Banking, finance and capital markets in Estonia


Cobalt‘s highly experienced team regularly handles complex financing transactions, capital market projects and financial regulatory matters. Evidence of its market leading work recently came as practitioners, including Marina Kotkas, Marrja Tambet and Ivo Cimdinš, advised Goldman Sachs International, Barclays Bank of Ireland Plc, and Royal Bank of Canada on the financing of Apollo Global Management Inc’s acquisition of Graanul Invest. Kristel Raidla-Talur has extensive experience advising clients financing transactions and fund formation and serves as a member of the Legal Committee of the Estonian Private Equity and Venture Capital Association. Greete-Kristiine Kuru has advised several international and local venture capital funds on investing in promising start-ups in Europe, while Monika Koolmeister has been responsible for maintaining good relationships with the financial regulators, owing to her previous role as head of compliance at a leading commercial bank in Estonia.

Practice head(s):

Marina Kotkas; Kristel Raidla-Talur; Monika Koolmeister

Other key lawyers:

Marrja Tambet; Marina Kotkas; Ivo Cimdinš; Greete-Kristiine Kuru; Peep Vähi


‘Marina Kotkas is one of the very best in the market.’

‘Based on our very positive experience during the still ongoing co-operation I sincerely value Cobalt team’s practical knowledge and approach – people are true experts in their area of speciality with actual previous working experience in the respective business sectors.’

‘I can full-heartedly recommend both Monika Koolmeister and Peep Vähi at Cobalt – both of them are true experts in the financial sector, having very strong experience on both legal and business fronts.’

Key clients


LHV Bank

Luminor Bank

European Investment Bank

KJK Capital

ING Bank



European Investment Fund

Earlybird Digital East Fund

EQT Ventures

Work highlights

  • Advised Goldman Sachs International, Barclays Bank of Ireland PLC, and the Royal Bank of Canada as lenders and initial bond purchasers in the financing of the acquisition of Graanul Invest by a subsidiary of Apollo Global Management, Inc.
  • Acted for LHV Bank, ING, and the European Investment Bank on providing 113 million euro financing to the Estonian dairy producer E-Piim to support construction of a new modern dairy plant in Paide, Estonia.
  • Advised Swedbank Investment Banking as lead arranger in connection with a public offering by Aktsiaselts Tallink Grupp of new shares in Estonia and Finland (in Finland in the form of the Finnish depositary receipts, FDRs) for the purpose of raising of up to 34.6M EUR capital.


The ‘experienced and versatile‘ experts at Ellex remain leaders in financial regulatory matters, having supervised a wide range of banking and financial institutions. The firm has advised on a large number of IPOs in Estonia, as well as a plethora of restructuring and acquisition transactions. The team is regularly involved in large financing transactions and cross-border work, for both European banks active in the region and top financial market players. Raino Paron has experience in regulatory advice and transactions, with significant matters including advising on the regulatory aspects of the acquisition of Luminor Bank by Blackstone. Helen Ratso is noted for her expertise in advising fund managers on day-to-day matters and in transactions.

Practice head(s):

Raino Paron

Other key lawyers:

Ermo Kosk; Gerli Kivisoo; Marko Kairjak; Antti Perli; Martin Mäesalu; Helen Ratso; Toomas Kasesalu; Kadi Sink; Kevin Gerretz


‘Market leader in public bond issue related matters, business minded and practical in their advice.’

‘Kadi Sink is kind, calm and has keen eye on details. Gerli Kivisoo has wide-ranging market practice and advice that goes beyond mere legal issues. Together, they’re a wonderful team that complement each other.’

‘Experienced and versatile experts.’

Key clients


SEB Pank

Danske Bank

Coop Pank AS

Nasdaq CSD SE

Admiral Markets AS

Julianus Inkasso OÜ

Skeleton Technologies

AS Inbank

LHV Group AS

Work highlights

  • Advised the IPO of Enefit Green AS, raising EUR 175 million from the offer.
  • Gave counsel to Tallink Grupp on its increase of share capital through the secondary public offering of new shares.
  • Advised Skeleton Technologies, a technology leader in supercapacitor and energy storage, on raising 37.6 million euros of equity investments.

Eversheds Sutherland Ots & Co

Eversheds Sutherland Ots & Co is notable in the Estonian market for its broad range and expertise in matters related to sustainable development taxonomy, capital raising transactions and various fintech standards and regulations, including the licensing and authorisations required for trading in cryptocurrency. The local team benefits from the firm’s expansive global network and is headed by Maivi Ots   who has specialisms in complex commercial and financing transactions, as well as regulatory issues.

Practice head(s):

Maivi Ots

Other key lawyers:

Dmitri Zdobnõh; Artjom Luik


‘A philosophy of dedication to the development of Baltic capital markets (Estonia). This is combined with the sensible understanding that ‘box-ticking’ of standard requirements is not enough for the best long-term interests of all stakeholders in this fledgling (capital market) environment.’

