Banking, finance and capital markets in Lithuania

Cobalt

Cobalt, which is ‘a leading law firm in the Baltics’, has a strong track record in major cross-border and domestic deals. It is notably active in corporate finance, capital markets transactions, loan portfolio transactions and regulatory matters. The team’s expertise in cross-border transactions and financings has seen it win work from international clients such as Citibank, Citadel and Swedbank. In 2020, the team advised Baltic bank Lumimor on its landmark €1bn sale to Blackstone, the largest pan-Baltic deal in that particular year. Heading up the team is Akvilė Bosaitė, who is a key name in the market for investment funds, project finance and corporate transactions involving the banking sector. She leads the team with Eva Suduiko, who has a distinct focus on capital markets and project finance work. Elijus Burgis is also recommended.

Practice head(s):

Akvilė Bosaitė; Eva Suduiko

Other key lawyers:

Irmantas Norkus; Elijus Burgis; Aurelija Balčiūnė

Testimonials

‘Excellent knowledge of the subject matter and level of attendance to the client’s needs. ’

‘Eva Suduiko not only took the overall responsibility for the transaction but was there throughout the whole process.. She was always available and responded immediately to any questions. She also took initiatives herself to promptly make us as the client immediately aware of any relevant information or developments having an effect on the transaction and the process. ’

‘Leading law firm in the Baltics. Able to advise on wide range of legal topics, and can outsource part of the work when needed.’

‘Akvile Bosaite has a very good understanding on how to execute the investment process, even when the target company is not as familiar with proper company setup yet. She can also coordinate the DD results with the documentation in terms of which topics are important for the investors to monitor and follow-up either before the investment closing or afterwards.’

Key clients

Luminor

SEB life insurance companies

SEB

Citibank N.A., London Branch

Practica Capital

Change Ventures

EBRD

European Investment Bank

Swedbank

Citadele

JB Nordic Fund I SCSp (Nordic Ninja)

Superhero Venture Fund 2020 Ky

B4Payment GmbH (SEPAexpress)

Parkdema

Nordic Environment Finance Corporation (NEFCO)

Work highlights

  • Advised Luminor on a  majority stake acquisition by Blackstone.
  • Advised Citibank and other lenders in relation to senior and mezzanine financing to refinance Technopolis Group.
  • Advised EBRD, Swedbank and Citadele on allocating financing to Vakaru Medienos Grupe.

Ellex

Ellex, which is one of the leading pan-Baltic law firms, has recently assisted clients with some of the largest capital markets and project finance deals in the market. In addition, its team has advised clients on Lithuania’s new anti-money laundering regulations. Cross-border work is a notable strength of the practice, with the client roster comprising of a number of international clients. The group also has experience of working with practitioners at Magic Circle law firms. Ieva Dosinaitė undertakes cross-border mandates and is noted for her regulatory expertise in relation to anti-money laundering and licensing issues. Dosinaitė co-heads the practice with Giedrius Stasevicius, who focuses on bond issuances, project finance transactions, securitisations and secured lending. Associate Domantas Gudonis is also recommended.

Practice head(s):

Ieva Dosinaitė; Giedrius Stasevičius

Other key lawyers:

Domantas Gudonis

Testimonials

‘Ellex’s banking and finance team has extensive experience in the field. The team has a unique in-depth understanding on how to translate legal requirements into practice.’

‘Partners Ieva Dosinaite and Giedrius Stasevicius are real professionals in their field. Their significant competence gave us excellent results which we were very pleased with.’

Key clients

Graanul Invest AS and Graanul Invest UAB

SEB Bank

Danske Bank Lithuania Branch

Luminor Bank

General Financing

Lords LB Asset Management

Maxima Group

AB Šiaulių Bankas

PayRay UAB

UAB General Financing

Lithuanian Post, AB

OP Corporate Bank plc

Visa Payments Limited

Revolut Payments UAB and Revolut Bank UAB

Nikulipe UAB

Sollo UAB

UAB ConnectPay

Bancibo S.E.

Arival Pte. Ltd.

Bergwand GmbH

Finora Capital AS

Investment Evolution Corporation

Work highlights

  • Advised Citigroup Global Markets Limited, Deutsche Bank AG, ING Bank N.V. and UniCredit Bank AGinitial as bond purchasers on Bite Group´s bond issuance.
  • Provided legal assistance to Danske Bank with the sale of its Lithuanian businesses.
  • Assisted Lords LB Asset Management with the financing of the renewable energy greenfield project in Poland.

