Banking, finance and capital markets in Hungary

Siegler Bird & Bird Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda's practice is led by Konrád Siegler, who is one of Hungary’s best-known banking and capital markets lawyers. He has 30 years of experience in this space. The firm's core areas of activity include transactions involving project finance, structured finance and syndicated loans, as well as advice on regulatory issues. Tamás Simon provides support in project finance transactions, as well as in bankruptcy and restructuring mandates.

Practice head(s):

Konrád Siegler

Other key lawyers:

Tamás Simon

Key clients

K&H Bank and ČSOB Bank

OTP Bank

Széchenyi Tőkealap-kezelő

MVM

Hungarian Export and Import Bank

K&H Bank

CEVA

Revetas Capital

Unicredit Bank

Work highlights

  • Advised K&H Bank and ČSOB Bank, one of the largest commercial banks in Hungary and in the Czech Republic respectively, in connection with the establishment of a payment institution in Hungary.
  • Providing regulatory support to OTP Bank on its contemplated acquisition of Nova KBM, the second largest bank in Slovenia.
  • Counsel to Eximbank (Hungarian Export Import Bank) in connection with a corporate restructuring of Kopaszi Gát Kft., the borrower and the developer of the largest real estate development in Budapest on the banks of Danube.

Allen & Overy

Allen & Overy continues to impress with its ‘in-depth sector knowledge, great availability, quick turnaround and helpful staff‘. Owing to its global presence, the practice is regularly mandated by local banks and branches of financial institutions in major transactions. It also sees an increase in borrower-side mandates. The practice also acts as security agents on taking security in Hungary and related regulatory matters; in one highlight, the team acted for Lucid as security agent in connection with a bridge financing to the Scitec group. The practice strengthened its English law finance capablities with of counsel Miklos Kadar relocating from the London office in November 2021 to become the head of the Budapest office. His specialisations include leveraged finance, margin lending and corporate lending. Practice head Károly Fóti is a reputable adviser on corporate finance transactions and derivatives, real estate and project finance as well as workout transactions. Capital markets expert Norbert Hete and associate Zsuzsanna Gordos are also noted for IPOs, ISDA negotiations and structured products. Zoltán Lengyel retired in May 2021.

Practice head(s):

Miklós Kádár; Károly Fóti; Norbert Hete

Other key lawyers:

Zsuzsanna Gordos

Testimonials

‘Allen & Overy, Budapest provided us professional support in a capital markets deal: the law firm provided the right mix of support team (combining the knowledge of partner, senior associate, associate, trainee), and provided real value for the professional legal work done.’

‘It’s always a pleasure to work with the A&O team. We are satisfied with the quality of the work and the team is always there to advise on any legal matter that may arise. In-depth sector knowledge, great availability, quick turnaround, helpful staff.’

‘Norbert Hete’s capital market experience is outstanding. Always available, experienced professional in the Hungarian capital markets sector.’

Key clients

China National Machinery Import and Export

Citigroup Global Markets Limited

Citigroup Global Markets Europe AG

OTP Bank Nyrt.

Raiffeisen Bank Zrt.

Nestlé Hungária Kft.

MOL Hungarian Oil and Gas Plc.

Richter Gedeon Plc.

Work highlights

  • Advising China National Machinery Import and Export (CMC) in relation to a project financing provided by Bank of China for development, maintenance and operation of a 100MW solar power plant in Kaposvár, Hungary. The project is one of the largest solar plants in Hungary and the CEE region.
  • Advising Nestlé Hungary in relation to is inaugural Growth Bond issue. This was record-breaking bond issue of HUF 115 billion in Hungary.
  • Advising Raiffeisen Bank Hungary in relation to the inaugural Growth Bond issue of SkyGreen Buildings (a property holding investment fund). The bonds issued in this transaction were the first secured bonds on the Hungarian market.

Andrékó Kinstellar

Andrékó Kinstellar‘s ‘experienced team‘ has an ‘excellent track record‘ in banking and capital markets transactions, as well as the provision of financial regulatory advice. It works with leading banks and borrowers and issuers in connection with all forms of debt, sovereign and secure borrowings, as well as bond issues and IPOs. Project finance transactions in the infrastructure, real estate, energy and renewable energy projects space are another key area of expertise, in addition to the firm's market-leading straight and structured debt and equity issuance practice. Csilla Andrékó is an authority in property and acquisition finance, restructuring, Hungarian and international banking and syndicated lending. Counsels Levente HegedüsDalma Ördögh and senior associate Zsuzsa Andrékó are also central members of the team.

Practice head(s):

Csilla Andrékó

Other key lawyers:

Levente Hegedűs; Dalma Ördögh; Zsuzsa Andrékó

Testimonials

‘Experienced team with excellent track record.’

‘Andrékó Ferenczi Kinstellar company are always up to date and well prepared. Furthermore they always respond to emails promptly, they demonstrate a strong work ethic and often exceed expected productivity levels. I wholeheartedly recommend this team to anyone in the business world.’

‘The lawyers in Andrékó Ferenczi Kinstellar Company are outstanding not only professionally but also humanly. They are always helpful and kind, moreover they are available at any time of the day. Besides that they are punctual and demanding of their work.’

‘Zsuzsa Andrékó (senior associate) has an excellent grip on the legal issues, her calm and efficient approach is an effective support in negotiations. I was a pleasure working with her.’

Key clients

Commerzbank Finance & Covered Bond S.A.

K&H Bank Zrt.

