Banking and finance in Cyprus

Antis Triantafyllides & Sons LLC

Led by Stelios TriantafyllidesAntis Triantafyllides & Sons LLC acts for lenders, borrowers and security providers on some of the most high-profile mandates in the country. 'Tactically very strong', the team acted for Hellenic Bank on its acquisition of assets and liabilities worth €10.3bn belonging to Cyprus’ second-largest bank, the Cyprus Cooperative Bank. Names to vote include vastly experienced practice head Stelios Triantafyllides; banking expert and senior managing associate Marios Hadjigavriel, whose background is 'very helpful as he knows not only the theory but also the practice'; and associate Christiana Vassiliou Miliou.

Practice head(s):

Stelios Triantafyllides


‘Technically very strong in a jurisdiction where this is not always the case. Also, have the wherewithal to assist on substantial financing transactions and comply with necessary timeframes.’

‘The stand-outs from our perspective are Marios Hadjigavriel, Christiana Vassilou Miliou and Olga Adamidou.’

‘They have acquired good experience in this area of the law and are in a position to give good practical advice and solutions.’

‘Marios Hadjigavriel is a key player with banking background. This is very helpful as he knows not only the theory but also the practice. A good practical approach.’

‘Very responsive and capable team. Provide efficient and pragmatic advice.’ 

‘James West is extremely responsive and on top of all issues.’

Key clients

APS Debt Servicing Cyprus Ltd


Bank of Cyprus Public Company Ltd


Credit Suisse

Deutsche Bank

European Bank for Reconstruction and Development

Goldman Sachs

Hellenic Bank Public Company Ltd

JP Morgan

Roust Corporation



VTB Bank

Work highlights

  • Advised Hellenic Bank Public Company Ltd on the acquisition of certain assets and liabilities of €10.3bn of the second largest bank in the country, the ex-Cyprus Cooperative Bank involving mainly the performing banking business of the CCB.
  • Assisting the participating banks through the Association of Cyprus Banks and the ex-co-operative Cyprus Bank with the setting up and implementation of the Estia Scheme and their negotiations with the Republic of Cyprus.
  • Advised a syndicate of international lenders on local law issues relating to acquisition financing provided to Apollo Global Management LLC for the purchase of a loan portfolio.

Elias Neocleous & Co LLC

Elias Neocleous & Co LLC advises a myriad of prominent international banks and law firms on the Cypriot aspects of major financial transactions. The team’s client base ranges from international banks to the largest domestic financial institutions. It stands out for its dedicated financial services team, which is commended for its ‘good level of team-work’, enabling the firm to handle complex, cross-border deals. Practice head Demetris Roti, associate Konstantinos Michail and legal consultant Dimitris Papoutsis are the names to note.

Practice head(s):

Demetris Roti


‘Stand-out partners and associates are Dr. Demetris Roti and Mr. Konstantinos Michail, whose main features are: Attention to detail; flagging issues arising in the context of the proposed course of action and addressing them; good communication between them and with collaborating attorney; and inter-changeable availability at all times and on short notice.’ 

Key clients

ABN Amro



Asian Development Bank

Bank Audi

Bank of America

Bank of Cyprus

Bank of Scotland

Barclays Bank

Bayerische Landesbank


BNP Paribas

Comerica Bank

Commerzbank AG

Coutts & Co

Credit Suisse

Deutsche Bank AG

Deutsche Investitions-und Entwicklungsgesellschaft




European Bank for Reconstruction and Development

European Investment Bank

Friends’ Provident

Gazprom Bank

GE Capital

Goldman Sachs

Hellenic Bank


IndusInd Bank


International Finance Corporation

Hellenic Bank


IndusInd Bank

Jordan Kuwait Bank

JP Morgan Chase

Lebanon and Gulf Bank

Lloyds of London

Lloyds TSB

Merrill Lynch

Mizuho Bank

Morgan Stanley

Nordea Bank


Postscriptum Capital


Raiffeisen Bank International AG

Rigensis Bank

Royal Bank of Canada

Royal Bank of Scotland

Royal Scandia

Russian Commercial Bank

Standard Bank

Standard Chartered

Tyrus Capital  UBS

Wachovia Bank

Zurich Financial Services

Work highlights

  • Acted for Limassol Marina Ltd on refinancing a €130m facility provided by the Bank of Cyprus Public Company Ltd.
  • Advised the borrower (Emma Delta Hellenic Holdings Limited) and its shareholder (Emma Delta Variable Capital Investment Company Ltd) on refinancing of a facility agreement.
  • Advised Avanti Communications Group plc on the refinancing and restructuring of a super-senior loan facility.


