Banking, finance and capital markets in Hungary

Allen & Overy

Allen & Overy is well known in the Hungarian market for its proficiency in cross-border transactions. It is highly sought after in top-end mandates involving debt capital markets, refinancing, restructuring and real estate acquisitions. In addition to undertaking transactional work for borrowers and lenders, the firm also provides financial regulatory advice in relation to the banking and insurance sectors. Zoltán Lengyel sits on the panel of PRIME Finance, which is a renowned group of experts on structured finance. Recognised for his capital markets expertise, he has advised on the first structured bond issue by a Hungarian issuer, and the first euro mortgage bond issued by a Hungarian mortgage bank. Károly Fóti advises on high-value cross border acquisition finance, real estate and asset finance and workouts.  Associate Norbert Hete is experienced in IPOs and eurobond issues by Hungarian corporates, as well as derivative transactions.

Practice head(s):

Zoltán Lengyel; Károly Fóti; Norbert Hete


‘AO Team in Budapest is excellent: immediate reply to questions, professional approach, professional legal views, excellent formulation of opinions both in writing and orally, good cooperation also in communication to 3rd parties, good links to CB, to MF and other bodies, excellent reputation.’

‘Very well prepared in the matters, fast, quick responses even after normal working hours.’

‘Very knowledgeable, fast-thinking, always there to help. They help when we call them with questions even if we do not have a live contract with them in a project.’

Zoltán Lengyel and Norbert Hete are our contacts. Outstanding knowledge, experience, communication, the approach we receive. Prompt replies are highly appreciated and valued. Their reputation on the Hungarian market is very high, highest among peers

Key clients

International Investment Bank

Raiffeisen Bank Zrt.

Masterplast Plc.

MOL Plc.

Mercedes-Benz Manufacturing Hungary Kft.

OTP Bank Nyrt.

CIB Bank Zrt.

Bonafarm Zrt. / Bonitás Group

UniCredit Bank Hungary Zrt.

Mr Zsombor Csaba Burján

Work highlights

  • Advised MOL on its inaugural Growth Bond (NKP) issue. This was the first issue of HUF bonds under the Funding for Growth Scheme operated by the National Bank of Hungary.
  • Assisted Mercedes Hungary in relation to the issue of a HUF bonds within the framework of the Hungarian central bank’s funding for growth bond scheme. Arranger was Raiffeisen Hungary.
  • Advised Raiffeisen Bank Hungary in relation to the first and second inaugural Growth Bond (NKP) issue of the Cordia Group (i.e. a Hungarian property developer).

Andrékó Kinstellar

Andrékó Kinstellar fields a highly esteemed group of Budapest-based debt finance experts, which is experienced in advising banks and borrowers on all forms of debt, sovereign and secured borrowings, as well as securitisation. It is also active in energy-related project finance transactions and plays a key role in property development mandates that often have an international element. Csilla Andrékó, who is the main partner, specialises in project finance and syndicated lending.

Practice head(s):

Csilla Andrékó


Excellent market knowledge, good negotiation skills, flexible approach to the problems, good in documentation skills, ability to offer different solutions to the problems, keep the agreed timeframe and deadlines

Quality and reliability. Fun to work with.’

Professional, flexible, solution-oriented

They can think in the shoes of our bank and could give a detailed explanation regarding our enquiries

Quick and punctual response on any legal issues. Very helpful team.’

Csilla Andreko, very good and experienced banking lawyer. Responsive, very good performance, very good team.’

Professional, scrupulous and patient


CMS' Budapest team is able to leverage the firm's international network in cross-border financial transactions. It acts for leading domestic and international banks on the financing of M&A, as well as non-performing loan (NPL) portfolio sales and refinancing mandates. The firm also advises on facility and security agreements, and regulatory matters in the banking sector. Erika Papp is renowned in the market for her expertise in capital markets and derivatives, investments and project and real estate finance. Senior associates Sándor Kovács and Eszter Török (who is dual qualified in Hungary and England and Wales) are also recommended, as are senior counsel Csongor Tompa and senior associate Dorottya Varga-Giesz for portfolio transfers and restructuring.

Practice head(s):

Erika Papp

Other key lawyers:

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


Ability to understand clients legal argument and present the same to the counterparty. Willing to work extended hours to maximize output during client visit. Thorough with the legal knowledge

Passionate, dedicated, quick out of box thinker

Erika Papp- super professional, always supporting the client and great at generating contacts and assisting us on expanding our networking with other business partners such banks, investment banks or other local and international investors. Sandor Kovacs- very professional lawyer, available at all times, commercially-oriented very knowledgeable.’

Key clients


K&H Bank Zrt.

Hell Beverages Group

Bank of China (Hungary) Zrt.

Eximbank Zrt.

OTP Bank Nyrt.

ING Bank N.V.

