prepared the risk assessment for 2020-2021 for money laundering and terrorist financing risks for the Central Cooperative Bank AD.

Stoeva, Tchompalov & Znepolski

Boutique firm Stoeva, Tchompalov & Znepolski houses a team of ‘experienced and knowledgeable’ lawyers, namely Iordan Tchompalov who has considerable experience in capital markets and finance, as well as expertise in security law, and leads the practice alongside Irina Stoeva, who has strength in insurance litigation. The team covers a broad range of capital markets, banking and insurance matters often in a cross-border context, where the firm acts as local counsel. Natalia Yordanova and Peter Znepolski are other key names.

Practice head(s):

Iordan Tchompalov; Irina Stoeva

Other key lawyers:

Natalia Yordanova; Peter Znepolski


‘Peter Znepolski and Irina Stoeva. Great experts in their field whom you can trust to advise you on the best decision and see this through.’

‘Stoeva, Tchompalov & Znepolski is a highly reliable firm with very experienced partners who have profound understanding of the issues they are dealing with. The firm is my first port of call for all legal requirements in the area of the insurance regulation. Communication is always quick, clear and concise.’

‘The Stoeva, Tchompalov & Znepolski team is well organised, responsive, and coordinated, with good market understanding, especially in the context of cross-border transactions. Irina Stoevas’ expertise in insurance business, client care and delivering excellent solutions set her apart from her peers. Iordan Tchompalov is also a great professional with a problem-solving mindset.’

‘Excellent knowledges of several industries: Banking and Finance, Insurance and Energy.’

‘Natalia Yordanova is an excellent lawyer. She is highly respected among local investment community for her successes in challenging before court regulatory penalties and compulsory measures.

‘Iordan Tchompalov is a highly respected lawyer with deep understanding of the capital markets and banking law.’

‘Team is highly professional and up-to-date with relevant market practices. They are also very flexible with a constructive, can-do attitude.’

‘The partners are highly skilled in their areas, providing precise and business-oriented solutions.’

Key clients

Eurohold Bulgaria AD

Texim Bank AD (Bulgaria)

Electrorazpredelitelni Mreji Zapad (Bulgaria)

Euroins Insurance Group (Bulgaria)

Insurance Company Armeec (Bulgaria)

UniCredit Bulbank (Bulgaria)

Varengold Bank AG

International Investment Bank (Hungary)

The Bulgarian Association of Insurance Brokers

AVUS Bulgaria International Claims Handling

AXA (Belgium)

SDI Group

Dealing Financial Company AD (Bulgaria)

Investment Firm Bulbrokers AD (Bulgaria)

EuroFinance Investment Firm (Bulgaria)

FFBH Asset Management (Bulgaria)

Investment Firm Real Finance AD (Bulgaria)

Alteron REIT (Bulgaria)

Invest Capital Asset Management EAD (Bulgaria)

Work highlights

  • Advised Eurohold Bulgaria as a local counsel assisting Morrison & Foerster (London) in relation to the €40,000,000 Facility Agreement dated 9 December 2022 between, among others, Eurohold, as borrower and JP Morgan as Arranger, Agent, Calculation Agent.
  • Acted as local counsel assisting Dechert LLP (London) in relation to a consent solicitation and offer to the current holders of the outstanding €70 million 6.500% Notes due 7 December 2022 issued by Eurohold.

Tokushev And Partners Law Office

Tokushev And Partners Law Office is recognised for the depth of its expertise in the capital markets space, where the team advises on capital market transactions, IPOs, financing and regulatory matters for banks, financial institutions, public companies and venture capital funds. Practice co-heads Viktor Tokushev and Boris Teknedzhiev cover the regulatory aspects of capital markets.

Practice head(s):

Viktor Tokushev; Boris Teknedzhiev


‘Great talent density, deep industry and legal know-how, commercial and proactive approach is what make this amazing team of well-established lawyers stand out from the crowd.’

‘Viktor Tokushev – a lawyer that you want by your side in all types of commercial negotiations and disputes in Bulgaria.’

‘Boris Teknedzhiev – a young partner with a bright future.’

‘I find the services of Tokushev and Partners Law Office very helpful and useful. Tokushev and Partners advise on a day-to-day basis. As strengths and key capabilities, we could name their strict professionalism, ability to deal with high volume of work and flexibility.’

