Next Generation Partners

Banking, finance and capital markets in Bulgaria

Boyanov & Co.

The banking and finance practice group at Boyanov & Co. advises large-scale financial institutions and corporate borrowers on a range of complex mandates. The team’s work portfolio includes advice on a range of financial transactions, including bilateral bank loans, complex syndicated loans, and both corporate and public bond issues. Notable also is the team’s work in emerging sectors, such as fintech, with its client base including Payhawk, Bulgaria’s first unicorn start-up. Key practitioners include head of practice Damian Simeonov, who is praised for his ‘huge knowledge and great advice’. At associate level, Ralitsa Nedkova and Georgi Drenski provide additional support on high-value financial transactions.

Practice head(s):

Damian Simeonov

Other key lawyers:

Ralitsa Nedkova; Georgi Drenski


‘They’re very business-oriented. Timely and on-point with their advice. They can be relied upon at short notice. Everything that you could wish in top-tier lawyers.’

‘Damian Simeonov is a partner with huge knowledge, great advice and great time management. Ralitsa Nedkova is a senior associate who is very competent and always has timely responses.’

Key clients

European Investment Bank

J.P. Morgan

Wilmington Trust

Credit Suisse, Morgan Stanley

One Telecommunications Sh.a.

Eurobank Bulgaria AD

Ideal Standard Vidima AD


eToro Group

Bullish (GI)

Barclays Bank


DSK Bank

OTP Bank

Truist Bank


Work highlights

  • Advised J.P. Morgan, BNY Mellon Corporate Trustee Services, and DSK Bank on €360m facilities to Eastern European Electric Company.
  • Advised Cogito Capital II, Limited Partnership and Cogito Capital Fund II Management in relation to the financing of Global City Holdings.
  • Advised Alaric Securities as adviser to Prudentia on the issuance of up to €70m notes secured by two aircraft.


CMS covers all corners of banking, finance and capital markets with expertise in both domestic and cross-border matters. The team demonstrates its versatility by frequently acting on both borrower and lender-side mandates and has established strong relationships with international financial institutions, commercial banks, private equity funds and financial service providers. Stand-outs from the firm’s extensive client base include the EBRD and UniCredit Bulbank. Elitsa IvanovaGentscho Pavlov and Dimitar Zwiatkow have strength in financing. Katya Todorova is a key name at associate level as head of capital markets and an experienced practitioner in the space. Ivan Gergov is also noted.

Practice head(s):

Elitsa Ivanova; Gentscho Pavlov; Dimitar Zwiatkow

Other key lawyers:

Katya Todorova; Ivan Gergov


‘Excellent team organisation and collaboration, alongside attention to detail and protecting client’s interest to the highest professional level’

‘Excellent expertise in banking, finance and capital markets transactions. Ability to swiftly bring in experts and incorporate inputs from other parts of the CMS practice when it comes to specific requests outside of core competence.’

‘Highly capable and experienced individuals across different seniority levels, accessible and able to deliver against tight deadlines’

‘We consider CMS’ banking team in Sofia the perfect legal partner for us. Their in-depth knowledge and expertise are very valuable to us when we structure complex finance deals. CMS and the banking team in particular are very good in what they do and have exceptional legal expertise. What really matters for us is that CMS looks not only from the legal perspective of issues, but also from business perspective. We are happy to have such a reliable partner.’

‘Elitsa Ivanova is an exceptional professional. She is qualified both as a Bulgarian lawyer and also as an English lawyer and has vast experience in the structuring of complex financial multinational transactions Elitsa is always a step ahead in identifying and solving crucial issues related to financing transactions. We fully rely on her advice. Working and communication with Elitsa is easy and she has always ensured top quality legal advice.’

Key clients

European Bank for Reconstruction and Development (EBRD)

UniCredit Bulbank


DSK Bank

Erste Bank

Bits of Gold


Work highlights

  • Advised EBRD on amendments and extension of their €116m term loan facility for CEZ Distribution, after Eurohold’s acquisition of the Bulgarian entities of CEZ and the syndicated acquisition financing that was signed in parallel.
  • Provided regulatory and commercial advice for the operations of Credissimo, a consumer finance group in Bulgaria.
  • Advised B2 Holding on a multitranche financing facility, consisting of €220m senior notes, €160m mezzanine notes, and €160m junior loans.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov houses a considerable team of experienced practitioners. The team’s workload includes secured transactions and corporate finance, debt restructuring, bond issuances, debt instruments and regulatory issues, among others. Its client base includes major international financial institutions and global payments companies. Nikolai Gouginski, head of the project finance and international lending practice groups, co-leads the banking and finance team in conjunction with capital markets head Georgi Tzvetkov. At the associate level, Gergana Monovska provides additional support on transactional and regulatory matters.