Sorainen

Sorainen’s presence across the Baltic region makes it a popular choice for pan-Baltic financings and transactions, as is evidenced by the fact that it acts for major names such as JP Morgan, Credit Suisse and BNP Paribas. The team has a strong track record acting for clients on bond issuances, and it is also very active in emerging areas, such as fintech and green finance transactions. Managing partner Tomas Kontautas  is a key name for regulatory assistance and transactions that have a nexus to the insurance sector. He jointly leads the team with former banker Augustas Klezys, who is highly experienced in banking transactions and fintech licensing, as well as matters involving international swaps and derivatives.

Practice head(s):

Tomas Kontautas; Augustas Klezys

Key clients

European Bank for Reconstruction and Development (EBRD)

Luminor Bank

BNP Paribas

JP Morgan

Credit Suisse

Nordic Investment Bank (NIB)

NEO Finance

Ministry of Finance of Lithuania

Vienna Insurance Group (VIG)

Nordea Bank

DNB Bank

OP Corporate Bank

InMedika

Verse Payments

Bitė Lietuva

Bitė Group

Baltic mill

Citigroup

Erste Group

Ignitis grupė

Work highlights

  • Advised Bitė Group on a refinancing transaction.
  • Advised the European Bank for Reconstruction and Development on the preparation of a country action plan concerning green finance.
  • Advised Nordea Bank and DNB as lenders on changes to the funding to Luminor Group in relation to the sale of 60% shares of Luminor Group to a consortium led by private equity funds managed by Blackstone.

TGS Baltic

TGS Baltic is a leading name for capital markets work, as is evidenced by it recently acting for Lithuania’s Ministry of Finance on its issuance of €2bn worth of Eurobonds in connection with the Covid 19 pandemic. Other prominent areas of activity included acquisition finance and property finance transactions, as well as fintech-related matters. Žygimantas Stankevičius formerly worked as head of legal at Luminor (Lithuania’s largest bank), making him well-placed to handle regulatory work. He jointly leads the team with Vidmantas Drizga, who is an expert in capital markets transactions, derivatives and insolvencies. In addition to acting for major players in the domestic market, the firm’s client base also consists of international names such as Credit Suisse and Revolut. Vilius Bernatonis and associate partner Mantas Gofmanas are also recommended.

Practice head(s):

Žygimantas Stankevičius; Vidmantas Drizga

Other key lawyers:

Vilius Bernatonis; Mantas Gofmanas

Testimonials

‘An exceptional track record in capital markets in the Baltics, client business-oriented mindset and efficiency, as well as excellent collaboration. During the whole process, they not only provided quality support when needed but also acted proactively by offering useful insights and proposed unconventional solutions to arising issues.’

‘Both partners Vidmantas Drizga and associate partner Mantas Gofmanas are top professionals able not only to advise on legal issues, but also to guide the business on complex strategic matters. They are agile, straight to the point and definitely very reliable. For these reasons we usually choose them for our assignments and look forward to collaborating with them in the future.’

‘All team members presented high professional and ethical standards during all our projects.’

‘Profound knowledge of EU regulations, extensive experience of financial and investment sector matters.’

‘Highly experienced lawyers, that do have extensive practice and foresee the likely results of the negotiations, as well as transactions.’

‘Team strengths: understanding of capital market participants needs (what are practical challenges to implement increasing requirements from regulatory bodies; how are functioning capital markets; different stakeholders interests), track record, team.’

‘Good understanding of capital markets. Good understanding of investment banking business and processes. Personal approach. Collaboration with regulatory bodies.’

Key clients

The Ministry of Finance of the Republic of Lithuania

AUGA Group, AB

Avia Solutions Group, PLC

European Investment Bank, UAB

Ignitis Group, AB

Šiaulių bankas, AB

Medicinos bankas, UAB

Luminor bank, AS

Opera Limited

Revolut bank, UAB

Voluto, UAB

Maneuver LT, UAB

European Merchant Bank, UAB

MBank, SA

Credit Suisse Group, AG

Evernord, UAB

Work highlights

  • Advised the Ministry of Finance of the Republic of Lithuania on the issuance of two issues of Eurobonds.
  • Advised the European Investment Bank on the development of financial products to finance the renovation of multi-apartment houses.
  • Advised Konstantinas Karosas and Western Petroleum , the shareholders of Medicinos bankas, on its sale to Nitin Shelke.