Work highlights

  • Advised OTP Bank as lead arranger on the issuing of the first Hungarian Forint Bondby Pannonia Bio (the largest Hungarian bio ethanol producer) in line with the Bond Funding for Growth Scheme (BGS) announced by the Central Bank of Hungary.
  • Advised Balbec Investments and MOMENTUM CREDIT Plc, a Hungarian joint venture owned by Balbec Investments and the APS Group, on the purchase of MKB Bank Plc’s non performing retail mortgage loan portfolio, secured mostly by residential mortgages.
  • Advised an India-based manufacturing company, SRF Limited on an EUR 70 million credit facility. SRF is going to establish a benchmark plant in Hungary and as a result of its investment becomes one of the biggest BOPET and BOPP foil producers of the world.


Dentons' credentials as a market-leader are reflected by its work for lenders, underwriters, arrangers and borrowers. The group undertakes a wide range of lending transactions, refinancings, restructurings and insolvency-related matters. In addition, regulatory work is another mainstay of the practice. Also notable is that the team is prominent in the growing solar power development sector. Department head Gergely Horváth has extensive experience of real estate acquisition finance, trade and energy project finance. Counsel Gábor Király and senior associate Gabriella Pataki are also key figures.

Practice head(s):

Gergely Horváth

Other key lawyers:

Gábor Király; Gabriella Pataki 

Key clients

Budapest Airport

CIB Bank

Diákhitel Központ (Student Loan Center)

Raiffeisen Bank


Erste Bank

Invitel Group (Invitech)


MOL Group

UniCredit Bank

Work highlights

  • Advising Budapest Airport on a new €200m loan facility provided by the European Investment Bank (EIB) to further fund major infrastructural upgrades of one of the fastest growing airports in Europe, in particular, a significant expansion of its terminal facilities and related infrastructure.
  • Advising UniCredit Bank Hungary on a trade financing matter in which the bank is financing the construction of Vietnam’s most modern poultry slaughterhouse and further processing plant in the north central province of Thanh Hoa.
  • Advising Raiffeisen Bank on providing SRF Limited, an India-based manufacturing company with a €70 million credit facility related to an on-going greenfield manufacturing plant development in Jászfényszaru, Hungary.

DLA Piper

DLA Piper's Budapest-based group has a first-rate reputation, which is reflected in its capabilities across a myriad of matters, including bank financing, bond issues, IPOs and regulatory matters. The sizeable team is jointly led by Péter Györfi-Tóth, Gábor Borbély, András Nemescsói and Gábor Molnár; they have extensive expertise in advising domestic and international banks, state-owned entities and regulators. The scope of their work covers cross-border finance, ECM and DCM transactions, insolvency and banking-related litigation. Also notable is that the firm introduced a web-based knowledge tool, Investment Rules of the World, which provides a summary of key legal questions and answers that may arise in the course of financing or investing in over 35 jurisdictions. Counsel Attila Sári and senior associate Barbara Császár are also recommended.

Practice head(s):

Péter Györfi-Tóth; Gábor Borbély; András Nemescsói; Gábor Molnár

Other key lawyers:

Attila Sári; Barbara Császár


‘Broad international network, large capacity, in-depth knowledge.’

‘Fast, efficient, deep knowledge’

People are skillful, fast response, happy to help outside normal working hours and also when do not have a signed contract

‘Deep knowledge, fast response, organised.’

Key clients

MVM Zrt. (MVM Hungarian Electricity Ltd)

UniCredit Bank Hungary Zrt.

Royal Bank of Canada

Hungarian Eximbank

HB Reavis

Deutsche Pfandbriefbank AG

FMS Wertmanagement Service GmbH

MFB Zrt. (Hungarian Development Bank)


Raiffeisen Bank Zrt.

Garantiqa Hitelgarancia Zrt

Opus Global Nyrt./ Budapest Stock Exchange Listing


Graphisoft Park SE

Work highlights

  • Advised UniCredit Bank Hungary Zrt., UniCredit Bank AG, London Branch on a syndicated cross-border real estate development and investment financing of ETELE Plaza of EUR 150m.
  • Advising KONZUM Plc. on the listing of their newly issued shares on the Budapest Stock Exchange, including the preparation and licensing of the prospectus and the listing of the shares.

Kapolyi Law Firm

Kapolyi Law Firm is well-known in the market for its expert handling of capital markets transactions, regulatory issues and real estate investment funds work, with the latter being managing partner's József Kapolyi area of specialisation. Viktor Krezinger, who heads up the capital markets offering, is currently advising real estate developer Wingholding Ltd (as the issuer) on the issue of corporate bonds to institutional investors within the Development Bond Issuance Program organised by the National Bank of Hungary. Balázs Ferenczy is also recommended.

Practice head(s):

Balázs Ferenczy; Viktor Krezinger

Other key lawyers:

József Kapolyi


‘Kapolyi Team is excellent in communications with their partners. They are exceptional in capital markets, finance and corporate law.’