Practice head(s):

Nikolai Gouginski; Georgi Tzvetkov; Kaloyan Krumov; Vessela Stancheva-Mincheva

Other key lawyers:

Gergana Monovska

Key clients

Metric Capital Partners

PIMCO Europe Limited

UniCredit Bulbank

DSK Bank

United Bulgarian Bank

ICBC International Finance

Single Resolution Board

Belfius Bank

Baring Asset Management

Aether Financial Services

365 Bank

Eleven Bulgaria

Silverline Partners

ECA Invest

Work highlights

  • Advised Metric Capital Partners on a mezzanine financing provided to the Eurohold group for the purposes of the acquisition of the largest electricity distribution group in Bulgaria owned by CEZ.
  • Advised UniCredit Bulbank as agent and arranger on an extension of up to €50m revolving credit facility to Sofia Med AD.
  • Advised ECA Invest on the structuring and private placement of a venture capital fund under the name Empower Capital Fund II.


The banking, finance and capital markets practice at Kinstellar excels across a range of mandates, including transactional work, project financing and structuring, payment advice, and regulatory matters. Its impressive client list includes domestic and international banks, financial institutions and payment service providers. The team acted as lead counsel on the acquisition of 100% of the shares of Raffeisenbank (Bulgaria) by KBC, in one of the largest banking acquisitions in Bulgarian history, the deal was worth more than €1 billion. Svilen Issaev leads the team and advises on licensing, cross-border financings, investment structuring and debt restructuring. Other notable practitioners include managing partner Diana Dimova, who regularly advises financial institutions on acquisitions and market entry.

Practice head(s):

Svilen Issaev; Diana Dimova


‘We rely very much on their help on all banking and finance matters, corporate matters, representation in administrative procedures, and in court procedures. Last but not least, they assist us in the process of negotiations of all financing and re-financing arrangements related to our projects.’

Svilen is extremely experienced and focused on delivering a superior legal product in pursuit of the client’s interests. He knows what we are looking for and always gives to-the-point, timely advice. He is constructive and provides pragmatic solutions, bringing progress to a transaction.’

‘Diana is a problem solver and is very service-oriented. With unrivalled legal expertise, she combines a commercially astute and pragmatic mindset, making her one of the very best lawyers in the market.’

Key clients


United Bulgarian Bank

European Bank for Development and Reconstruction (EBRD)

Black Sea Trade and Development Bank (BSTDB)

European Investment Fund (EIF)


Australia and New Zealand Banking Group

Inter Cars


SOF Connect

Novus World

American Express Group


Banca Intesa Beograd

Work highlights

  • Advising KBC Bank on its acquisition of Raiffeisenbank (Bulgaria) and its subsidiaries for over €1bn.
  • Advised Meridiam as sponsor and SOF Connect as borrower on the €296m financing by a syndicate of banks for the concession of Sofia Airport.
  • Advised Black Sea Trade and Development Bank (BSTDB) on a €75m guarantee instrument with the Bulgarian National Guarantee Fund (NGF) to support SMEs in Bulgaria during the COVID-19 pandemic.


Banking, finance and capital markets is a core practice at Schoenherr. The team regularly advises corporate clients and financial institutions on the full spectrum of transactional and regulatory matters, including project and acquisition finance, debt restructuring and capital market transactions involving equity. In a recent highlight, the group advised United Group on two issuances of senior secure notes. Practice head Tsvetan Krumov is known for his ‘knowledge of capital markets instruments and in particular derivatives’; he is supported by associate Milena Gabrovska. Corporate specialist Ilko Stoyanov's practice also incorporates capital markets matters.


Practice head(s):

Tsvetan Krumov

Other key lawyers:

Milena Gabrovska; Ilko Stoyanov


‘Schoenherr Bulgaria is one of the leading practices having well respected capital markets expertise with robust regulatory capability. The firm is flexible and able to keep in touch with the counterparties.’

‘Tsvetan Krumov is among the few attorneys-at-law on the Bulgarian market who has in depth knowledge of capital markets instruments and particularly derivatives. He is not only solution-oriented, but also has an outstanding academic background and knowledge.’

‘Extensive expertise in the field of banking, finance and capital markets in both local and English law. Fast execution and trustworthy team.’

‘Easy communication, always stepping in when needed. A comprehensive legal product with high quality.’

‘Exceptional expertise, responsiveness and quality of work by the Bulgarian debt financing team.’

‘Tzvetan Krumov is exceptionally well qualified, responsive and able to create win-win solutions.’

‘One of the strongest practices on the Bulgarian market.’

‘Milena Gabrovska is an aspiring young talent with deep knowledge and experience in the field of banking and finance.’