Värde Partners / Dedica

Bank of China

Raiffeisen Bank

Erste Bank

OTP Bank

UniCredit Bank

Citigroup

ING

Work highlights

  • Advising Bank of China (Hungary) on the financing and post-closing works of one of the largest solar power parks in Hungary (in the area of Kaposvar), with a 100 MWp capacity, developed by two Hungarian project companies sponsored by a major Chinese investor, CMC.
  • Advising Citigroup, J.P. Morgan, Société Générale, as dealers, on the Regulation S, €5 billion Euro Medium Term Note Programme of OTP Bank Nyrt., a listed Hungarian bank, including Tier 2, Senior Preferred and Senior Non-Preferred Notes tranches.
  • Advised Värde Partners / Dedica on the presale reorganisation of the Hungarian business elements, on the sale process and on the restructuring of financing through the demerger of New York Palace Kft.’s real estate assets into a newly established company owned also by INGRID HOTELS S.P.A.

CMS

The ‘strong, knowledgeable and solution-oriented team‘ at CMS utilises its vast cross-border experience to advise local and international banks in significant transactional and regulatory banking mandates. It has particular strengths in NPL portfolio transactions and refinancings, as well as financing the acquisition of real estate assets. Industry leader Erika Papp chairs the Budapest office and leads the finance department across the CEE/CIS. Her wide practice spans corporate finance, capital markets and derivatives, investments and regulatory issues. She also leads the growing private equity and venture capital practice. Sándor Kovács regularly acts for blue-chip Hungarian, European and US financial institutions. ‘First-rate‘ senior consultant Árpád Lantos, senior counsels Eszter Török and Csongor Tompa, and senior associate Dorottya Varga-Giesz are the other key lawyers.

Practice head(s):

Erika Papp

Other key lawyers:

Eszter Török; Árpád Lantos; Sándor Kovács; Csongor Tompa; Dorottya Varga-Giesz

Testimonials

‘Their client service is absolutely outstanding. We used them for their expertise in matters of Hungarian law and there was nothing with which they could not assist us, and I was amazed at their level of responsiveness and delighted with their work product. I would highly recommend them.’

‘Strong team, knowledgeable and solution-oriented. Efficient and fast.’

‘Arpad Lantos is a first-rate practitioner: knowledgeable, practical and incredibly responsive and diligent. Erika Papp is also fantastic, she has a real command over her subject matter and is a pleasure to work with.’

Key clients

Balbec Asset Management

CIB Bank Ltd. (Intesa Sanpaolo subsidiary)

Erste Bank Hungary Plc. and Erste Bank AG

K&H Bank Ltd.

MKB Bank Ltd.

OTP Bank Plc.

UniCredit Bank Hungary Zrt.

MOL Plc.

Raiffeisen Bank Ltd.

SRF Limited

Work highlights

  • Advised MKB Bank on the financing (1) of the acquisition of a multipurpose building (warehouse and office building) by a major Hungarian real estate developer and (2) on the financing of multiple PV projects such as: financing of SPVs in Orosháza finance of a solar park consisting of 48 project units.
  • Advised its longstanding client, UniCredit Bank in relation to an acquisition financing transaction where the purchasing company acquired a 100% stake in a Hungarian plastic products company, AP Plast.
  • Acting as investment service provider in respect of a bond issue of Nestlé Hungary.

Dentons

Dentons‘ Budapest office houses a sizeable team of banking specialists with extensive cross-border experience. Its transactional expertise spans syndicated loans, bridge and bond financings and tender offer financings, among other areas. The group also provides regulatory advice and is also active in restructuring and insolvency matters. The practice is an active participant in Hungary’s booming renewable energy investment sector, and is sought after for its expertise in financing of solar power park developments. It is also increasingly active in corporate bond issuances. Department head Gergely Horváth has over 25 years of experience in domestic and international bank finance and real estate finance matters, debt capital markets and derivatives transactions. Gábor Király re-joined the practice in April 2021, following a tenure at GB & Partners, and has been appointed Managing partner of the Budapest office in early 2022. Senior associate Gabriella Pataki is another name to note for project finance and restructuring.

Practice head(s):

Gergely Horváth

Other key lawyers:

Gábor Király; Gabriella Pataki

Key clients

Budapest Airport

CIB Bank

CPI Group

Raiffeisen Bank

EBRD

HSBC

K&H Bank

EIB

MOL Group

UniCredit Bank

Work highlights

  • Advised Raiffeisen Bank Zrt., the Hungarian branch of regional banking group Raiffeisen Bank and further six local commercial banks in connection with the restructuring of Waberer’s (the European leader in full truckload transportation) debts.
  • Advised CPIPG on the legal and financial advisory aspects of the bond issuance with a Budapest-based team of lawyers and advisors. This was Hungary’s first corporate green bond issuance.
  • Advised Eximbank in relation to a new financing to be granted to Tungsram Group to mitigate the effects of COVID-19. This so-called rescue financing was one of the first financing granted in Hungary to assist manufacturing companies who were severely effected by the pandemic.

DLA Piper Posztl, Nemescsói, Györfi-Tóth and Partners Law Firm in cooperation with DLA Piper UK LLP

DLA Piper‘s first-rate reputation is underpinned by its team’s breadth of expertise across the full range of finance transactions. Its transactional work ranges in scope from sovereign export credit facilities to bond and restructuring deals. The practice has also steadily grown its share of trade finance and corporate finance work, and has also increased its market exposure in the debt capital markets arena. Key lawyers in the sizeable team include practice head Péter Györfi-Tóth and Gábor Borbély, who maintains a strong reputation in high-value development and export finance mandates, real estate acquisition finance transactions and restructuring. Counsel Attila Sári advises on acquisition finance, general corporate lending and project finance, while senior associate Barbara Császár mainly advises in cross-border finance matters, as well as real estate financing transactions. The capital markets practice is jointly led by András Nemescsói and Gábor Molnár, who works with Budapest Stock Exchange and the Hungarian regulator on reform proposals aimed at streamlining the Hungarian capital markets transactional legal framework.

Practice head(s):

Péter Györfi-Tóth; András Nemescsói; Gábor Molnár

Other key lawyers:

Gábor Borbély; Attila Sári; Barbara Császár

Testimonials

‘Strong individuals working in a good team, outstanding professionalism and organizing capabilities.’

‘Advanced thinking, know the clients’ needs, easy to understand explanations.’