‘Maivi Ots and Dmitri Zdobnoh: consistently taking a pragmatic approach and thinking several steps ahead.’

Key clients

The Ministry of Finance

The Ministry of Economic Affairs, Communications and Transportation

Blockchain Investments & Co B.V.

Oy Salus Group AB/Laenuvahendaja OÜ

IPF Digital AS

Xolo OÜ

TextMagic Limited

Work highlights

  • Advising the Ministry of Finance and the Ministry of Economic Affairs and Communications and Transportation on implementing the new EU Taxonomy legislation and creating a roadmap for sustainable finance in Estonia and Latvia.
  • Acting for TextMagic AS on establishing an entity in Estonia, setting up the desired company structure and in the transferring the assets of the shareholders to the parent company.
  • Assisted Xolo OÜ in relation to the issuing of convertible bonds to current shareholders and new investors.


Sorainen‘s team, which is headed by Kätlin Krisak , regularly advises clients on significant transactions. A prominent example of its prowess was the recent representation of Swedbank, Nordea and Citigroup, where Krisak, Paul Künnap and Krista Ševerev  were involved in advising the book-runners of the IPO on the successful offering and listing of the shares on the main list of the Nasdaq Tallinn Stock Exchange. Jane Eespõld has been involved in and led numerous complex banking and finance cases, with experience in advising major international and local financial institutions. The firm has focused on innovation, charting a clear path for ambitious ideas revolving around blockchain finance, ICOs and capital raisings in Estonia. Other examples include being the only firm in Estonia who has developed an automated share pledge agreement alongside other document automation tools. Hetti Lump, who previously led the practice at KPMG, joined the team as counsel in November 2022.

Practice head(s):

Kätlin Krisak

Other key lawyers:

Jane Eespõld; Paul Künnap; Krista Ševerev; Hetti Lump


‘Strong case management skills, business attitude.’ 

‘Sorainen is committed not only to responding to legal needs of the clients but also educates them in different areas relevant at the moment.’

Key clients

Apollo Global Management



Luminor Bank



Northern Horizon Capital



Arco Vara

Work highlights

  • Advised the book-runners on the €175m IPO of Enefit Green.
  • Advised Skandinaviska Enskilda Banken, Crédit Agricole Corporate and Investment Bank and Nordbank on refinancing the €525m financing granted to the European Diversified Infrastructure Fund II SPSc.

TGS Baltic

TGS Baltic leverages a network across the Baltics, carrying out regulatory work for current market players, including large banking groups and clients wishing to enter the Baltic market. Kirsti Pent heads the banking and finance practice group, leading on various notable projects over the years, and is particularly renowned for advising clients on financial innovation. Maria Jänese joined in 2022 and is an expert in financial law, having previously worked for KPMG Law in Estonia. Elina Varendi focuses on advising fintech companies and other financial institutions on financial sector specific regulative matters and assisting clients concerning alternative financing methods.

Practice head(s):

Kirsti Pent

Other key lawyers:

Maria Jänese; Elina Varendi

Key clients

SEB Pank

LHV Pank



Tallinna Kaubamaja Group

Eesti Post

ERGO Insurance


Finora Capital



Eleving Group

Bondora Group

Income Company

Truffle Capital

Work highlights

  • The team helped Eleving Group in Estonia establish and register collateral securing the issued bonds to be listed on the Frankfurt Stock Exchange.
  • Advised TKM Finants AS, a company belonging to the Tallinna Kaubamaja Group, on successfully applying for a creditor’s activity license from the Estonian Financial Supervision Authority.
  • Serving as the main legal advisor in the issue of senior-secured bonds of EUR 16,000,000 by ESTO Holdings OÜ.

WALLESS (former Derling Primus)

WALLESS (former Derling Primus) fields an experienced and trustworthy team, acting for many leading international banks and law firms in cross-border transactions. These include trade finance in the energy trading sector, acquisition finance and project finance. The team is backed by long term banking and finance practitioners such as Hannes Vallikivi and Andres Siigur, both of whom have pioneered several landmark cases.

Practice head(s):

Andres Siigur; Hannes Vallikivi


‘Good balanced team.’

‘Andres Siigur stands out. Brilliant lawyers with great knowledge in their field. Great business understanding as well.’

‘They are no nonsense, directly to the point, meticulous when it comes to getting things right, but still quick in delivering.

Key clients

aosphere LLP


East Capital




INVL Asset Management




Trigon Asset Management

Work highlights

  • Advised the Estonian capital, the City of Tallinn, on obtaining a MEUR 100 loan from European Investment Bank.
  • Acted for Mandatum Life Insurance Company Limited on the sale of its Baltic life insurance operations to Invalda INVL Group.
  • Advised the Estonian capital, the City of Tallinn, on obtaining a MEUR 100 loan from Nordic Investment Bank.

