Banking, finance and capital markets in Croatia

Divjak Topic Bahtijarevic & Krka

Divjak Topic Bahtijarevic & Krka provides ‘responsive and solutions-oriented’ advice to commercial and development banks providing financing across a range of projects/transactions. In addition to advising on new money transactions and refinancings, the practice is also well-versed across a range of regulatory matters, including in the context of blockchain and cryptocurrencies. Team head Damir Topić leads by example, and is frequently at the forefront of the most complex mandates, including those relating to bank loans and capital markets work, for issuers and underwriters. Martina Kalamiza Grozdek advises both borrowers and lenders across a wide array of financing transactions, including capital markets and structured finance matters.

Practice head(s):

Damir Topic


‘They are always there when you need legal advice and help. They understand your needs and what’s on your mind, and promptly provide alternatives and the best solutions for you.’

‘They always work very hard to satisfy your legal needs in a timely manner. You can be sure that you are in safe hands.’

‘This team is responsive and solutions-oriented.’

Key clients

Erste Goup Bank AG

J.P. Morgan

Bank Pozitif

Deutsche Bank AG & EOS Holding GmbH

M7 Real Estate

Villa Dubrovnik


J&T Bank

EOS Matrix

IFC (International Financial Corporation)

Law Firm Glinska & Miškovic Ltd

Led by the ‘business-oriented’ Aleksej Mišković, Law Firm Glinska & Miškovic Ltd has a strong reputation among lenders and borrowers across a broad range of domestic and cross-border financings, including in the context of syndicated and club loan facilities. Capital markets work is also a core strength, both on the transactional side (including advice on Eurobonds for Croatian issuers), and in the context of regulatory matters (including advice relating to regulations concerning the distribution of bonds and structured products).

Practice head(s):

Aleksej Mišković


‘The work performed in relation to corporate financing and restructuring of intra-group debts was comprehensive and complex since it involved three different jurisdictions.’

‘It is one of the most business-oriented law firms I have ever worked with.’

‘Aleksej Miskovic is a very business-oriented lawyer. Having him on your side gives you comfort that the transaction will close smoothly and without any serious problems. He is the best closer you can find in Croatia.’

Key clients

European Bank for Reconstruction and Development

Dechra Pharmaceuticals plc

Rixecker Investment KG

Inspire Investments d.o.o.

Banca IMI

Bank of New York Mellon

The Boston Consulting Group

Viva Payment Services S.A.

Belchim Crop Protection NV/SA

Work highlights

  • Advised Dechra Pharmaceuticals on the share capital increase of their Croatian subsidiary Genera d.d.
  • Advising Inspire Investments on all financial regulatory matters in relation to their management of the Inspirio FGS fund, including on the provision of relevant reports and other information to the Croatian Financial Supervisory Agency.
  • Advised Banca IMI on domestic laws regulating the distribution of bonds and structured products in Croatia, in light of the Prospectus Regulation and corresponding amendments to the Croatian national regulations.

Madirazza & Partners

Madirazza & Partners has a strong reputation for borrowers and lenders across a wide array of financing activity, from both a new money perspective as well as in the context of restructurings. Energy-related project financing work remains a core strength of the practice, an area in which the vastly experienced Josip Madirazza is particularly accomplished, as a result of many years’ experience advising lenders and corporates – including his ongoing work for MET Croatian Energy Trade on its financing requirements. Tatjana Radmilović and Marinka Kovačić are key members of the team. Former partners Tin Težak and Morana Herak left the firm.

Practice head(s):

Josip Madirazza


‘We have a setup in which a team member is in our office for the full day. This is extremely useful as it allows us to communicate more efficiently and understand each other better. Apart from that, they are always available for us and make time for all urgent cases, which is crucial.’

‘Tamara Jakšic and Marinka Kovačić are really great, hardworking and pleasant. We don’t give them enough props for being so friendly and understanding for our needs.’

Key clients

MET Croatia Energy Trade Ltd (subsidiary of MET Holding AG, Switzerland)

Work highlights

  • Continuing to advise MET Croatia Energy Trade on its financing requirements.

Mamic Peric Reberski Rimac Law Firm LLC

Although the scope of its finance work is broad and includes bank debt financing and restructuring work, as well as advice on non-performing loan (NPL) mandates, Mamic Peric Reberski Rimac Law Firm LLC has gained most market recognition for its ‘superb’ capital markets offering. Team head Luka Rimac excels in this work for both underwriters and issuers across a broad swathe of debt and equity mandates, including his recent work for CIAK Grupa on its IPO. As well as transactional work, the firm also regularly advises clients on regulatory mandates, including its work for the Zagreb Stock Exchange in relation to drafting the new rules surrounding the Progress Market, a registered SME growth market. Frano Belohradsky is also a key member of the team as a result of his capital markets expertise and prowess at handling cross-border financing transactions.

Practice head(s):

Luka Rimac

Other key lawyers:

Frano Belohradsky


‘The team conveys ideas persuasively in a concise, organised, and professional manner. They demonstrated high professional standards and competence and played a significant role in execution of the day-to-day project tasks. They always maintain focus on client goals.’

‘Luka Rimac’s positive attitude distinguishes him above his peers. He is always willing to provide support and to motivate others. He is dedicated to providing a client-first approach, and with his superior customer service skills he is able to handle the most difficult customers with success.’

Key clients

Orbico d.o.o.

Zagreb Stock Exchange, Inc. (Zagrebačka burza d.d.)

SKDD-CCP Smart Clear d.d.

Prosperus Invest d.o.o.

CIAK Grupa d.d.

The Garden Brewery d.d.

Privredna Banka Zagreb d.d.

OTP Banka d.d.

Nova Kreditna Banka Maribor d.d.

Meritus Ulaganja d.d.


Zagrebačka Banka

Erste&Steiermärkische Bank d.d.

Work highlights

  • Advised Orbico d.o.o. (a large international distributor based in Croatia) on the refinancing of its debts and a new club loan bank financing, as well as in relation to an umbrella bank guarantee for its distribution agreements with a major principal in several jurisdictions (Croatia, Slovenia, Bulgaria and Romania).
  • Advised CIAK Grupa d.d. (a large regional distributor of car and truck spare parts and equipment) on its IPO and listing of its shares on the Zagreb Stock Exchange.
  • Engaged by Zagreb Stock Exchange (ZSE) to draft the new rules and regulations of the Progress Market, a registered SME growth market operated by ZSE.

