Banking, finance and capital markets in Croatia

Divjak Topic Bahtijarevic & Krka

A stalwart of the Croatian legal market, Divjak Topic Bahtijarevic & Krka has strong ties directly with a range of domestic and international lenders and borrowers, as well as generating a significant amount of referral work from high-profile international law firms. The scope of the work is broad and includes both regulatory and transactional work for established traditional commercial/investment and development banks (as well as an increasing flow of work for crypto/payment services providers), running the gamut from syndicated loans, project finance and leveraged finance to capital markets mandates. Team head Damir Topić is pivotal to much of this work, including his recent representation of Morgan Stanley on the recent funding it provided to Croatian unicorn Infobip Group. Martina Kalamiza Grozdek joined Lovrić Novokmet & Partners in June 2022.

Practice head(s):

Damir Topić

Key clients

Morgan Stanley

International Finance Corporation (IFC)

ING Bank

Ceska Sporitelna A.S. and Ceskoslovenska Obchodni Banka

Bank Polska Kasa Opieki

BankPozitif Kredi ve Kalkınma Bankası

Eurobank Bulgaria

Work highlights

  • Advised Morgan Stanley in relation to additional funding for the Croatian unicorn Infobip Group.
  • Advised International Finance Corporation on all aspects of the Croatian law regarding the purchase of bonds issued by Erste Bank to support the bank’s housing portfolio, including green housing loans.

Law Firm Glinska & Miškovic Ltd

Led by Aleksej Mišković, who draws upon 'extensive knowledge of the business sector', Law Firm Glinska & Miškovic Ltd provides 'a high-quality and efficient service' to an impressive roster of creditors and debtors across the spectrum of regulatory, compliance and transactional work, invariably with a cross-border element. Particular areas of expertise include advice on syndicated and club bank deals, as well as advising Croatian issuers on Eurobond transactions. As well as advising conventional banks, the firm is also well-versed at advising fintech entities, including its recent advice to Viva Payment Services on the projected effect that the country's imminent adoption of the Euro as a currency will have on financial institutions. 'Outstanding' associate Katarina Šarić is 'able to think-outside-the-box', including in the context of mandates involving multiple jurisdictions.

Practice head(s):

Aleksej Mišković

Other key lawyers:

Katarina Šarić


‘The firm provides a high-quality and efficient service.’

They are a fantastic team.’

Aleksej Mišković has extensive knowledge of the business sector.’

‘Katarina Šarić has outstanding finance expertise. She is reliable and able to think-outside-the-box.’ 

Key clients

European Bank for Reconstruction and Development

Dechra Pharmaceuticals PLC

Inspire Investments d.o.o.

Banca IMI S.p.A.

The Boston Consulting Group

Viva Payment Services S.A.

Bank of New York Mellon

Coral Croatia d.o.o.

Genera d.d.

Work highlights

  • Advising Banca IMI on Croatia-related capital markets matters.
  • Advising Viva Payment Services on regulatory matters related to the money institutions, work which included advice in relation to the impact of the imminent introduction of the Euro as the official currency of Croatia and its effect on the financial services institutions.
  • Advising Inspire Investments on all financial regulatory and transactional matters relating to its management of the Inspirio FGS fund.

Madirazza & Partners

Madirazza & Partners has strong credentials in the market for creditors and debtors across a range of new money transactions, as well as refinancing/restructuring mandates. Name partner Josip Madirazza takes the lead on many of the transactions, including within the energy sector, where his regulatory and transactional prowess is appreciated by a myriad of stakeholders in the context of the financing of major renewable energy projects. Tatjana Radmilović is also a key member of the team by virtue of her wide-ranging expertise, which encompasses capital markets offerings as well as regulatory advice to financial services proposing to bring new products to market. Marinka Kovačić co-heads the team alongside Madirazza.

Practice head(s):

Josip Madirazza; Marinka Kovačić

Other key lawyers:

Tatjana Radmilović; Tamara Jakšić; Bruno Pelicarić

Key clients

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

Mamic Peric Reberski Rimac Law Firm LLC

Mamic Peric Reberski Rimac Law Firm LLC provides 'actionable and useful legal guidance' across the panoply of financing/refinancing, regulatory and non-performing loan-related transactions, for banks, corporates, funds and investors. Team head Luka Rimac 'is very skilful at handling capital markets transactions' for both underwriters and issuers, including his recent work for INA on its €265m bond issuance on the regulated market of the Zagreb Stock Exchange. Frano Belohradsky often supports Rimac on high-profile deals, as well as handling transactions on his own, including cross-border financings and NPL sales.

Practice head(s):

Luka Rimac

Other key lawyers:

Frano Belohradsky; Nikola Kokot


‘It is one of very few Croatian legal offices that is able to provide relevant legal advice in cases of most complex legal matters in the commercial and investment banking segment.’

They provide actionable and useful legal guidance and are willing to show maximum flexibility in the way they operate in order to support requirements of the creditors and clients.’

‘Luka Rimac is very skilful at handling capital markets matters and really knows the underpinning legislation.’

Key clients

ORBICO d.o.o.




OTP Banka d.d.







Quattro logistika

Work highlights

  • Advised ORBICO on a refinancing mandate and a club loan new money financing, as well as work in relation to an umbrella bank guarantee for its distribution agreements with a major principal in several jurisdictions (Croatia, Slovenia, Bulgaria and Romania).
  • Advised INA-INDUSTRIJA NAFTE, the largest oil company in Croatia, on its issuance and listing of bonds in the nominal amount of approximately €265m on the regulated market of the Zagreb Stock Exchange.
  • Advised MEZZANINE PARTNERS in connection with licensing of the company as alternative investment fund managers before the Croatian regulator and establishment of the first purely mezzanine closed-ended alternative investment fund without legal personality in Croatia.

