Banking, finance and capital markets in Estonia


Cobalt recently advised Morgan Stanley on its €228m financing of Odyssey Europe's acquisition of Olympic Entertainment Group, and acted as local counsel on the €147m IPO of the Port of Tallinn. The 'results-oriented' Marina Kotkas and Kristel Raidla-Talur jointly head the 'very motivated' practice, which also includes Kristjan Kotkas. Other clients include the European Bank for Reconstruction and Development and Karma Ventures; the team advised the latter on several investments into Estonian start ups.


Raino Paron heads Ellex's banking and finance practice, which recently advised Luminor Bank on its first bond issue worth €65m. Following the firm's merger with Primus' Estonian office, the team has added two new partners in Gerli Kilusk and Ermo Kosk. Other key clients for the firm include Inbank, Eesti Energia and Olympic Entertainment Group, which the firm advised on its recent delisting from Nasdaq Tallinn following a takeover by Odyssey Europe. Gerly Lõhmus and Martin Mäesalu are also recommended.


Reimo Hammerberg heads the 'great to work with' and 'responsive' banking, finance and insurance practice group at Sorainen, which has been involved in many of the market's largest matters. The firm recently advised fund manager Northern Horizon Capital on the secondary public offering of the Baltic Horizon Fund and assisted Elering with its €225m eurobond issue. Other recent work includes providing a regulatory opinion to the Estonian Ministry of Finance as part of a capital markets diagnostic project. Other key clients include Nordea Bank and Windoor. Senior associate Jane Eespõld is also recommended. The firm expanded its regulatory capacity with the arrival of associate Tea Lindorg from Swedbank.

Derling Primus

Derling Primus recently advised the Estonian Banking Association on Estonia's first covered bonds act. Andres Siigur heads the team, and recently advised a consumer credit provider on the implementation of new anti money laundering directives. Hannes Vallikivi recently assisted the minority shareholders of Olympic Entertainment Group with Novira Capital's takeover and the delisting of the company. Other key clients include Swedbank, East Capital and Invesco.


Kirsti Pent heads the banking and finance practice at FORT, which recently advised Mogo Finance on its €50m bond issue, where the firm's pan-Baltic capabilities were crucial. Pent also recently assisted with the establishment of Tuleva, a passively managed pension fund that was the first of its kind in Estonia. Other key clients include Elisa and Admiral Markets.

TGS Baltic

TGS Baltic recently advised Novaturas on its €22m IPO in conjunction with the firm's Vilnius office. Practice head Marko Kairjak recently advised Endover on term sheet negotiations with CVI Dom Maklerski. The group's experience in crowdfunding was again evident, with the firm advising Argeld on setting up its real estate crowdfunding platform and related refinancing matters. Other key clients include EstateGuru and TavexWise.

Eversheds Sutherland Ots & Co

Eversheds Sutherland Ots & Co recently advised Ühinenud Inglid on establishing a limited partnership alternative investment fund in Estonia. The practice is headed by Maivi OtsTarmo Repp, and Risto Rüütel; Rüütel leads the firm's advice to clients in the crypto market. Recent highlights include advising Korelya Capital on its investment into Taxify. Other key clients include KIT Finance Estonia and Trind Ventures. Lauri Liivat is now with Advokaadibüroo KPMG Law.

Advokaadibüroo KPMG Law

Advokaadibüroo KPMG Law is advising on the liquidation of Versobank, which the group is handling in connection with the business' other service lines. 'Good expert' Risto Agur heads the team, which recently added three lawyers from in-house positions in the banking sector. Veiko-Joel Kokk recently departed the firm for an in-house position. Ecoinomic is a key client for the firm, along with Landsbankinn, which the firm advised on several transactions. Lauri Liivat was a new arrival from Eversheds Sutherland Ots & Co.

Advokaadibüroo PricewaterhouseCoopers Legal OÜ

Advokaadibüroo PricewaterhouseCoopers Legal OÜ's banking and finance team recently advised Bondora on its planned expansion into other EU jurisdictions. Practice head Viljar Kähari recently assisted Porto Franco with three pre-syndicate mezzanine financing transactions with a total value of €50m. Senior associate Hetti Lump is also recommended. Other key clients include Ferratum Group and Pipedrive.

RASK Attorneys-at-Law

At RASK Attorneys-at-Law, the 'always available' attorney-at-law Timo Kullerkupp heads the practice, which is notable for its 'precise' advice and 'quick responses'. Ramon Rask recently advised Digital Sputnik on securing new funding for a business expansion from several industry-leading companies. The group also assisted state investment fund manager SmartCap with the restructuring of the Estonian Development Fund. Other key clients include Magnetic MRO and Arealis.

NJORD Law Firm

NJORD Law Firm primarily acts for clients in the fintech and crypto markets, having advised on upwards of 20 initial coin offerings (ICO). The group also recently advised Taxify investor Peaksjah on a new investment into the company by another party. Veikko Toomere heads the practice and Anne Veerpalu is noted for ICO work. Other key clients include Kopikas Entertainment and Fundwise.


TARK recently advised new client Krimen on obtaining new financing from Ukranian and US sources, as well as restructuring one of its loans. Allar Aru and Hannes Küün  head the practice, and newly promoted partner Tanel Küün is also recommended. Other key clients include the European Bank of Restructuring and Development, as well as longstanding client the Central Bank of Estonia.


Triniti's banking and finance practice is led by Ergo Blumfeldt, who is supported by senior associate Katri Tomson. The firm is noted for its considerable knowledge in the transport sector.