Key clients


Coöperative Rabobank


Siemens Mobility Bulgaria

Bulstrad Life Vienna Insurance Group

Investec Bank

NPM Capital

United Group

Nomura International

Credit Suisse Securities Sociedad de Valores

Société Générale Group

UniCredit Bulbank

J.P. Morgan Securities

ING Bank

Citibank Europe

International Swaps and Derivatives Association

OTP Bank Plc

Raiffeisen Bank International

Work highlights

  • Advised United Group on two notes issuances worth €1.605bn.
  • 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 for close-out netting in Bulgaria
  • Advised RGREEN Invest SAS on a €15m green bond to finance a photovoltaic plant in Bulgaria

Eversheds Sutherland

The versatile banking, finance and capital markets team at Eversheds Sutherland has ‘perfect knowledge of the regulatory framework’ and, as such, is frequently instructed on regulatory matters for banks, insurers and venture capital funds. Debt and equity capital markets work is another strength for the practice. The team is also proficient in emerging sectors including fintech and crypto. Founding partner Nikolay Bebov is a key point of contact; he leads the team with Damyan Leshev. Victoria Tzonkova  provides additional strength in financial litigation.

Practice head(s):

Nikolay Bebov; Damyan Leshev

Other key lawyers:

Victoria Tzonkova; Petar Ivanov


‘Quick, accurate, and hands-on style work, great pool of knowledge. Client feels well taken care of, and results confirm this.’

‘Nikolay Bebov is a strong partner, calm and very structured. Petar Ivanov covers everything when he evaluates a situation, a great lawyer.’

‘Competent, proactive, trustworthy and dedicated to achieve the client’s goals and to protect their interest in the best manner. We received much more than expected.’

‘Nikolay Bebov is a high-class professional who can be entrusted on complex projects with confidence that the best result will be achieved’

‘Damyan Leshev has extensive experience in capital markets, asset management and banking regulations. He is ultra responsive and always provides clear and concise answers to complicated questions.’

‘Damyan Leshev has the perfect combination of expertise and ability to find a connection between seemingly unrelated aspects of a case or an issue. He is a lawyer who is well aware of the functioning of the judicial system, finding the best solution under stress in complicated legal proceedings, acting and thinking quickly.’

‘They are very competent and have a lot of experience. They also know the bank market in Bulgaria and the reality in which the bank in the market operate. They try to understand the business logic of the respective requests and provide tailor made solutions. They are easy to communicate with, react fast and manage to present the information in way understandable for everyone.’

Key clients

4finance Group

Balkan Advisory Company


Human Liberty

Dronamics Global

Energo-Pro a.s

Ferratum Bank, Malta

Ferratum Bulgaria

Ferratum Group

First Investment Bank

KBC Asset Management

MK Brokers

Ministry of Finance of the Republic of Bulgaria

Raiffeisen Asset Management

Raiffeisen Capital Management

Smart Fund Asset Management

Société Générale


Transact Europe

Work highlights

  • Advised Energo-Pro and its subsidiary Energo-Pro Varna EAD, on all Bulgarian law aspects of the issuance of $435m (USD) guaranteed notes.
  • Advised Transact Europe and five individual sellers on the sale of Transact Europe, a major Bulgarian electronic money institution, to a large U.S. NASDAQ-listed firm.
  • Acted as counsel in the initial public offering of Dronamics Capital, a special-purpose vehicle established by Dronamics Global as a nexus for the Bulgarian investor base to invest in Dronamics Global UK.

Wolf Theiss

Wolf Theiss maintains its impressive practice in the banking, finance and capital markets sphere, specialising in large cross-border financings, corporate bonds issuances, financing transactions and regulatory projects. The team leverages its industry-specific expertise to advise on a range of mandates from financial institutions, payment services providers and asset managers. The ‘experienced’ Katerina Kraeva is well-known in the space for her work on both lender and borrower-side project financing, acquisition finance and restructurings; she heads the team with Richard Clegg. At associate level, Jasmina Uzova is active in acquisition finance matters. Irina Dekova  is another key name in the team.

Practice head(s):

Katerina Kraeva; Richard Clegg

Other key lawyers:

Jasmina Uzova; Irina Dekova


‘Business-oriented approach and the legal advice is on point.’

‘Irina Dekova was always available to reach and very proactive.’

‘Overall quality of advice was high, and very fast and proactive. Overall friendly and commercial attitude.’

‘Very fast response times, proactively searching for solutions as required. Associate Irina Dekova particularly stood out as an amazing lawyer, skilled, proactive, commercial and friendly.’

‘Go-to firm for when one of our transactions require advice in the region. Being part of that larger network ensures a generally high quality of lawyers throughout the firm that are experienced advising on cross-border transactions. I was overall very pleased with the quality of advice and service they provided.’