Porobija & Porobija

The ‘very proactive and solutions-oriented’ team at Porobija & Porobija has excellent ties with domestic and international banks, ensuring that it picks up a regular flow of significant mandates, from both a new money and a refinancing perspective. The team is adept at advising on facilities throughout the capital structure, including in the context of general corporate lending, acquisition finance and project finance. Željka Rostaš Blažeković is ‘extremely well-prepared as a lawyer and smart when negotiating’ and is the main contact for financing mandates, including her recent work for the joint lead managers in relation to a major bond issuance by the Croatian government. Managing partner Boris Porobija is also recommended.


The team is very proactive and solutions-oriented.’

The firm is very responsive, practical, commercial and extremely well-prepared legally.’

‘Željka Rostaš Blažeković is a relentlessly good professional, very dedicated, very helpful in all situations, extremely well-prepared as a lawyer and smart when negotiating. She is also very hands-on.’

Key clients


Zagrebačka banka


J P Morgan

Morgan Stanley

International Zagreb Airport

Danske Bank


PKO Bank Polski

ING Bank Slaski

Santander Bank Polska

BNP Paribas Bank Polska

Work highlights

  • Advising PKO Bank Polski, ING Bank Slaski, Santander Bank Polska, and BNP Paribas Bank Polska on the refinancing of Press Glass/AMG Group’s debt, as well as financing of the group’s further investments.
  • Advising UniCredit, Zagrebačka banka d.d. and BancaIMI on the refinancing of existing debt and financing of Phase 2B2-1 of the Istrian Epsilon Motorway (Doubling of Tunnel Učka).
  • Advising J P Morgan, Morgan Stanley, Société Générale Corporate & Investment Banking, Zagrebačka banka and OTP Bank NYRT as joint lead managers in relation to an international bond issuance by the Republic of Croatia.

Šavorić & Partners

The ‘goal-oriented and supportive’ team at Šavorić & Partners provides a ‘responsive and commercial’ service to banks and borrowers seeking or providing finance to facilitate a broad array of activity, including for general working capital needs, M&A and real estate purposes. The ‘responsive’ Mia Lazić heads the team and is noted for her ‘first-class’ advice in both a transactional and a regulatory context. Other key members of the team include vastly experienced name partner Boris Šavorić, whose expertise includes advice on corporate and project finance transactions, and the ‘solutions-oriented’ Lovro Gašparac.

Practice head(s):

Mia Lazić


The team is goal-oriented and supportive.

They are open to challenges and to improve current practices on the market, in order to provide a top service to the client’s need and desires.’

They were extremely responsive and commercial/practical in their approach to all matters on a recent transaction.’

Mia Lazić is responsive and provides first-class advice.’

The solutions-oriented Lovro Gašparac’s knowledge and legal understanding of the financial and business issues is so embodied in the work he does that it saves the time, energy and financial resources of the parties involved.’

Key clients

M SAN Grupa

Atlantic Grupa

CVC Capital Partners

UniCredit Bank

Česká spořitelna

Komerční banka

UniCredit Bank

Faruno CEE Holding


Ulster Bank Ireland

Santander Bank Polska

European Investment Bank

Work highlights

  • Advised M SAN Grupa, a leading regional IT and consumer electronics distributor, in the successful issuing of corporate bonds.
  • Represented Atlantic Grupa on the successful issuance of corporate bonds.
  • Acted as Croatian counsel to CVC Capital Partners in relation to the financing to fund its acquisition of the Croatian, Turkish, Greek, Montenegrin and UAE businesses of D-Marin, an operator of premium yacht marinas.

Žuric i Partneri

The ‘very experienced and extremely responsive’ team at Žurić i Partneri in cooperation with Kinstellar provides ‘solutions-oriented’ advice to lenders and borrowers across a broad swathe of financings, including those relating to M&A, project finance and real estate. Edin Karakaš offers ‘practical advice and never fails to provide a seamless client experience’, in transactional and regulatory settings. Duško Žurić ‘possesses strong legal knowledge and displays a friendly approach’, particularly in the context of energy-related mandates, including working alongside senior associate Marija Vuchetich for OTP Banka on the financing of the acquisition of a biomass-fired co-generation plant. Mihovil Granić is also recommended.


‘The entire team at Žurić i Partneri consists of very experienced, highly determined, educated and friendly attorneys.’

‘Excellent team, great collaboration, expertise, extremely responsive and solutions-oriented.’

‘Žuric i Partneri’s team was available all the time, which was very helpful and sped up the process. All requested information was concrete and delivered on time. The Žurić i Partneri team are professionals covering a wide range of legal services. In one sentence, it was a pleasure to work with them.’

‘Edin Karakaš provides practical advice and never fails to provide a seamless client experience.’

Vedran Kopilović is professional, competent and reliable. He is a forward-thinking attorney with loads of knowledge by his side.’

Duško Žurić possesses strong legal knowledge and displays a friendly approach.’

‘Marija Vuchetich and Duško Žurić are very pleasant to work with. They are focused on finding solutions in order to reach the targeted goal.’

Key clients

OTP banka d.d.


Primex Payments d.o.o.



Work highlights

  • Advised OTP banka d.d. on the long-term loan agreement to Adriatic Structured Equity Fund for its acquisition of Keindl Sport, a leading regional sports equipment wholesaler and retailer.
  • Advising EBRD on the development of a legal and regulatory framework for covered bonds in Croatia, including assisting the Ministry of Finance.
  • Advising Hong Kong-based creditor parties with respect to a sale and leaseback transaction involving three Croatian-flagged ships.

Law Firm Andelovic, Siketic & Tomic

Law Firm Andelovic, Siketic & Tomic managed to hit the ground running despite challenging market conditions in the wake of the Covid pandemic; since its establishment in May 2020, it has gained positive market feedback as a result of its ability to provide a ‘perfect balance between a functional and formal approach when needed’. ‘Hardworking and solutions-oriented’ team head Petra Siketić is ‘definitively a finance lawyer in her prime’ and provides ‘clear and concise advice’ to domestic and international banks across a range of financing activity, including as it relates to substantial property and energy-related projects.

