Banking and finance in Finland


Niina Nuottimäki leads the practice at Borenius, which is notably focused on high-value transactions including financing mandates, real estate purchases, and energy development projects. The team's varied client list of financial institutions includes an investment fund managed by Morgan Stanley, Nordea Bank and University Properties of Finland. In a recent highlight, the group advised a banking syndicate including Nordea, BNP Paribas, Citi and Danske Bank on the €400m refinancing of Kemira, an arrangement subject to several sustainability conditions.

Practice head(s):

Niina Nuottimäki


The Borenius banking team is very competent and knows the international markets. They are also very good at being lead counsels on deals. It is also the Finnish firm we see the most on international deals.

Good understanding of real estate financing projects.’

Niina Nuottimäki, Hanna Lindberg and Ben Fallström are excellent lawyers and we see them as being very responsible and client oriented.

Niina Nuottimäki is up to date on the lending side of financing transactions.

Key clients

Bank of America Merrill Lynch

Nordea Bank Abp

OP Financial Group

Danske Bank

Svenska Handelsbanken AB


CapMan Plc


Municipality Finance Plc


Work highlights

  • Advised a banking syndicate including SEB, Nordea, BNP Paribas, Citi, Commerzbank, Danske Bank, OP Corporate Bank and Swedbank on the €400m refinancing of Kemira.
  • Advised a fund managed by Morgan Stanley on the €516m purchase of the Itis shopping centre.
  • Advised University Properties of Finland on the issuance of a €100m green bond under its newly established green bond framework.

Castrén & Snellman

Castrén & Snellman advises on a wide range of transactions including real estate issues, acquisitions and project financing work as well as significant cross-border banking matters; it notably handled the re-domiciliation of Nordea Bank from Sweden to Finland. Clients include banks, financial institutions, manufacturers and real estate investors including Capman and DNB Bank. The practice is led by Tero Tuomisto, who is a specialist in financing arrangements including complex syndicated financings, and managing partner Sakari Lukinmaa is also noted for his work handling private equity, refinancing and restructuring projects.

Practice head(s):

Tero Tuomisto


‘High-quality services in all areas of banking and finance.

Very effective and hardworking team.

Hardworking, business minded and fast.’

Tero Tuomisto is a highly trusted partner with excellent professionalism and integrity. His knowledge of the industry and problem solving capabilities are highly appreciated.’

Key clients

Nordea Bank Abp

OP Corporate Bank plc

Skandinaviska Enskilda Banken AB

JOOL Markets AS

Cramo Plc

Intermediate Capital Group plc

Ilmarinen Mutual Pension Insurance Company

Pihlajalinna Plc

Metsä Board Corporation

Finnlines Plc

Caverion Corporation


Northern Horizon Capital

S-Bank Ltd

Work highlights

  • Advised Nordea Bank on its re-domiciliation from Sweden to Finland.
  • Assisted OP Corporate Bank as senior agent and senior lender  with the restructuring of the ownership and financing structure of Elematic.
  • Acted as counsel for Skandinaviska Enskilda Banken on a financing arrangement with CapMan Nordic Property Income Fund for its office, logistics and hotel properties in Finland, Denmark and Sweden.

Hannes Snellman

Hannes Snellman maintains its strong record in transactions acting for lenders and borrowers in secured and unsecured bank lending work, securitisation matters, derivatives, real estate issues and project financings, particularly in the renewable energy sector; the team also handles restructurings. The firm's cross-Nordic reach allows it to advise on significant cross-border deals for major clients include Nordea Bank and OP Corporate Bank. The practice is jointly led by 'tough negotiatorMarkus Bremer and Henrik Mattson, who are praised for their 'wide knowledge' of the industry. Antti Alanko was promoted to the partnership in early 2019.

Practice head(s):

Markus Bremer; Henrik Mattson


The team is experienced and professional. Not all teams have the hands on experience of financial law and it’s development.’ 

They always stick with the timetable and provide top services.

Having used all major firms, I rank the team among the best in Finland. They come through in all aspects of banking & finance deals.