‘We are highly satisfied with their service level. We have great communication with them, they have sufficient manpower and practical knowledge to response to our requests on short notice. 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.’

A new senior attorney, Dr Balázs Ferenczy, became the head of the banking and finance team some time ago which development is highly appreciated by us because our collaboration with him is very effective; he easily understands our needs, goals and problems, works on the simplification and smooth solutions and developments of the projects. He bears huge work load, keeps even the shortest deadlines, his work ethic, professionalism is excellent. We also appreciate his business-like approach, the way he handles and manages our projects and his proactive, nice, polite personality.’

The capital markets practice group is led by the most experienced and reputable attorney in Budapest in this field, by Mr József Kapolyi, which perfectly demonstrates the highest standard and quality of their service and speaks for itself. They dispense great business acumen and industry knowledge, have good connections to the relevant authorities and expanded experience in capital markets related administrative proceedings, which can sometimes highly accelerate transactions. Apart from all this, their business-like and practical approach is astonishing, which can’t be said about every lawyer.

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)

Venturio Investment Fund Management Zrt.

PICK Szeged/Bonafarm Group

Delta Informatics Plc.

RECASHER Technologies

AutoWallis Nyrt.

Work highlights

  • Advised Takarékbank Zrt. on a project finance facility to NIPÜF Ltd., a state owned company as debtor for the construction of a “built to suit” warehouse and office mall.
  • Advised Wingholding, the largest real estate developer in Hungary on the public, corporate bond IPO program for EUR100m.
  • Advised DeltaGroup Holding Zrt., an IT services company on a reverse takeover and pertaining capital markets issues of the stock exchange listed EST Media Plc. for EUR90m.

Lakatos, Köves and Partners

Lakatos, Köves and Partners is a top choice for a broad cross-section of mandates, including banking and finance transactions, regulatory issues, licensing matters and restructurings. The firm is notably active in aviation leasing work and it also advises on the acquisition of non-performing loans. In one recent highlight, Szabolcs Mestyán advised Hungarian Real Estate Financing Zrt. (Indotek Group) on the first-ever acquisition of a non-performing loan portfolio from the National Deposit Insurance Fund. John Fenemore, who is dual-qualified in English and Hungarian law, is knowledgeable about trade finance, asset finance, real estate finance and sovereign and quasi-sovereign lending transactions. Founding partner Péter Köves and associate Balázs Rokob are also highly recommended.

Practice head(s):

Szabolcs Mestyán; John Fenemore

Other key lawyers:

Péter Köves; Balázs Rokob


‘The team is incredibly strong – excellent advice and extremely well organised.’

‘Szabolcs Mestyan and John Fenemore are both outstanding. Highly capable and very sound judgement. They always frame solid advice in a very practical perspective, based on the transaction and what all parties are looking to achieve.’

‘John Fenemore – very responsive and commercial. Szabolcs Mestyán – bright and knowledgable’

‘John Fenemore is very responsive and provides excellent advice.’

‘They are great lawyers, especially John Fenemore.’

‘John Fenemore is really knowledgeable and easy to work with. ’

‘John, Szabolcs and others are very responsive, technical and familiar with the types of issues that my clients care about. I trust them to provide independent advice in a timely manner.’

‘John Fenemore has a very unique background, having worked for many years as an English banking lawyer in a large international law firm in London, Bucharest and Budapest. He is recently also Hungarian law qualified. I can’t think of anyone more qualified or better suited to advising my clients on Hungarian law related matters.’

Key clients

Citigroup Global Markets Limited

ING Bank N.V.

J.P. Morgan Securities plc

J. P. Morgan

Erste Bank

Hungarian Real Estate Financing Zrt.

Indotek Group


Export-Import Bank of China, Liaoning branch (“CEXIM”)


DVB Bank SE (“DVB”)

Intrum AB

J.P. Morgan Securities plc.; Global Loan Agency Services Limited; GLAS Trust Corporation Limited

BNP Paribas & ING Bank London Branch


Deutsche Bank



Clifford Chance

White & Case

Latham & Watkins

Weil, Gotshal & Manges

McCann FitzGerald


Mayer Brown

Work highlights

  • Acted as Hungarian legal advisers to the Joint Lead Managers on the €2bn issue by Hungary (the “Issuer”) consisting of (i) €1bn in aggregate principal amount of 1.125 per cent. Notes due 2026 and (ii) €1bn in aggregate principal amount of 1.625 per cent. Notes due 2032 in April 2020.
  • Advised Indotek on the first-ever acquisition of a non-performing loan portfolio from the Hungarian National Deposit Insurance Fund (NDIF). With this complex transaction, Indotek Group acquired a portfolio of NDIF’s claims against 11 credit institutions in a public state tender. This pioneering transaction was not only the first of its kind but also the largest NPL transaction in Hungary to date.
  • As part of a consortium of firms led by Weil Gotshal & Manges, the firm advised Syncreon on the global restructuring of its $985m debt, which was effected by an English scheme of arrangement. Syncreon’s reorganization is widely considered to be the first-ever use of an English scheme of arrangement to restructure debt issued by a U.S.-based global enterprise.