‘I worked very closely with partner Katerina Kraeva and counsel Irina Dekova. They are both a pleasure to work with, fluent in English, highly engaged, responsive and experienced with cross border transactions, and I always felt I was in very safe hands. They were familiar both with the relevant law and local market practice. At the same time, their understanding of the client’s economic objectives meant that they would be able to offer pragmatic solutions and potential alternatives to avoid a potential impasse with opposing counsel.’

Key clients

Raiffeisen Bank International



Ares Management Corporation

Ceres Pharma NV


JP Morgan Securities

UniCredit SPA

UniCredit Bulbank

DSK Bank


European Investment Fund

Work highlights

  • Advised Raiffeisen Bank International as a seller on the banking regulatory aspects of the sale of Raiffeisenbank (Bulgaria) EAD to KBC in view of obtaining the relevant regulatory approvals from the European Central Bank, Bulgarian National bank and the Bulgarian Financial Supervision Commission.
  • Acted as a lead adviser to EBRD as a minority investor in the Bulgarian Euroins Insurance Group on the debt- finance security tools and the financial services regulatory aspects of the transaction related to €30m investment by EBRD
  • Advised the European Investment Bank on providing a guarantee to UniCredit Bulbank Bulgaria of €60m to support Bulgarian businesses suffering from the economic consequences of the COVID-19 pandemic, where the operation is backed by the European Guarantee Fund.

Dimitrov, Petrov & Co

The ‘goal-oriented’ team at Dimitrov, Petrov & Co advises on a range of general banking and financing matters for domestic and international clients, with expertise in the real estate, construction, telecoms and energy sectors. The team secured significant new mandates from major international players Alpiq Energy SE and BlockChain Tech. Team leader Hristo Nihrizov is a ‘brilliant and a very smart lawyer’ and his specialisms include payment services and structuring digital transformation projects. Alexander Todorov and Pencho Stanchev are the other key names.

Practice head(s):

Hristo Nihrizov

Other key lawyers:

Alexander Todorov; Pencho Stanchev


‘They are all highly skilled, very experienced and professional lawyers. They have always been available, their dedication is unmatched and they are always at the height of the task. The entire team  is very knowledgeable and rightfully recognized for their expertise. Highly recommended law firm.’

‘The team is very experienced in the area of banking & finance, they always look at the bigger picture when advising clients. The team is led by partner Hristo Nihrizov and they are very goal-oriented, highly professional and always prompt with their responses.’

‘Hristo Nihrizov has extensive experience and in-depth knowledge of legal industries. He is always focused on achieving goals.’

‘DPC Banking & Finance team has a multidisciplinary background and tons of experience! They advised us on a facility loan agreement that involved multiple parties. DPC managed the whole transaction very professionally and everything was smooth.’

‘Hristo Nihrizov and Pencho Stanchev are the ones I worked with. I admire Hristo’s eye for the detail and meticulous analysis of every aspect of the deal. Pencho is also a stable and bright counsel. Strongly recommend them!’

‘Everyone at the DPC team is a proven professional. They are very good at attracting talent and promoting it. We have worked wit them for many years and we fully trust their advice on banking and finance matters as they have done some really sophisticated work over the years.’

‘Hristo Nihrizov is the head of their banking & finance practice and our primary point of contact. He knows our industry in unbelievable detail, which we value a lot, and he is truly dedicated to his work. His finance advice is competent, thorough, and business-oriented.’

‘An innovative, intelligent legal team.’

Key clients

Alpiq Energy

New Capital Management

United Bulgarian Bank

BlockChain Tech

VM Petroleum

Tradenet Varna

J investment


VM Petroleum

Work highlights

  • Advised Alpiq Energy on the restructuring of its financial relations with counterparties and conclusion of a new 2002 ISDA Master Agreement and new EFET Power Purchase Agreement.
  • Advised New Capital Management on the acquisition of a company from the portfolio of the Eurobank Bulgaria.
  • Represented United Bulgarian Bank in a series of lawsuits related to payment fraud.

Georgiev, Todorov & Co

Insurance transactions, national and international disputes, and debt finance are among the key areas of focus of the banking and finance team at Georgiev, Todorov & Co. The Bulgarian National Bank is a major client of the team as are asset and wealth management companies Black Peak Capital and Entrea Capital – for which the firm provides advisory services on both transactional and contentious matters. Arno Mamasyan is a key contact as practice lead. Associate Miglena Peneva is praised for her ‘analytical thinking and expertise in the banking and finance field’.

Practice head(s):

Alexander Pachamanov

Other key lawyers:

Miglena Peneva


‘The main thing which makes this practice unique is their flexibility and ability to find the right person for every task.’

