The Legal 500 > Europe, Middle East & Africa > Estonia > Banking, finance and capital markets

Cobalt acts primarily on high-value transactions, venture capital and capital markets projects, alongside advising on financial regulatory and restructuring matters. Clients include Luminor, First State Investments, and Rubylight. The 'results-oriented' Marina Kotkas leads the practice alongside Kristel Raidla-Talur, while senior associate Monika Koolmeister is highly recommended for her work on regulatory and AML-related matters. The firm's capabilities are best demonstrated by its advice to Luminor, DNB, and Nordea Bank on its strategic partnership with Blackstone, a landmark deal including a €1bn acquisition by Blackstone of 60% of Luminor. Kristjan Kotkas has left the firm.

Raino Paron leads the experienced practice at Ellex, working on capital markets and financial regulatory matters, advising major financial institutions alongside handling IPOs and bonds issues. Ermo Kosk and Gerli Kilusk are noted for their expertise in bank finance and capital markets matters. Clients include Danske Bank, and the European Investment Bank. The team advised on the regulatory aspects of Blackstone's €1bn acquisition of Luminor, assisting with complex elements of the deal including the establishment of Blackstone as a banking institution. Senior associate Martin Mäesalu is also noted. Marko Kairjak joined from TGS Baltic.

The experienced pair of Andres Siigur and Hannes Vallikivi head up the practice at Derling Primus, advising international financial institutions on complex regulatory matters including passporting and licensing alongside handling high-value capital markets and banking work. Clients include Swedbank, East Capital, and online trading platform Funderbeam, demonstrating the team's expertise throughout the practice area. Siigur advised IT company Nortal on its €50m bond issue. The 'extremely responsive' Rolan Jankelevitsh is also noted.

The 'very efficient' Kirsti Pent heads the team at FORT, which specialises in fintech matters including crowdfunding and P2P lending, alongside traditional financing transactions and regulatory advice. The team has a range of sector specialisms and, testament to this, its client list includes crowdfunding platform Crowdestate, telecoms operator Elisa, and Nordea Bank. Headline work includes its advice to LHV Pank on the €410m acquisition of Danske Bank's private loan portfolio, where the team handled due diligence and regulatory matters.

Advokaadibüroo KPMG Law assists emerging payment providers, particularly within the telecoms industry, with securing payment licenses, with clients including Elisa Eesti and ForPeeps. The team also advises on transactions financing and bond issues, and continues to act for Versobank in liquidation. In a difficult capital markets environment, the successful €2m bond issue by Levikom was a highlight. Lauri Liivat is a key name to note. In 2020, Risto Agur departed to NOVE.

Advokaadibüroo PricewaterhouseCoopers Legal OÜ focuses on regulatory and compliance work, taking advantage of Estonia's growing fintech and cryptocurrency industries, alongside advising traditional businesses and investment funds. Viljar Kähari and Priit Lätt lead the team, advising clients including Ferratum Group, InWise, and Crowdcredit on blockchain, payment systems, and various other developments. Testament to its expertise in emerging fintech markets, the firm is acting for the European Bank for Reconstruction and Development and the Estonian Ministry of Finance on the creation of a fintech sandbox regime in Estonia, including incorporating it into existing regulatory frameworks.

The 'professional and results-oriented' Ants Karu leads the practice at LEXTAL, specialising in syndicated loan facilities, particularly cross-border transactions. The team primarily acts for banks and financial institutions on lending and equity capital markets work, with clients including Santander Polska, IuteCredit Europe, and Aasa Global. Karu was the Estonian counsel for Skandinaviska Enskilda Banken and other international banks on a €500m syndicated loan facility and notes issue to Adven Group.

Veikko Toomere heads the practice at NJORD Law Firm, specialising in newtech and fintech work for a range of tech firms in Estonia. Matters cover crowdfunding, initial coin offerings, and e-licensing arrangements for newly-established companies. Virgi Nael joined from an in-house position at BigBank, bringing considerable expertise in the Nordic banking sector. Clients also include fintech and entertainment companies, as well as international law firms. Fintech specialist Anne Veerpalu advises Fundwise, the first equity crowdfunding platform in Estonia.

Allar Aru and Hannes Küün jointly head the team at TARK, which has a particular strength in acting a financial regulatory counsel for clients domestically and across the EU, also providing advice on acquisition and project finance matters. The firm counts several notable international financial institutions as clients, including AIG Europe, and also acts for funds including Delta Production and Vienna Insurance Group. The firm's expertise in regulatory matters is best demonstrated by its ongoing advice to the Central Bank of Estonia. Tanel Küün is another name to note.

Triniti Estonia focuses on alternative financing and capital markets transactions within the tech sector, especially fintech. The team also advises banking clients on a number of regulatory concerns, including anti-money laundering (AML) procedures, bankruptcy, alongside providing security agency services for several financing platforms. The practice is led by senior associate Katri Tomson, who focuses on cryptocurrency and AML issues.