Frequently instructed by major global banks on cross-border financings, capital market listings and complex restructurings, Harneys’ advice ‘meets and sometimes exceeds the standards of much larger and well established international law firms’. Pavlos Aristodemou heads the group, which includes the ‘responsive and result-orientedNancy Erotocritou, who is ‘a natural closer and knows how to solve a problem, not just to spot it’.

Practice head(s):

Pavlos Aristodemou


‘Their advice and work products meet and sometimes exceed the standards of much larger and well established international law firms.’ 

‘Responsive, quick and result-oriented. Nancy Erotocritou has vast experience in a broad range of finance matters. She is a natural closer and knows how to solve a problem, not just to spot it.’ 

Key clients





Credit Suisse


Work highlights

  • Advised TCS Group Holding Plc on all Cypriot law and regulatory aspects in connection with the offering and sale of 16,666,667 global depositary receipts raising aggregate gross proceeds of circa. $300m.
  • Provided Cypriot law advice in connection with a facility provided to Pemanoaro Limited.
  • Advised Sberbank on several secured loan facilities (including a $1.9bn loan facility) for a Russian potash fertiliser producer and exporter.

Chrysses Demetriades & Co Law Office

Chrysses Demetriades & Co Law Office specialises in complex financial work such as restructurings and acquisition financing. Demosthenes Mavrellis, who has 'great insight into the Cyprus market and business environment', is highly regarded alongside senior associate Andreas Lelekis.

Practice head(s):

Demosthenes Mavrellis


‘Strong capabilities in banking, finance and corporate structures – very responsive and always hands-on to complete smoothly.’

‘Demosthenes Mavrelis has great insight to the Cyprus market and business environment, his input was consistently relied upon by the client to support the transaction.’ 

Key clients

Bank of Cyprus PLC

Morgan Stanley LLC

Goldman Sachs Intl

Piraeus Bank S.A Yes

Alfa Bank S.A. (Athens)

Advent International

J.P. Morgan International

The Leptos Group

Howden Broking Group

Barclays Bank PLc

Nomura Singapore

BNP Paribas

Deutsche Bank


Work highlights

  • Advising the lenders on financing Advent international’s acquisition of Manjushree Technopack Ltd., India’s largest rigid plastic packaging solution provider
  • Advising the underwriters on Headhunter Group plc’s Nasdaq IPO.
  • Assisting a client on the financing for its acquisition of a major Greek conglomerate.

George Y Yiangou LLC

George Y Yiangou LLC’s practice has 'a great deal of experience with cross-border transactions and structuring’ on deals involving a Cypriot element. Working primarily for lenders, the firm has also seen an increase in its work stream from referrals from international law firms. The ‘intelligent and experiencedChris Yiangou oversees the practice, while ‘standout lawyerLory Cirstea operates as the international projects manager, demonstrating 'an eagerness to meet the client's needs while making sure all risks are highlighted and covered’. Clients include Russian state banks, as well as other European clients in the financing space.

Practice head(s):

Chris Yiangou; Lory Cirstea


‘The George Y. Yiangou team is quick, efficient, responsive, knowledgeable, experienced and very helpful. They are a pleasure to work with.’

‘The team has a great deal of experience with cross-border transactions and structuring through Cyprus. They are very commercial with their advice and give practical solutions to problems. They are responsive and easy to reach when needed.’ 

‘Lory Cirstea is a standout lawyer within the team. She has a good overview of transactions and clearly communicates issues and solutions to them.’ 

‘Lory Cirstea is the reason we keep returning to Yiangou. She is very competent, well organised and delivers.’ 

‘The lawyers provide prompt and competent responses and show good understanding of the market, industry and legal trends.’ 

‘Lory Cirstea is an astute legal manager who demonstrates an eagerness to meet the client’s needs while making sure all risks are highlighted and covered.’ 

‘The practice is very experienced in cross-border transactions with a Cyprus component and they are very familiar with the usual requirements – legal and commercial – of such transactions. They are also very friendly and a pleasure to work with.’ 

‘Chris Yiangou is an intelligent and experienced lawyer, and provides valuable and bespoke advice.’ 