Šavoric & Partners

Šavorić & Partners is a well-established presence in the market and has strong credentials among domestic and international lenders, corporates and sponsors across an eclectic range of new money financings and refinancings, including as they relate to the provision of lending to facilitate M&A activity. Team head Mia Lazić is conversant with financing techniques throughout the capital structure, including mezzanine and senior facilities, ensuring that she is a popular choice for both creditors and debtors on cross-border and domestic real estate, acquisition and project finance mandates. Boris Šavorić is also a key figure in the team and brings significant gravitas to bear on cross-border financings.

Practice head(s):

Mia Lazić

Other key lawyers:

Boris Šavorić; Andrea Ruba

Key clients

M SAN Grupa


A&M Capital

Česká spořitelna, Komerční banka, UniCredit Bank

Ulster Bank Ireland

European Investment Bank

Work highlights

  • Advised M SAN Grupa, a leading regional IT and CE distributor, on the issuance of corporate bonds.
  • Acted for DoorDash in a transaction where DoorDash and stockholders of Wolt Enterprises OY entered into a definitive agreement whereby DoorDash will acquire Wolt in an all-stock transaction, valued at approximately €7bn.
  • Acted for A&M Capital Europe LLP in financing the acquisition of Pet Network International and its subsidiaries in the CEE region.

Žuric i Partneri in cooperation with Kinstellar

'Very experienced in the banking and finance sector', Žuric i Partneri in cooperation with Kinstellar provides 'high-quality and responsive advice' to banks, corporates and funds engaged in financing transactions across a range of industry sectors, including real estate, TMT and healthcare. Duško Žurić 'works very well on complex matters', both from a transactional standpoint, particularly within the energy sector, as well as in relation to regulatory mandates, including on behalf of EBRD, which he recently advised on the adoption of the covered bonds EU directive into Croatian law. Edin Karakaš has also been pivotal to the firm's work on behalf of EBRD, as well as providing 'very goal-oriented' advice, including in the context of M&A in the financial services sector. Mihovil Granić provides 'solutions-oriented, flexible and creative' advice on acquisition and project finance mandates and is also recommended.

Practice head(s):

Duško Žurić; Daniela Mayer

Other key lawyers:

Edin Karakaš; Mihovil Granić; Marija Vuchetich; Andrijana Kastelan; Vedran  Kopilović; Andrej Skljarov; Tena Pajalić; Zrinka Ivanković


The team provides high-quality and responsive advice.’

The team is very experienced in the banking and finance sector, the lawyers are highly professional individuals and are providing goal-oriented advice.’

Duško Žurić is very experienced and works very well on complex matters.’

‘Edin Karakaš is a very goal-oriented adviser with a great knowledge of the legal market.’ 

‘Mihovil Granić is solutions-oriented, flexible and creative.’

Key clients

OTP banka d.d.

OTP Bank Nyrt




Agri Europe Cyprus ltd

Đuro Đaković Grupa d.d.

Law Firm Andelovic, Siketic & Tomic

Although the firm is still relatively new on the market (having only been established just over two and a half years ago), Law Firm Andelovic, Siketic & Tomic has quickly gained a stronghold in the market for transactional matters, including within the banking and finance sector, where it is appreciated for its 'responsiveness and experience' in handling cross-border mandates, in particular. 'Hardworking' and 'solutions-oriented' head Petra Siketić has been pivotal to this success and, as well as her expertise in the project finance space, she continues to be active for UniCredit (and its Croatian subsidiary Zagrebačka Bank) on a series of financings/refinancings provided to Croatia-based company Punta skala.

Practice head(s):

Petra Siketić


The team is responsive, quick and experienced in many different industries and also in cross-border matters.’

‘Petra Siketić definitely stands out with her clear and concise advice and all-round commitment. She is precise and hard-working and always provides a solutions-oriented approach for her clients.’

‘Petra Siketic is extremely diligent.’

Key clients

UniCredit S.p.A.

Zagrebačka banka d.d.



ENS d.o.o.

Work highlights

  • Advised UniCredit and Zagrebačka banka as lenders to Croatian company Punta skala, owner of the Falkensteiner resort on Zadar peninsula, in providing for repayment of certain indebtedness, refurbishment of family hotel Diadora, and construction of four luxurious villas.
  • Advised Austrian Erste Group Bank on financing facilities provided to Croatian company Poslovni Park Zagreb for various purposes, including refinancing. The firm most recently acted for the lender in relation to support regarding the full repayment of the loans.
  • Advising listed Croatian companyTekstilpromet on various legal issues, including as they relate to capital markets regulation.

Babic & Partners Law Firm

One of the more experienced firms in the market, Babic & Partners Law Firm has gained a particularly strong reputation among large international entities on their Croatia-based investments and financing associated with transactions with a nexus to the country. Although the firm is a bit less active than some of its peers in the market for traditional lenders, under the guidance of Iva Basarić it has developed strong credentials among fintech entities (including payment services companies and crypto platforms) across a range of regulatory issues associated with establishing themselves in the country and/or doing business in Croatia. Leveraging her strong employment experience, Basarić also regularly helps financial services clients establish employee share incentive plans.

Practice head(s):

Iva Basarić

Key clients

Selvita S.A.

Optimapharm d.o.o.