Practice head(s):

Petra Siketić


A team of young but experienced professionals standing at disposal at all times. Punctual, informed and understanding. They have experience in different industries and with international/cross-border matters as well as connections.’

Their approach to the transactions and legal issues is remarkable. The firm has a perfect balance between the functional and formal approach when needed.’

They are very responsive, provide good advice and look into details, but also take the client’s needs into consideration.’

Petra Siketić provides clear and concise advice. She is committed and hardworking, diligent, solutions-oriented, handles complex matters well, thinks ahead, and is empathetic towards her clients’ needs.’

The bright and sharp legal mind of Petra Siketić makes her stand out. She has always been up to the task and never has failed to provide bespoke and correct legal advice.’

Petra Siketić is definitively a finance lawyer in her prime.’

Key clients


Zagrebačka banka

Erste Group Bank AG

Tekstilpromet d.d

Work highlights

  • Continued advice to UniCredit and Zagrebačka banka relating to the financing provided to Punta skala d.o.o. (which owns and operates the Falkensteiner hotels and apartments on Zadar peninsula).
  • Advised Erste Group Bank on the €11m financing provided to Poslovni park Zagreb for construction of a new hall within the existing logistic park.
  • Providing ongoing advice to listed Croatian company Tekstilpromet

Babic & Partners Law Firm

Led by the ‘exceptional’ Iva Basarić, Babic & Partners Law Firm has a strong reputation among international corporates and funds on their debt and equity finance activity. Although it is industry agnostic, the team has recently been particularly active advising life sciences/healthcare companies on their Croatian financing requirements and employee share offering plans.

Practice head(s):

Iva Basarić

Other key lawyers:

Ivona Vidovic


Iva Basarić is exceptional.’

Key clients

Medison Pharma


Selvita S.A.

TRG Management LP

Bardek, Lisac, Mušec, Skoko in association with CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH (Austria)

Working on its own and also able to leverage expertise across its extensive European network, the ‘exceptional’ team at Bardek, Lisac, Mušec, Skoko in association with CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH (Austria) provides ‘high-quality advice’ to a lender-focused client base across a range of transactional and regulatory matters. As well as her core financing work, team head Jelena Nushol Fijačko remains very active advising financial institutions as sellers of non-performing loans (NPLs), including for Zagrebacka banka on the disposal of several NPL portfolios. ‘Very knowledgeable and hardworking’ senior associate Ivan Ivandić has ‘an ingenious, yet very practical approach to legal issues’, particularly in the context of project, acquisition and real estate financing.

Practice head(s):

Jelena Nushol Fijačko

Other key lawyers:

Ivan Ivandić


The exceptional team demonstrated swiftness and proactiveness in their responses, which were to the point and without unnecessary legal gibberish.’

They have extensive knowledge on banking and finance matters, especially in terms of LMA regulations, and availability on all matters that come up on the way, even if not strictly of legal nature.’

Proactive approach, outstanding risk identification and attention to detail.’

The team is very well co-ordinated and easy to work with. They provide high-quality legal advice in a timely manner. They understand the needs of their clients and have a practical and simple approach to complex legal matters.’

The team displays a flexible, innovative, co-operative and friendly approach.’

Jelena Nushol provides consistently excellent advice.’

‘Ivan Ivandic has an ingenious, yet very practical approach to legal issues, always prioritising the needs of his clients and delivering the legal product of the highest quality. He is very knowledgeable, systematic and a hard worker. He is an exceptional individual, highly-motivated and very responsive.’

‘Ivan Ivandic displays a unique approach, an understanding of finance matters, knowledge and willingness to not only be an external lawyer but a truly legal advisor that you can count on during the entire time of the project.’

Key clients

Norddeutsche Landesbank


Bank Pekao


Amsterdam Trade Bank

UniCredit Leasing Croatia


Erste Group Bank

Zagrebacka banka d.d. – the Croatian arm of UniCredit Group

Heta Asset Resolution

EIB – European Investment Bank

Work highlights

  • Provided comprehensive restructuring and refinancing support to Norddeutsche Landesbank, in relation to the restructuring of a $50m debt owed by Croatian shipping company Jadroplov.
  • Advised Erste Group Bank on the Croatian aspects of the financing provided to M7 Real Estate to facilitate its acquisition of a portfolio of ten real estate assets in Poland, Hungary and Croatia.
  • Advising EBRD and Bank Pekao in relation to the financing to facilitate Studenac’s acquisition of Sonik.

Batarelo Dvojkovic Vuchetich Law Firm LLP

The ‘highly dedicated and results-focused’ team at Batarelo Dvojkovic Vuchetich Law Firm LLPgoes the extra mile for their clients’ across a wide range of transactional and regulatory work, including secured financings, financial restructurings and tax-related matters. As well as being well-versed in local law, the team, which is led by ‘savvy and well-rounded attorney’ Vladimir Baterelo, has ‘a deep understanding of international banking laws and practice’, and is consequently particularly well-suited to advising on complex cross-border mandates. Baterelo’s ‘extensive practical experience and in-depth specialist knowledge’ extends to assistance in tax-related matters, which, according to one client, ‘gives him an edge over competitors’. Laurenz Vuchetichputs his heart and mind into closing deals’, particularly as they relate to corporate/regulatory banking matters (including non-performing loans) and is a key member of the team that also includes ‘technically strong and very responsive’ senior associate Marko Bohaček, who has a particular niche in advising on fintech matters.

Practice head(s):

Vladimir Batarelo


‘The team is diligent and responsive.’

‘It is a highly dedicated and results-focused team.’

‘They are very responsive, solutions-oriented, pleasant to work with and offer a one-stop-shop service, covering also support in tax-related matters.’

‘The team consists of high-level experts, not only in local law but they have a deep understanding of international banking laws and practice.’

‘BDV has an excellent reputation for its banking and finance as well as for its tax work. The team is agile, responsible, versatile, highly motivated and easy to communicate with. They offer a combination of legal, financial and tax expertise under the same roof. Great team – we really feel they provide us a competitive edge.

‘Vladimir Batarelo is an excellent and knowledgeable lawyer, and a person you can rely on. With the business-minded and analytical approach (and tax expertise), he somehow always seems to find a pragmatic and out-of-the box solution, even in legally most demanding situations.’