Siegler Bird & Bird Ügyvédi Iroda

Siegler Bird & Bird Ügyvédi Iroda's group is led by Konrád Siegler, who has over thirty years of experience acting for Hungarian and international banks, as well as corporate borrowers. He is noted for his involvement in numerous project finance and syndicated lending transactions, predominantly in the energy and real estate sectors. In the capital markets space, Siegler has also been involved in public offerings and private share placements, as well as stock exchange listings of shares and bonds. Special counsel Tamás Simon specialises in acquisition and project finance, refinancing and debt restructuring. Senior associate Gábor Zoltán Szabó is also recommended.

Practice head(s):

Konrád Siegler

Other key lawyers:

Tamás Simon; Gábor Zoltán Szabó

CERHA HEMPEL Dezső & Partners

CERHA HEMPEL Dezső & Partners is praised for its team of 'exquisite experts and its broad network in the CEE'. It has recently strengthened its offering in restructuring and refinancing to complement its core practice of advising German and Austrian borrowers and lenders on real estate project financing transactions. Edina Nagy is supported by Andrea Presser, an expert in banking regulatory matters, and counsel Ákos Dérer, on international banking and capital markets transactions.

Practice head(s):

Edina Nagy; Andrea Presser; Attila Marjai

Other key lawyers:

Ákos Dérer


‘Relevant market practice, broad network in CEE, exquisite experts.’

‘Edina Nagy is excellent at real estate finance with great communication skills.’

Key clients

Erste Group Bank AG

EvoBus Hungária Kft. (member of Daimler Group)

Osmotica Pharmaceuticals

Tungsram Operations

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


Work highlights

  • Advised XXXLutz Group, in connection with the purchase of the furniture stores of Kika, in Hungary, the Czech Republic, Slovakia and Romania, including the financing of the purchase
  • Advised the Erste Group Bank AG on Hungarian law matters regarding a syndicated loan to a Hungarian limited liability company that operates several shopping centres in Hungary.
  • Advising Tungsram Operations on a continuous basis regarding its financing arrangements.

Gárdos Mosonyi Tomori Law Office

Gárdos Mosonyi Tomori Law Office's practice is jointly led by Erika Tomori, Dániel Szabó and Péter Gárdos, who are well-recognised specialists in project finance, regulatory issues and restructuring, as well as capital markets transactions. Associate Beatrix Berkes frequently works alongside Szabó on projects relating to securities issuance.

Practice head(s):

Erika Tomori; Dániel Szabó; Péter Gárdos

Other key lawyers:

Beatrix Berkes


‘Very long term and impressive track record of legal activity in securities issues.’

‘Their knowledge of the local market and institutions is outstanding. In the late 80s, early 90s, they were amongst the first to start serving the then newly-born financial sector. Their prestige as a medium-sized law firm deeply rooted in the legal community and serving the financial sector with absolute integrity is one of the highest in the land.’

‘In the banking world, Erika Tomori is recognised as an absolute authority in matters of securities law.’

‘Highly experienced team with long track record. They thoroughly follow the ever-changing legal environment and are deeply and proactively involved in all legal aspects of financial product innovations. They allocate adequate partner level to deals at a very reasonable fee schedule.’

‘Ms Erika Tomori is the leading force for DCM and ECM transactions. The most experienced problem-solver in the Hungarian legal business world supported by a young and talented group of lawyers. Ms Tomori has an easy to approach personality with a professional but down to earth thinking.’

‘The banking & finance team of Gardos law firm has proven very proactive and efficient in getting deals done. They are aware of market trends and have good connections with regulators.’

‘Peter Gardos is an outstanding legal counsel, very proactive and willing to find innovative solutions.’

‘Huge experience, excellent contact system, fast, reliable work at a competitive price.’

Key clients

UniCredit Bank

Raiffeisen Bank

Exim Bank

K&H Bank Zrt.


Lead Ventures Zrt.


National Deposit Insurance Fund

NN Insurance Plc.

B2Kapital Plc.

SPB Investment Plc.

Cellum Global Zrt.

Work highlights

  • Provided legal opinion to ICMA on the enforceability and validity of the Global Master Repurchase Agreement and the Global Master Securities Agreement under Hungarian law.
  • Advised the National Deposit Insurance Fund as seller in relation to warranty claims submitted by the purchaser in connection with the transfer of claims. The challenge of this case arose from the fact that the underlying claims were originally the claims of depositors against their credit institutions which were transferred to the National Deposit Insurance Fund ex lege after the depositors had been compensated.
  • Advising UniCredit Hungary on their NPL transfers.