TRG Management LP

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

Drawing upon an 'excellent understanding of local market standards in the financial sector', Bardek, Lisac, Mušec, Skoko in association with CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH (Austria) is able to provide 'pragmatic and comprehensive legal advice' to domestic/international banks and corporates across a wide range of finance transactions. In the context of international mandates, the team, which is led by Jelena Nushol Fijačko, is able to leverage the expertise of lawyers from across the firm's extensive international network and is thereby well-placed to provide a cohesive, one-stop-shop offering. As well as extensive transactional financing work, including in the real estate, tourism and energy sector, Fijačko is also well-versed at handling regulatory mandates and NPL-related matters. Ivan Ivandić joined the European Investment Fund in November 2021.

Practice head(s):

Jelena Nushol Fijačko

Other key lawyers:

Relja Rajković


‘The firm has an excellent understanding of local market standards in the financial sector.’

The responsive team has wide expertise in banking and finance matters and is adaptable to clients’ needs. It is also capable of providing pragmatic and comprehensive legal advice.’

Key clients

Privredna banka Zagreb (Croatian arm of Intesa Sanpaolo)

UniCredit s.p.a.



Zagrebacka banka d.d (the Croatian arm of UniCredit Group)

Invest4SEE RE Investment Holding GmbH


UniCredit Bank Austria


Erste Group Bank AG

Work highlights

  • Advised Privredna banka Zagreb on the full scope of Croatian law in the refinancing and financing of WP Danilo and WP Rudine.
  • Advised EBRD on the provision of a senior unsecured loan to Raiffeisen Leasing in Croatia for on-lending to local small and medium-sized enterprises in Croatia under the Financial Intermediary Framework.
  • Advising UniCredit Bank on the restructuring of a loan agreement and new security instruments in relation to Mlinar, a regional bakery chain.

Batarelo Dvojkovic Vuchetich Law Firm LLP

Able to draw upon the expertise of ‘highly competent and resourceful young professionals’, Batarelo Dvojkovic Vuchetich Law Firm LLP has ‘a wealth of experience in handling complex and challenging matters’ on both the regulatory and transactional front. Team head Vladimir Batarelo takes the lead on much of this work, including his ongoing role as country rapporteur for the European Central Bank across a range of regulatory/legislative matters, such as recently assisting it in its opinion on the draft law on the introduction of the Euro as the official currency in the Republic of Croatia. Batarelo is also regularly engaged in renewable energy-related project finance mandates where he is assisted by the ‘excellent’ Tomislav Sadrić, who was promoted to partner in May 2022 alongside Marko Bohaček.

Practice head(s):

Vladimir Batarelo

Other key lawyers:

Laurenz Vuchetich; Marko Bohaček; Tomislav Sadrić


‘The team has proven its understanding of commercial awareness, effectively combining business and legal advice while recognising its client’s needs. It has an excellent reputation in the market and has a wealth of experience in handling complex and challenging matters.’

‘It is a very practical and responsive team that has knowledge in different fields of law and regulations.’

‘The team has good command of business logic.’

BDV’s team is composed of highly competent and resourceful young professionals. Their experience in general business and commercial practices is evident in how they approach and resolve complex problems.’

‘While Vladimir Batarelo’s legal advice has been instrumental in solving technical problems, his knowledge and experience in business practices has helped me improve the methods I use in internal and external aspects of my business.’

Tomislav Sadrić is excellent at handling financing matters.’

Key clients

European Central Bank

Windfarm Bruvno


Croatian Bank for Reconstruction & Development

Fiftyseven Hours



ASEF ADRIA d.o.o. and ASEF HoldCo SARL

Asseco South Eastern Europe


China Gather Wealth


Četiri lista

Work highlights

  • Advising European Central Bank as country rapporteur for Croatia.
  • Advising Windfarm Bruvno on the project finance of one of the largest wind farm development projects in Croatia – up to 55MW of capacity.
  • Advising renewable energy project developer Adria Wind Power in a financial restructuring and refinancing matter.


Banking and financing is one of the core areas of focus for KOVACEVIC PRPIC SIMEUNOVIC LLC and it has the critical mass and competency to handle a wide range of transactions for a creditor-focused client base that includes commercial and development banks, including the Croatian Bank for Reconstruction and Development, OTP Bank and National Westminster Bank. Martina Prpić is adept at handling syndicated and club bank deals, to facilitate financings for the purposes of M&A transactions as well as major projects. Danijela Simeunović has niche aviation finance expertise and regularly advises lessors and banks on matters with a nexus to Croatia. Ana Novaković Stipaničev regularly works alongside Simeunović on these mandates, as well as having expertise across a range of other cross-border transactions, and was recently promoted to partner.

Practice head(s):

Martina Prpić; Danijela Simeunović; Dinka Kovačević; Ana Novaković Stipaničev

Other key lawyers:

Dino Živković

Key clients

Croatian Bank for Reconstruction and Development

OTP banka d.d.

Chorus Aviation

National Westminster Bank PLC

Macquarie AirFinance

Raiffeisen Bank International AG

Falko Regional Aircraft Limited





OTP Bank Plc.



Kreditanstalt für Wideraufbau (KfW)

Sberbank d.d. (Nova hrvatska banka d.d.)

Raiffeisenbank Austria d.d.