‘Vladimir Batarelo has a deep understanding of international banking laws and practice.’

‘Vladimir Batarelo is a savvy and well-rounded attorney with transactional experience in M&A and financing. He has a great understanding of tax issues, and he is at par with leading tax advisers when it comes to tax issues.’

‘Marko Bohaček is reliable, technically strong and very responsive.’

Laurenz Vuchetich has an incredible drive and he is a person that will put his heart and mind into closing a deal.’

Key clients

European Central Bank

Croatian Bank for Reconstruction and Development

Zagrebačka banka d.d. / Unicredit Group

Privredna banka Zagreb

OTP Banka


Adria Capital Partners




M San Grupa


Metro CC


NLB Bank AD Skopje


Franck d.d.

Work highlights

  • Advising European Central Bank (ECB) on, and preparing opinions regarding, consultations of the ECB by the national authorities, regarding draft legislative proposals for regulation at national level within ECB’s field of competence and responsibilities.
  • Advising the Croatian Bank for Reconstruction and Development on several export financing deals, including a major telecommunication equipment producer entering the Belarus market.
  • Advising Nutris in relation to a facility agreement for the financing of the construction of a new food processing factory and obtaining a new line of financing from partners.


KOVACEVIC PRPIC SIMEUNOVIC LLC has forged strong relationships with many domestic and international commercial and development banks as a result of its ability to provide ‘very commercial and focused’ advice across a range of financing, regulatory and non-performing loan related mandates, as well as a number of high-profile new money and refinancing transactions. Martina Prpic is particularly well-versed in advising lenders, including banking syndicates, on project and real estate financing mandates; she recently advised a group of lenders, headed by the EBRD, on additional financing of the Zagreb airport concession project. Danijela Simeunović co-heads the team alongside Prpic and has developed particular niche expertise advising lessors and banks on aircraft financing mandates.

Other key lawyers:

Ana Novaković Stipaničev


The team provides very commercial and focused advice.’

Key clients

Croatian Bank for Reconstruction and Development

OTP banka d.d.

Chorus Aviation, National Westminster Bank PLC

Ceska Sporitelna a.s.

Raiffeisen Bank International AG

Falko Regional Aircraft Limited


Privredna banka Zagreb d.d.

Banca IMI S.p.A., London Branch

Crédit Industriel et Commercial, London Branch

OTP Bank plc

Siemens Bank GMBH, London Branch

Zagrebačka banka d.d.

Kreditanstalt für Wideraufbau (KfW)

Sberbank d.d.

Raiffeisenbank Austria d.d.

Kentbank d.d.

Economic Interest Group Croatian Banking Association (EIG CBA) – HUB

Credit union “Deponent” in compulsory liquidation

Aerocentury Corp



Gorenjska banka d.d.

Work highlights

  • Recently advised local banks, including the Croatian Bank for Reconstruction and Development, on the financing for the construction of a vessel (polar cruiser) in a Croatian shipyard.
  • Advised a group of lenders, headed by the EBRD, on additional financing of the Zagreb airport concession project operated by Međunarodna Zračna luka Zagreb d.d as the concessionaire.
  • Advised the EBRD and Kreditanstalt für Wideraufbau as lenders in relation to the financing for Zagrebačke otpadne vode d.o.o. to upgrade its existing wastewater treatment plant in Zagreb.

Macesic & Partners LLC

The ‘exceptional’ team at Macesic & Partners LLC has an ‘excellent understanding of the market and an in-depth knowledge of the legal framework’, enabling it to provide a ‘top-notch service’ to domestic and international banks and borrowers across a broad array of financing activity. ‘Outstanding and pragmatic’ Rijeka-based team head Ivana Manovelo is well-versed at advising on cross-border project finance mandates and has also developed expertise in advising start-ups on their fundraising activities.

Practice head(s):

Ivana Manovelo

Other key lawyers:

Zrinka Buzatović


‘The team has strong legal skills, great organisation and excellent knowledge of the technology.’

‘It is a very professional, skilled and reliable team.’

‘Ivana Manovelo is a top expert in her area and always adds the value with her advice. She is co-operative, works well with our team and is always available. It is a great pleasure to work with such an individual.’

‘The team led by Ivana Manovelo is exceptional, always delivers top-notch legal service. The team is very flexible and responsive and has easily adjusted and maintained the quality of service even during lockdowns. The team has an excellent understanding of the market and in-depth knowledge of the legal framework.’

‘Ivana Manovelo is an outstanding, remarkable lawyer. She stands out with great industry understanding and a pragmatic approach, always maintaining high-level legal advice. I especially appreciate that she keeps the big picture in mind, focusing on important issues when trying to find a solution to any issue we may have.’

‘Ivana Manovelo is very diligent, familiar with the industry and our company’s specific issues. Also very responsive, so every request and question gets resolved in a timely and precise manner.’

Key clients

Erste & Steiermärkische bank

Addiko bank

Raiffeisen Bank

Zagrebačka banka

Bellabeat Inc.

Stemi d.o.o.

Work highlights

  • Advising growing Croatian start-up Bellabeat in several fundraising and financing rounds by new and existing investors.
  • Continuing to assist numerous multinational corporates on the Croatian law issues associated with employee incentive plans for domestic employers.
  • Advising Addiko Bank in the area of retail risk management.

Orehovec, Vinter, Kiš, Šimunovic

Able to call upon a team of ‘versatile legal experts with excellent expertise and practical knowledge’, Orehovec, Vinter, Kiš, Šimunovic is well-placed to advise financial institutions and corporates across a range of new money and refinancing matters. The firm’s strong litigation credentials also regularly sees it advising clients on substantial debt collection and enforcement matters. The firm is also well-versed in insolvency matters, an area in which team head Martina Šimunović Lepoša is particularly accomplished and is able to deploy an array of strategies, including debt-for-equity swaps.

Other key lawyers:

Tomislav Orehovec


‘This practice is extremely professional and client oriented. They are very integrative to problem solving and always deliver on time.’

‘Very professional, responsive and co-operative team. Excellent service for the value.’

‘This practice has a team of versatile legal experts with excellent expertise and practical knowledge. Their deep understanding of the legal system and how institutions operate and function is beneficial in providing timely and efficient legal service.’

