Cobalt remains one of the premium banking and finance practices in the Latvian market and acts for a client list that spans multinational banks, payments apps and payment card companies alongside large local enterprises. In the capital markets space, the firm has overseen the high level issuance of unsecured preferred bonds and green bonds. The firm also handles M&A in the banking sector and investment financing transactions. Edgars Lodzins, a highly experienced capital markets adviser, heads the practice. Specialist counsels Andrejs Lielkalns and Edgars Pastars provide expert risk management and compliance advice. Managing partner Lauris Liepa has broad transactional experience, including in the sale and purchase of banks.
Banking, finance and capital markets in Latvia
Cobalt
Practice head(s):
Edgars Lodziņš
Other key lawyers:
Lauris Liepa; Andrejs Lielkalns; Edgars Pastars
Key clients
American Express group
Citadele banka AS
Credit Agricole
Erste Group Bank AG
European Investment Bank
Finance Latvia Association
HSBC
ING Belgium NV/SA
IPF Digital
Luminor Bank
Work highlights
- Acted as local legal advisor to Citadele banka AS on the issuance of EUR 200 million senior unsecured preferred bonds.
- Acted as a legal advisor in connection with the issuance of EUR 100 million green bond by Augstsprieguma tīkls AS, an independent Latvian electricity Transmission System Operator.
- Advised ALTUM investment fund on an EUR 8 million financing transaction with Primekss SIA.
Ellex
Ellex specialises in acquisition and project finance in Latvia, facilitating relationships between Latvian businesses and some of the largest multinational banks. Valters Diure began his career in the banking industry and brings this experience to bear as head of the firm’s banking practice, advising on regulatory matters, sales of major banking portfolios and project financing; particularly in the aviation sector. Additional to his banking and finance practice, Diure has expertise in insolvency matters. Senior Associate Marta Cera advises on cross-border M&A and structured financing transactions, leading on a number of key matters in 2022. Associates Beata Plociņa and Anna Misneva are further key names. Raivis Leimanis and Zinta Jansons left the firm.
Practice head(s):
Valters Diure; Marta Cera
Other key lawyers:
Beata Plociņa; Anna Mišņeva
Testimonials
‘First rate aircraft finance and leasing team – have full appreciation of the detail yet commercial with reasonable legal fees to boot.’
‘Beata Plocina – proactive and very experienced finance lawyer.’
‘Valters Diure – a very knowledgeable, hands-on Partner who knows how to get things done.’
Key clients
Bigbank
SG Capital Partners
Citigroup
Deutsche Bank
Providence Capital
European Bank for Reconstruction and Development
Goldman Sachs
JPMorgan
International Capital Markets Association
International Finance Corporation
Bank of America
Generali Europe
Warwick Capital
Danske Bank
Clearstream Banking S.A.
Livonia Partners
BNP Paribas
Raiffeisen Bank International
Work highlights
- Advised Livonia Partners on the structuring, establishment and closing of a new second generation fund.
- Advising Linas Agro (an agribusiness group) on a financing transaction by a group of banks – Credit Suisse, Swedbank and SEB.
- Legal advice on an international arbitration case related to a shareholders’ dispute concerning the acquisition of shares in a banking institution.
Sorainen
Sorainen advises on major project financing matters and capital markets transactions, as well as providing regulatory and compliance advice. Real estate and construction financing is one of the firm’s core strengths. As part of a pan-Baltic firm, the practice is noted for its cross-border capabilities. The team is led by Rūdolfs Eņģelis, who regularly oversees project financing transactions and counts Luminor and Czech bank Česká spořitelna as key clients. Senior associates Inese Heinacka and Agneta Rumpa provide additional support.
Practice head(s):
Rūdolfs Eņģelis
Other key lawyers:
Agneta Rumpa; Inese Heinacka
Key clients
Kekava ABT
Nordic Investment bank
Citadele banka
Luminor
Nordea
Unicredit
Citigroup
Nordigen
Linstow Baltic
Česká spořitelna
Riga Retail Park
The Ministry of Transport of the Republic of Latvia
Work highlights
- Advising the Nordic Investment Bank and Citadele banka on their provision of financing to AS PN Project, a company managed by Lords LB Asset Management, for its construction of an office complex in Riga.