Antti Alanko is an up and coming partner, very efficient, skilful in negotiations and pleasant to work with. He also staffs the assignments efficiently. Markus Bremer is one of the leading finance lawyers in Finland.

Henrik Mattson is hands-on with details and understands the big picture.’

Key clients

Nordea Bank Abp

OP Corporate Bank

Nykredit RealKredit A/S

YIT Corporation

Finavia Oyj

Skandinaviska Enskilda Banken

Danske Bank

Sampo plc

Ahlstrom Corporation

Work highlights

  • Advised Nordea Bank on the €74m refinancing of Global Net Lease’s portfolio of five commercial real estate properties located in Southern Finland.
  • Advised OP Corporate Bank on the financing of the acquisition of the Seurahuone building by HYY Group from Sponda.
  • Advised Nykredit Realkredit on financing Aberdeen Standard Investments’ acquisition of a portfolio of 824 apartments from LähiTapiola.


Krogerus has a strong record acting for international clients on financing transactions and counts Nordea Bank and Skandinaviska Enskilda Banken on its client roster. The team has experience in real estate financing issues and transactions in the renewable energy sector, and regularly handles cross-border mandates in these areas. Other areas of expertise include corporate lending and debt refinancing work. The practice is jointly led by the 'experienced and skilled' Päivi Toivari, who specialises in acquisition and structured financing issues; and 'hardworking' real estate and project financing expert Heidi KivenjuuriKimmo Mettälä has retired.

Practice head(s):

Päivi Toivari; Heidi Kivenjuuri


They offer high-quality service with a competitive pricing. They are capable of taking care of all kinds of assignments and they have decent resources.

Hands-on and solution-oriented.

Krogerus’ strong banking and finance team ranks among the best in town. Strong individuals with excellent legal knowledge make the team.

Päivi Toivari is among the best Finnish finance lawyers, very experienced and skilful. She always gives an impression that the matter is under control. Heidi Kivenjuuri is very hard-working and has good legal knowledge; she is up and coming.

Partner Päivi Toivari. Pragmatic and very through understanding on the field.

Päivi Toivari has excellent legal knowledge and great negotiating skills. Heidi Kivenjuuri has great practical knowledge on the variety of banking law matters. Josefina Aalto is a rising star.’

Key clients

Nordea Bank Abp

Hamburg Commercial Bank AG (formerly HSH Nordbank AG)

Landesbank Hessen Thüringen Girozentrale

Deutsche Pfandbriefbank AG

Cibus Nordic Real Estate AB

Skandinaviska Enskilda Banken AB

Danske Bank A/S, Finland Branch

Work highlights

  • Advising Nordea Bank on its financing of the expansion of a chromium mine located in Keminmaa, Finland.
  • Advising Skandinaviska Enskilda Banken on the financing of the acquisition of a minority stake in a Finnish utility company.
  • Advised Exilion Asemahotellit Ky on the financing of the construction and development of two major hotel properties located in the Helsinki Metropolitan Area.


Roschier regularly handles high-value transactions and acts as key counsel on several significant deals for both buyers and sellers. The team's client list includes OP Corporate Bank, Nordic Bank, and a consortium of Amer Sports' investors; and the group was recently lead counsel to Tieto on its €3bn cross-border merger with Evry. Gunnar Westerlund's retirement was followed by the arrival of infrastructure and project financing expert Jonne Järvi from Castrén & Snellman, who now jointly leads the practice with Helena Viita and Johannes Ahti, who focus on structured and corporate financing work respectively.

Practice head(s):

Helena Viita; Johannes Ahti; Jonne Järvi


Good project management skills, excellent partner availability.

Wide ranging skill set among Partners with complementing resources from more junior personnel.

Understanding of what is important with focus on getting things done.

Key clients


Danske Bank


Nordic Capital

IK Investment Partners

Triton Partners

Altor Equity Partners

Work highlights

  • Advised an investor consortium led by ANTA Sports Products on the €4.6bn public offer for Amer Sports.
  • Acted for Tieto on its merger with Evry.
  • Assisted lender clients with the €930m refinancing of the property portfolio of Technopolis.