‘Tomislav Orehovec is unique, open, direct and professional.’

‘I am pleased to recommend Tomislav Orehovec. He has superior research and analytical skills, and he is able to process large volumes of information quickly and formulate an effective strategy for each case that is assigned to his workload.’

‘Tomislav Orehovec is always well prepared and with wide knowledge. He is brilliant in finding quick and practical solutions.’

‘Martina Šimunović Lepoša is great in knowing the financial sector and very capable dealing with complex contracts.’

Key clients

INA Group (INA- industrija nafte d.d., INA maziva d.o.o., INA maloprodajni servisi d.o.o., STSI d.o.o., Crosco d.o.o. etc.)

Zagrebački holding d.o.o.

Vodoopskrba i odvodnja d.o.o.

JANAF d.d.

NLB InterFinanz AG

Grand auto d.o.o.

Hyundai Croatia d.o.o.

Lola RIBAR d.d.

PRO Kolekt d.o.o.

Granarium d.o.o.

Optima leasing d.o.o.

Work highlights

  • Acting for NLB InterFinanz, a Swiss-based financial company (subsidiary of NLB d.d.), in a dozen debt collection, insolvency and enforcement proceedings against its debtors, including complex litigation related to the Act on Nullity of the Loan Agreements with international elements.
  • Represented Infinitum nekretnine on the financing to facilitate the purchase of a claim from Privredna bnka Zagreb d.d., as a creditor, against Exportdrvo projekti d.o.o., as a debtor.
  • Advising Vodoopskrba i odvodnja d.o.o., a leading water supply and sewage company, on the performance of the existing EBRD loan.

Ostermann & Partners LLP

Benefiting from ‘vast knowledge of both local and international law’, Ostermann & Partners LLP is appreciated by both lenders and borrowers for its ‘breadth of knowledge’ across a myriad of domestic and cross-border financing transactions. In addition, the firm is well regarded for non-performing loan related work, an area in which ‘exceptionally analytical’ team head Mojmir Ostermann is particularly accomplished. Senior associate Marijana Soldo Kubat is ‘very detail-oriented and business savvy’.

Practice head(s):

Mojmir Ostermann


‘I appreciated their pragmatic approach and breadth of knowledge they have showed. Very proactive and pleasant to work with.’

‘They have vast knowledge of both local and international law, which is very important for our firm. They have great communication skills and have a true passion for their job. They also have excellent writing skills and extraordinary good judgement.’

‘Marijana Soldo Kubat is very detail-oriented and business savvy.’

Key clients

Heta Asset Resolution Hrvatska

Hoteli Solaris d.d.

International Finance Corporation

Intesa Sanpaolo International Value Services

State Agency for Deposit Insurance and Bank Resolution

Work highlights

  • Advised Hoteli Solaris during a supervision procedure which was conducted by the Croatian financial services supervisory agency (HANFA) in 2021.
  • Engaged by Intesa Sanpaolo Value Services, a part of Intesa SanpaoloGroup dedicated to hi-tech evolution and IT maintenance, to review and comment on an IT services agreement.
  • Advised Heta Asset Resolution Hrvatska on the negotiation of early termination of the existing lease agreements.

Schoenherr in cooperation with Croatian lawyers

Schoenherr in cooperation with Croatian lawyers’ three-strong team provides a ‘solutions-oriented’ service to a myriad of stakeholders, including corporates, banks and insurance companies, across a wide variety of transactional and regulatory matters including acquisition finance and non-performing loan mandates (on both the buy and sell side). The team is also well co-ordinated with offices throughout the CEE region, enabling it to provide a shared knowledgebase to clients on cross-border mandates and complex EU regulatory mandates. Team head Ozren Kobsa is at the forefront of the most significant regulatory and transactional work handled by the team, including its advice to Privredna Banka Zagreb on its ISDA portfolio and modifications which needed to be made to comply with regulatory requirements due to Brexit.

Practice head(s):

Ozren Kobsa


‘People, diversity and collaboration makes this team better than those of other firms at the market.’

‘Commitment to the client, problem solving and covering of a broad area of business.’

Key clients

Deutsche Bank

UniCredit Group

Raiffeisenbank Group

Sberbank of Russia


EOS Group

EBRD – European Bank for Reconstruction and Development


Volkswagen AG

Monier group

Intesa group

LynxCap Group AG

Privredna Banka Zagreb d.d.

Work highlights

  • Advised OTP (both Croatian and Hungarian banks) on the sale of its insurance company in Croatia to Groupama, a French insurance group.
  • Advised Privredna Banka Zagreb to assess its ISDA portfolio and necessary legal actions due to Brexit in order to comply with regulatory requirements.

Wolf Theiss - Zagreb branch

Acting on its own and able to ‘provide a unified approach’ on cross-border mandates by virtue of its ability to draw upon resources from across the firm’s CEE/SEE network of offices, Wolf Theiss – Zagreb branch provides a ‘flawless service’ to lenders in the context of bilateral and syndicated/club loans, as well as on a myriad of regulatory mandates. Team head Luka Tadić-Čolić ‘is very well known on the local market’, both in the context of financing transactions as well as financial services M&A. Senior associate Lucia Močibob ‘is a very capable pair of hands’ and is also recommended.

Practice head(s):

Luka Tadić-Čolić


‘In one of those jurisdictions which feels like it might be a long way from London and New York, it’s great to find such a high standard of legal competence and client communication. Dealing with the firm has been one of the best “local counsel” experiences I have had in a long legal career!’

‘Exceptional group of individuals led by a top manager provides flawless service on time.’

‘Luka Tadić-Čolić has enormous depth of knowledge of the areas in which he practises, is very responsive and communicates superbly.’

‘Luka Tadić-Čolić has an exceptional understanding of the requirements for the successful business operation of our company.’

‘Luka Tadić-Čolić is very responsive, and always gives commercial advice.’

‘Luka Tadić-Čolić is very well known on the local market, providing experience-based proposals and solutions that create a place for agreement between all parties.’

‘Lucia Močibob is a very capable pair of hands. She is on the ball, knows her stuff and is quick to get back to the client with the right answers.