Key clients

UniCredit Bank Hungary Zrt.

MFB Zrt.

Equilor

MKB Bank Nyrt., Takarékbank Zrt., and Budapest Bank Zrt.

WABERER’S INTERNATIONAL Nyrt.

Garantiqa Hitelgarancia Zrt.

Work highlights

  • Advised Hungarian Development Bank (MFB) in relation to its Eurobond issue guaranteed by Hungary on the basis of a statutory absolute suretyship.
  • Advised UniCredit Bank Hungary Zrt., UniCredit Bank AG, London Branch, UniCredit SpA, and others, on syndicated cross-border real estate development and EUR 150m investment financing of ETELE Plaza.
  • Advising Waberer’s International as borrower relating to the restructuring transaction that involved, among others, the refinancing of its certain existing credit facilities and the making available of an additional working capital financing facility by a four local bank syndicate.

Kapolyi Law Firm

Kapolyi Law Firm is highly reputed for its strong capabilities in banking and finance transactions, and the expansion of the Hungarian real estate market has made the firm a go-to adviser on related capital markets mandates, with it acting for real estate investment funds and fund managers. Manging partner József Kapolyi is an industry expert in real estate investment funds and also undertakes a significant amount of dispute work. Capital markets head Viktor Krezinger acts for issuers and service providers on numerous private placements, IPOs and public offerings for sale. Balázs Ferenczy is another key banking partner of note.

Practice head(s):

Viktor Krezinger; József Kapolyi; Balázs Ferenczy

Testimonials

‘The team is practiced on the international market, the are excellent in preparing English contracts and conduct meetings in international environment. They are very flexible, open for new challenges. Able to develop long lasting relationships. The highest professional level and integrity mark them. Competitive prices for the highest level of professionalism.’

‘We usually work with Balázs Ferenczy and he is an open minded, highly educated and practiced lawyer in finance and capital markets with an ability to understand our problems quickly.’

‘They have good understanding of our business goals and usually find the right legal solution in a relatively timely manner. They represent great value for their fees.’

‘Dr Balázs Ferenczy – our collaboration with him is very effective; he easily understands our needs, goals and problems. He bears huge work load, but keeps to even the shortest deadlines – his work ethic, professionalism is excellent.’

Key clients

K&H Commercial Bank Ltd.

MTB Takarékbank Zrt. (MTB Savings Bank Ltd.)

Bohemian Financing Ltd

Wingholding Ltd.

ENEFI Vagyonkezelő Nyrt. (ENEFI Asset Management Plc)

Interactive Brokers Central Europe Ltd.

PICK Szeged/Bonafarm Group

Delta Informatics Plc.

AutoWallis Nyrt.

WING Zrt.

Work highlights

  • Advised IB on establishing a new, fully licensed investment firm seated in Hungary, including the establishment procedure, drafting the general business terms, bylaws and internal regulations, representation before the National Bank of Hungary (NBH) during the licensing procedure in line with Markets in Financial Instruments (MiFID II) Directive 2014/65/EU.
  • Advised the largest real estate developer in Hungary as issuer on the complete procedure of the issue of corporate bonds to institutional investors within the Development Bond Issuance Program organized by the National Bank of Hungary and registered the bonds at Xbond, a Hungarian MTF operated by the Budapest Stock Exchange.
  • Advised MTB concerning its borrower’s (Mellow Mood Hotels – in its portfolio the 5 star resort Párisi Udvar Hotel Budapest, and many more) in a major (three steps) corporate restructuring, drafted agreements and issued legal opinions for each (three) step in order to make sure that the security interests remain enforceable against the newly constructed entities.

Lakatos, Köves and Partners

Clients praise Lakatos, Köves and Partners for its ‘tremendous broad knowledge, which goes far beyond their practice area and is beyond market standards.’ Its two main partners, Szabolcs Mestyán and John Fenemore have over 30 years of experience handling the most complex and innovative financial and capital markets products, often cross-border in nature, as a result of Fenemore’s English law experience and links with top London firms. He regularly assists international clients with trade finance, asset finance and real estate finance transactions, margin loans and restructuring mandates. Mestyán’s ‘skills and knowledge are unparalleled in the market‘, according to a client. He advises on all cross-border financing, banking and capital markets regulations, securitisation, and is distinguished for his capabilities in aviation finance. Péter Köves and associate Balázs Rokob are also recommended.

Practice head(s):

Szabolcs Mestyán; John Fenemore

Other key lawyers:

Péter Köves; Balázs Rokob

Testimonials

‘The team has a tremendous broad knowledge which goes far beyond their practice area and is beyond market standards. This allows them to understand complex situations in a very quick manner so that they react perfectly even to the most urgent fire drills.’

‘The banking, finance and capital markets team at LKT offers a top-quality service and excellent legal advice. I’m impressed by their strong reactivity and continuous commitment. The whole team provides valuable and strong support, both in legal and regulatory matters and their advice always consider business and operational peculiarities of our entity.’

‘We have worked with Szabolcs Mestyán – who is knowledgeable, open and comes up with various solutions to problems.’

‘Dr. Szabolcs Mestyán – Great combination of analytical thinking and understanding of business needs of the client. Very reliable with great expertise.’

‘Szabolcs Mestyán’s skills and knowledge are unparalleled in the market.’

‘John Fenemore and Szabolcs Mestyán are leading the banking and finance team at LKT. They both are providing invaluable professional support across all legal and regulatory areas. They are very practical, effective and responsive. Way ahead in approach compared to many competitors.’

‘John Fenemore was very good at both managing the workload and adequately staffing the work to ensure that we received prompt and commercially appropriate advice. He was very accommodating to changing deadlines and scope and proposing solutions that were practical and useful.’

‘Excellent team with distinguished experts for capital markets transactions. Flexible and solution-oriented approach with very good knowledge of regulatory and market practice.’

Key clients

Indotek Zrt.