Aircastle Limited




World Star Aviation


Work highlights

  • Advised Professio Energia d.d. (PLC) with respect to three loans granted by Privredna banka Zagreb d.d., the purpose of one of them being the acquisition financing of 100% of shares in two Croatian companies, and the remaining two being for the purpose of refinancing existing loans granted to targets by International Finance Corporation and Unicredit Bank Austria AG.
  • Advised OTP banka d.d. with respect to the acquisition financing of 100% of shares in Croatian company GUMIIMPEX – GRP d.o.o. by company KJK III AcquiCo LLC, member of the KJK Capital group of companies.
  • Advised EBRD on its €50m financing to the City of Zagreb as the borrower, for the provision of liquidity support to the City of Zagreb.

Krehic & Partners in cooperation with Deloitte Legal

Now headed by Ozren Kobsa following his arrival in April 2022 from Schoenherr in cooperation with Croatian lawyers, Krehic & Partners in cooperation with Deloitte Legal is increasingly well-positioned to advise on a wide array of financing work, running the gamut from M&A in the sector, NPL matters and regulatory advice to new money/refinancing mandates. Ivan Zornada is also a key member of the team. Tarja Krehic left the firm.

Practice head(s):

Ozren Kobsa

Other key lawyers:

Ivan Zornada; Valerija Cerovski

Key clients


B2 Kapital d.o.o.

Studenac d.o.o.

Inter Cars Croatia and Inter Cars Poland


Croatian Telekom

Work highlights

  • Extensive assistance to EBRD London with drafting and issuing a template unfunded risk participation framework agreement, used in Croatia for the first time by EBRD London under the proposed terms, to be concluded with one of the largest Croatian banks.
  • Advising HPB Croatia with the business integration and merger of Sberbank Croatia.
  • Issued a complex legal opinion to PBZ CROATIA on the bank’s adopted ESOP scheme and its regulatory legal implementation requirements and application restrictions.

Macesic & Partners LLC

Under the leadership of the 'exceptionally talented' Ivana Manovelo, the 'very responsive and well-organised' team at Macesic & Partners LLC provides 'succinct advice' to banks and borrowers across a range of new money financings, as well as in the context of restructuring and retail risk management. With its headquarters in the port city of Rijeka, the firm has a well-established reputation for handling ship finance mandates, although it has successfully broadened the scope of its industry focus to include a particularly compelling offering in the tech/start-up arena. In this sector, the 'very pragmatic and solutions-oriented' Manovelo excels in advising investee clients seeking venture capital investment.

Practice head(s):

Ivana Manovelo

Other key lawyers:

Zrinka Buzatović


The team is very responsive, well-organised and looks to provide succinct advice.’

Ivana Manovelo is an exceptionally talented lawyer that has in-depth industry knowledge and commercial awareness and is very pragmatic and solutions oriented.’

‘Ivana Manovelo is calm and very eloquent.’

Key clients

Erste & Steiermärkische bank

Addiko bank

Raiffeisen Bank

Bellabeat Inc.

Stemi d.o.o.

Work highlights

  • Assisted Bellabeat Inc in several fundraising and financing rounds by new and existing investors, including secondary sales.
  • Advised Credit Suisse on a supplier trade settlement service agreement (STSSA) transaction with a Croatian client.

Orehovec, Vinter, Kiš, Šimunovic

The 'highly experienced' team at Orehovec, Vinter, Kiš, Šimunovic provides an 'excellent service' to ad-hoc clients, as well as a number of high-profile entities including INA and Zagrebački holding, where the firm's role as a one-stop-shop service for their legal needs regularly includes financing work. Although it does handle some new money financing mandates, the firm has gained most recognition for its work in relation to distressed/restructuring scenarios, including in the context of advice on NPLs, enforcement and debt-for-equity strategies. 'Very detail-oriented and easy to work with', Martina Šimunović Lepoša heads up a team that also includes founding partner Tomislav Orehovec, who provides 'client-oriented and responsive advice' to clients, including in his role as an authorised bankruptcy trustee.

Practice head(s):

Martina Šimunović Lepoša

Other key lawyers:

Tomislav Orehovec


The team is responsive and provides competent and realistic feedback.’

The team is highly experienced, accessible, and easy to co-operate with.’

The team is highly professional, dedicated, focused and understands the needs of the client.’

‘Martina Lepoša represents a very high level of expertise and delivers consistently high-quality work. She is very detail-oriented, easy to work with and always makes herself available.’

‘Martina Lepoša is very meticulous, thorough, leaves nothing to chance, you can be sure that everything will go smoothly.’

Tomislav Orehovec has the ability to break down complex issues in such a way that everything seems very simple and easy to understand.’

Tomislav Orehovec is always professional and knowledgeable and provides client-oriented and responsive advice.’

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.

Podravska banka d.d.

Moneo d.o.o.

Work highlights

  • Advising NLB InterFinanz, a Swiss-based financial company, in a dozen debt collection, insolvency and enforcement proceedings against its debtors, including complex litigations related to the Act on Nullity of the Loan Agreements with international elements.
  • Represented Infinitum nekretnine on obtaining financing from Agram banka 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, in the amount of €6.5m, with all collaterals.
  • Advising Vodoopskrba i odvodnja d.o.o., a leading water supply and sewage company in Croatia, on the performance of its existing EBRD loan.

Ostermann & Partners LLP

Co-headed by Mojmir Ostermann and Vjekoslav Ivančić, as well as being able to draw upon the expertise of a 'very deep bench', Ostermann & Partners LLP is 'able to produce the right person with the right skill set for the issue at hand', be it in relation to regulatory, transactional or dispute-related work in the finance sector. Key strengths include project/energy-related financing work, as well as advice on NPL-related matters.