Key clients

3S Investment Limited


Addiko Bank

Advent International Corporation

B2 Holding ASA

Bain Capital Private Equity

Banca Comercială Română S.A.

Bank Gospodarstwa Krajowego

Barclays Bank

BNP Paribas

Česká spořitelna, a.s.


Citigroup Global Markets Limited

Corner Banca

Credit Suisse

Croatian Central Depository and Clearing Company (SKDD)

DDM Group

Deutsche Bank

Erste Group Bank

European Bank for Reconstruction and Development

European Investment Fund


Falcon Private Bank

First Data Europe Limited

Hemisphere International Properties


Intesa Sanpaolo

J&T Bank

J.P. Morgan Securities

Merrill Lynch International

Morgan Stanley & Co. International

Nova Ljubljanska banka d.d.

Privredna banka Zagreb




Slovenská sporiteľňa, a.s.

Société Générale Group

The Royal Bank of Scotland

UBS Limited


Veneto Banca

VTB Bank

Zagrebačka banka (UniCredit)

Work highlights

  • Advising Erste Group on its multi-issuer programme for the issuance of notes for MREL and own funds purposes.
  • Advising Taurus Partners and Elements Capital Management on entering into a joint venture with a local company, for the purpose of acquiring non-performing secured loans from Zagrebačka banka in an auction process against a Croatian debtor.
  • Advising Merrill Lynch International on the review of its international prime brokerage documentation and, more specifically, the Croatian law perfection requirements that must be observed to obtain an enforceable security interest over the cash and securities held with local banks.

Bradvica Maric Wahl Cesarec

Bradvica Marić Wahl Cesarecdisplays significant know-how and experience across banking and finance’ matters, for borrowers in particular, and is a compelling choice for listed companies on their capital markets activity, by virtue of its excellent credentials before the domestic financial authority. Team head Branko Skerlev is a ‘shining star’, who has also firmly established himself as an expert advising investment funds across an array of activity, including compliance, structuring, restructuring and winding-up.

Practice head(s):

Branko Skerlev

Other key lawyers:

Davor Krsnik


They have practically invented compliance for investment funds as a distinct legal service in Croatia.’

The team has proven to be reliable, timely, and trusted advisers.’

‘Highly professional individuals which provide sound and practical legal advice.’

The firm displays significant know-how and experience across banking, finance and capital markets law matters.’

Branko Skerlev has proven to be a shining star of the team. His academic career, as well as a practical approach, proved to be a winning combination for us in any situation, irrespective if it is transactional, commercial, corporate or capital markets advice.’

Davor Krsnik is highly motivated.’ 

Key clients

Maverick Wealth Management

Quaestus Private Equity


Prosperus Invest

Five Islands Capital Ltd

Work highlights

  • Advising the founder of a new investment company, Five Island Capital Ltd, with an intent to incorporate the company in Croatia.
  • Advising Maverick Wealth Management on the incorporation of a new alternative investment fund (AIF) in Croatia.
  • Advising Prosperus Invest on matters related to the liquidation process of an AIF and providing legal assistance to operations of the client’s middle office department.

Cipcic-Bragadin Mesic & Associates

Although it is perhaps less active advising on transactional finance work, Cipcic-Bragadin Mesic & Associates has developed a strong reputation for advising banks, asset managers and investment companies on the regulatory issues associated with conducting business in the country. Team head Silvije Čipčić-Bragadin is the main contact.

Practice head(s):

Silvije Cipcic-Bragadin

Key clients



Barclays Bank

Barclays Bank Ireland

JP Morgan

NatWest Markets

Goldman Sachs

Deutsche Bank AG



Aream Advisers

Work highlights

  • Advised Deutsche Bank on conducting its business in Croatia with specific references to corporate investment banking and legal/compliance matters.
  • Advised Barclays Bank in relation to a pan-European financing of a transaction where as part of the structure a corporate borrower was based in Croatia. The transaction was based on LMA standard documentation.
  • Advised UBS on various regulatory aspects relating to the distribution of structured products in the Croatian market.

Gugic, Kovacic & Krivic law firm

Co-headed by Lovro Kovačić and Damjan KrivićGugic, Kovacic & Krivic law firm has a particularly strong reputation in advising investors on the acquisition of non-performing loan portfolios.


‘As managing director overseeing over €400m in NPLs, the firm is a valuable resource in underwritings during the tender process but also in servicing the most complex cases. In underwriting we appreciate timely delivery, while in servicing the creativity of how to handle complex situations is a key strength.’

‘Great and very broad experience. Excellent teamwork.’

‘Hands-on, absolutely client-oriented and committed.’

‘Damjan Krivic is always available (weekends, nights…) and very creative.’

Key clients


Sberbank plc



Hrvatski ured za osiguranje (Croatian Insurance Bureau)

Erste Group Bank AG

Erste & Steiermärkische S-Leasing d.o.o.

AxFina Austria GmbH

Lynxcapgroup AG

Work highlights

  • Advising Lynxcapgroup, a specialised multinational investor and manager of NPLs and special situations, on legal due diligence, negotiations and post-transaction activities.
  • Advising DDM Group, a specialised multinational investor and manager of NPLs and special situations, on legal due diligence of NPLs and post-transaction activities.
  • Advising domestic insurance company TRIGLAV OSIGURANJE d.d on a range of day-to-day and compliance matters.

Hanzekovic & Partners

The ‘organised and knowledgeable‘ team at Hanzekovic & Partners is well-versed in advising financial institutions and corporates across a range of financing transactions, and its excellent connections with numerous international law firms ‘offers outstanding support on cross-border transactions’. Team head Irina Jelčić has ‘extensive experience and deep knowledge across banking, finance and capital markets’, from both transactional and regulatory perspectives. In addition, the firm has an excellent pedigree in advising on debt enforcement and financial services-related litigation. The team was boosted by the arrival of Tin Težak from Madirazza & Partners in January 2022, providing experience in project financing as well as corporate restructuring matters.

Practice head(s):

Irina Jelčić

Other key lawyers:

Paula Jagar; Tin Težak


‘The team is extremely well connected with international law firms and offers outstanding support in cross-border transactions. They are an excellent choice in matters of fund marketing and a great asset for any regulated investor. They have in-depth knowledge of the industry and are always up to date.’