- Acted as Latvian law adviser to the joint lead managers Citigroup, Luminor Bank, Nordea and UniCredit on the issuance by Citadele banka of 200 million EUR in notes, due in 2026.
Eversheds Sutherland Bitāns
Eversheds Sutherland Bitāns' banking, finance and capital markets team advises on transactional work, including IPOs, and is also a key name for litigation, handling appeals against fines imposed by the Financial Capital Markets Commission. Practice head Māris Vainovskis is noted for his experience of capital markets transactions and regulatory and compliance matters. Senior associate Sabine Vilka is another name to note, and is particularly active in IPOs. Justīne Ignatavičute has expertise in bond project transactions and supports on many key matters.
Practice head(s):
Māris Vainovskis
Other key lawyers:
Justīne Ignatavičute; Sabīne Vilka; Lauma Renina
Testimonials
‘The office employs high-level professionals in a wide variety of industries, so each specific project attracts a person in charge who really has very deep knowledge in the relevant industry.’
‘Lauma Renina has very deep knowledge in the field of M&A and works efficiently, fully understanding the needs and situation of the client. Maris Vainovskis, partner, effectively ensures that services to clients are provided by a professional in the relevant field, thus saving the client’s time.’
‘A philosophy of dedication to the development of Baltic capital markets (Latvia). This is combined with the sensible understanding that ‘box-ticking’ of standard requirements is not enough for the best long-term interests of all stakeholders in this fledgling (capital market) environment.’
‘Constantly looking for the most efficient (yet thorough) solutions through a combination of stakeholder engagement and regulatory requirements. We recommend Maris Vainovskis and Justine Ignatavicute.’
Key clients
AS “Virši-A”
SIA DelfinGroup (previously known as SIA ExpressCredit)
AS MADARA Cosmetics
AS A-birojs
IPAS Indexo
Rietumu Banka
AS “SEB banka”
Coffee Address Holding
European Bank for Reconstruction and Development
KPMG Baltics AS on behalf of the European Bank for Reconstruction and Development (EBRD)
AS Industra Bank
AS Alphinox Quality
Work highlights
- Advised IPAS “Indexo” on its initial public offering and listing its shares on the regulated market of Nasdaq Riga Stock Exchange.
- Taking part in the implementation of the EU Taxonomy – a classification system for sustainable activities – in Latvia and Estonia.
- Advising Rietumu Banka JSC in administrative proceedings regarding the Financial Capital Markets Commission’s (FCMC’s) imposed fine of 5.85 million euro due to administrative infringements in the field of AML/CTF/CPF compliance.
TGS Baltic
TGS Baltic's banking and finance practice is led by the highly experienced Inese Hazenfusa. The team advises on loan transactions, bond issuances and IPOs and has notable specialisms in crowdfunding regulatory and sanctions compliance matters. Retail and real estate financing are other key strengths of the firm. Ilga Valko advises on compliance and anti-money laundering matters. The presence of former prosecutor Artis Kļaviņš in the team ensures the practice has the capacity to offer expert advice on matters concerning white-collar criminal law.
Practice head(s):
Inese Hazenfusa
Other key lawyers:
Ilga Vaļko; Artis Kļaviņš
Key clients
Akropolis Group UAB
Altum Capital Fund
Evernord
Rīgas Satiksme
Single Resolution Board
Esto Holding
mBank
Revolut
Novira Capital
European Investment Bank
Signet Bank
BluOr Bank
Banque Internationale a Luxemourg
SEB Bank
Jyske Bank
Crowdestate
Work highlights
- Assisted Akropolis with a EUR 300 million Eurobond issue.
- Advised Altum Capital Fund on a loan of EUR 10 million to the eco-friendly hygiene product company iCotton.
- Advised Signet Bank on a securitisation matter in Latvia – the subsidiary of the bank issued secured notes with the value of over EUR 9 million.
drill. Law Firm
Fintech specialists drill. Law Firm provide regulatory compliance advice, as well as assisting with bond issuances and refinancing transactions. Ramona Miglane has considerable experience advising non-banking credit institutions and alternative investment funds. She heads the team alongside Ieva Judinska-Bandeniece, who combines her role in the banking team alongside her IP practice. The well-regarded Laura Erkske, who specialises in pension funds work, is another key name.