Practice head(s):

Mojmir Ostermann; Vjekoslav Ivančić

Other key lawyers:

Barbara Vričko Hrabar; Marijana Soldo Kubat; Marta Jelaković


‘They have a very deep bench. They are able to produce the right person with the right skill set for the issue at hand.’

Vjekoslav Ivančić is a person of the highest moral fibre and that allows him to make almost automatic decisions when dealing with clients’ issues.’

Key clients

Blue Iris Resolution (former Heta Asset Resolution )

International Finance Corporation

Intesa Sanpaolo International Value Services

State Agency for Deposit Insurance and Bank Resolution


Work highlights

  • Advising International Finance Corporation (IFC) in one of the largest financing and M&A transactions in the renewable market in Croatia in 2021, which included the sale of two large windfarms (Danilo and Rudine) and refinancing of operating companies’ debt. It involved many parties and multijurisdictional financial and legal advisers.
  • Provided full strategic advice to BLT ENERJİ in a defaulted project financing matter, a very rare situation in the Croatian system. Advised on various project finance issues, rights of the guarantor against the principal debtor, position and rights of the guarantor in respect of the bank, and all other matters that came to existence in this tense situation.
  • Advised Blue Iris Resolution (formerly Heta Asset Resolution) in the process of sale of distressed debt arising out of several loan agreements executed for the purpose of financing the construction of a hotel and marina on a concession on maritime domain.

Schoenherr in cooperation with Croatian lawyers

Now headed by Krešimira Krušlin following the departure of Ozren Kobsa to Krehic & Partners in cooperation with Deloitte Legal in May 2022, Schoenherr in cooperation with Croatian lawyers acts on its own, as well as alongside colleagues across the firm's CEE network of offices, across a range of purely domestic and cross-border financing mandates. As well as new money and refinancing expertise in the renewable energy sector, the firm is also well-versed at advising on regulatory matters, including as they pertain to the interlinkage of domestic and EU-related banking laws.

Practice head(s):

Krešimira Krušlin

Other key lawyers:

Ivan Einwalter

Key clients


RP Global


European Federation of Energy Traders (EFET)

Banco Santander

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 Mirova and RP Global on (i) the sale of two large Croatian wind farms, Danilo (44MW) and Rudine (34MW), to Professio Energia and (ii) the refinancing of the operating companies’ existing debt.
  • Advised on the financing part of an M&A deal where CEMENTOS MOLINS, S.A. acquired 100% of shares in CALUCEM HOLDING, a Zagreb-based sole shareholder of CALUCEM.
  • Acting as the ISDA counsel for Croatia and has been contacted by several prominent international credit institutions on netting matters in Croatia.

Vidan Law Office

The 'highly experienced' team at Vidan Law Office provides 'commercial and very practical' advice to banks and borrowers across a broad swathe of regulatory and transactional matters. Team head Hrvoje Vidan excels in 'getting clients the results they desire', particularly as they relate to project financing mandates. The team has also developed a good understanding of fintech-related matters, an area in which 'exceptional' associate Petra Luštica has particular expertise, including in relation to crypto.

Practice head(s):

Hrvoje Vidan

Other key lawyers:

Petra Luštica; Ivona Stričak


The team includes experienced lawyers with a sense for the commercial outcome which is very practical.’

The entire team at Vidan Law Office is simply great. They are very practical and highly experienced.’

‘Hrvoje Vidan is the key name to note! He is one of the best commercial lawyers on the market and is always very pleasant to work with!’

‘Hrvoje Vidan has a passion for getting clients the results they desire. Also, he has a strong work ethic and is always going above and beyond for his client’s needs. Aside from being an excellent and experienced attorney, he is always sincere, caring, and professional.’

Petra Luštica is an exceptional professional. She dives deeply into the project and always gives her best. She is well-versed in innovative tech products, including crypto.’

Vukmir & Associates

The 'very responsive' team at Vukmir & Associates continues to gain traction in the financial services sector and advises a growing roster of banks, leasing companies and insurers across a wide range of transactional and regulatory work. Although the team has been traditionally more active for foreign clients, it has recently made inroads into the domestic banking sector, including expanding the remit of its work for Zagrebačka banka, which it advised on the process for the introduction of new derivatives products on the market. Ivan Ćuk has been pivotal to this work and is a key member of the team that also includes Tomislav Pedišić, who is particularly adept at advising custodians on the capital markets.

Practice head(s):

Sanja Tkalec Kovač; Ivan Ćuk; Tomislav Pedišić

Other key lawyers:

Tea Cerinski


All partners are enthusiastic, open and engaged.’

‘They are very responsive.’

Sanja Tkalec Kovač displays professional acumen, courtesy and strong ethics.’

Key clients

International Finance Corporation




State Street Bank and Trust Company

The Bank of New York Mellon

JP Morgan Chase Bank, N.A.

The Northern Trust Company


Royal Bank of Canada

BNP Paribas Securities Services

Zagrebačka banka d.d. (part of Unicredit group)

UniCredit Bank AG

(Hypo-Vereinsbank –

Member of UniCredit)

OTP Insurance (earlier Société Générale Insurance)

Brown Brothers Harriman & Co


BNP Paribas Wealth Management

Work highlights

  • Advised the largest bank in Croatia on the introduction of novelty products on the Croatian market – commodity swaps and commodity options.
  • Advised a major Austrian bank in relation to a €35m debt restructuring for one of the largest construction companies in Croatia.
  • Advised BNY Mellon on the permissibility of particular FX transactions that the client, as custodian of cash and securities owned by various customers, will be entering into in Croatia.