Key clients

VTB Bank (Europe)

VTB Capital


Sberbank of Russia

AO “Alfa-Bank”

RCB Bank Ltd

Bank of Cyprus

Hellenic Bank

Aareal Bank AG



ACP Partners

Baring Vostok

EPP Group

Edmond de Rothschild (Suisse)

Société Générale

Unicredit S.p.a.

Unicredit Tiriac Bank

ZAO Unicredit

Nordea Bank

Raiffeisen Bank

ING Bank


Romanian Commercial Bank


Bank of China

Herbert Smith Freehills

Latham & Watkins

DLA Piper



Hogan Lovells

Morgan Lewis & Bockius

Baker Botts



Baker & McKenzie

Allen & Overy

Squire Sanders

Norton Rose Fulbright




White & Case LLC

Work highlights

  • Acting as Cypriot counsel to VTB on a complex settlement transaction involving the restructuring of existing financing arrangements with companies in En + Group
  • Advising Sberbank on the provision of facilities to two joint venture partners (one located in Cyprus) through two separate facilities agreements.
  • Assisting VTB with the refinancing of an existing loan facility extended to a Jersey/Cyprus property investment Group in respect of its commercial property in Russia.

Ioannides Demetriou LLC

Pambos Ioannides and Christina Ioannidou head the 'exceptional’ practice at Ioannides Demetriou LLC, which provides ‘tailor-made solutions to legal issues’ for a combination of borrowers and lenders. With a particularly strong track record in financial restructurings for commercial groups, the team’s other key area of strength is project financing. Ioannidou and associate Savvas Yiordamlis are always being ‘readily available to assist in urgent matters and provide a high level of expertise and legal services’.


‘Ioannides Demetriou LLC is an exceptional firm; its quality of people, together with the high level of expertise and the quick turnarounds, are more than mere factors of its professionalism.’

‘The partners and associates at Ioannides Demetriou LLC deliver tailor-made solutions to legal issues whilst taking into consideration the needs and profile of their clients.’

‘Christina Ioannidou and Savvas Yiordamlis are always readily available to assist in urgent matters and provide high level of expertise and legal services.’

Key clients

VLPG Plant Ltd

Cybarco Ltd

Eurobank Cyprus Ltd

Hellenic Bank Public Co Ltd

HSBC plc (UK)

Mercuria Energy Group

Royal Bank of Scotland

Apollo Investment Fund Plc

Eurobank Ergasias EFG

ING Bank N.V.

The Cyprus Stock Exchange

CNP Cyprus Insurance Holdings Ltd

Bank of Cyprus Public Co., Ltd

Hellas Direct Insurance Ltd

NKS Shacolas Group

Hermes Airports Ltd

Grant Thornton

Work highlights

  • Advised Louis plc on the sale of its shareholding in the owning company of Cyprus Hilton Hotel.
  • Acted for Louis Group on its €250m financial restructuring with local and foreign banks.
  • Acted for NKS Group on its €300m restructuring with local and foreign banks.

Chrysostomides Advocates & Legal Consultants

Dr K Chrysostomides & Co LLC  handles a broad range of instructions for an array of multinational lenders, foreign and local credit institutions, and large corporations. Chryso Pitsilli-Dekatris and Kypros Chrysostomides jointly head the team, which has particular expertise in acquisition finance, restructuring, insolvency, project finance, structured corporate financing, and equity financing. Anna Rossides is another key practitioner in this space.

Key clients

Barclays Bank PLC

Societe Generale Bank – Cyprus Limited

RCB Bank Ltd

ING Bank N.V.

East Line Group

Endo International PLC

J&T Banka A.S.,

Natixis, Singapore branch

Credit Suisse A

First Abu Dhabi Bank. P.J.S.C

Work highlights

  • Advised East Line Group on its $650m re-financing.
  • Acted for a syndicate of multinational banks on a $1.275bn financing of the Energean group of companies for the development of the Tanin and Karish gasfields offshore Israel.
  • Advised Endo Pharmaceutical plc on its notes offering, certain tender offers of outstanding notes and also with the simultaneous amendment of an existing US law-governed credit facility agreement.

Michael Kyprianou & Co. LLC

Michael Kyprianou & Co. LLC occasionally acts for borrowers and security providers, but the vast majority of its work in this sphere involves advising lenders on cross-border transactions. Clients include major European banks as well as global law firms. Tonia Antoniou and Lambros Soteriou head the practice, which stays ‘one step ahead of other local counsel firms working on the same deal’. Another name to note is senior associate Lorena Charalambous, who is ‘able to deal with multiple projects at the same time’.