Practice head(s):
Ramona Miglane; Ieva Judinska-Bandeniece
Other key lawyers:
Laura Ērkšķe
Testimonials
‘Laura Erkške has been our cooperation partner in drill. She proved to be very knowledgeable, and efficient and provided high-quality documents for the FCMC licensing process.’
Key clients
Eleving Group
AS DelfinGroup
Esto LV
IPAS Indexo
TBI Bank EAD Sofia – Bucharest Branch Office
Work highlights
- Advised Eleving Group on the structuring and establishment of securities following a EUR 150 000 000 bond issue.
- Advised TBI Bank EAD Sofia – Bucharest Branch Office – on structuring of a EUR 3 million refinancing transaction.
Kronbergs Cukste Levin
Kronbergs Cukste Levin acts as general counsel for a number of financing companies and advises groups of banks, including the German Bankers’ Association, on their operations in Latvia. Vineta Cukste-Jurjeva handles high-profile banking liquidations, as well as representing the European Central Bank in criminal proceedings against the governors of national banks. Kristine Sakarne has experience of financing transactions, including the issuance of bonds.
Practice head(s):
Vineta Čukste-Jurjeva
Other key lawyers:
Kristine Sakarne
Key clients
PwC
ABLV
Luminor Bank
Express Credit
Sun Finance
German Bankers Association (via Luther Rechtsanwaltsgesellschaft mbH)
AIG (American Insurance Group)
Latvian Alternative Finance Association
Extra Credit
Pasažieru vilciens (Passenger rail)
Ministry of Economy
Deposit Solutions
Societe Generale
Wirecard Bank (Germany)
Estate Guru
Work highlights
- Serve as general counsel to crowd financing company, Estate Guru.
- Serve as general counsel to Sun Finance.
- Advising German Bankers Association on a series of custody agreements in Latvia.
VILGERTS
VILGERTS has key strengths in bond issuance and in fintech and IT matters. Real estate acquisition finance also remains a core focus for the firm. Gints Vilgerts has expertise in financing matters, particularly in mezzanine structures, and co-leads the practice alongside his work as a corporate and M&A practitioner. Joint practice head Aivars Lošmanis is a banking specialist and, having undergone legal training in Germany, is well placed to serve German clients investing in Latvia. Jānis Kubilis is another key name.
Practice head(s):
Gints Vilgerts; Aivars Lošmanis
Other key lawyers:
Jānis Kubilis
Key clients
Balcia Insurance
Estera Development
RIMI
East Capital Real Estate
Zenith Family Office OÜ
Cream Finance
GIVEN Jewellery AS
BPM Capital
Citadele Leasing
COFACE
Cachet
Summus Capital
Altum
AS DelfinGroup
Work highlights
- Advised the leading pan-Baltic used car retailer, Longo Group AS, on the issuance of its secured bonds in the total amount of EUR 8 million in 2021 and 2022, in cooperation with Signet Bank AS.
- Advised BPM Capital OÜ on its mezzanine loan financing to Latvian IT company, Digital Mind AS, for the buy-out of Lithuanian business software implementor, Alna.
- Advised GIVEN Jewellery AS on the issuance of its secured bonds in the total amount of EUR 7 million, in cooperation with Signet Bank AS.
WALLESS
WALLESS acts for major international banks, as well as local Latvian clients, on bond issuances, financing transactions and compliance matters. Zane Eglīte-Fogele assists multinational clients with major capital finance transactions, also serving as a member of the AS Nasdaq Riga working group. Sintija Radionova regularly represents insurance firms and investment funds from around the Baltic and Nordic regions. Kristīne Gaigule-Šāvēja is another key name; she specialises in financing matters in the real estate sector.
Practice head(s):
Sintija Radionova; Zane Eglīte-Fogele
Other key lawyers:
Kristīne Gaigule-Šāvēja
Key clients
BNP Paribas
AS Sakret Holdings
Luminor Bank AS Latvijas filiāle
Lumi Capital
Marijas 2 SIA
Novira Capital OU
KOOL Latvija SIA
Work highlights
- Advised BNP Paribas and J.P. Morgan as Global Coordinators and Joint Bookrunners and Luminor as Joint Bookrunner on the debut EUR 300 million Eurobond offering of shopping and entertainment centre developer Akropolis Group.