Wolf Theiss

Led from Croatia by Luka Tadić-Čolić and also regularly buttressed by significant support from its offices across the CEE/SEE region, Wolf Theiss is a popular choice among banks, corporates and sponsors across a range of domestic and cross-border financing transactions, including many involving club and syndicated loan facilities. The firm has also gained significant traction among fintech entities, acting for them across a range of matters, including helping them to establish in Croatia, ad-hoc regulatory matters and in the context of seeking finance to grow their businesses.

Practice head(s):

Luka Tadić-Čolić

Other key lawyers:

Lucia Močibob

Key clients

LynxCap Group

Saxo bank

Addiko Bank

Bank of New York Mellon

Barclays Bank

BNP Paribas


Citigroup Global Markets Limited

Corner Banca

Credit Suisse

CVC Credit Partners

DDM Group

Deutsche Bank

Develo Venture AIF

ECM Partners (formerly Elements Capital Management)

Erste Group Bank

European Bank for Reconstruction and Development

European Investment Fund


Falcon Private Bank

First Data Europe Limited

Global Payments s.r.o.

Hemisphere International Properties


Intesa Sanpaolo

J.P. Morgan Securities

Merrill Lynch International

Morgan Stanley & Co. International

Nova Ljubljanska banka d.d.

Privredna banka Zagreb


Saxo Bank A/S

Slovenská sporiteľňa, a.s.

Société Générale Group

Taurus Partners

The Royal Bank of Scotland

UBS Limited


Zagrebačka banka (UniCredit)

Work highlights

  • Advising Kartesia Advisor, a UK-based specialist financing small and middle-market companies, on a €60m senior secured loan facility to Croatian pharmaceutical company Optimapharm.
  • Advising LynxCap Group in relation to the secondary sale of various NPL and real estate portfolios in Croatia and Slovenia to a Luxembourg securitisation vehicle and the issuance of notes to Insight Investment within the framework of a securitisation program.
  • Advising Raiffeisenbank as issuer on the establishment, implementation and update of its €500m medium term note program for the issue of ordinary senior notes, ordinary senior eligible notes and non-preferred senior eligible notes.

Law Firm Babic, Brborovic & Partners

Led by the 'very professional, trustworthy and solutions oriented' Siniša Babić and Tamara BrborovićLaw Firm Babic, Brborovic & Partners has continued to gain traction and increase its workload on behalf of a number of domestic commercial banks. The scope of the work is broad and includes ongoing commercial and operational advice, regulatory counselling, as well as litigation and enforcement mandates.

Practice head(s):

Siniša Babić; Tamara Brborović

Other key lawyers:

Iva Pranjić; Ivo Eškinja; Valentina Plantić; Anamaria Mandlin


‘The team is highly professional and always acts in a way which is most beneficial to its client.’

Siniša Babić is very trustworthy and displays a detailed approach to every matter.’

Siniša Babić and Tamara Brborović are both very professional, trustworthy and solutions oriented.’

Key clients

Hrvatska poštanska banka p.l.c.

Karlovačka banka jsc.

Slatinska banka jsc.

City of Lipik

City of Sisak

Siemens Healthcare Ltd.

Bonum Grupa Ltd.





Faculty of transport and traffic sciences

Croatian standard institute

Callidus – adult education institute

ZVIJEZDA plus Ltd.


Work highlights

  • The firm took over the representation of the Supervisory Board of Hrvatska poštanska banka, work which included the preparation of two extensive legal opinions.
  • Advising Slatinska banka across a range of matters, including representation in court and arbitration proceedings.
  • Continuing to advise Karlovačka banka on a number of matters, including in the context of litigation.

Bradvica Maric Wahl Cesarec

Under the leadership of Branko Skerlev, who was himself formerly in-house counsel at a Croatian alternative investment group, Bradvica Maric Wahl Cesarec has gained a particular niche in advising private equity and venture capital funds across a range of issues, relating to fund structuring, ongoing compliance and financing associated with downstream investments. The return of associate Ivan Luetić to the firm in April 2022, following time spent in Davis Polk & Wardwell LLP's London office, strengthens the team in light of his broad-based banking and capital markets expertise.

Practice head(s):

Branko Skerlev

Other key lawyers:

Ivan Luetić; Matea Miljuš Beranek


The firm has a very deep bench of talent that it can draw from on an as-needed basis.’

Branko Skerlev is a person who puts a great deal of effort into achieving the best possible outcome for a client, even in situations where odds are extremely unfavourable.’

‘As a former athlete, Branko Skerlev has continued to live his professional working life in the same sporting spirit from the Olympic swimming pools. “When the going gets tough, Branko gets going!”‘

Key clients

Maverick Partner

Maverick Wealth Management

Quaestus Private Equity

H2 Advisory

Prosperus Invest

Five Islands Capital Limited



VIRO Group

Work highlights

  • Advised Maverick Partners in the process of incorporation of the CRO Value fund, the largest Croatian-based private equity fund with a targeted amount of €150m.
  • Advised Quaestus Private Equity Kapital II on the divestment and liquidation of the fund’s portfolio.
  • Advised on the filing of the takeover bid for the company DI Spačva and the subsequent process before the Croatian financial authorities.


The ‘very efficient’ team at BUTERIN&PARTNERSdisplays a no-nonsense pragmatic approach’ on behalf of banks, funds and corporates receiving or providing finance to facilitate M&A transactions, infrastructure projects and general corporate lending purposes. The team is also adept at handling NPL mandates. Founding partner Zvonimir Buterin is at the forefront of significant work in the space, including on refinancing/restructuring matters.