Hungarian Development Bank (“MFB”)

Waberers International

WizzAir

Deutsche Bank

SMBC Aviation Capital

Erste Bank

ING Bank

Work highlights

  • Advised the Managers in connection with the €1.5bn 1.75 per cent green notes issued by Hungary and listed on the London Stock Exchange. This was the first issuance by Hungary of Green bonds.
  • Advising Wizz Air in connection with the operation of a state owned wide-body cargo aircraft. The Hungarian State purchased a cargo aircraft in Autumn 2020 to enhance its emergency response capacity. Recognizing Wizz Air’s expertise in operating commercial aircraft (unique in Hungary), the Hungarian Government requested Wizz Air’s assistance in maintaining, staffing and operating this new aircraft on its behalf.
  • Advised Eksportkreditt Norge and the Norwegian Export Credit Guarantee Agency (GIEK) in providing an export credit guaranteed €348.5 million sovereign loan facility to finance the acquisition by the Hungarian military of the NASAMS air defense missile system from Norway’s Kongsberg. Export Finance Norway particularly appreciated our experience on sovereign lending and regulatory issues.

Gárdos Mosonyi Tomori Law Office

Gárdos Mosonyi Tomori Law Office's banking and finance team is adept at advising on a wide variety of lending transactions, as well as regulatory matters (including in the areas of fintech and payment services), loan restructurings and banking litigation. The firm is also prominent in the capital markets space, where it continues to maintain a strong presence in securitisation transactions. Erika Tomori, who is one of Hungary’s top capital markets lawyers, specialises in domestic bond issuances and capital markets disputes. She is also sought after for advice on syndicated finance transactions and banking regulatory issues. Securities specialist Dániel Szabó and name partner Péter Gárdos are also key figures, as is associate Beatrix Berkes.

Practice head(s):

Erika Tomori; Dániel Szabó; Péter Gárdos

Other key lawyers:

Beatrix Berkes

Testimonials

‘Dániel Szabó, partner of the firm has an exceptional knowledge regarding capital markets. He is always available and ready to help.’

‘High level banking, financial and also economical knowledge.’

‘Dr. Péter Gárdos: fluent English knowledge, reliability, effectiveness. Always highlights not only the legal, but also economical aspects of the the contracts on the meetings, helping the bank to close the most favourable contract.’

Key clients

EOS

Raiffeisen

Hold Fund Management

Diófa Fund Management

B2Kapital

Cellum

SPB Investment

Lead Ventures

Generali

KH Bank

Work highlights

  • Advised Raiffeisen on the HUF 40,000,000,000 bond issuance of Mercedes Benz Manufacturing Hungary.
  • Advised Billingo on the development of new financial products.
  • Prepared the annual legal opinion on repo and securities lending for the International Capital Markets Association.

Hegymegi-Barakonyi and Partner Baker & McKenzie Attorneys-at-Law

As part of the a global network of an international firm, Hegymegi-Barakonyi and Partner Baker & McKenzie Attorneys-at-Law is known for its cross-border work. The firm assists borrower clients with securing financing through syndicated loans, project finance and acquisition finance. It also acts as local counsel to multinational banks and lending institutions on investments in Hungary. Practice head József Vági is active in real estate finance and corporate finance transactions.

Practice head(s):

József Vági

Testimonials

‘This team puts lots of effort on seeing the big picture as well as understand their clients’ need, leaving you the feeling that you are in the right place with a well prepared team. Their up to date knowledge and worldwide presence guarantee that you will get an exceptional quality of service, both in a domestic or cross-border cases.’

Key clients

PKO Bank

Global Green Kft.

Erste Bank

Raiffeisen Bank

MFB- Hungarian Development Bank

OTP Bank

Lsgi Hungary Kft. – La Société Generale Immobiliere

Work highlights

  • Advised Raiffeisen Bank Zrt. on amendment of the syndicated loan agreement arranged by Raiffeisen for Bilk Logisztikai Zrt.
  • Advised OTP Bank Nyrt. on providing financing to AKKO Invest Nyrt. for the acquisition of 49% of the shares in NEO Property Services Zrt. and 100% of the shares of ELITUR Invest Zrt.
  • Advised PKO Bank Polski S.A, the largest bank in Poland, regarding their first cross border transaction into Hungary, the financing of the first Hungarian green field investment of Flex Films, an India-based packaging manufacturing company.

Jalsovszky

Jalsovszky's team demonstrates 'profound understanding of lending dynamics on commercial and credit grounds from both the borrower's and lender's point of view'. It is experienced in corporate finance, acquisition and project finance, with increasing instruction from lenders on development financing in the energy, solar power and real estate sectors. Key partner Gábor Pázsitka is experienced in loan portfolio transactions and restructuring.

Practice head(s):

Gábor Pázsitka

Testimonials

‘High level expertise in drafting finance documents in line with the most recent standards applicable in the international financing space. Fast and efficient operation.’

‘Profound understanding of lending dynamics on commercial and credit grounds from both the borrower’s and lender’s point of view. Constant availability and quick turnaround with regards to every matter.’

Key clients

Erste Bank

K&H Bank

KDB Bank

MFB (Hungarian Development Bank)

MKB Bank

OTP Bank

CTP

Intrum

Work highlights

  • Advising Raiffeisen Bank as lender on financing several projects implemented by Eprolius, a real estate investor company belonging to the Liss Group.
  • Advising MKB Bank as lender on financing the restructuring of the debt and the simultaneous MBO of a large Hungarian company.
  • Advising CIB Bank and Raiffeisen Bank as lenders on financing the acquisition of a Hungarian metal industry company by a Polish company.