‘It is a very well-organised and knowledgeable banking and finance team that can handle the most complex transactions with ease and smoothly. They provide legal advice that is up to the point and valuable to the client.’

‘Irina Jelčić is a top finance lawyer offering exceptionally professional support. She is capable of translating complex legal content into an understandable basis for business decisions. Irina successfully combines her commercial knowledge, hands-on approach and great problem-solving skills.’

‘Irina Jelčić has extensive experience and deep knowledge in banking, finance and capital markets matters.’

Paula Jagar is highly knowledgeable on aspects of fund marketing and specific investor requirements. A dedicated professional with utmost respect both for clients and counterparties.

Key clients

Zagrebačka banka d.d.

Erste&Steiermärkische Bank d.d.

OTP banka d.d.


Erste Card Club d.o.o.


Allianz Hrvatska d.d.

Ilej & Partners, in cooperation with Karanovic & Partners

Ilej & Partners, in cooperation with Karanovic & Partnershas very deep experience and knowledge of finance transactions’ and provides ‘high-quality work’ on cross-border mandates where there is a Croatian component, as well as on purely domestic matters. Work covers a range of new money and refinancing transactions and has recently included a significant amount of work for clients in the gaming sector. Senior partner Goran Ilej is a key member of the team that also includes Ivana Sverak and Franka Baica, who is ‘responsive and provides very clear advice’.

Other key lawyers:

Barbara Bilić


The team has very deep experience and knowledge of finance transactions, is always available and happy to help, a go-to team when there is a Croatian element.’ 

The team delivered high-quality work in a timely manner.’ 

Franka Baica is responsive and provides very clear advice.’

Ivana Sverak is always available and happy to help.’ 

Key clients

Fortuna Entertainment Group

VJETROELEKTRANA LUKOVAC d.o.o. (member of Enlight Group)

Pearl Infrastructure Capital

Work highlights

  • Croatian counsel to CEE betting and gaming operator Fortuna Entertainment Group N.V. and its Croatian subsidiary Hattrick-PSK d.o.o. on an up to €551m refinancing for the group.
  • Advised Luxembourg-based alternative investment fund Pearl Infrastructure Capital on the refinancing of the debt of three of its newly acquired companies with OTP bank Croatia and OTP bank Hungary.
  • Advised WF Lukovac (WF project company, member of Enlight group) on financing and refinancing matters (including a security package).

Krehic & Partners Law Firm in cooperation with Deloitte Legal

Well-connected to its local roots’ but also now enhanced by its ability to leverage the global resources gained through its co-operation with Deloitte, Krehic & Partners Law Firm in cooperation with Deloitte Legalhas a deep understanding of the legal, financial and tax aspects of the business projects and transactions’. Team head Tarja Krehic combines ‘the highest international legal standards with the superior local knowledge, expertise and insight’ and has expertise across the spectrum of bank debt, capital markets and structured finance mandates, as well as on non-performing loan portfolio-related work.

Other key lawyers:

Valerija Cerovski


‘The firm manages to remain very well-connected to its local roots, yet has embedded that into its partnership with Deloitte in leveraging the breadth of a global organisation.’

The team has a deep understanding of the legal, financial and tax aspects of the business projects and transactions.’

Tarja Krehić serves her clients by combining the highest international legal standards with the superior local knowledge, expertise and insight. She provides a distinctive global approach together with the fluency in local market issues and opportunities.’

Tarja Krehić is devoted to a comprehensive understanding of the unique aspects and needs of her clients’ businesses. She resonates with an individual approach, relationship building, dedication, availability, efficiency and high-quality communication.’

Tarja Krehić is a true team player seeking for the most pragmatic legal solution in the best interest of the client.’

Key clients

International Currency Exchange

Inter Cars Croatia and Poland


B2 Kapital d.o.o.


PBZ Group

Croatian Telekom




Work highlights

  • Assisted B2 Kapital with the sale of a €100m NPL portfolio.
  • Assisted with the collateralization of the entire Croatian fleet of Inter Cars, a Polish leasing company.
  • Advised EOS MATRIX, a financial intermediary, in a first-of-its-kind cross-border receivables securitisation.

Law Firm Babic, Brborovic & Partners

While it is less visible on finance transactional work than many in the ranking, Law Firm Babic, Brborovic & Partners handles a significant amount of work in the financial services sector, chiefly as a result of its representation of domestic banks – Slatinska bank and Karlovačka bank – which includes day-to-day advice, work on commercial matters and litigation. Siniša Babić and Tamara Brborović are ‘very professional and reliable’ and are the main contacts.

Other key lawyers:

Iva Pranjić; Valentina Plantić


They have an unique approach to each legal matter and they always try to observe every inquiry from different perspectives.’

They are very committed to resolve each subject in the way that will bring the most benefits to their clients. Their great advantage is that they are able to solve all inquiries very quickly, efficiently and effectively, but in the same time the quality of their work is never lacking.’

Very knowledgeable team; very open and sincere regarding all the possible legal options; personal and human relationship with clients.’

Siniša Babić and Tamara Brborović are very professional and reliable lawyers whose legal opinion is always very detailed and informative.’

Siniša Babić is a very trustworthy and reliable lawyer.’

Key clients

Slatinska bank jsc.

Karlovačka bank jsc.

Siemens Healthcare Ltd.

Bevanda project Ltd.

Faculty of Forestry and Wood Technology

Croatian standard institute

Faculty of transport and traffic sciences

City of Sisak

Callidus – adult education institute

Bonum grupa Ltd.

Ivan Žabčić and Marko Vuković




Work highlights

  • Advising Slatinska bank across a range of matters, including on status issues, resolving legal issues and relations, representation in court and arbitration proceedings, and providing legal services from other related branches of law.
  • Advising Karlovačka banka across a range of areas including on status issues, resolving legal issues and relations, representation in court and arbitration proceedings, and providing legal services from other related branches of law.
  • Advising the majority shareholders of Karlovačka bank on their complex takeover procedure, to acquire over 90% ownership of the bank.

M&S Partners

Although it is less active on transactional financing work than many in the ranking, M&S Partners has a strong reputation in advising on litigation, regulatory and non-performing loan matters for regional financial services companies. Ivana Miloš heads the team.