‘The team is great in looking into all details, preparing for court proceedings and defending our legal rights complying with both local and EU law. They have great interpersonal skills, have strong teamwork skills and are very persuasive in court.’

‘Miglena Peneva is our lawyer on all types of financial corrections matters and she has successfully resolved all of them. She is our first choice if we need any legal services not only due to her professionalism, but also because of her great responsiveness, analytical thinking and expertise in the banking and finance field.’

Key clients

Alfred C. Toepfer International

AG Capital

Agricultural State Fund

BlackPeak Capital


Bulgarian National Bank

Bulgarian Posts

Bulgarian Telecommunications Company (BTC)

Dolna Mitropoliya Municipality

Entrea Capital

Fleet Services

Galchev Engineering

Max Select

Silistra Municipality

Sliven Municipality

Work highlights

  • Successfully defended the state licensed post operator in Bulgaria, Bulgarian Posts, before the Administrative Court Sofia-city in several court cases against bank institutions and before the National Revenue Agency.

Kambourov & Partners

Kambourov & Partners‘ well-regarded team has a good reputation for syndicated facility arrangements, cross-border finance, bond placements, debt instruments, and regulatory issues. The team provides advisory and banking related-litigation services to a client base that spans both domestic and international players. Founding partner Yavor Kambourov leads the team, which also include Vladimir Rangeloff.

Practice head(s):

Yavor Kambourov

Other key lawyers:

Vladimir Rangeloff; Ivo Alexandrov


‘The practice offers high-quality legal services which go hand in hand with impeccable client service. The partners have a hands-on approach and provide first-class advice in a clear and timely manner to clients’ questions. At the same time, junior lawyers within the team have the knowledge and motivation necessary to step in at any time which I find extremely important when it comes to my choice of law firm.’

‘The lawyers on the team are supportive, possess professional expertise and are very analytical.’

Key clients


Greenoaks Capital Partners

Société Générale

Silverfleet Capital

Origin Enterprises

Slovenia Broadband

Bank of China Limited, New York Branch

ICBCIL Aviation Company Limited

Leo Aerial Systems

Bulgarian Telecommunications Company

Cloud Investment Partners

Work highlights

  • Advised on the local aspects of UniCredit’s loan facilities for The Rohatyn Group for the purpose of financing its acquisition of the Bulgarian e-bike business, Leader 96.
  • Advised Greenoaks Capital Partners on regulatory matters in connection with a ‘Series B’ funding in Bulgarian-founded fintech start-up Payhawk.
  • Advised Société Générale on various regulatory and financing matters in Bulgaria.

Penkov, Markov & Partners

The practice group at Penkov, Markov & Partners has a strong reputation for handling the full spectrum of regulatory work, acting for financial institutions and payment providers on a range of issues, including representation before the regulatory authorities. The team also provides day-to-day banking and finance advisory services, with an emphasis on the IP and tax sectors. Founding partners and well-known practitioners Vladimir Penkov and Ivan Markov jointly lead the practice alongside Nikolay Cvetanov .

Practice head(s):

Vladmir Penkov; Ivan Markov; Nikolay Cvetanov

Other key lawyers:

Asen Apostolov


‘A modern firm with multiple fields of deep experience. They are willing to combine multiple disciplines to solve customer needs. Very commercial and open minded.’

‘The team has strong collaboration skills, is easy to communicate with, possesses excellent knowledge of the banking industry and the ongoing digitalisation processes, and adopts a proactive approach.’

‘We are using the services of Penkov, Markov & Partners, who have vast experience in any type of financing and refinancing deals, including in the establishment, perfection and maintenance of collaterals of various types. The team is recognisable and well respected on the market, which also eases the negotiations with the potential lenders, who have often worked with Penkov, Markov & Partners on previous deals and consider them trustworthy and professional lawyers who know what they are doing and do not make unreasonable or obstructive demands during the negotiation process.’

‘Asen Apostolov in one of the notable younger lawyers in their team who specialises in compliance regimes, as well as in various types of financing. Nikolay Cvetanov is a very notable professional in his sphere.’

‘Both name partners Mr. Vladimir Penkov and Mr. Ivan Markov have exceptional legal knowledge and extensive experience on complex projects in the Banking Sector. Mr. Nikolay Cvetanov stands out with his knowledge in the Fintech Industry.’