Moore Legal Kovács

Moore Legal Kovács is the result of a strategic alliance that took effect in December 2021 between Hungarian corporate law firm HBK Partners and Moore Hungary, the Hungarian member firm of the global audit and advisory network Moore Global. It advises banks and fund managers on establishing investment funds, as well as handling issuances of securities and bonds, and other equity and debt capital markets transactions. On the banking side, the client portfolio includes private investors, private equity funds and venture funds. Márton Kovács and Dóra Halápi co-head the practice. Katalin Budai, who is the main banking specialist, advises Hungarian lenders and borrowers on bilateral and syndicated loans, project and acquisition financing and restructuring transactions.

Practice head(s):

Márton Kovács; Dóra Halápi; Katalin Budai

Key clients

TIGÁZ Zrt.

Market Zrt.

MKB Bank Nyrt.

Vasútvill Kft.

METIS, Blue Robin Investments

MFB Corporate Investments and Transaction Fund

Work highlights

  • Advising TIGÁZ Zrt., Hungary’s largest natural gas distribution company, on issuing unsecured private corporate bonds in accordance with the Hungarian Capital Market Act with a face value of ca. €50m, and the subsequent listing of the bonds at the Multilateral Trading Facility (MTF) platform of the Budapest Stock Exchange.
  • Drafted and negotiated the entire set of project financing documents for the lender, MKB Bank Nyrt. on a property financing transaction with a HUF amount equivalent to €21.7m of a hotel development owned by an Israeli real property investment group and located in Budapest and operated by Hilton.
  • Advising Vasútvill Kft., Hungary’s largest railway construction company, on issuing unsecured private corporate bonds in accordance with the Hungarian Capital Market Act with a face value of ca. €30 million, and the subsequent listing of the bonds at the Multilateral Trading Facility (MTF) platform of the Budapest Stock Exchange.

Noerr

Edina Schweizer, who is the main banking partner at Noerr, is ‘a true force in the market‘, ‘extremely smart and experienced, and provides client-friendly, practical advice‘. The practice continues to be a favourite with German-speaking corporates and banks and is actively growing its local presence with new instructions from Hungarian corporates such as GTC Hungary and OTP Bank. Areas of activity include acquisition and corporate finance, loan portfolio transactions, refinancings of real estate assets and regulatory matters. Counsel Ákos Bajorfi is another key member of the team.

Practice head(s):

Edina Schweizer

Other key lawyers:

Ákos Bajorfi

Testimonials

‘Edina Schweizer is a real rock star, a true force in the market. She is extremely smart and experienced, and provides client-friendly, practical advice.’

Key clients

UniCredit Bank Zrt.

K&H Bank (KBC Group)

MKB Bank

Commerzbank AG

Deufol SE

GTC Hungary

OTP Bank

Work highlights

  • Advised UniCredit Bank Hungary to GTC to develop the “Pillar Office” Complex.
  • Advised K&H Bank Hungary on the development loan to Indotek Group to develop ‘Papay Park’ residential complex.
  • Advised Commerzbank on the €120m loan to Eismann Group.

Partos & Noblet in co-operation with Hogan Lovells International LLP

Sándor Békési leads the ‘very proactive‘ banking team at Partos & Noblet in co-operation with Hogan Lovells International LLP, which maintains a steady pipeline of both lender and borrower-side work. It has seen an increase in instructions on infrastructure and regulatory related matters. The firm is a popular choice for US and Canada-based clients; the team recently advised CES Energy Solutions Corp. on the Hungarian law aspects of their CAD 170m and $50m global financing agreement. Békési also handles a significant number of real estate financing transactions.

Practice head(s):

Sándor Békési

Testimonials

‘The team acts as one, so you can catch up on any topic with any of the individuals as they would always be updated on each aspect of the transaction. The team is also very proactive, always a step ahead of the client, based on a clear understanding of the their requirement.’

‘Sandor is a great friend and strong companion to have on your team. He is skilled in understanding the needs of the client and incorporating these into his works. He is also easily reachable which was especially important for us located on the other side of the globe.’

Key clients

JR AMC

FSCP

Oriens

Magyar Cetelem Zrt.

Intertoll

Canadian Imperial Bank of Commerce

Revetas Capital

Towerbrook Capital Partners

CES Energy Solutions Corp

Vajda Papír

Work highlights

  • Advised JR AMC, a South Korean real estate investment trust on a real estate acquisition finance transaction seeing a major Hungarian commercial bank providing a loan in relation to the financing of JR AMC’s acquisition of the Nordic Light office building in Budapest, Hungary.
  • Advised FSCP on their acquisition of a preferred stock in Barion, a market leader e-money issuer. This matter involved dovetailing complex finance regulatory issues in a market which is developing faster than the applicable regulations.
  • Advised Oriens, seeing a Hungarian bank to provide approx €7m loan for acquisition finance and general corporate purposes in relation to the acquisition of certain Hungarian project companies.

Schoenherr Hetényi Ügyvédi Iroda

Schoenherr Hetényi Ügyvédi Iroda is known for its strong activity in acquisition finance and project finance transactions, particularly in relation to solar power plants. It team also has expertise in non-performing loans, as well as bridge financing, among other key areas of work. Practice head Gergely Szalóki, who is 'the engine of the practice', is a highly sought-after banking expert, whose clients include OTP Bank, Erste Group Bank and Bain Capital Europe. He also advises managers and issuers on bond issuances.

Practice head(s):

Gergely Szalóki

Testimonials

The team is super responsive, very experienced and familiar with the local market practice.’

‘Gergely Szaloki was always available and responsive. He provided excellent in various finance transactions.’

‘The team always professionally blend Schoenherr’s international expertise and practice with the local legal environment. They are solution oriented and assisting clients with a strong collaboration skill.’

‘Highly competent people ready to find innovative solutions to the circumstances which differ from usual daily operations of financial institutions.’

‘Schoenherr’s banking and finance team provides legal advice in a fast, reliable, business focused manner to the highest of industry standards. They are available 24/7 to questions and our cooperation has always been smooth and efficient. The team’s expertise covers all areas of banking, finance and capital markets mandates. They provide a very high worth of value for a reasonable price.’