NJORD Law Firm

NJORD Law Firm offers assistance with financing questions, regulatory and compliance issues. Recent client work includes advising Manticore Labs OÜ (Coinfield) in a variety of matters, such as the restructuring and division of Manticore’s Estonian entities and establishment of a public limited company within the group. In terms of innovation, the firm has set up NJORD LAB, a program that works with start-ups in the technology sector to support their growth. Veikko Toomere has experience in both insolvency and restructuring law.

Practice head(s):

Virgi Nael

Other key lawyers:

Veikko Toomere

Key clients

Plus500 Ltd

Plus500EE AS

Manticore Labs OÜ

Thomson&Stein OÜ

Nordblock Capital OÜ

Tallinna Vesi AS

Geco Capital OÜ



Fripro OÜ

Work highlights

  • Advised Plus500EE AS on obtaining an investment firm license from the Estonian Financial Supervision Authority in 2022.
  • Instructed by Nordblock Capital OÜ with registering a small fund manager in the Estonian Financial Supervisory Authority (“EFSA”).
  • Advised Manticore Labs OÜ (Coinfield) in a wide variety of financing and restructuring matters, such as a restructuring and division of Manticore’s Estonian entities and establishment of a public limited company within the group.

Advokaadibüroo PricewaterhouseCoopers Legal OÜ

Advokaadibüroo PricewaterhouseCoopers Legal OÜ fields a strong team of 7 lawyers, in addition to tax and financial consultants from various offices. The firm’s one-stop-shop style approach provides a combination of legal advice and support in areas such as strategy, consulting and assurance to help clients efficiently address their local and global challenges. Kirill Ležeiko provides in depth knowledge on the needs of corporations in financial matters. Since research concluded, Viljar Kähari left the firm.

Practice head(s):

Kirill Ležeiko


‘PWC Team is strong both in the Baltics and in individual countries. This makes them well connected to different disciplines. This means that you can easily involve tax and financial experts in addition to legal advice when creating the fund structure. In the consulting process, the client is well covered, and since Baltic companies are often either international or cross the Baltic borders, you are quite sure that the consulting team can help you through different geographical areas and disciplines.’

‘The people we worked with were very solution-oriented and thought about our problems. This provided reassurance that every time we had to make a decision, there were many alternatives on the table.’

‘We have used PWC due to their wide international presence and well-known trademark when entering new markets with our product for the legal opinions that our legal set-up complies with the specific country legislation.’

Key clients

xChange AS

Rari Capital Management OÜ

Arctic Software OÜ

SupplierPlus OÜ

Work highlights

  • Advised Rari Capital Management OÜ on establishing an alternative investment fund and a fund management company.
  • Advised Artic Software on the regulatory treatment of its operations in the context of provision of virtual asset services and potential qualification of the assets involved as financial instruments in accordance with Estonian law.
  • Provided the virtual asset service provider xChange with 24 legal opinions on the nature of cryptocurrency assets offered on the platform of xChange during the length of the engagement


RASK Attorneys-at-Law is well known for its advisor liaising services with regulators, in addition to permitting matters such as acquiring creditor activity licences, bond issues, establishment of funds and fund management vehicles. The team is led by Timo Kullerkupp and Karl Erik Esko . Kullerkupp is active in consulting investment companies and credit institutions overseen by the Estonian Financial Supervision and Resolution Authority for over ten years. Esko is a strong partner for entrepreneurs in developing financing structures and raising capital through funds, private investors or crowdfunding platforms. Both are described as ‘very practical‘ and ‘a pleasure to work with.’

Practice head(s):

Timo Kullerkupp; Karl Erik Esko


‘The team is extremely hands on, always available. They just like that come up with ideas how to solve dead end situations.’

‘Timo Kullerkupp is a true leader in tough negotiations, he is calm yet does not give up until he gets what his clients wants.’

Key clients

Eurora Solutions OÜ

Bestair Group OÜ

Fiizy OÜ

C-box OÜ

Aus Design OÜ

SA Tallinna Teaduspark Tehnopol

TF Bank AB (Estonian Branch)

Vok Bikes

Bisly OÜ

Spaceit OÜ


FORT advises clients on complex financial regulatory issues, in addition to setting up innovative new financial services and fundraising structures. Katrin Alliksaar, Andreas Veeret and Riin Rehepapp provide daily corporate advice to Nordea Bank on banking and finance regulations, including currently on the development and implementation of the banking group’s anti-money laundering and international sanctions policies and processes.