Key clients

VE Staal (Viraj Group)

Accession Mezzanine Capital III

Infinity Capital


Arteks Engineering

MoneyGram International

Silicon Valley Bank

Luxury Real Estate


Gurmazovo House

Prosperity Investments


Doverie Pension Fund

Allianz bank Bulgaria


Income Company


Ferratum Bulgaria

Work highlights

  • Advised Unilink on the structuring of transaction documents including provision of complex legal services in order to ensure the financing of the contemplated deal.
  • Advising Infinity Capital on its listing for the BEAM segment of the Bulgarian Stock Exchange, where it launched an IPO for the development of a high-end residential housing project in the vicinity of Sofia City.
  • Advised Allianz Bank Bulgaria in relation to their factoring model, including innovative provision of the service through a mobile application.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria often advises on complex financial transactions, and regards financing for large-scale infrastructure and energy projects as a core aspect of the practice. Notable clients include the National Trust EcoFund and the Bulgarian Development Bank. PPP and project finance expert Stoyan Barzakov leads the practice group, with support from managing partner Andrey Delchev.

Practice head(s):

Stoyan Barzakov

Other key lawyers:

Andrey Delchev

Key clients

Bulgarian Development Bank

World Bank

Ashram Limited

National Trust EcoFund

Nova City Group

Sirma Solutions

Sofia Municipality

Ministry of Regional Development and Public Works

Ministry of Transport and Communications

Public Enterprise Vodovod & Kanalizacija – Skopje

Work highlights

  • Assisted Ashram with the sale of Central Sofia Market Hall by negotiating the deal and advising the client on legal issues, including the early termination of a bank loan agreement and the repayment of a bank loan that had been granted for the acquisition of the market.
  • 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”.
  • Provided legal assistance to the Ministry of Regional Development and Public Works in the administration of signals for irregularities under an operational programme.


The banking, finance and capital markets team at CERHA HEMPEL Gerginov handles a range of corporate financing transactions. The practice group is strong on national and international cross-border financings and facility arrangements. On the capital markets side, the team provides transactional advice on public offering matters and equity financing. Practice head Boyko Gerginov has notable experience in the space; he is supported by Kalin Bonev and Polina Westerhoven.

Practice head(s):

Boyko Gerginov

Other key lawyers:

Kalin Bonev; Polina Westerhoven


‘Great team: small but extremely efficient and responsive.’

‘Boyko Gerginov and Kalin Bonev are both top-notch lawyers who provide quality legal advice worth every penny.’

Key clients




Euronet Services

Euronet 360 Finance

Samsung Bulgaria

Work highlights

  • Advised Barclays and Barclaycard International Payments in relation to merchant acquiring regulatory aspects and in relation to on boarding various large scale clients.
  • Advised Thyssenkrupp 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.
  • Advised Euronet Services and Euronet 360 Finance Limited on regulatory issues, 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.

Deloitte Legal Law Firm

Praised for its ‘profound knowledge of various industries’, Deloitte Legal Law Firm handles a variety of banking and finance matters for  domestic and international clients. The team draws from the multi-disciplinary expertise of the firm’s global network, and has notable strength in loan portfolio transfers, the banking and financing aspects of M&A transactions, syndicated credit facilities, work-out and alternative restructuring options. Managing associate Adelina Mitkova leads the practice and focuses on acquisition finance and debt restructuring. Previous head of practice and managing partner Renata Petkova departed in 2022.

Practice head(s):

Adelina Mitkova


‘Profound knowledge of various industries, excellent team spirit and commitment to the job. Very supportive team and easy to communicate with.’

Key clients

Eurobank Bulgaria

Work highlights

  • Acting as the lead legal counsel of Eurobank Bulgaria AD in several amendments and restatements of the facility extended to one of the owners of the biggest shopping malls in Bulgaria.

Dinova Rusev & Partners

Dinova Rusev & Partners provides day-to-day banking and financing services to its long-term clients, with a focus on financing agreements, debt restructuring and regulatory matters in the energy and real estate sectors. Noteworthy clients include Terna Energy and Kaliakra Wind Power. Team leader Diana Valkova focuses on banking projects, debt restructuring and financing transactions. Georgi Vladov handles regulatory compliance matters and project financing.

Practice head(s):

Diana Valkova

Other key lawyers:

Georgi Vladov; Anelia Dinova

Key clients


Economou Shipping

Terna Energy

AP Retail

Northrop Grumman

Kaliakra Wind Power

Imerys Minerals Bulgaria

House Market Bulgaria

Trade Estates Bulgaria

Daskalontanakis Group

Work highlights

  • Advised the entire Daskalantonakis Group and Sofia Hotel Balkan AD in particular on funding of more than €25m as financing and refinancing agreements for its facilities in four countries in the region.

Stoeva, Tchompalov & Znepolski

Boutique firm Stoeva, Tchompalov & Znepolski houses a small team of ‘highly knowledgeable professionals’. The group has a strong track record work in capital markets work but is also strong in regulatory issues and handles general banking and finance matters. Experienced practitioners and firm co-founders Irina Stoeva and Iordan Tchompalov  head the team and are praised for their ‘huge experience in various capital market and banking issues’. Peter Znepolski and Natalia Yordanova are other names to note.