‘Gergely Szalóki leads the team and he is the engine of the practice and does an extremely good job. He is not only pragmatic and knowledgeable, but also friendly, optimistic and respectful; all in all, nice and easy to work with.’

Key clients

Cantor Fitzgerald Securities

Erste Lakástakarék Zrt

OTP Bank Nyrt

Bain Capital Europe LP

Interglobe Enterprises

DZ Bank

Deutsche Private Equity GmbH

Erste Bank Group Bank AG

Unicredit Bank AG

Work highlights

  • Advised a syndicate of lenders led by Cantor Fitzgerald Securities as the security agent in connection with the bridge financing of the Syncreon Group.
  • Advised Erste Group on the €200m financing of XXXLutz’s acquisition of former Steinhoff CEE retail operations (Kika-Leiner) in the Czech Republic, Romania, Slovakia and Hungary, sold by SIGNA.
  • Assisted Bain Capital Europe LP in connection with an increase of financing of Wittur Group under a factoring agreement, and at the same time in connection with the refinancing of an existing loan by two syndicated facilities accompanied with a note issuance.

Szabó Kelemen & Partners Andersen Attorneys

At Szabó Kelemen & Partners Andersen Attorneys, Péter Vincze continues to be highly active in banking transactions, routinely representing clients in their most significant borrowings, and also advising financial institutions on regulatory issues and restructurings. He also assists clients with the acquisition of banks and financial institutions, as well as loan portfolio transfers. Tamás Kárpáthegyi and Zoltán Módos are recommended for project finance, syndicated lending and refinancing advice.

Practice head(s):

Péter Vincze

Other key lawyers:

Tamás Kárpáthegyi; Zoltán Módos

Testimonials

‘The colleagues of the firm provide excellent service on niche and novel banking legal issues. The collaboration is also first class from their side. The billing for the legal services is fair and accurate.’

‘Peter Vincze provide very efficient and always timely service, exactly what a financial institution may require.’

Key clients

Hungarian subsidiary of CTP

Takarékbank Zrt.

MTB Zrt.

Work highlights

  • Advising Takarék Jelzálogbank Nyrt, as the buyer, on transfer of performing loan portfolios from a financial institutions under liquidation, through a public sale process.

Szecskay Attorneys at Law

Szecskay Attorneys at Law primarily advises financial institutions and corporate borrowers on Hungarian financial and investment service regulations, as well as assisting clients with the structuring, drafting and negotiation of finance documents. It is also demonstrates capabilities in handling complex restructurings and work-outs, and also banking litigation. Katalin Szecskay is the main partner for various lending transactions, largely focusing on project finance, acquisition finance and corporate finance. She is supported by Judit Budai, who leads the capital markets practice, and senior associate Judit Szórádi.

Practice head(s):

Katalin Szecskay; Judit Budai

Other key lawyers:

Judit Szórádi

Key clients

Gránit Bank Zrt

Work highlights

  • Providing ongoing comprehensive legal support to Gránit Bank Zrt. in connection with some of its bigger financing projects, including reviewing the loan documentation provided by the bank to its commercial clients and assisting in the re-registration of security interests in the case of portfolio transfers. The firm also advises Gránit Bank Zrt. on various other legal matters (such as corporate law issues).

WOLF THEISS FALUDI ÜGYVÉDI IRODA

Wolf Theiss Faludi Erős Ügyvédi Iroda maintains good visibility in project finance and real estate finance transactions, particularly in relation to the development of solar power parks, as well as large infrastructure and other real estate assets. The practice is also in demand for refinancing and restructuring mandates. Melinda Pelikán is the main contact for cross-border financing and regulatory matters. Clients from a German-speaking background are particularly well represented, with the firm also generating work from a growing local Hungarian corporate client roster.

Practice head(s):

Melinda Pelikán

Testimonials

‘Melinda Pelikan is very professional and diligent.’

Key clients

Kommunalkredit Austria AG

Vienna Insurance Group

OTP Bank

Work highlights

  • Advising Kommunalkredit Austria AG in relation to the project financing of 65 MW solar portfolio of five ready-to-build solar PV plants in Hungary.
  • Advising Vienna Insurance Group (VIG) on all legal and regulatory aspects of its €830m acquisition of Aegon’s insurance and asset management business in Hungary, Poland, Romania and Turkey. As a result of the transaction VIG would take over Aegon’s non-life and life insurance companies as well as pension funds, asset management and service companies in these countries. It marked one of the largest transactions in the financial industry in Central Europe in 2020.

CERHA HEMPEL Dezso & Partners

CERHA HEMPEL Dezső & Partners‘ banking practice has traditionally focused on assisting German-speaking clients (both borrowers and lenders) with real estate project finance transactions, as well as advising Hungarian companies and local subsidiaries of regional multinationals on corporate finance deals. The practice has continued to develop its offering in restructuring and refinancing, debt recovery and insolvency, particularly in the field of foreign currency denominated consumer financing. Edina Nagy stands out for her expertise in project finance, restructuring and banking litigation. Andrea Presser is recommended for regulatory mandates.

Practice head(s):

Edina Nagy; Andrea Presser

Testimonials

‘Very well known and highly appreciated law office – great individuals and a good team as well.’

Super-responsive, supportive, proactive.’

Key clients

Raiffeisenlandesbank Oberösterreich AG

Erste Group Bank AG

Omnibus Hungária Kft.

Osmotica Pharmaceuticals

Tungsram Operations

AWP P&C S.A. Hungarian Branch (Allianz)

Ober Lízing Kft.

Infogroup Zrt.

UniCredit Bank Hungary Zrt.

XXXLutz-Group

Work highlights

  • Advised XXXLutz Group, one of the world’s largest furniture retailers, in connection with the purchase of the furniture stores of Kika, another furniture retailer, in Hungary, the Czech Republic, Slovakia and Romania, including the financing of the purchase
  • Advising Tungsram Operations on a continuous basis regarding its financing arrangements, including matters such as credit facility agreements, factoring and reverse factoring agreements, cash pooling, treasury and derivatives arrangements.
  • Advising Erste Group Bank AG in several real estate project finance transactions.