Asianajotoimisto White & Case Oy

The team at White & Case LLP focuses on cross-border transactions and recently acted on Technopolis' €930m refinancing, which involved securing Euro, Norwegian Krone and Swedish Krona-denominated facilities as part of a UK-based transaction. 'Excellent and experienced' practice head Tanja Törnkvist acts for both borrower and lender banking and financing clients, and Timo Airisto is also singled out for his expertise in cross-border real estate transactions. Senior associate Oona Lilja is an up-and-coming name in the market.

Practice head(s):

Tanja Törnkvist


Handle the most demanding and high-profile cases in Finland in banking & finance. They always deliver on time and their quality of work is exceptional.

Highly competent and committed.’ 

The team work was efficient and flexible. High-standard of advice, with the customer’s best interests at heart.’

W&C is proactive and handles project management excellently and is willing to give suggestions also on non-legal issues.

Tanja Törnkvist is a highly regarded partner and her knowledge is in line with international standards. Oona Lilja is a senior associate who is visible in deals, very effective and knowledgeable.

Tanja Törnqvist is an excellent and experienced banking lawyer, with a thorough knowledge of the market.

Tanja Törnqvist is our main connection and she is very reachable and able to understand the commercial issues surrounding the legal questions.

Key clients


Ahlstrom-Munksjö Oyj

Antilooppi Ky

Basware Oyj

Deutsche Pfandbriefbank AG

Kildare Partners / Curzon Advisers

Fingrid Oyj

Metso Corporation

Nordea Bank Abp

Outokumpu Plc

Sanoma Oyj

Sponda Oyj

Swedbank AB

Technopolis Plc

Work highlights

  • Securing €1.6bn in loan facilities for Metso Corporation for its merger with Metso Minerals and Outotec.
  • Advising Technopolis on its €930m senior secured facilities and mezzanine secured facilities for the refinancing of its existing debt.
  • Advising Outokumpu on a new secured €400m term loan facility arranged by Danske Bank, Swedbank, OP Corporate Bank, Skandinaviska Enskilda Banken  and Nordea Bank.

Avance Attorneys Ltd

Avance Attorneys Ltd acts for a variety of clients including banks, financial institutions and investment funds and has a strong focus on domestic and international financing transactions. Recent matters include M&A financings, loan issues, and credit facility work; the group advised Swedbank and other syndicate banks on a €200m credit facility to Metsäliitto Cooperative. The practice also has experience in the energy, retail and real estate sectors. Sari Wallgren and Selinda Näse jointly led the department and regularly handle structured financing deals.

Practice head(s):

Sari Wallgren; Selinda Näse


Deep knowledge of loan documentation preparation and excellent assistance in negotiations.’

Key clients

Elenia Oy

Swedbank AB

Tradeka-Yhtiöt Oy

Keilaniemen kiinteistökehitys Oy

Procuritas Capital Investors VI

CVC Capital Partners

Intera Partners

Kielo AB

Summa Equity

Rettig Group

Areim AB

Adelis Equity Partners

Erikoissijoitusrahasto Fennica Toimitilat I

Stockmann plc

Work highlights

  • Assisted Elenia with obtaining a €150m loan from the European Investment Bank.
  • Advised Swedbank and other syndicate banks on a €200m revolving credit facility for Metsäliitto Cooperative.
  • Acted for funds managed by CapMan and Fortaco Group on the secured refinancing of Fortaco Group and its Finnish and foreign subsidiaries.

Dittmar & Indrenius

Dittmar & Indrenius primarily handles cross-border transactions for a roster of international clients, which encompasses investment funds and major banks including BNP Paribas, Aberdeen Investments and HSBC. The team is particularly active in the renewable energy sector, and also assists with financing deals in the mining and healthcare industries. The practice is jointly led by Juha-Pekka Mutanen and Hanna-Mari Manninen, who have broad experience across transactions financings and restructuring work. Senior associate Kristian Karlsson is also a key name to note.