Practice head(s):

Tonia Antoniou; Lambros Soteriou


‘The team is always available and very helpful. They demonstrate great commitment to our projects.’ 

‘Lorena Charalambous is an outstanding performer and is able to deal with multiple projects at the same time.’ 

‘They stay one step ahead of other local counsel firms working on the same deal. We know that Cyprus matters will be successfully dealt with on any deal where MK work on the Cypriot front.’ 

‘Tonia Antoniou and Lorena Charalambous are our key contacts at MK. They are very hands-on and super-quick and think outside the box.’ 

Key clients

Credit Pilot PLC

LLC “Sberbank Investments”

DNB Bank ASA (London)


J & T Banka, a.s. and Poštová banka, a.s.

PPF banka a.s.


EIB (European Investment Bank)

Work highlights

  • Instructed us on behalf of the London branch of the Norwegian bank DNB Bank ASA in a revolving credit facility for an amount of $150,000,000 offered to an international oil and gas service company.
  • Acting as local counsel for J & T Banka, a.s. and Poštová banka, a.s on a circa. €165m facility.
  • Acting, together with Loyens & Loeff, for the lenders on the €20.25m financing provided to Eureka Shipping Group, a major shipping group involved in bulk cargo transportation

Patrikios Pavlou & Associates LLC

Stavros Pavlou and the ‘super-responsive, professional and deeply committedLia Iordanou Theodoulou jointly head the practice at Patrikios Pavlou & Associates LLC, which specialises in multi-jurisdictional finance projects. As well as acting for some of Cyprus’ largest banks, the firm has a well-established presence in the international market, providing extensive legal advice to a number of high-profile international banking and financial institutions from Russia, Europe, Asia, and the US. The practice also has considerable experience in international loan restructurings and cross-border security transactions. Stella Strati is 'an exceptional talent and a superstar lawyer’.


‘Very fast and efficient team, with a good knowledge of business.’

‘They are among the most pre-eminent practices in the region and we regularly seek out their assistance on the most complex cross-border finance transactions.’ 

‘Lia Iordanou Theodoulou is super-responsive, professional and deeply committed to her client base, and she keenly understands the commercial needs and dynamics of her clients. Fellow partner Stella Strati is an exceptional talent and a superstar lawyer who we enjoy working with.’

Key clients


VTB Bank

Ivanyan & Partners

Baker Botts LLP

Bank of America Merill Lynch

Freshfields Bruckhaus Deringer LLP

Bank of Cyprus Group

Morgan Stanley & Co International Plc


Alpha Bank (Cyprus) Ltd

Unicredit Bank

Work highlights

  • Advised Gazprombank JSC on a share pledge and corporate agreements on a $730m deal.
  • Assisting a leading Russian Bank with a €320m loan facility.
  • Acted as Cypriot counsel to a financial institution based in Luxembourg, which is a subsidiary of a major Russian Bank, on the amendment and restatement of a financing transaction of up to €30m.

Mouaimis & Mouaimis LLC

A ‘close knit team that often goes above and beyond what is needed’, Mouaimis & Mouaimis LLC primarily acts as Cypriot counsel to the issuers and arrangers of bond issue transactions. Clients include international banks, financial institutions, and groups of investors, usually referred to the firm by multinational law firms. In addition, it also receives instructions on project finance and corporate reorganisations. Experienced practice heads Panayotis Mouaimis and Michalis Mouaimis ‘provide a meticulous and effective service’.


‘A close knit team that often goes above and beyond what is needed. Quality and professionalism are never compromised despite a very reasonable approach to fees.’ 

‘Panayotis Mouaimis and Michalis Mouaimis both provide a meticulous and effective service.’

Key clients

Dun and Bradstreet

McCormick & Company, Inc.

Stratus Technologies Inc.

Bayer Middle East FZE

Interpipe Limited

International Finance Corporation

European Bank for Reconstruction and Development

PJSC Myronivsky Hliboproduct / MHP SE

Wallem Group Limited

Work highlights

  • Assisted a Cypriot company with the amendment of a facility agreement entered into by another group company, secured by pledges and other collateral arrangements.
  • Advising EBRD on its equity investment in a Belarusian group of companies
  • Advising a leading Ukrainian construction group on a €40m loan agreement.