Deloitte Legal Göndöcz and Partners Law Firm

Deloitte Legal Göndöcz and Partners Law Firm‘s team is well regarded for its high level of capital markets expertise and strong capabilities in securitisations, financial licensing matters, regulatory advice and financing transactional expertise. The firm is increasingly active in sustainability-related projects, such as green bond issuances. The practice is by senior associate Al-Sallami Linda, who is the lead adviser on cross-border acquisition finance and project finance transactions in the energy and real estate sectors, as well as on capital markets transactions. Managing partner Péter Göndöcz is primarily known for his corporate and transactional work.

Practice head(s):

Al-Sallami Linda

Other key lawyers:

Ádám Boross; Zoltán Herce

Testimonials

‘Rapid reactions, communication, helpful attitude, perfect partners!’

‘Deloitte colleagues seems to be professional, precise and handle also the communication with the corporate client well.’

‘I would like to highlight lawyer Al-Sallami Linda. Her professional experience, constant availability and customer-friendly language make her a very outstanding partner.’

Key clients

European Bank for Reconstruction and Development

National Bank of Hungary (Magyar Nemzeti Bank)

Wellis Magyarország Kereskedelmi és Szolgáltató Zártkörűen Működő Részvénytársaság

K&H Bank Zrt.

HELL ENERGY Magyarország Korlátolt Felelősségű Társaság

Trevelin Holding Zártkörűen Működő Részvénytársaság

GIRO Zrt.

ERSTE BANK HUNGAY Zrt.

Work highlights

  • Advised EBRD and NBH, as lead and exclusive legal adviser, on the project called “Designing Recommendations for a Sustainable Capital Markets Strategy and Action Plan for Hungary” in order to define recommendation for the reform of the Hungary capital markets from sustainability perspective. Beneficiaries of the outcome of the projects are the NBH, the Ministry of Finance of Hungary and the Ministry of Technology and Innovation of Hungary.
  • Advised K&H Bank Zrt. on the long-term non-recourse project finance of the photovoltaic power plant projects developed by Heliosys Group.
  • Advised Wellis Zrt. on the issue of bonds within the framework of the Bond Funding for Growth Scheme launched by the National Bank of Hungary and on the registration of such bonds on a specific multilateral trading facility (XBond) operated by the Budapest Stock Exchange.

ERDŐS | KATONA Ügyvédi Társulás

ERDŐS | KATONA Ügyvédi Társulás was established in June 2020 by former Deloitte Hungary partners Luca Bokor (the former head of banking), Gabor Erdős (head of real estate and head of energy), Balázs Várszeghi and György Katona (former managing partner at Felsen Katona Law Firm). The cross-disciplinary practice combines the expertise of four banking and finance specialists in corporate finance, project finance in the energy sector and real estate finance with Katona’s experience of handling complex banking disputes and regulatory proceedings. Active clients include leading Hungarian banks such as CIB Bank, Erste Bank, MKB Bank and K&H Bank. The practice also has a strong capability in capital markets, with unique knowledge and experience with the application of ICMA’s green bond regime. Erdős and ‘young talent‘ Mátyás Környei worked with Futureal Group and Hell Energy on the two largest green bond issuances under the Bond funding Growth Scheme introduced by the National Bank of Hungary.

Other key lawyers:

Mátyás Környei

Testimonials

‘The team are easy to reach, always available and provide us easy to understand, practical and up-to-date legal services.’

‘The team’s commitment and dedication to get the financing across the finish line was notable. They were experienced and managed to get things done despite the time pressure and complexity of the transaction. They also handled the numerous counterparties quite well.’

‘They are quick to understanding unique structures, like acquisition loans, and their knowledge of general banking is very good.’

‘Luca Bokor, in particular, did a stellar job in negotiating with various counterparties and pushing the transaction forward.’

‘Luca Bokor is a very experienced professional with deep knowledge of banking and finance. In negotiations she is always well prepared and she has good negotiation skills.’

‘Gabor Erdős knows our company well, understands our needs and requirements and provides high quality legal services together with his teams.’

‘Mátyás Környei – young talent who is always available and supports our capital markets needs.’

Key clients

CIB Bank

Capital Community

Cordia Homes

Erste Bank

Futureal Management

Hell Energy

K&H Bank

Work highlights

  • Advised the Greencells Group together with Redside Investment on their financing of the acquisition and development of a solar plant of 28 MW in Western Hungary provided by OTP Bank.
  • Advised Cordia Group in its first ever foreign capital markets issuance transaction, a PLN 68,797,000 (cca. €15m) bond issuance and registration on the Warsaw Stock Exchange. The foreign bond issuance required special care in order to streamline the Hungarian and the Polish public operations, as well as to effectively coordinate the local investment advisor, legal advisor, and Polish Cordia team.
  • Advising Redside, a Czech investment company, on the project financing of a solar power plant in the territory of Csabrendek/Sümeg, Hungary with a combined DC capacity of 28.42 MWp. The financing was granted by OTP Bank.

Forgó, Damjanovic & Partners Law Firm

Forgó, Damjanovic & Partners Law Firm excels in assisting Hungarian banks and corporate clients with deposit and loan transactions, syndicated and trade finance facilities and subordinated loans. It is also instructed in licensing and regulatory matters, and receives referrals from international firms on matters concerning Hungarian banking law. Counsel Ferenc Lénárt has over 17 years of banking experience, both in a transactional capacity and in contentious proceedings before the Hungarian Financial Supervisory Authority and the National Bank of Hungary.