HBK Partners Attorneys at Law

HBK Partners Attorneys at Law is a Hungarian boutique law firm that focuses on banking and finance, M&A and capital markets. Márton Kovács is highlighted for his specialism in real estate finance (with a niche in hotel and leisure facilities) and capital markets transactions. Other partners include Dusán Lasztity, who focuses on project finance, corporate finance and syndicated lending transactions. Dóra Halápi is active in IPOs and bond issuances.

Practice head(s):

Márton Kovacs

Other key lawyers:

Dusán Lasztity; Dóra Halápi

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

Hegymegi-Barakonyi and Partner Baker & McKenzie Attorneys-at-Law benefits from a broad international network of banking specialists and frequently advises international banks on Hungarian elements of regional and global mandates. Key areas of growth include syndicated lending, real estate financing, acquisition finance and restructuring of financing arrangements. Practice head József Vági regularly undertakes complex multijurisdictional financing mandates, notably real estate finance and corporate finance matters.

Practice head(s):

József Vági

Key clients

Warburg-HIH Invest Real Estate GmbH


Magyar-Export-Import Bank Zrt.

ING Bank N.V.

JT Ross Group

OTP Bank Nyrt.

PKO Bank Polski S.A.

Raiffeisen Bank Zrt.

Standard Chartered Bank

La Societe Generale Immobiliere – LSGI

Work highlights

  • Acted as borrower’s counsel to Warburg HIH RAG Europa Selektiv investment fund on the refinancing of the multi-award winning office building GTC White House.,
  • Advising Eximbank, the state owned bank supporting Hungarian exporters through the provision of financing and insurance, on the cross-border export financing to Hungarian Innomed Medical Zrt., a developer and manufacturer of medical devices, to support its sales of clinical defibrillators and related devices to Pró-Life Equipamentos Médicos Ltd, a Brazilian medical devices manufacturer and distributor.
  • Advising PKO Bank Polski S.A, the largest bank in Poland, in connection with their first cross border transaction into Hungary, financing the first Hungarian green field investment of Flex Films, an India based packaging manufacturing company. The Hungarian government contributed 2.8 billion HUF to the investment, making it a transaction of national significance.


Jalsovszky has increased its market presence in corporate finance, regulatory matters and capital market transactions. It attracts a steady stream of new instructions from Hungarian venture capital firms, private equity fund managers and foreign financial investors, and it also has a notable portfolio of borrower-led work. Gábor Pázsitka is highly recommended for advice on the acquisition of non-performing loan portfolios, acquisition finance and project finance.

Practice head(s):

Gábor Pázsitka; Pál Jalsovszky


‘Jalsovszky Law Firm is the model of professionalism, reliability and creativity. The best law firm around us for years, really great group of lawyers. As our business has wide range of interests, they have been a consistent source of expertise and dependability. We feel confident knowing that Jalsovszky Law Firm is on our side. ’

‘The members of the team always responded timely and in professional manner, the transaction partner (Mr Pazsitka) kept himself in the loop.’

‘Both Mr Pazsitka and Ms Zsibrita always responded quickly and were of help. excellent level of English.’

‘Very professional, straightforward and flexible team, we can rely on their previous experience while representing both banks and clients. ’

‘We are more than happy to have legal support in our financing deals from dr. Gabor Pazsitka and dr. Boglarka Zsibrita, they are quick, precise and in the same time can cooperate with our banking partners with proposing compromise amendments when necessary, resulting a win-win situation at the end.’

‘Deep financial knowledge, understanding of customer needs, massive co-operation, always delivering on time.’

‘Fast competent quasi non-stop availability, even beyond working hours Availability to navigate the drafting process among various potential investors. Outstanding problem-solving ability’

‘Competent and highly professional and experienced team of lawyers and co-workers’

Key clients

Callis Energetika Zrt.

Erste Bank


KDB Bank Európa Zrt.


PortfoLion Zrt.


Work highlights

  • Advised Korean Development Bank Hungary, MFB (Hungarian Development Bank) and Takarékbank as lenders on the top-up of the amount of a syndicated facility provided to the Hungarian member firm of a large international biopharmaceutical company. Incremental facility provisions were introduced into the documentation parallelly.
  • Advised Infogroup, one of the largest Hungarian real estate developers and operators, as the borrowers on the financing of their largest ever acquisition by Raiffeisen Bank Hungary.
  • Complex advisory work to Portfolion relating to the regulatory status change of one of Hungary’s largest private equity firms.


Noerr fields a team of multilingual lawyers, whose experience includes real estate finance, acquisition finance and project finance. It also advises clients on capital markets transactions, derivatives and banking regulatory regimes. On the lender side, the firm acts for regional and local banks, including UniCredit Bank and the Hungarian Development Bank. Borrower-side work is also on the increase. Edina Schweizer and Ákos Bajorfi are the key figures.

Practice head(s):

Edina Schweizer

Other key lawyers:

Ákos Bajorfi


‘Noerr Hungary combines the broad knowledge of finance and banking-related topics in Hungary with a broad knowledge and experience in other countries, as well as German-speaking lawyers with knowledge of loan-related legal topics in an international context.’