The ‘extremely professional and efficient’ team at STELIOS AMERICANOS & CO LLC handles a broad range of cross-border transactions, namely acquisitions, project financing, and real estate financing. The firm has experience acting for lenders and borrowers, particularly on inward investment to Commonwealth of Independent States and Eastern Europe countries. Clients include local and international commercial and investment banks, investment funds, governmental institutions, and corporate borrowers. Despina Americanou heads the team. Another key practitioner is managing partner Stelios Americanos, who ‘can think outside of the box and displays exceptional attention to detail’ on banking matters.

Practice head(s):

Despina Americanou


‘The Banking & Finance team of Stelios Americanos & Co LLC is extremely professional and efficient in all engagements and dealings. They are hard working and have very good industry knowledge. Within project development, the firm is highly specialised in real estate financing projects and we regularly engage their services for these matters.’

‘Olga Petrova provides timely and clear advice and understands our business objectives well.’ 

‘The team is very responsive and client-oriented.’ 

‘Stelios Americanos and Despina Americanou are very sensitive to the client’s needs and always try to provide as much practical advice as possible.’ 

‘Stelios Americanos is a great lawyer with excellent capabilities, expertise, a lot of experience, and is very practical and efficient.’ 

‘Strong understanding of regulatory landscape and ability to work well with banks and regulators.’ 

‘Stelios Americanos has exceptional knowledge of local laws, as well as strong personal relationships with all major banks. He can think outside of the box and displays exceptional attention to detail.’

Key clients

Bank of Cyprus


Alfa Bank Greece

Alfa Bank Ukraine

Otrikite Bank

Eurobank A.G


Credit Europe Bank Ltd

Hines International Fund Management Company


Bank Of Moscow

Work highlights

  • Acted as Cyprus legal counsel for a private investment firm on a secured $150m loan facility to Eurocape Ukraine LLC
  • Advised, as local counsel, the Investment Fund for Developing Countries and the EBRD on a secured $33.4m loan facility to Kness Group.
  • Acted as Cyprus counsel for Hines on the financing of the acquisition of certain shareholdings in a target company, the owner of real estate in the Russian Federation.

Athos Demetriou Associates LLC

The bulk of Athos Demetriou Associates LLC’s work in banking and finance comes from international law firms, where it is instructed on the local law aspects of large transactions and project finance. Other areas of expertise include assisting local businesses with structuring, establishment, authorisations and licensing. Athos Demetriou and Anna Skouri jointly head the practice.

Practice head(s):

Athos Demetriou; Anna Skouri

Key clients

FxPro Financial Services Ltd

BDO Ziv Haft

IFCM Cyprus Ltd


K. Treppides &Co Ltd

Allen & Overy (Czech Republic) LLP

Nestor Nestor Diculescu Kingston


Mashav Energia

Mellius House of Companies

Urban View Development

Elgan Automotive Group

FPL & Associates

Work highlights

  • Assisting Fortuna Entertainment Group and Fortbet Holdings Limited with the amendment of an existing facility and creation of a pledge over shares.
  • Assisted Allen & Overy (Czech Republic) LLP with receiving a facility following recent structural changes to its group.
  • Appointed to act as Nestor Nestor Diculescu Kingston Peterson’s legal representatives and provide advice on a new structure for securing a transaction for the financing of two Romanian borrowers.

Clerides, Anastassiou, Neophytou LLC

Boutique firm Clerides, Anastassiou, Neophytou LLC’s banking and finance practice is headed by Effie Anastassiou and Andri Stylianou. The group has particular strength in various bi-currency financing transactions, where its work includes reviewing and drafting finance and security documents. High-net-worth individuals, financial institutions, and corporate and institutional clients make up its client roster. Managing partner Stavros Clerides has an ‘up-to-date awareness of trends and dynamics in law and business’, while Anastasiou is 'well-versed in finance matters, with strong expertise in cross border transactions’.


‘Stavros Clerides is a polyvalent lawyer, with up-to-date awareness of trends and dynamics in law and business. Effie Anastasiou is well-versed in finance matters, with strong expertise in cross border transactions.’