WALLESS

WALLESS is a relatively new entrant to the market, with its team having joined from Ellex in 2018. Joana Baublyte-Kulviete has a strong track record in financings and capital markets transactions. She jointly leads the practice with Gediminas Reciunas, who is reputed for his work in project and aviation finance. The team is also sought out to advise on licensing, fintech, fund management and insurance issues. Recent highlights included advising a consortium of BNP Paribas, Citi, JP Morgan and Luminor on the €1.5m purchase of bonds from UAB Ignitis Grupe.

Practice head(s):

Gediminas Reciunas; Joana Baublyte-Kulviete

Key clients

Blackstone

Inbank

Nayax

Simplex

Luminor

BNP Paribas

J. P. Morgan

Citi

PK AirFinance

Square

Work highlights

  • Assisted Blackstone with successfully closing the acquisition by a consortium of private equity funds of a 60% stake in Luminor from Nordea bank and DNB Bank.
  • Advised BNP Paribas, Citi and J.P. Morgan as Joint Lead Managers and Luminor as Co-manager on the issue by Ignitis Grupe of senior unsecured bonds.
  • Advised Dutch entity Modus Energy International on the financing of two adjacent photovoltaic solar power plants.

Eversheds Saladžius (a member of Eversheds Sutherland)

Eversheds Saladžius (a member of Eversheds Sutherland) is very active in providing regulatory assistance to both international and domestic clients, particularly in relation to fintech licensing and anti-money laundering regulations. Managing partner Jonas Saladžius has a very broad skill set, which includes regulatory compliance, structured financings and corporate transactions. The team also benefits from the firm being the only international law firm based in Lithuania.

Practice head(s):

Jonas Saladžius

Testimonials

‘The quality of the staff we work with is outstanding.’

Key clients

Euronet 360 Finance

European Bank for Reconstruction and Development

Tyrens

iSun

Sherwin Williams

Volvo Financial Services

3 STEP IT

Fortum Group

Nestle Baltics

Work highlights

  • Advised Euronet 360 Finance Limited on regulatory matters and branding of ATM network in Lithuania.
  • Advised Mattig Management Partners on design of an EU Structural Fund based SME Equity Listing Support Instrument with the European Bank for Reconstruction and Development.
  • Advising Swiss fintech company iSun on KYC screening services for banking and financial services industry.

GLIMSTEDT Bernotas & Partners

GLIMSTEDT Bernotas & Partners has traditionally focused on debt financing, public offerings and banking-related M&A, with a growing reputation in fintech and project finance. Linas Sesickas, who leads the banking and finance practice, works with private equity specialist Andrius Ivanauskas, who advises on the regulation of funds. The group’s client roster includes global names such as Mastercard, Stripe and GE Capital.

Practice head(s):

Linas Sesickas (Head of Banking and Finance); Andrius Ivanauskas (Head of Private Equity)

Key clients

EBRD

Eiffel Investment Group

Whatagraph

Iron Wolf Capital

European Energy Efficiency Fund

Saga Furs Oyj (Finland)

LitCapital

Modus Asset Management

Sixads

Startup Wise Guys

Grigeo

General Electric (GE CAPITAL)

Mastercard

Stripe

Work highlights

  • Advised Mastercard on a variety of open banking aspects and PSD2 compliance in the Baltics.
  • Advised Austrian bank Komunalkredit on a syndicated loan to a renewables company in Lithuania.
  • Advised investment branch of General Electric on equity and debt investment into one of the largest wind energy parks in Lithuania.

Primus

Primus Derling’s banking and finance practice has a highly diverse offering, which includes services relating to bond offerings, investment funds, fintech, senior loans and insurance matters. Managing partner Robert Juodka, who leads the practice, is one of the few insurance specialists in the Baltic region. He is supported by senior associate Greta Bagdanavičiūtė, who is very experienced in regulatory compliance matters.

Practice head(s):

Robert Juodka

Other key lawyers:

Greta Bagdanavičiūtė

Testimonials

‘The banking, finance and capital markets team of Primus Derling is highly qualified, cooperative and proactive.’

‘Very good team, who has helped us acquire our business in Lithuania and are working with us for many years. Recently they helped us in connection to EU financing of our new production line. The Primus team and Robert Juodka guided us in the difficult procedural and bureaucratic matters of the process, he is very knowledgeable in the area of finance law as well as in work with state institutions. ’

‘I work with Robert Juodka. It helps me a lot that he communicates in Estonian with me. I like his Estonian style diligence and business approach. ’

‘The team under Robert Juodka have consistently provided us with up to date information on the progress of our matter and provided timely advice when needed. I am unable to comment on other Lithuanian law firms as we have not dealt with any others.’