‘Very well connected within the Hungarian banking industry and broad knowledge on banking and financing topics’

‘Edina Schweizer is a rock star – she’s at the top of her game.’

Key clients

UniCredit Bank

K&H Bank (KBC Group)

Mercedes Benz Financial Services

Hungarian Development Bank


Deufol SE

Work highlights

  • Advised UniCredit Bank Hungary on the development financing of the 29,000 m² ‘Pillar Offices’ developed by GTC SA.
  • Advised Goodyear Dunlop as borrower on the Hungarian aspects of its €700m global financing.
  • Advised ElringKlinger AG as borrower on the Hungarian aspects of the €350m group level financing taken from a consortium of banks.

Schoenherr Hetényi Ügyvédi Iroda

Schoenherr Hetényi Ügyvédi Iroda has a strong focus on syndicated loans in the areas of corporate, acquisition and project financings. It also assists with refinancing, debt restructurings and non-performing loan transactions. Lead partner Gergely Szalóki regularly advises borrowers and lenders on regulatory matters in the banking and insurance sectors. In the capital markets space, he also handles bond issue transactions, representing both managers, issuers and investment funds.

Practice head(s):

Gergely Szalóki


‘Efficiency and professionalism strict deadlines’

‘My cooperation with Mr. Gergely Szaloky was excellent, standing out from the competition by the highest standards of professionalism.’

‘Hands-on, pragmatic and responsive firm, covering (with offices throughout Central Europe) all needs of our clients in this geographic area’

‘Business approach and very, very adequate legal opinion to resolve a problem’

‘good price-value rate; expected professional experience, almost good co-operation’

‘We have received precise, effective and quality legal support ’

‘They are very responsive and have an in-depth knowledge of the financial industry ranging from syndicate lending to NPL sale transactions.’

Key clients

Thomas Cook Kft.

Cantor Fitzgerald Securities

Unicredit Bank AG

Erste Group Bank AG

OTP Bank Nyrt

Erste Lakástakarék Zrt.

Bain Capital Europe LP

Interglobe Enterprise

DZ Bank AG

Deutsche Pritave Equity GmBH

Deutsche Bank AG, London Branch

Intesa Sao Paolo

Work highlights

  • Advised Erste Lakástakarék Zrt. on the acquisition of a home-savings deposit portfolio (the first-ever transaction of that kind in Hungary) from Aegon Lakástakarékpénztár Zrt.
  • Advised a syndicate of lenders led by Cantor Fitzgerald Securities as security agent on the bridge financing of the Syncreon Group, which helped the Syncreon Group to move out from a distressed situation.
  • Advised OTP Bank, being an arranger and investor on a bond issuance of 4IG Nyrt.

Szecskay Attorneys at Law

Szecskay Attorneys at Law advises banks, financial institutions and corporate borrowers on structuring and executing secured and unsecured financings, single lender and syndicated loans. On the regulatory side, the team has extensive knowledge of Hungarian financial and investment regulations, and is also able to represent clients in related litigation. Katalin Szecskay maintains a busy transactional practice, which covers project finance, real estate finance, acquisition finance and corporate finance. Senior associate Judit Szórádi is another name to note for capital markets and banking and finance transactions.

Practice head(s):

Katalin Szecskay

Other key lawyers:

Judit Szórádi


They are very knowledgeable and prompt, but at the same time kind and adaptable.’

Katalin Szecskay. We have valued his availability, kindness, adaptability and capacity to solve complicated matters in an elegant way.’

Work highlights

  • Advised PPF Group, a privately held international financial and investment group, in connection with the Hungarian law aspects of its EUR 3.025 billion financing and the subsequent amendments of the financing arrangement provided to it by a syndicate of banks for the acquisition of Telenor group’s CEE subsidiaries, including Telenor Hungary Zrt. and later, in 2019,in connection with the acquisition of PPF’s 25% shareholding in Telenor by Antenna Hungaria (akey player in the Hungarian telecommunication sector).
  • Continuing to advise Gránit Bank Zrt on general banking law issues, including the day-to-day business of the bank and its business lines.
  • Advised W.A.G. payment solutions group on Hungarian law issues in connection with a EUR 310,000,000 acquisition and refinancing facility arranged by Česká spořitelna, a.s. and Komerční banka, a.s.

Wolf Theiss Faludi Erős Ügyvédi Iroda

Wolf Theiss Faludi Erős Ügyvédi Iroda's Budapest office is known for its strengths in restructuring, real estate finance and energy project finance, particularly in the development of photovoltaic power plants. Recently promoted counsel Melinda Pelikán is the primary figure for domestic and cross-border projects, acquisition finance and restructuring. Associate András Mozsolits, who joined from the  European Court of Human Rights, specialises in portfolio transfers and real estate finance.