Practice head(s):

Iordan Tchompalov; Irina Stoeva

Other key lawyers:

Natalia Yordanova; Peter Znepolski


‘Stoeva, Tchompalov & Znepolski have a long-standing practice in capital markets. Two lawyers – Iordan Tchompalov and Natalia Yordanova – have been in that market for more than 20 years. The team continuously upgrade their knowledge in line with the developing financial services legal framework. One could always rely on their legal advice and in addition, STZ are very responsible, respond promptly, do high quality work and really care for the client’s best interest.’

‘Natalia Yordanova is the lawyer we mostly work with. We are fully satisfied with her expertise, dedication to win the case and attention to the client. I do not think there is a better securities lawyer in Bulgaria in the field of regulatory work and penalty appeals.’

‘I have worked closely with Irina Stoeva and her legal team on a variety of projects related to the regulation of the insurance market. Whenever I have asked for guidance and explanations, I have always received clear, correct and fast replies to my questions. I have worked with other lawyers in the past, but none as knowledgeable, cooperative and willing to help you understand even the most complex legal matters as STZ lawyers are. 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.’

‘I have worked with Irina Stoeva for many years. She stands out as very precise, practical and responsive lawyer and is notable for her profound knowledge and extensive experience in complex and challenging insurance and regulatory matters. Irina is business-oriented and approaches all commercial matters with a view to the client’s business needs.’

‘Iordan Tchompalov is an excellent practitioner with an outstanding experience in finance and capital markets matters, who provides competent and timely advice, taking into account the particularities of each project.’

‘My experience with the partner Mr. Tchompalov was very effective. The delivery of the legal products was on time and of exceptional quality.’

‘The team in Stoeva Tchompalov & Znepolski consists of highly knowledgeable professionals with broad lines of knowledge on diversified legal issues which makes the expertise the company provides complex and broad covering all aspects of the matter in discussion.’

‘Iordan Tschompalov is a person with rich and broad knowledge in the matters concerned who is able to provide timely and sophisticated advice on the issues raised.’

Key clients

Eurohold Bulgaria

Central Cooperative Bank

Electrorazpredelitelni Mreji Zapad

UniCredit Bulbank

International Investment Bank

The Bulgarian Association of Insurance Brokers

AVUS Bulgaria International Claims Handling

SDI Group

Dealing Financial Company

Investment Firm Bulbrokers

EuroFinance Investment Firm

FFBH Asset Management

Investment Firm Real Finance

Alteron REIT

Invest Capital Asset Management

Work highlights

  • Acted as local advisor of Eurohold and its Dutch subsidiaries regarding the post-closing amendments of the €470m facility agreements related to the acquisition of CEZ assets in Bulgaria and the fulfilment of post-closing obligations of Eurohold group companies.
  • Advised Varengold Bank AG on Bulgarian law aspects on the funding for a €35m loan to Specialised Logistic Systems.
  • Advised Electrorazpredelitelni Mreji Zapad on the restructuring of its €116m loan agreement of 2018 extended by the European Bank for Reconstruction and Development.

Tokushev And Partners Law Office

Known for its work in the capital markets space, Tokushev And Partners Law Office is frequently engaged on regulatory matters related to capital markets – representing a range of banks, private equity funds and other financial institutions. The team also advises on financing and resolving bad loans ‘Accomplished and trustworthy’ managing partner Viktor Tokushev heads the team and is supported by Boris Teknedzhiev.

Practice head(s):

Viktor Tokushev; Boris Teknedzhiev


‘Very capable and well connected within the legal environment. Made a great impression through their dedication and personal touch.’

‘I have mostly worked with Boris Teknedzhiev and Victor Tokushev. Victor is an extremely well connected and respected individual. He is willing to consider pushing for legislation change when things seem unjust and I can honestly say that he is helping define Bulgarian legal sector. Boris has shown a personal touch and has gone out of his way a number of times to support our company and even negotiate terms with our financial brokers. I have personally recommended him to a few of my peers as he is definitely in the business of making an entrepreneur’s life easier.’

‘Quick, smart and practical.’

‘Professionals, with special attention to the client.’

‘Young, ambitious and smart people, with experience and knowledge in the field in which they work.’

‘Tokushev & Partners are the premiere capital markets team in Sofia. They have been developing their practice for 15 years and have unmatched competence and experience in this area. Coupled with their recently developed flavour for M&A and deep knowledge of Bulgarian Commercial law and general civil law, Tokushev & Partners are the go-to firm for M&A of publicly traded companies.’