Key clients

Telematic Interactive Bulgaria

United Bulgarian Bank AD

Bulgarian Development Bank AD

Invest Fund Management AD

Intercapital Markets AD

Capital Investments Fund AD

Intercapital Property Divelopment (REIT)

Zagora Finacorp

BGI Group

Sofcom AD

Aktiv Properties REIT

Rak 2019 AD

Work highlights

  • Advised INStinct EAD a part of the Management Financial Group (MFG), on the issuance of an insurance license under the Solvency II framework.
  • Advised Telematic Interactive Bulgaria AD, the first public Bulgarian company in the gaming industry, on day-to-day compliance matters in the capital markets field and regulations of transactions worth more than EUR 18,3 M.
  • Advised Sofia Commerce Pawn Shops SA in connection with the IPO on the Bulgarian SME growth market Beam of its subsidiary IpoTech, with which the company raised over BGN 2.4 million from investors – via preferred shares with a guaranteed dividend.


CERHA HEMPEL Gerginov is well regarded for its capital markets expertise. Other matters that the practice covers include assistance with designing and implementing facility agreements and cross-border financings across a variety of sectors. Boyko Gerginov advises on Bulgarian banking and finance transactions, with a focus on the IT sector.

Practice head(s):

Boyko Gerginov


‘Boyko Gerginov stands out as one of the best lawyers in Bulgaria. He provides top notch advice and has a pragmatic hands on approach.’

Key clients

Hewlett Packard Enterprise

Barclays PLC and Barclaycard International Payments Limited

Thyssenkrupp AG


Euronet Services, Euronet 360 Finance Limited

Samsung Electronics

Work highlights

  • Advise Barclays PLC and Barclaycard International Payments Limited in relation to merchant acquiring regulatory aspects and in relation to on boarding various large-scale clients.
  • Advised the thyssenkrupp AG in relation to the sale of its worldwide plant technologies business including in relation to an internal corporate financing of one of the targets via share capital increase for the purposes of re-financing
  • Advise Euronet Services and Euronet 360 Finance Limited on regulatory aspects, including in relation to direct access fees in relation to ATMs in Bulgaria, reporting requirements of the Bulgarian National Bank and on the contractual setup with a local Bank.

Kinkin & Partners

Kinkin & Partners' broad expertise covers all types of financing, alongside this, the firm regularly advises on debt restructurings, regulatory procedures, banking transactions and is involved with innovative financial technologies. Adriana Nacheva heads up the team and and advises clients across a broad range of areas.

Practice head(s):

Adriana Nacheva


‘The financial team at Kinkin & Partners is well-functioning and responsive. They are always ready to assist and contribute to the goals of our company.’

‘For each of our cases a team of professionals is appointed. The individuals are experts in their field. The perfect correspondence between the different teams makes the lawyers familiar with our overall business.’

Key clients

Association of the Depositors Harmed by the Corporate Commercial Bank JSC, Karifert International S.A.L., Trans Balkani Ltd., AST Sofia Ltd., Linex Ltd, Palladium Ltd.

B Plus Ltd.

Casa Chic

EFACEC Engenharia e Sistemas, S.A.

Real Fruit ltd.

Showroom Ltd.

Work highlights

  • Advised a client on a contribution of receivables, amounting to EUR 20000000.00 and following this represented him in the negotiations with potential investor for buying the business.
  • Advised the client in connection with an unjustified request for payment under bank guarantee for EUR 500000.00.
  • Represented the client in connection with the financing of a photovoltaic power plant for expansion of their business.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners represent local banks and other non-banking institutions with financing projects, financial corrections and transactions while also representing clients in administrative proceedings before court. The practice is led by Sibina Eftenova.

Practice head(s):

Sibina Eftenova


‘They are highly professional and are easy to collaborate with.’

‘Very responsible individuals.’

Key clients

Botevgrad municipality

Burgas Water and Sewage ЕАD

Ministry of Regional Development and Public Works

Angelchev Ltd.

Sirma Group Holding

UniCredit Bulbank

UniCredit Consumer Financing EAD

Bulgarian Export Insurance Agency