Practice head(s):

Melinda Pelikán

Other key lawyers:

András Mozsolits


‘They have a strong understanding of how the banks are working, as they have worked for banks as well. ’

‘Several of them has experience and understanding of the business in real. All are very quick in response, if someone is not available another lawyer is quickly supporting instead.’

Key clients

The Export-Import Bank of China

Bank Gutman AG, Gutman Private Markets S.C.S. SICAV SIF

Enlight Renewable Energy Ltd.

OTP Bank

UniCredit Bank Austria

Optimum Solar Kft.

Work highlights

  • Advising China Exim Bank with respect to a loan agreement for the Hungarian section of the Budapest-Belgrade Rail Link.
  • Advising TA Associates on its investment in Netrisk, Hungary’s leading online independent insurance marketplace.
  • Advising Optimum Solar Kft. a Hungarian solar PV plant developer in relation to its participation in a  note issuance programme initiated by The National Bank of Hungary, which encourages Hungarian companies to replace their existing commercial bank facilities with funds obtained from note issuance.

Deloitte Legal Göndöcz and Partners Law Firm

Deloitte Legal Göndöcz and Partners Law Firm serves as a one-stop-shop to borrowers and lenders for a myriad of financial, commercial and tax advisory services. The firm regularly advises on syndicated lending mandates, with notable depth in project finance, capital markets and restructuring. Attila Kövesdy and Péter Göndöcz are the key names.

Practice head(s):

Attila Kövesdy, Péter Göndöcz

Other key lawyers:

Linda Al Sallami

Work highlights

  • Advised K&H Bank on the long term non-recourse project financing provided to Photon Energy Group for Photon Energy’s 20.1 MW photovoltaic power plant projects in Hungary.
  • Advised HELL ENERGY MagyarországKorlátolt Felelősségű Társaság on the private offering of the bonds within the framework of the Bond Funding for Growth Scheme launched by the National Bank of Hungary and their registration on a specific multilateral trading facility (XBond) operated by the Budapest Stock Exchange.
  • Acted for CORDIA International Ingatlanfejlesztő Zártkörűen Működő Részvénytársaság on the public offering and issue of the bonds made within the framework of the Bond Funding for Growth Scheme launched by the National Bank of Hungary and with the highest issue amount of 44 billion Hungarian forint.

Forgó, Damjanovic & Partners Law Firm

At boutique firm Forgó, Damjanovic & Partners Law FirmGábor Damjanovic is the main transactional partner. He works closely with of counsel Ferenc Lénárt. The practice acts for numerous banks and corporate clients on banking and capital markets transactions, and also advises investment funds on licensing and regulatory matters.

Practice head(s):

Gábor Damjanovic

Other key lawyers:

Ferenc Lénárt


‘A well-trained team, used to collaborating on larger transactions with an pragmatic approach. ’

‘Good ability to weed out unimportant items, and finding pragmatic solutions to legal issues.’

HP Legal | Hajdu & Partners

HP Legal | Hajdu & Partners impresses with its 'highly qualified team and unbeatable negotiation skills'. Laszlo Hajdu chairs the practice, which is regularly instructed by the largest Hungarian commercial banks, the state of Hungary, and international and Hungarian private and public companies. The group advises both lenders and borrowers on acquisition finance and project finance, among other facilities. Réka Versics is noted for her 'wide experience in drafting finance documents'.

Practice head(s):

Laszlo Hajdu

Other key lawyers:

Réka Versics


‘HP Legal finance team is simply fantastic. They are the No. 1 choice in the Hungarian market when it comes to finance transactions. In-depth knowledge of domestic and cross-border transactions, highly qualified team, unbeatable negotiation skills, problem solving approach, masters of finance and security documentation. When we need banking and finance legal advice for both local and cross-border deals, we always go to HP Legal.’

‘Laszlo Hajdu and Reka Versics should be praised for. Laszlo is a real finance heavyweight: extremely wide knowledge, calm and thoughtful negotiator, you can feel the years of experience behind his advice. Reka is a young female partner who is extremely smart and has wide experience in drafting finance documents. She is very responsive and always provides clear-cut advice.’

Key clients

International Investment Bank

Futureal Real Estate Development Fund

Cordia Real Estate Development Fund

Infogroup Real Estate Development Holding

K&H Bank (Hungarian subsidiary of KBC)

OTP Bank Plc

MKB Bank

Hungarian Export-Import Bank

Unicredit Bank

Raiffeisen Bank



Sniezka S.A.

KÉSZ Holding Limited

CIB Bank

Hungarian Development Bank


Kopaszi Gát Kft.

Work highlights

  • Advised CIB Bank as lender on the financing of the acquisition of Greenergy Group (a Hungarian renewable energy producer) by KÉSZ Holding Limited.
  • Advised the consortium of OTP Bank and Hungarian Development Bank as lenders on a large bank guarantee facility in relation to a major infrastructure development in Hungary.
  • Advised K&H Bank on the financing of several renewable energy development projects (solar and water powerplants) developed by Alteo Plc and several real estate development projects implemented by Cordia Global Real Estate Development Fund.