Practice head(s):

Ferenc Lénárt

Key clients

Obton A/S

Pacific Drilling

Simmons&Simmons

Barclays

Morgan Stanley

JP Morgan Asset Management

Blackstone

BP

Société Générale Luxembourg

Deutsche Bank

Work highlights

  • Acted as Hungarian counsel to Pacific Drilling Company LLC, a limited liability company formed in the Cayman Islands, in connection with the due execution, authorisation and enforceability of a committed delayed-draw term loan facility in the maximum principal amount of $80m.
  • Assisted Simmons & Simmons UK with post Brexit cross-border guidelines. The guidelines covered the licensing requirements which may apply when offering/providing asset management, private banking, global markets, investment banking and corporate banking products and services to clients in/from Hungary on a cross-border basis.
  • Advised Obton A/S, a major Danish PE investor, on numerous refinancings in relation to the large number of solar power plants that the client has acquired in Hungary.

HP Legal | Hajdu & Partners

Boutique firm HP Legal | Hajdu & Partners is active in the gamut of banking and finance transactions, including those involving syndicated and bilateral lending, corporate finance and acquisition finance. It is also instructed by Hungarian banks and CEE entities on the financing of real estate development projects. Laszlo Hajdu is 'an outstanding and experienced lawyer', who is distinguished for his work on the financing of large-scale development projects in the real estate and energy sectors. Réka Versics's practice is focused on real estate finance, particularly in the commercial and retail sectors.

Practice head(s):

Laszlo Hajdu; Réka Versics

Testimonials

‘Dr. László Hajdu, partner, is an outstanding and experienced lawyer with always up-to date knowledge of law. Despite his top position he is actively managing transactions, negotiates, prepares documentations and is always ready to discuss any issues that arise. He is very supportive, examines issues thoroughly and advises on the best solutions from client perspective. He is a great partner to cooperate with.’

‘HP Legal is one of the smaller firms in Budapest, however, the team has significant domestic and international experience, even prior experience in Budapest-based international law firms. Being among the smaller firms however, is rather their advantage, this keeps their relationship with clients on a much closer/tighter basis. There is great cooperation within their team.’

‘Even though they are a small boutique legal firm, they still have live connections to other (international) practices, so their advice is very useful in international trancastions too.’

‘HPL at all times deliver professional legal documentation (prepared by skilled and senior lawyers, not left for the juniors…), have good client relationship and excellent, responsive communication, deadlines very well kept.’

‘They truly care for us as a partner. We receive professional, caring and attentive treatment.’

Key clients

Takarékbank

Property Market Development Ltd

CIB Bank (subsidiary of Intesa San Paolo)

Market Asset Management Ltd

JP Morgan

Goldman Sachs

KBC

BNP Paribas

K&H Bank (Hungarian subsidiary of KBC)

OTP Bank Plc

Unicredit Bank

Raiffeisen Bank

Hungarian EXIMBANK

Hungarian Development Bank

Barclays

Work highlights

  • Advised the syndicate of banks arranged by OTP and Hungarian Development Bank on a multimillion-dollar bank guarantee credit facility provided to the development of a major Hungarian railway infrastructure project implemented by a Hungarian borrower. It was the single most significant bank guarantee credit facility granted to a Hungarian borrower in Hungary in 2020.
  • Advised Property Market Development Ltd. as borrower in relation to a project finance credit facility of €30m for the financing of its real estate developments in Kopaszi Gat, Budapest, Hungary granted by Hungarian Development Bank and Takarekbank Ltd.
  • Advised CIB Bank Ltd. (Hungarian subsidiary of Intesa San Paolo) as lender on the financing of the acquisition of the Greenergy Group (a group of companies operating a large scale renewable energy portfolio) by a Hungarian sponsor from a US seller.

Nagy és Trócsányi Ügyvédi Iroda

Nagy és Trócsányi Ügyvédi Iroda generates mandates from domestic corporates and commercial banks on a standalone basis, and in addition, attracts referrals from foreign law firms on various global or regional syndicated credit facilities. It specialises in handling the financing aspects of real estate and corporate projects. György Kiszely has been increasingly active in financial regulatory matters. Zoltan Varga is experienced in project finance and structured finance transactions, as well as leasing and work-outs.

Practice head(s):

György Kiszely; Zoltan Varga

Key clients

Raiffeisen Bank

Sberbank

Work highlights

  • Assisting the Hungarian subsidiary of Raiffeisen Zentralbank Österreich AG (the 4th biggest bank in Hungary) with regulatory advice and representation towards the local regulator.
  • Advised Sberbank Magyarország Zrt. in connection with loan collateral enforcement issues related to a potential collateral restructuring. Advised the bank on the legal requirements relating to the legal effectiveness of global security assumed by private individuals qualified as consumers. Also advised on potential credit risk transfer with funded or unfunded risk participation instruments in relation to non-performing loans.

Vámosi-Nagy Ernst & Young Law Office

Vámosi-Nagy Ernst & Young Law Office has a good track record supporting financial institutions’ on banking aspects of M&A transactions, licencing and regulatory issues, in addition to a pipeline of activity drafting LMA based, syndicated, club and bilateral loan agreements, portfolio transfers, refinancing and restructuring. Iván Sefer is the lead partner for corporate finance, acquisition and leverage finance.

Practice head(s):

Iván Sefer

Key clients

ASTRASUN Solar Kft.

SunDell Estate Nyrt.

Erste Bank Hungary Zrt.

DANIELLA Kereskedelmi Kft.

STELIUS Zrt.

ÉPKAR Zrt.

HUNLAND-TRADE Kft.

Citibank Europe plc. Hungarian Branch Office

Weerts Real Estate Investment Management CEE Kft.

Work highlights

  • Advised STELIUS ZRt. in its HUF 15 billion bond issuance under the NKP programme of the Hungarian Central Bank
  • Advised ÉPKAR Zrt. in its HUF 11 billion bond issuance under the NKP programme of the Hungarian Central Bank
  • Advised Daniella Kereskedelmi Kft. in its HUF 3,5 billion bond issuance under the NKP programme of the Hungarian Central Bank