- Serving as collateral agent during the 5-year validity period of bonds issued by AS Sakret Holdings worth EUR 3.79 million and financing arrangements.
- Assisted Marijas 2 SIA in financial arrangements and transaction structuring for the development of Novira Plaza, a 7-floor office building in Riga city centre.
BDO Law
BDO Law advises on the establishment of banking operations overseas, acquisitions in the financial services sector and responses to penalties imposed by the Capital Markets Commission. The Baltic International Bank is a key client. Janis Zelmenis and Vita Liberte are the practice heads.
Practice head(s):
Vita Liberte; Jānis Zelmenis
Key clients
Baltic International Bank
LEADELL Vītols
Insolvency, restructuring and debt recovery specialist LEADELL Vītols acts for major Baltic and Nordic banks, as well as private individuals and niche industry segments such as fur breeders and forestry companies. The practice also has the capacity to advise international clients operating in Latvia. Practice head Karlis Vitols has extensive experience of debt recovery and insolvency matters and is noted for his ‘eye for strategy‘. He is supported by IIze Jankevica, who primarily works in employment law but also has expertise in acquisition finance and debt recovery.
Practice head(s):
Karlis Vitols
Other key lawyers:
Ilze Jankevica
Testimonials
‘We use LEADELL Vitols for our legal work in Latvia. They are knowledgeable in the area of insolvency and have guided us through the Latvian legal system. They are responsive and give clear analysis. They inspire confidence in a complex cross-border area of the law.’
‘Karlos Vitols stands out as a go-to lawyer in Latvia. He is personable, clear with his responses, and has a good eye for strategy. We trust the advice he gives, which is incredibly important when navigating a foreign jurisdiction.’
Key clients
AS BTA Baltic Insurance Company
AS Liepsaime
NAFA Europe B.V.
Swedbank Leasing
Work highlights
- Advised Swedbank Leasing on debt recovery worth over 2 million euros.
- Represented NAFA Europe B.V. in insolvency proceedings regarding loan recovery of over 4 million euros.
- Advised Liepsaime in a share increase worth over EUR 1 000 000 to attract third-party financing.
Spridzans, Snipe & Hramcenko
Spridzans, Snipe & Hramcenko advises on investment fund structuring, refinancing, exit strategies and regulatory compliance, among other work. Ansis Spridzans is an expert in capital market transactions and is able to draw on previous experience acting for major Baltic banks. Arta Snipe advises on anti-money laundering and insolvency matters. Svetlana Hramcenko has a strong litigation background and specialises in disputes regarding the recovery of funds by creditors.
Practice head(s):
Ansis Spridzans
Other key lawyers:
Svetlana Hramcenko; Arta Snipe
Testimonials
‘Hands-on team. Reliable and reachable whenever necessary.’
‘Ansis Spridzans has a creative mind. He is ready to look for the most appropriate solutions.’
‘Besides expertise and professionalism, I’d like to emphasise the team’s responsiveness, customer orientation and creativity to find customer-specific solutions not only for specific cases but also for usual daily issues like power of attorney, organising the process of electing the company’s decision-making bodies, etc.’
‘Immersion in the client’s situation, willingness to understand the problem in detail, respect for the limits set by the client or the permissible solutions in specific cases.’
Key clients
Easy Debt Service SIA
Vivat Verwaltungs GmbH
Dofinance SIA
Funding for Future B.V. (Latvian-Baltic Energy Efficiency Facility)
SME Finance UAB
Blue Shock Race SIA
Commercialization Reactor Fund, SIA AIFP
Velociter Invest OU
NewFuels RSEZ SIA
Nordstreet UAB
Capitalia Investment Services SIA
Work highlights
- Advised start-up company Blue Shock Race on two investment rounds, financing from which allows it to expand production and launch a battery pack production facility in Latvia.
- Advised Capitalia Investment Services, subsidiary of SME financing provider Capitalia, on the acquisition of a financial brokerage company licence.
- Advised LABEEF (Latvian-Baltic Energy Efficiency Facility), an investment company that provides financing for energy efficiency projects and “green” renovation of multifamily buildings, on the refinancing of its portfolio.