Practice head(s):

Ivana Miloš

Other key lawyers:

Kristina Banić; Monica Golub

Key clients

PBZ Card Ltd.


PAAFRD (Paying Agency for Agriculture, Fisheries and Rural Development)

Prime Tourist Resorts

Agrochem Maks


Water Supply and Drainage Ltd. (VIO)

Marohnic, Tomek & Gjoic, Law Firm

Co-headed by Tonka Gjoić Tomić  and Tena Tomek, Marohnic, Tomek & Gjoic, Law Firm is best known for its non-performing loan related work, as well as investment funds work, both from a regulatory/compliance perspective as well as fund structuring and downstream investment work.


Tonka Gjoić Tomić is a joy to work with.’

Tena Tomek has built up a valuable and trustworthy relationship over the years. Deep understanding of VC/PE business. Combines EU and national law and legal and financial aspects when providing advice.’

Key clients

LCN Capital Partners

Feelsgood Capital Partners

Balkan Properties Limited UK

Day One Capital/Orqa Holding Limited


Immofinanz AG

Work highlights

  • Advised Feelsgood Capital Partners on the first Croatian social impact investment fund, with EIF as a main investor.
  • Engaged by a number of investment funds to work both on the deal side on the funds’ investments, and on the funds’ internal matters.
  • Advised long-term client LCN Capital Partners, a fund-based platform, on various investments in Croatia.

Vidan Law Office

The ‘highly responsive and very detail-oriented’ team at Vidan Law Office advises commercial/development banks, leasing companies and corporates across a wide range of financing work, including cross-border corporate finance matters where it is well-positioned to act, in part by virtue of its membership of regional law firm network Lex Adria. Managing partner Hrvoje Vidan is appreciated for his ‘broad knowledge of a great number of areas of law’, including as it relates to finance and tax.

Practice head(s):

Hrvoje Vidan

Other key lawyers:

Petra Luštica; Ivona Stričak


‘The team is highly responsive and very detailed.’

‘Vidan Law Office is our first point of contact whenever we would need any assistance concerning Croatian law – that is their main asset in our eyes, that they are well-rounded and are able to cover basically any area of law one may need assistance with.’

‘Vidan Law Office provides high-quality and professional legal support and prioritises the client’s needs and economic goals, making them a reliable and strong partner and service provider in the banking, finance and capital market practice.’

‘Their cooperativeness, ethics, punctuality, availability for everyday communication as well as their fluency in different languages such as English, German and Italian, make the individuals employed at Vidan Law Office a great partner and collaborator for all kinds of projects.’

‘They are very professional and at the same time extremely helpful and easy to deal with.’

‘With particular strength in cross-border deals, the finance team is skilled in the corporate finance and banking area on a regular and project-to-project basis.’

‘I can highly commend Hrvoje Vidan’s communication skills and broad legal knowledge.’

‘Hrvoje Vidan is experienced, knowledgeable and intelligent.’

‘Hrvoje Vidan has been a long-time respected market leader who also works hard to meet the needs and preferences of the clients on the demanding market.’

‘Petra Luštica stands out as a very open-minded and resourceful lawyer.’

Vukmir & Associates

Vukmir & Associates has a good reputation among commercial/investment banks and development banks across a range of transactional, regulatory and advisory work. The ‘pragmatic and responsive’ Tomislav Pedišić is one of the main contacts for financing work and is ‘very knowledgeable on capital markets-related work’.

Other key lawyers:

Tea Cerinski


High involvement of senior associates, close co-operation between different work streams (corporate and finance), highly skilled individuals, dedicated and responsive team.’

Availability and flexibility, alongside speed and legal knowledge, have been especially recognised and valued by us.’

Tomislav Pedišić is very knowledgeable on capital markets-related work, is keen to understand the processes of his clients and to provide an in-depth analysis. He is pragmatic, responsive and an experienced transaction lawyer.’

Tomislav Pedišić is very precise, analytical, fast and most of all very responsible towards clients.’

Ivan Ćuk has very good drafting skills and analytical ability. He is a very responsive and experienced transaction lawyer.’

Key clients

International Finance Corporation




State Street Bank and Trust Company

The Bank of New York Mellon

JP Morgan Chase Bank

The Northern Trust Company

BKS Bank

Royal Bank of Canada

BNP Paribas Securities Services

Zagrebačka banka

VÖB-Service GmbH – German Banks’ Association

OTP Insurance (earlier Société Générale Insurance)

Brown Brothers Harriman & Co


Deutsche Bank

Erste&Steiermärkische Bank

Work highlights

  • Advised a consortium of banks in relation to a €100m club loan to a leading Croatian hotel and resort company.
  • Advised the Association of Global Custodians on various issues concerning custody of cash and securities in the local market.
  • Acted as principal legal counsel for the lenders in relation to a €24m loan extended by the club of two major Croatian banks to one of the country’s largest tourist companies.

Law Office Žarkovic

Co-headed by Branimir Žarković and Marko Milošević , the ‘young and driven’ team at Law Office Žarkovic has successfully gained market share among numerous domestic and international corporates, including several within the tech sector. Clients are appreciative of the firm’s ability to advise on financing mandates with a more flexible and less formalistic approach than some more traditional firms in the ranking.

Other key lawyers:

Matea Lacko


They are young and driven. Other firms I have worked in my companies are rigid and more formalistic compared to Branimir and his team. They are flexible and adjustable which I think is one of the key qualities when we work 24/7 nowadays.’

Key clients


Petruzalek Ltd

Luminor Hotel Collection d.o.o.

Alkyon Partners Gmbh

Magnum Global d.o.o.

Liburnia Riviera Hoteli d.d.

Holster Privatstiftung

Gitone Bet. GmbH

SALLINA Bet. GMBh (Arbiana d.o.o.)

Begin Capital Markets

Gollner GmbH


Finax, o.c.p.a.s.

Work highlights

  • Advised INFOBIP Ltd, one of the largest Croatian IT companies, in a high-value cross-border financing.
  • Advising Magnum Global, a Croatia-based hospitality company, on the refinancing of its previous debts towards banks.
  • Assisted SALLINA Bet GMBh, an Austria-based investment company, on the acquisition of a Croatian hospitality company, as well as on the subsequent restructuring and standstill of the existing debt exposure of the acquired company.