Key clients







Argus Capital Group


Allen & Overy

Big Solar A.E

Deloitte Legal | Hadjianastassiou, Ioannides LLC

Deloitte Legal | Hadjianastassiou, Ioannides LLC has considerable experience handling high-value mandates covering a wide spectrum of areas, including financing and re-financing, loan restructuring, and the restructuring of non-performing loans for leading bank institutions. The practice, jointly headed by the highly regarded Kypros Ioannides and Andreas Thoma, ‘provides a comprehensive service, approaches issues in a practical manner and assists the client in the process’. Senior manager Natalie Sepou is noted for her 'extremely responsive' advice and 'excellent insight into Cypriot-specific issues'.

Practice head(s):

Kypros Ioannides; Andreas Thoma


‘Our primary contact was Natalie Sepou, who was helpful and extremely responsive and provided excellent insight into Cypriot specific issues.’ 

‘The team followed instruction clearly, delivered clear value in the time specified and were able to provide a commercial assessment of the legal risk associated with the cases that allowed us to make a clear quantification of the value at risk.’ 

‘I have never come across anyone like Kypros Ioannides, the perfect blend between the technical expert you expect from a Cambridge University graduate and the commercial savvy lawyer who is into technology and new trends you expect from a partner at a consulting firm.’ 

‘I work a lot with Kypros Ioannides and Natalie Sepou. Their readiness to go the extra mile, their solution oriented approach, as well as their personal qualities, make these professionals different from other lawyers in Cyprus.’ 

‘This practice provides a comprehensive service, approaches issues in a practical manner and assists the client in the process.’ 

Kypros Ioannides is like no other lawyer! Truly exceptional!

Key clients

Abacus Limited

Abris Capital Partners


Albourne Partners (Cyprus) Limited

Alfa Capital Holdings (Cyprus) Limited

Bank of Scotland plc/ Lloyds Banking Group


Bank of Cyprus

National Bank of Greece (Cyprus) Ltd

GPA Vision Drive Ltd

HLB Cyprus Ltd

Lanitis Bros Limited (Coca cola Hellenic Group)

Lois Builders Limited

Ministry of Energy, Commerce and Industry of the

Republic of Cyprus

Ministry of Finance of the Republic of Cyprus

Playtech Services (Cyprus) Limited

Work highlights

  • Acting as Cypriot counsel for an international commercial bank based in London on a c. €380m property financing project.
  • Acting for a Liechtenstein-based private bank on a transaction concerning a facility of £19.65m granted for the benefit of a Cyprus trust.
  • Advising an English bank on the Cypriot aspects of an amendment and restatement agreement relating to the granting of a multimillion-pound term-loan facility to Cypriot companies.


Jointly led by Nanette Kalava and Andri Michael, the ‘client-centred’ and ‘innovative’ practice at KINANIS LLC acts for borrowers and guarantors, international lenders and credit institutions. It specialises in bilateral and syndicated debt financing, subordinated and mezzanine debt, project finance, debt and equity securities offerings, IPOs, as well as listings in local and international markets. Managing partner Christos P Kinanis is highly regarded in this space.

Practice head(s):

Nanette Kalava; Andri Michael


‘Kinanis LLC team provides the best legal support in Cyprus in the field of Banking and Finance. They demonstrate a client-centered approach and a highest level of competency, along with an innovative look at the financial sector.’ 

‘Kinanis team members are distinguished by their loyalty and ability to find the best possible solutions for their clients. The stand-out partners are Christos P. Kinanis, Charalambos Meivatzis and Natalie Petrides.’

Work highlights

  • Acted as legal adviser for the borrower on a two-phase bridge facility agreement amounting to €51m with an independent investment management firm as lender.
  • Advised a client on the listing of 30 million ordinary shares in the emerging companies market of the Cyprus stock exchange.
  • Advised a client on the issue of bonds in a private placement in the amount of €68m.


Debt restructuring, loan agreements, and banking litigation are among PYRGOU VAKIS LAW FIRM’s key areas of strength in banking and finance. Acting for both local and international clients, the practice ‘is distinguished from other firms, through the fact that it listens, analyses and come forward with solutions’ on multi-jurisdictional, oftentimes complex banking matters. Melina Pyrgou, Demetris Vakis, and Georgia Papa are the practice heads.


‘Pyrgou Vakis LLC is distinguished from other firms, through the fact that they listen, analyse and come forward with solutions. Their service is personalized and sincere.’ 

‘Pyrgou Vakis LLC’s ethics are of the highest standards. Their friendship, courtesy, knowledge and honesty have become very important to us during our day to day cooperation. Pyrgou Vakis LLC is a Law Firm with a rare combination: they consistently exhibits great skill and knowledge with a friendly, direct approach. Their staff are always personable and of high integrity.’ 