Nagy és Trócsányi Ügyvédi Iroda

Nagy és Trócsányi Ügyvédi Iroda is a prominent boutique practice offering expertise in a range of financial transactions, notably in relation to global and regional syndicated lending facilities. It has a strong profile among international clients, for whom it handles the Hungarian law aspects of cross-border lending facilities and restructurings. Also notable is that the team advises on the finance aspects of corporate transactions and real estate matters. György Kiszely is the key figure for financings and regulatory work. Zoltán Varga is recommended for leasing and work-out transactions, as well as regulatory issues and anti-money laundering matters.

Practice head(s):

György Kiszely

Other key lawyers:

Zoltán Varga

Key clients

Raiffeisen Bank


Work highlights

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

Oppenheim Ugyvedi Iroda

Oppenheim Ugyvedi Iroda is recognised for its banking capabilities in the local and regional market, where it acts for banks and borrowers on the full spectrum of financial and capital markets transactions. The team is noted for its strength in the banking regulatory space and in solar financing and real estate finance Practice head. Péter Horvai-Hillenbrand has over 16 years of experience acting for clients on a range of lending arrangements.

Practice head(s):

Peter Horvai-Hillenbrand

Key clients


CIB Bank

VUB Bank

UniCredit Bank

PPF Banka

Raiffeisen Bank

VHK Zrt.




Taghleef Group

Work highlights

  • Advising the banking consortium comprised of Sberbank, Sberbank Austria and UniCredit Bank on the financing of the long term gas purchase contracts of Hungary.
  • Advising PPF Banka on a large number of real estate financing transaction granted to a Hungarian borrower group.
  • Advising HSBC Bank on financial regulatory issues, close cooperation with HSBC and the National Bank of Hungary on this first-ever kind of passporting.

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

The 'exceptional' Sándor Békési leads Partos & Noblet in co-operation with Hogan Lovells International LLP's banking team, which acts on the full breadth of Hungarian and international financings. He recently advised Laurentian Bank of Canada on the setting up of the client’s new internal structure, including a Uruguayan branch of the Hungarian subsidiary. Associate Gábor Kószó regularly works with Békési to advise borrowers and lenders on complex financing transactions.

Practice head(s):

Sándor Békési

Other key lawyers:

Gábor Kószó


‘Sandor was exceptional in leading the team and was involved in every matter deeply.’

Key clients





Magyar Cetelem Zrt.

Laurentian Bank of Canada


Canadian Imperial Bank of Commerce

Hamburg Commercial Bank

Revetas Capital


Towerbrook Capital Partners

Work highlights

  • Advising 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.
  • Advising a Hungarian portfolio company of Oriens Fund on a finance transaction seeing a major Hungarian commercial bank amend a facilities of originally approx. €17m senior loan and junior loan of approx. €4m junior loan.

Szabo Kelemen & Partners Attorneys

Péter Vincze leads the practice at Szabo Kelemen & Partners Attorneys, which specialises in project finance, trade finance and the financing of M&A transactions. It also has a complementary offering in restructuring and regulatory work. In addition, capital markets transactions are another driver of activity. Vincze works with  Zoltán Módos.

Practice head(s):

Péter Vincze

Other key lawyers:

Zoltán Módos

Key clients


Work highlights

  • Advising Hungarian subsidiary of CTP on bank financing.

Vámosi-Nagy Ernst & Young Law Office

Vámosi-Nagy Ernst & Young Law Office is particularly known for its adept handling of debt and equity capital markets transactions. In one matter, it acted for Megakrán Nyrt (as the first company listed on the Xtend platform of the Budapest Stock Exchange) on a HUF700m private placement.  The Budapest practice operates as an integral part of the wider Ernst & Young network, and is also able to advise on syndicated, club and bilateral loan agreements, portfolio transfers, refinancing and restructuring mandates. Iván Sefer and Sarolta Varszegi are the lead partners.

Practice head(s):

Iván Sefer; Sarolta Várszegi

Key clients


SunDell Estate Nyrt.

Megakrán Nyrt.

Daniella Kereskedelmi Kft.

ERSTE BANK HUNGARY Zártkörüen Müködö Részvénytársaság

GRÁNIT Bank Zrt.

Geanne Korlátolt Felelősségű Társaság

Work highlights

  • Advised SunDell Estate Nyrt. on listing its shares to the standard category of the Budapest Stock Exchange and operating as a REIT.
  • Advised DM-KER Nyrt. in listing its shares to the Xtend platform of the Budapest Stock Exchange and raising capital in the amount of circa HUF1bn as part of a private placement of shares to institutional investors.
  • Advised Daniella Kereskedelmi Kft. on its HUF3.5bn bond issuance under the NKP programme of the Hungarian Central Bank.