Practice head(s):

Zvonimir Buterin; Joško Perica

Other key lawyers:

Anja Haramija; Matea Tkalčić


‘The team is very efficient, has excellent business acumen and displays a no-nonsense pragmatic approach.’

‘All of them are reliable, have a hands-on approach and are always keen to understand our needs and deliver what we need on time and at a level of quality that we require.’

We often use them for a “test drive” whenever we develop a new product or service or alter the existing one and need to consider legal challenges that we are going to encounter.’

Key clients



Maverick Wealth Management d.o.o.




B2 KAPITAL d.o.o.



ECM ADRIA d.o.o.

Raiffeisenlandesbank Kärnten- Rechenzentrum und Revisionsverband GmbH


Work highlights

  • Advising AIK BANKA on a €25m loan to Petram Resort and Residences.
  • Advising ECM investment funds on the financial restructuring of Sunnyside Petrčane.
  • Advising Maverick Wealth Management on financing the acquisition of ELGRAD.

Cipcic-Bragadin Mesic & Associates

Under the leadership of Silvije Čipčić-Bragadin, Cipcic-Bragadin Mesic & Associates is particularly active advising an eclectic mix of finance entities, including commercial and investment banks and fintech companies, on regulatory matters associated with conducting business in Croatia. The team also has a flexible approach to fees and is the only firm in Croatia to accept payment for legal services via Bitcoin.

Practice head(s):

Silvije Čipčić-Bragadin

Key clients






Barclays Bank PLC

Barclays Bank Ireland

JP Morgan

NatWest Markets

Goldman Sachs

Deutsche Bank AG


Aream Advisers

Work highlights

  • Advised in relation to all regulatory aspects of offering various crypto-related products and services in the Croatian market.
  • Advised Barclays Bank on a pan-European financing of a transaction whereas as a part of a structure a corporate borrower was based in Croatia.
  • Advised Discover Financial Services Group (Discover Bank, DFS Services LLC, Diners Club International, Discovery Card) in relation to setting up e-wallet services, relevant payment services and e-money regulations as well on applicable technical standards.


Despite only having been established since March 2022, GOSPIC PLAZINA STOJS LAW FIRM LTD has already picked up some credible borrower side financing work, including on behalf of state-owned energy company HEP on a €600m revolving club loan facility. ‘Exceptional’ team head Lana Štojs has chiefly been responsible for the firm’s early success in the market and has a market-leading reputation for her work acting on some of the largest financing and capital markets transactions in the region during her time at Šavorić & Partners and most recently in-house at Zagrebačka banka.

Practice head(s):

Lana Štojs

Other key lawyers:

Matea Gospic Plazina


‘The team is very experienced and diligent.’

‘Professional and trustworthy team with excellent banking, finance and capital markets knowledge, including on international transactions.’

‘The exceptional Lana Štojs is very experienced and has a deep professional knowledge regarding banking, finance and capital markets.’

Key clients

HEP (Hrvatska elektroprivreda d.d.)

Grubišić & Partners corporate finance

Međimurjeplet d.o.o.

Poliklinika Arista d.o.o.

M Nekretnine d.o.o.

Positive Equity d.o.o.

Bright Entertainment Kft.


TBG BETON d.o.o.

Work highlights

  • Advised national energy company HEP on the execution of a €400m club loan facility agreement.
  • Advised HEP on the execution of a €600m revolving club loan facility agreement.
  • Advised M Nekretnine d.o.o. on its €7.3m bond issuance.

Gugic, Kovacic & Krivic law firm

Co-headed by Damjan Krivic and Lovro KovačićGugic, Kovacic & Krivic law firm is best-known for its expertise in advising funds as buyers of NPLs and in this regard not only provides very detailed due diligence which ‘can predict the pitfalls in the transactions’ but is also well-versed at handling subsequent restructuring or enforcement proceedings. Kovačić is also adept at handling regulatory matters including for insurance clients, which he is able to effectively advise in the event of any investigation by the Croatian Agency for the Supervision of Financial Services.

Practice head(s):

Lovro Kovačić; Damjan Krivić

Other key lawyers:

Katarina Gillich; Inga Paripović


The team has vast experience and is a market leader in NPL transactions, enabling it to provide an expert and top-notch service.’

‘Damjan Krivić has outstanding legal reasoning and business acumen that enables him to provide tailor-made, creative, and business-oriented solutions that suit the client’s needs.’

Key clients


AxFina Austria GmbH

Lynxcapgroup AG


Nova hrvatska banka

Erste Group Bank AG

Allianz ZB d.o.o. društvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima (Company for Management of Mandatory and Voluntary Pension Funds)


Allianz Hrvatska

Hrvatski ured za osiguranje (Croatian Insurance Bureau)


Work highlights

  • Advised DDM INVEST II AG on various NPL projects.

Hanzekovic & Partners

The ‘responsive and knowledgeable’ team at Hanzekovic & Partners provides ‘detail-oriented advice’ to insurers, banks and corporates across a range of transactional and regulatory work. Irina Jelčić ‘possesses great legal and business knowledge’ and heads up the team that was strengthened in January 2022 by the arrival of Tin Težak from Madirazza & Partners.

Practice head(s):

Irina Jelčić

Other key lawyers:

Tin Težak


‘The detail-oriented team is responsive, knowledgeable and dedicated to meet all clients’ requests.’

‘Irina Jelčić has many years of experience with financing and it shows when handling the deals. She possesses great legal and business knowledge.’