‘All lawyers are distinguished by professionalism, hard work, high integrity, efficiency, skills with a friendly direct approach. Pyrgou Vakis LLC partners, Pyrgou Melina, Vakis Demetris and Andreou Despo, as well as their associates Papa Georgia and Charalambous Stavros always strive to provide us with their services in a timely manner, with professionalism on any legal matter depending on their field of specialisation/expertise.’ 

A.G Erotocritou LLC

At A.G Erotocritou LLC, the ‘versatile’ banking and finance team receives instructions from myriad multinational clients and international law firms on non-contentious, advisory, and litigation matters. Project financing, complex restructuring, securitisation, derivatives, and day-to-day advice constitute the bulk of the firm’s workload. Practice head Andreas Erotocritou stands out for ‘being an exceptional strategic thinker’, with an ‘extensive track record in working with financial institutions internationally’.

Practice head(s):

Alexis Erotocritou


‘We are very satisfied with the responsiveness, patience and general professionalism of the Erotocritou team.’ 

‘Partner Alexis Erotocritou is very responsive, and a person easy to work with. Elena Papangelodemou is very helpful, diligent and attentive.’ 

‘This team is very versatile in their banking and finance expertise. They provide not only a high quality service but also they work closely with their clients which allows them to provide a service that is adapted to each client’s particular business needs.’ 

‘Alexis Erotocritou stands out for being an exceptional strategic thinker that has an incredible ability to identify any possible shortcoming at an early stage of a matter. Alexis has an extensive track record in working with financial institutions internationally.’ 

‘Alexis Erotocritou and Andreas Erotocritou are both leading lawyers in Cyprus.’

‘A.G Erotoxritou LLC consists of hard working lawyers who operate as a team to deal with every legal matter. Their professionalism goes beyond their clients’ expectations and they always aim to achieve the finest results.’

‘Andreas Erotocritou and Alexis Erotocritou’s professionalism, organisation and ways of thinking are unique, making their firm one of the most exciting and promising for future clients.’

Key clients


Cyprus Shipping Association

Asian Pacific Bank

Rezidor Group (Radisson Hotels)

Raiffeisen Bank


RPT Group




Work highlights

  • Advised on a restructuring process (as well as on the proposed rescue plan) and advised the client on all financial and corporate aspects of the proposed restructuring.
  • Assisted Ministry of Finance and the Government of the Republic of Cyprus with conducting an extensive large-scale due diligence exercise on Opap (Cyprus) Ltd.
  • Advised Asia Pacific Bank, and various other companies within the group, on a restructuring initiative within the group, which owns a plethora of substantial assets.

AGP Law Firm | A.G. Paphitis & Co. LLC

Led by ‘strong characterAngelos Paphitis, AGP Law Firm | A.G. Paphitis & Co. LLC has a reputation for providing ‘helpful’ regulatory advice to financial services clients, as well as acting for clients in hearings before the Cyprus Securities and Exchange Commission. Clients include private funds, fund managers, investment brokers, banks, and e-banks. The firm also has a track record of assisting clients with traditional banking and finance legal services, including drafting or amending loan facility agreements, escrow agreements, and financial due diligence. ‘Smart, fast, experienced and diligent’ senior associate Elena Kanarini is a key player in this practice.

Practice head(s):

Angelos Paphitis


‘Throughout our cooperation with AGP, we have been in contact with Angelos Paphitis as well as Elena Kanarini who have both been very helpful and diligent. They are well aware of the regulatory industry and they manage to sort things out as promised.’ 

‘I choose to work mostly with Elena Kanarini because she is a smart, fast, experienced and diligent person.’ 

‘Angelos Paphitis is a strong character, with incredibly high knowledge when it comes to banking and finance laws.’ 

‘Highly professional and qualified banking and finance team. It is worth noting that AGP is truly a client-oriented firm that provided us with pragmatic legal advice and responded extremely quickly.’ 

Key clients

VS Energy International

Campsie Investment Ltd

Mr Ben Heiman / Binary Options Trading Advisory

eToro Capital Ltd

First Prudential Markets Ltd

IC Markets LTD

Bright Capital Management Ltd

Ayers Alliance Financial Group Limited

Tantinet Capital Limited

Gleneagles Securities Limited

Evolution Markets Ltd

Weezzo CY Ltd

Work highlights

  • Advised VS Energy International on a $20m financing transaction for renovation of two of the group’s hotels in Ukraine.
  • Advised Campsie Investment on financial agreements which were affected by the 2013 IMF bail-out.
  • Assisting Etoro Group with complex cross-border advisory services for the group’s finance law and regulatory obligations.