Practice head(s):

Merit Lind

Other key lawyers:

Kuldar-Jaan Torokoff; Minni-Triin Park; Ivo Vanasaun; Tõnis Loorits


‘Tallinn office of FORT has professional lawyers experienced in respective fields, who understand client’s needs and are ready to tackle problems despite their complexity. It is easy to communicate with them, making working with them incredibly convenient.’

‘Highly professional and timely legal services. Great customer service standard, great availability’

‘Good interpersonal skills combined with high working standards.’

Key clients

Crowdestate OÜ

Elisa Oyj

Enterprise Estonia


Nordea Bank Abp

AS Mintos Marketplace


Centre for Defence Investment

Aktsiaselts Antista

Hansa Group

Letofin AS

Sureswipe E.M.I plc

EveryPay AS

Capitalica Asset Management; Capitalica Green Logistics Fund

Moneyzen OÜ

Burfa Media OÜ

Travel Union Finance Ltd

Estonian Post

Cognitech OÜ

SportID International OÜ

Work highlights

  • Provided daily legal advice to Nordea Bank. FORT Tallinn advises Nordea Bank AB Estonian branch in all legal aspects (banking and finance, including anti-money laundering related advice, corporate and contract law issues, employment law and data protection) related to their daily operations.
  • Advised EveryPay AS in concluding an agreement with AS LHV Group in which LHV will acquire 100% of EveryPay shares, for EUR 8 million.
  • Assisting Moneyzen, with several matters, including advising the platform provider with the entering the business loans sector and well as with the design of new product offerings for its customers.

KPMG Law in Estonia

KPMG Law in Estonia has the ability to address cross-border legal, regulatory and compliance issues through its access to the integrated KPMG Global Network. The firm has practitioners with expertise within advising fund managers, insurance providers and credit institutions on preparing authorisation and passporting applications, including business plans and shareholder documentation. Karin Oras is the managing partner and has extensive expertise in advising clients on complex financing transactions and collateral arrangements, capital raising projects for growth and start-up companies. Katri Remmelgas is noted for her prior experience acting as legal counsel at Notary Public and specialises in the financing of medium-sized and large corporations.

Practice head(s):

Karin Oras

Other key lawyers:

Katri Remmelgas


‘Proactive and they understand our complex needs. The introduction of a highly complex insurance product in Estonia.’

‘Billing is great. Dynamical options. People communication is on point.’

‘They analyze fully my problem and try to help me as fast as possible with every outcome that there is.’

Key clients

BuyPlan Estonia OÜ (Modena Estonia OÜ)

Limestone Platform AS

Fairown Finance OÜ

FreshFinance OÜ

Sims Asset Management OÜ

ViimsiVillage OÜ

IIZI Kindlustusmaakler AS

EuroCaution Benelux SA

Solidus Factors Ltd

Moncera OÜ

MTÜ Eesti Äriinglite Assotsiatsioon (EstBAN)

Work highlights

  • Advised Modena Estonia OÜ in relation to set up new product – credit limit, including made relevant changes to internal procedures, prepared the client facing documentation and EU consumer information sheet.
  • Provided counsel to Moncera OÜ in relation to business model analysis and prepared documentation needed for crowdfunding service provider and consumer credit intermediary license in Estonia.
  • Advised MTÜ Eesti Äriinglite Assotsiatsioon in relation with the continuation of the business model and analysed their activities and compliance with Estonian and EU law and regulations.


TARK is known to many international financial institutions and market players for its cross border financing work, which involves both transaction and regulatory advice. Allar Aru has over twenty years of experience in advising clients in various financing and banking matters, while Tanel Küün specialises in regulatory questions in the banking sector and has acted as the liquidator of Snoras Bank in Estonia.

Practice head(s):

Allar Aru; Tanel Küün; Tanel Tark

Work highlights

  • Acted as the legal adviser of EIB on securing the issued loan in Estonia.


Triniti works with a number of longstanding banking and financing clients which includes payment institutions, e-money institutions and providers of virtual currency. Valter Võhma has increased the firm’s focus and expertise on venture capital, private equity and the startup sector. Ergo Blumfeldt is the head of the transactions department and is focused on M&A, private equity and security agent services.

Practice head(s):

Katri Tomson

Other key lawyers:

Ergo Blumfeldt; Valter Võhma;

Key clients

EstateGuru OÜ and EstateGuru tagatisagent OÜ

Transpordi Varahaldus OÜ

ESTO Holdings OÜ


BayWa r.e. Energy Ventures

Crumblo OÜ

OP Corporate Bank Ltd Estonian Branch

Work highlights

  • Advising Transpordi Varahaldus OÜ in refinancing of bonds issued by Transpordi Varahaldus OÜ and drafting related collateral agreements.
  • Advising BayWa r.e. Energy Ventures investment into in connection with large investment into Estonian renewable energy sector by a large worldwide company.
  • Advising OP Corporate Bank Ltd Estonian Branch in renewing of internal rules for AML procedures of the bank.