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

Well-positioned to advise on financing transactions domestically, as well as on SEE mandates (where it can offer a one-stop-shop by virtue of its patchwork of offices in all the former Yugoslavian countries), the ‘responsive and business-oriented’ team at Ilej & Partners, in cooperation with Karanovic & Partners continues to gain traction in the market among funds, banks and corporates. Project financing is a particular strength, an area where Ivana Sverak has been active from a refinancing and new money context on renewable projects. Franka Baica co-heads the team alongside Sverak.

Practice head(s):

Ivana Sverak; Franka Baica

Other key lawyers:

Barbara Bilić


The team is responsive and business-oriented.’

Key clients

Fortuna Entertainment Group

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

Pearl Infrastructure Capital

VÖB-Service GmbH and several banking institutions

International Capital Market Association / International Securities Lending Association

aosphere LLP (member of Allen & Overy)

Wilmington Trust, Pemberton European Mid-Market Debt Fund, Raiffeisenlandesbank Niederösterreich-Wien AG, via Latham & Watkins

Citigroup Global Markets Inc.

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 Pearl Infrastructure Capital, a Luxembourg-based alternative investment fund operating in the renewable energy industry, in the refinancing of debt of three of its newly acquired companies with OTP bank Croatia and OTP bank Hungary.
  • Advised Vjetroelektrana Lukovac d.o.o. (WF project company, member of Enlight Renewable Energy Ltd.) on financing and refinancing matters (including a security package).

Kallay & Partners Ltd.

The ‘highly motivated’ team at Kallay & Partners very proactively’ on behalf of banks, leasing companies and corporates engaged in refinancing, debt restructuring and debt collection. Under the guidance of the ‘very competent’ Marko Kallay the team also handles buy and sell-side NPL work and is picking up an increased volume of work within the transportation and energy sector.

Practice head(s):

Marko Kallay

Other key lawyers:

Damjan Vukić


‘The team is highly motivated and works very proactively.’

‘Marko Kallay is very competent and a strong negotiator.’

Lovric Novokmet & Partners

Now headed by Martina Kalamiza Grozdek following her arrival from Divjak Topic Bahtijarevic & Krka in June 2022, Lovrić Novokmet & Partners provides a strong service to banks, funds and corporates across a wide array of financing transactions, including capital markets and structured finance matters. Combining transactional and litigation skills, Pavo Novokmet has a strong pedigree for insolvency-related work with great experience gleaned from his involvement in the historical Agrokor restructuring.

Practice head(s):

Martina Kalamiza Grozdek

Other key lawyers:

Mate Lovrić; Pavo Novokmet; Petar Alilović; Katarina Šimac; Manuel Kralj; Marijan Živković; Lovro Moharić

M&S Partners

While it is less active on core financing activity than some of the firms in the ranking, M&S Partners garners a significant amount of regulatory, commercial and litigation mandates from core client Privredna Banka Zagreb, one of the leading domestic banks. Team head Ivana Miloš takes the lead on this work.

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

Although Marohnic, Tomek & Gjoic, Law Firm lacks strong bank-side relationships, it has, under the leadership of Tena Tomek and Tonka Gjoić Tomić, gained strong traction among funds clients, for which the firm is particularly effective on the fund formation front and in ongoing compliance matters. On the pure financing front, the team has recently handled a number of refinancing transactions for borrowers in the real estate/logistics space.

Practice head(s):

Tonka Gjoić Tomić; Tena Tomek

Other key lawyers:

Josip Marohnic


They truly care about their clients’ needs.’

The team is the “cool kid” of the legal market. Brilliant people, who seem to own every conversation, by being likeable but at the same time on top of the topic. I love meetings in their office, the buzz and vibe more resemble tech than a law firm.’

‘Josip Marohnić’s witty persona makes up solutions in seconds. Nothing ever catches him off guard or blindsides him, he is calmness personified.’

Key clients

LCN Capital Partners

Feelsgood Capital Partners

Poslovni Park Zagreb d.o.o.

Grand Centar d.o.o.

Balkan Properties Limited

Mediterranean Premium Properties Development

Split Peninsula Properties d.o.o.

Immofinanz AG

Work highlights

  • Advising Feelsgood Capital Partners on its downstream investments, having set up Croatia’s first social impact investment fund.
  • Advised Croatia’s largest logistics park in the refinancing of the Erste & Steiermärkische Bank AG Facility I  and Facility II, involving debt repayment and replacement of €47m for Facility I and €11m for Facility II.
  • Advised Immofinanz AG on the refinancing of their major office building complex in Zagreb.

Law Office Žarkovic

Law Office Žarkovic has established a particularly compelling offering advising primarily borrower clients on their financing arrangements since the firm was founded in 2017. Much of this work is in the tech/IT space, with Croatian unicorn Infobip a standout client that team heads Branimir Žarković and Marko Milošević both advise to very good effect.

Practice head(s):

Branimir Žarković; Marko Milošević

Other key lawyers:

Matea Lacko


Branimir Žarković has a strong business understanding and excellent knowledge of the local environment.’

Key clients



Petruzalek Ltd

Luminor Hotel Collection d.o.o.

Alkyon Partners Gmbh

Magnum Global d.o.o.

Begin Capital Markets


Gitone Bet. GmbH

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

Work highlights

  • Advised INFOBIP Ltd on a high-value cross-border financing.
  • Advised a Croatian hospitality company on a €5m refinancing transaction.
  • Assisted an Austrian-based investment company on the acquisition of a Croatian hospitality company as well as on subsequent restructuring and stand-still of the existing debt exposure of the acquired Croatian company.