‘Team is very client-oriented, responds rapidly and is always there to explain nuances and details of the project. Everyone may be reached/contacted at any time, never refuses to go the extra mile.’

‘Exceptional work ethics, willingness to help and go the extra mile for the client, ability to communicate in a fast and clear manner. All the partners and associates we worked with are well prepared, knowledgeable, have deep expertise in their fields.’

Key clients

DIFF Fund I

Sakret Holdings AS

LEXUS/TOYOTA (ELKE Grupp)

Milvas, UAB, Fund Management Company

Profireal Group

GrECo Insurance International Holding AG

Enefit, UAB (Eesti Energia)

Vestas Central Europe A/S

SK ID Solutions AS

TiUR WARTA S.A.

Rosgosstrakh (RGS)

Teamgate, UAB

Electronic Payment Agency (Elektroninių mokėjimų agentūra)

Rafako

Šiaulių banko investicijų valdymas, UAB

Work highlights

  • Advice to GrECo International Holding on the acquisition of a majority stake in Sagauta.
  • Acquisition of 3PL business in Lithuania from Girteka group.
  • Acquisition of various target companies via share deals for DIFF Fund I.

Deloitte Legal, Professional Partnership of Advocates

Deloitte Legal, Professional Partnership of Advocates, which is tied to a major international consultancy, has been advising a number of fintech companies on a wide range of issues, including licensing, regulatory compliance and cryptocurrency. Practice head Tomas Davidonis is an expert in corporate, M&A and compliance work. Bank of Lithuania is a key client.

LEADELL Balciunas ir Grajauskas

LEADELL Balciunas ir Grajauskas distinguishes itself handling bankruptcy proceedings for financial institutions, most notably for credit unions. Elsewhere, the team is also highly capable in advising on regulatory compliance, particularly in relation to fintech licensing and anti-money laundering. Managing partner Marius Grajauskas, who leads the team, formerly served as head of legal at Dankse Bank. He has extensive experience of handling insolvency disputes through both litigation and arbitration. Jurgita Najulytė and Lina Balčiūnė are other key names.

Practice head(s):

Marius Grajauskas; Jurgita Najulytė; Lina Balčiūnė

Key clients

Pervesk, UAB

Fitek LT, UAB

Danske Bank A/S Lithuanian Branch

Insolvent credit union “Nacionalinė kredito unija”

Insolvent credit union “Laikinosios sostinės kreditas”

Insolvent credit union “Vilniaus kreditas”

Insolvent credit union “Namų kredito unija”

Insolvent credit union “Centro taupomoji kasa”

Insolvent credit union “Pajūrio kredito unija”

Insolvent credit union “Vilniaus taupomoji kasa”

Insolvent credit union “Žemaitijos iždas”

Insolvent credit union “Naftininkų investicijos”

Insolvent credit union “Baltija”

Work highlights

  • Advised Pervesk, UAB on anti-money laundering compliance issues.
  • Advised Fitek on obtaining a payment institution license.
  • Advised Danske Bank on disputes with its debtors.

ECOVIS ProventusLaw

ECOVIS ProventusLaw is ‘strongest in licensing, AML and data privacy compliance’, and is noted for its ‘strong connections to the Central Bank’. Practice head Inga Karulaitytė-Kvainauskienė has ‘invaluable’ expertise in fintech and participated in advising on the new legislation on anti-money laundering. Her recent work has involved assisting clients with obtaining banking, e-money and payment licences.

Practice head(s):

Inga Karulaitytė-Kvainauskienė

Testimonials

‘Very high ethical standards and on the other hand – warm and friendly team dominated by women. Strongest in licensing, AML, data privacy compliance, strong connections to Central Bank Online’

‘I love working with Inga Karulaitytė-Kvainauskienė (partner) because she really cares for her clients and not for the payment she is getting.’

‘Ecovis is a highly professional and reliable legal partner.’

‘The entire team is very knowledgeable, responsible and professional. Inga Karulaitytė-Kvainauskienė is one of the best practitioners we have worked with. Her expertise and knowledge about the fintech business have been invaluable in helping us achieve our objectives.’