‘Vitkor Tokushev is an accomplished and trustworthy lawyer who delivers first class advice for a reasonable price. He has experience with all types of commercial, M&A, banking and capital markets transactions, but also argues tough cases in front of the highest courts. He teaches commercial law in the university and this gives him a unique advantage – he applies a commercial and scientific approach to his matters.’

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 Divelopment

Zagora Finacorp

Innovation Capital

BGI Group

UG Market

UG Market Fund Management

Bee Smart Technologies

Sofia Commerce Pawn Shops

Telematic Interactive Bulgaria

Capital Investment Fund

Active Properties

RAK 2019

Marina Cape Properties

Work highlights

  • Advised Bee Smart Technologies AD on their IPO.
  • Provided legal support to Marina Cape Properties in regards to acquiring financing of approximately €20m related to the acquisition of numerous real estate in the country, as well as drafting and perfection the packages of collaterals to the financing agreements and negotiation with the banks.
  • Provided legal services to Sofia Commerce Pawn Shops AD in the aspect of a capital increase in the amount of over €3.5M and the subsequent placement of shares on the Bulgarian Stock Exchange.

Ernst & Young Law Partnership

Ernst & Young Law Partnership handle a range of matters including cross-border financing agreements, restructuring and M&A transactions in the financial sector. Team leader Rebeka Kleytman is supported by associate partner Svetlin Adrianov on various transactions. Other key members of the group include Irina Yaneva  and Yura Mincheva .

Practice head(s):

Rebeka Kleytman

Other key lawyers:

Svetlin Adrianov; Yura Mincheva; Irina Yaneva

Key clients

HRM Solutions


Gugushev & Partners Law Office

The ‘highly effective’ banking and finance team at Gugushev & Partners Law Office handles a variety of different mandates arising out of the real estate and energy sectors. Founding partner Stefan Gugushev is highly experienced in the space; he heads the team with Dimitrinka Metodieva .

Practice head(s):

Stefan Gugushev; Dimitrinka Metodieva


‘The team of Gugushev & Partners is highly effective and always ready to take on any challenge that comes across! Their team helped us throughout the whole process, and we are glad we chose their services!’

‘Victor and Daniela are true professionals with deep knowledge in the field of acquisition and M&A. Their quick and adequate responses made achieved timely results of the expected quality!’

Key clients

Helios Energy Invest JSC

Helios Family Properties

Helios Projects

Dobro 28

Work highlights

  • Advised Helios Energy Invest JSC on a bridge bank investment loan in relation to the acquisition of a Bulgarian company, operating a solar power plant.
  • Advised Helios Projects JSC, a Bulgarian company operating a solar power plant, on a €53m bank investment loan and the collateral agreements.
  • Acted as local legal advisor to a group of banks, initial purchasers, in relation to a bond offering by Sensata Technologies.

Kinkin & Partners

Banking and financing is one of the core practice areas at Kinkin & Partners. The team specialises in financing and debt restructuring, with experience in emerging financial technologies. Adriana Nacheva heads the practice group and has considerable experience in the banking and finance sphere.

Practice head(s):

Adriana Nacheva


‘Kinkin & Partners helped us in the realisation of our project for the construction of a residential building and the sale of the apartments. They supported us in the investment process and the project financing as well. They handled the entire process and participated actively in the negotiations with all parties concerned – the banks, the buyers, which gave us peace of mind for a successful project. The team was extremely well informed about everything concerning the project and really experienced.’

‘Mrs. Nacheva has been a tremendous help to us as head of the department. She, as well as her team, is able to deal quickly and effectively with unforeseen situations. Mr. Kolev is a very capable young lawyer who worked very hard on our case and brought it to a successful conclusion.’

Key clients

Association of the Depositors Harmed by the Corporate Commercial Bank

Bibar Asset

B Plus



Real Fruit

Trinity Industries

Zenith Crop Sciences Europe

Work highlights

  • Advised clients in connection with their rights as creditors in the insolvency proceedings against Corporate Commercial Bank.
  • Assisted client in connection with seeking an investment for а construction project – the collaboration with the investor was conducted through contribution-in-kind of the real estate in the capital of the company and sale of the shares of the company.
  • Advised Aroma Cosmetics JsC regarding potential acquisition of the company by an investor, including the relations with the banks in connection with the loans provided.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners‘ banking, finance and capital markets team advises its clients on a variety of matters including debt collection, investment projects, loan restructuring and regulatory issues. Desislava Tsvetkova heads the team.

Practice head(s):

Desislava Tsvetkova

Other key lawyers:

Hristo Koparanov

Work highlights

  • Provided legal services to the largest bank in Bulgaria.
  • Advised several water supply companies.
  • Advised Ministry of Regional Development and public works.