Alexandros Economou LLC

Alexandros Economou LLC is instructed by lenders and borrowers on a variety of transactions, but primarily acts for international law firms as Cypriot counsel on financing and refinancing projects. Alexandros Economou  leads the practice.

Practice head(s):

Alexandros Economou

Work highlights

  • Advised a client on its group reorganisation.
  • Assisted a Russian Investment Group (structured through Cyprus) with the acquisition of the share capital of a Cypriot company and the restructuring of the existing securities in favour of a major Russian bank.
  • Advising a major real estate investment group in Greece on a convertible loan agreement and related securities.


Michael Damianos & Co LLC frequently receives referrals from international law firms including Dentons and CMS for matters with a significant Cypriot angle. Practice head Michael Damianos is 'efficient, solution-oriented, reasonable, pragmatic and easily accessible'. Associate Loukia Herodotou is also noted.

Practice head(s):

Michael Damianos


‘Michael Damianos is very efficient, solution-oriented, reasonable and pragmatic, efficient, easy accessible, with excellent cost-quality balance approach.’ 

‘The team dealt with the requests with ease and in a timely manner, without trying to over complicate things. A number of practical advices were given, but in the same time protecting interests of the lender, as our joint client.’

‘Both Michael Damianos and Loukia Herodotou offered high level of service.’ 

‘Attentive to clients’ needs, polite and professional.’

Key clients

Akin Gump Strauss Hauer & Feld

CMS Cameron McKenna

Bird & Bird LLP

Linklaters LLP


Watson Farley & Williams

Asters Law Firm (Ukraine)

Hogan Lovells LLP

Simmons & Simmons LLP

European Bank for Reconstruction and Development

Maples Teesdale LLP

Resolute Asset Management (Cyprus) Limite

Work highlights

  • Acted as local counsel on the financing of MHP’s acquisition of Slovenian poultry producer Perutnina Ptuj.
  • Advised on the issuance of financial instruments for the financing of the client’s subsidiaries in the aviation sector for working capital arrangements and for the acquisition of an aircraft.

Papadopoulos, Lycourgos & Co LLC

Led by Dimitris Papadopoulos, Papadopoulos, Lycourgos & Co LLC’s practice handles a number of loan restructuring matters, many of which involve the firm acting as local counsel in high-value, multi-jurisdictional transactions. It predominantly acts for lenders, either domestic and foreign. Antonis Karaolis is the name to note.

Practice head(s):

Dimitris Papadopoulos

Key clients

Bank of Cyprus Public Company Ltd

Tornaritis Law Firm

Practice heads Alexandros Alexandrou and Criton Tornaritis are the key contacts at Tornaritis Law Firm. The 'efficient' team has ‘comprehensive and extensive knowledge of the law and local regulations’. Its client base comprises largely domestic lenders.


‘They have an in depth knowledge of the peculiarities of clients, which simplifies things a lot. Their team is efficient and responds immediately to all queries and requests for action.’ 

‘Mr Alexandros Alexandrou, Mr. Criton Tornaritis, Mr. Kleopas Stylianou and Mr. Marios Panayiotou reply immediately on a number of the company’s queries which may be attributed to their comprehensive and extensive knowledge of the law and local regulations.’

Key clients

Receivers/Managers of Orphanides Public Co Limited


Hellenic Bank Public Company Ltd

Lakatamia Municipality


BDO Cyprus

Quantuma UK & Cyprus

Special Administrator of Cyprus Popular Bank Public Co Ltd

Nearchi Investments PLC

Fidescorp Limited

Semeli Hotel



Ellinas Finance Public Company Ltd


Delta Capital Partners Management


Logera Consulting Ltd

Ecommbx Limited

Trockland Cyprus

Work highlights

  • Continue to advise Cyprus Popular Bank on a wide range of Cyprus Law issues on a daily basis.
  • Advised Cyprus Popular Bank Public Co on the sale of its Ukrainian subsidiary, and on monitoring and advising on aspects of the sale agreement that require further action.
  • Assisting Ellinas Finance Public Company with its application for an e-money institution licence.