Practice head(s):

Juha-Pekka Mutanen; Hanna-Mari Manninen

Key clients

Pandion Mine Finance

Aberdeen Standard Investments

MB Funds

BNP Paribas SA

Société Générale


Huurre Group

York Instruments Ltd


Work highlights

  • Advising Auris Kaasunjakelu and Suomen Kaasuenergia on the financing of their acquisition of Lahti Energia’s natural gas distribution network operations and natural gas sales business.
  • Acted for BNP Paribas and other lenders on the refinancing of the FQM Group.
  • Advising Pandion Mine Finance on a complex transaction involving the financing provided for the Laiva Gold Mine.

Waselius & Wist

Waselius & Wist acts for several international banking clients including Danske Bank, Bank of America Merrill Lynch and Barclays on the Finnish law aspects of complex cross-border transactions; the group also provides regulatory advice. The practice is co-led by Timo Lehtimäki and senior counsel Lauri Peltola, who are both praised for their transactional and financing expertise, particularly in cross-border deals. Maria Lehtimäki made partner in early 2020, and is a specialist in structured financing and cross-border mandates. Tarja Wist left the firm.

Practice head(s):

Timo Lehtimäki; Lauri Peltola


Easy to work with and good at explaining the local law issues.

Key clients

Danske Bank

Barclays Capital

Bank of America Merrill Lynch



Société Générale

Goldman Sachs

Deutsche Bank

BNP Paribas

Work highlights

  • Advised BNP Paribas and Citibank on the Finnish law aspects of the multi-jurisdictional securitisation of Lenovo’s trade receivables.
  • Advised DZ Bank on the financing of the acquisition of CaseKing by Gilde Equity Partners.
  • Advised Santander Consumer Finance on the securitisation of an auto loan portfolio.

DLA Piper

DLA Piper has notable expertise in structured export and trade finance, export credit agency financing and project financing mandates. The team also acts for a number of export credit agencies and international banks on complex credit transactions and Finnish regulatory issues; notable clients include National Westminster and Royal Bank of Scotland. Practice head Mikko Ojala specialises in debt financing and derivatives issues and acts for a number of financial institutions, insurance companies and pension funds.

Practice head(s):

Mikko Ojala


True experts in the Finnish legal market. They understand the issues and what international banks are looking for from their advisers in Finland. Always responsive and deliver accurate advice on budget.

Key clients

Kreate Oy

IPR VC Fund I Ky

Sentica Partners

Mizuho Bank, Ltd.

Deutsche Bank AG

Nordea Bank Abp

Work highlights

  • Advised Kreate on obtaining financing from OP Yrityspankki.
  • Assisted the Raksystems Group with its financing by Nordea Bank.
  • Advising Nordea Bank and another Finnish bank on the amendment and restatement of loan facilities issued to a Finnish conglomerate.

Eversheds Asianajotoimisto Oy / Eversheds Attorneys Ltd (a member of Eversheds Sutherland)

Eversheds Asianajotoimisto Oy / Eversheds Attorneys Ltd (a member of Eversheds Sutherland) specialises in real estate financing work and matters which involve alternative forms of financing including fintech and crowdfunding issues. The team acts for a number of international lenders and borrowers and has expertise assisting technology companies, start-ups and real estate funds; Santander Consumer Finance and the Digitalist Group are key examples. The group also assisted POP Bank Group with the €100m sale of its holdings in Samlink to Cognizant Technology Solutions. The practice is jointly led by Merja BlankensteinTiina AshornHarri Tolppanen, and Vesa Turkki.

Practice head(s):

Merja Blankenstein; Tiina Ashorn; Harri Tolppanen; Vesa Turkki


Balanced set of key basic knowledge, which provides a basic feeling of “good level of knowledge” already in everyday communications.

Key clients

StaffPoint Oy

Digitalist Group Oyj

Surimo Finance Oy

POP Bank Group

Santander Consumer Finance Oy

Tremoko Oy

Collector Bank AB

Work highlights

  • Advised StaffPoint on a demerger and merger transaction in which 52 new companies were established.
  • Assisted POP Bank Group with the sale of its holdings in Samlink to Cognizant Technology Solutions Finland, a transaction worth over €100m.
  • Providing regular advice to Santander Consumer Finance on all its financing-related matters.