‘ECOVIS ProventusLaw has a dedicated banking and finance team. Their team consists of professional, responsive, and responsible specialists. Our co-operation started when we applied for a payment institution licence at the beginning of 2017 and still is going on because the team of ECOVIS ProventusLaw is extremely committed and knowledgeable about the applicable laws and regulations and market standards. Moreover, they are always following the newest regulations, therefore we are sure that we are updated every day and we know what requirements we have to follow. Also, they belong to ECOVIS International, which is a big advantage as we need advice not only in Lithuania but also in other EU member states.’

‘Ecovis team is a unique team. Definitely dedicated to the job and their responsibilities 100% with an exceptional knowledge of the market and ready to advise in any matter you may come with to them. High quality of the work, prioritising subjects, immediate responses.’

‘Very high-level professionalism, high personal culture, very broad knowledge.’

Key clients

UAB Travel Union

UAB Epayblock

UAB Digital Virgo Payment

Majestic

Centra Ex

Paytend Europe

Nium EU

deVere

BOMADU Marketplace Limited

“NovaPay”, UAB

Work highlights

  • Advised NIUM on regulatory compliance issues.
  • Advised UAB Digital Virgo Payment on issues concerning its e-money licence.
  • Advised UAB Travel Union on obtaining its e-money licence.

Magnusson

Magnusson advises both local and international financial institutions on licensing issues, regulatory compliance and financial transactions. Associate Kęstutis Baranauskas, who leads the team, acts for both traditional financial institutions and fintech companies.

PwC Legal

PwC Legal has a strong profile among domestic and international clients, including banks, fund managers and payment institutions. Legal director Rokas Bukauskas is a key name for advice on finance transactions and regulatory compliance issues. Vytautas Šenavičius and Tadas Lukošius are also recommended.

Practice head(s):

Vytautas Šenavičius; Tadas Lukošius

Other key lawyers:

Rokas Bukauskas

Key clients

Easy Debt Service

Compensa Vienna Insurance

SME Finance

EstateGuru

Finansų bite verslui

Changer4U

Oz Finance

SME Digital Financing

VĮ “Indėlių ir investicijų draudimas”

Compagnie Francaise D Assurance Pour Le Commerce Exterieur Baltics

Heavy Finance, UAB

Nordstreet, UAB

Work highlights

  • Advised EDS INVEST-3 on purchase of complex NPL portfolio from credit institution.
  • Advised largest real estate crowdfunding platform in Europe EstateGuru on licensing in Lithuania.
  • Advised SME Digital Financing UAB on obtaining specialist bank licence.

Response

Response was founded by Vytautas Šenavičius in 2019, a former partner at TESET and chairman of the Lithuanian P2P Lending and Crowdfunding Association. Senavicius leads the banking and finance team and draws upon his expertise to advise clients on fintech and alternative financing.

Practice head(s):

Vytautas Šenavičius

Key clients

Easy Debt Service

Compensa Vienna Insurance

SME Finance

EstateGuru

Finansų bite verslui

Changer4U

Oz Finance

SME Digital Financing

VĮ “Indėlių ir investicijų draudimas”

Compagnie Francaise D Assurance Pour Le Commerce Exterieur Baltics

Heavy Finance, UAB

Nordstreet, UAB

Work highlights

  • Advised EDS INVEST-3 on the purchase of complex NPL portfolio from a credit institution.
  • Advised a real estate crowdfunding platform in Europe EstateGuru on licensing in Lithuania.
  • Advised SME Digital Financing, UAB on obtaining specialised bank license.

WINT Law Firm

WINT Law Firm is a relatively new name to the Lithuanian market, having been launched in 2018. It has strong capabilities in corporate lending and capital markets transactions, as well as restructurings. Marius Matiukas leads the practice and specialises in banking and finance work, with additional capabilities in real estate and energy law. Clients include names such as Luminor Bank, Baltcap and Citadele Banka.

Practice head(s):

Marius Matiukas

Key clients

AKROPOLIS GROUP, UAB

MAXIMA LT, UAB

MAXIMA GRUPĖ, UAB

Citadele banka

UAB Medicinos bankas

BaltCap UAB

UAB “Vestodija”

Luminor Bank AS

UNICAPITAL LTD

Work highlights

  • Advised Maxima the on acquisition of a major loan from Nordic Investment Bank.
  • Represented Citadele banka in the restructuring case of UAB Rokiškio aliejin.
  • Advisesd UNICAPITAL LTD in relation to becoming an agent of electronic money institution UAB Pyrros Lithuania.