HPP Attorneys

HPP Attorneys is active in real estate financing transactions on the borrower and developer side, and also handles complex financial arrangements including debt financing issues, equity-based arrangements, refinancing work and mezzanine financing matters for major banks and financial institutions including Danske Bank and the European Investment Bank. Antti Rintakoski leads the practice.

Practice head(s):

Antti Rintakoski

Merilampi Attorneys Ltd

Tommi Elo leads the practice at Merilampi Attorneys Ltd, which provides regulatory advice to clients including Citibank and Nordea Bank. The team also works closely with the firm's M&A and real estate teams to assist with the financing and regulatory elements of transactions, particularly in the real estate sector. The practice has also grown its expertise in fintech and alternative financing work.

Practice head(s):

Tommi Elo

Key clients

Nordea Bank

Aberdeen Property Funds

Schroder Property Funds


Suominen Corporation

Posti Corporation


Work highlights

  • Assisted Aberdeen Standard Pan-European Residential Property Fund with the financing of its acquisition of a portfolio of 824 residential apartments in Helsinki.

Bird & Bird

Bird & Bird is active across acquisition issues, mezzanine financing work and regulatory compliance advice, and the team has particular strength in real estate financing matters; it regularly advises financial institutions and investment funds on real estate transactions. The practice is led by Kristiina Lehvilä, who leverages her notable experience to act for local and international banks, private equity houses, corporations and listed companies.

Practice head(s):

Kristiina Lehvilä

Key clients


Elisa Oyj

Work highlights

  • Advising NREP on the financing and refinancing of its real estate investment funds.
  • Assisting Elisa with updating its €1.5bn programme base prospectus.

Lexia Attorneys Ltd

Lexia Attorneys Ltd specialises in advising lenders, particularly credit institutions, on regulatory matters, licensing issues and restructuring mandates. The group's client roster encompasses several notable international companies including Fennia Group, Axa and Armada Mezzanine Capital. Practice head Olli Kiuru is well-regarded for his knowledge of financial regulations and corporate advisory matters.

Practice head(s):

Olli Kiuru


Excellent compliance-as-a-service business model to outsource and support compliance functions.’

Experienced team with wide knowledge and willingness to understand customers’ business goals.

Key clients

Fennia Group / Fennia Asset Management

Nokas CMC Oy

Tessin Nordic AB

Dahabshiil Money Transfer and Exchange Oy

PYN Fund Management Ltd.

Armada Mezzanine Capital Ltd.

United Bankers Plc; UB Rahoitus Oy

AXA Partners

Fortegra Europe Insurance Co Ltd

Bittisiirto Oy

Work highlights

  • Advised Fennia Group on the planning of its fund structuring and the reorganisation of the group.
  • Acted for Tessin on a range of issues including its application for crowdfunding registration with FIN-FSA, real estate financing transactions, financing rounds and establishing a Finnish branch.
  • Assisted Dahabshiil Money Transfer and Exchange with its interactions with Finnish authorities and the organisation of its business to comply with relevant regulation.

Attorneys-at-law Trust. Ltd

Boutique firm Attorneys-at-law Trust. Ltd focuses on corporate, banking, and technology transactions and regularly advises investors and fund managers on launching new funds. The practice is co-led by Mika Lehtimäki and technology specialist Juha Taipale, who joined the firm from Eversheds Asianajotoimisto Oy / Eversheds Attorneys Ltd (a member of Eversheds Sutherland) in mid-2019. Corporate finance lawyer Anne-Marie Malmberg was also promoted to the partnership in 2019.

Practice head(s):

Mika Lehtimäki; Juha Taipale

Key clients

Bergos-Berenberg Bank

ELO Pension Insurance Group

Fennia Insurance Group

FundSi Oy Oy

LocalTapiola Group

Mash Group Plc

Rakennusvarma Oy

Seligson & Co Oyj

Work highlights

  • Advised Mash Group on several debt, mezzanine and equity issuances.
  • Advised Grid.Vc on the establishment and incorporation of an energy fund.
  • Advised Fundu Platform on several syndicate and bilateral financing arrangements.