Banking, finance and capital markets in Lithuania


Cobalt is highly skilled in cross-border instructions, and often utilises its offices in Latvia and Estonia for pan-Baltic mandates and is also known to handle matters involving wider Europe and the US. This workload has entailed advising on financing, capital markets and corporate transactions within the financial services sector, as well as more niche areas such as aviation finance and fintech. Akvilė Bosaitė jointly leads the team and is highly skilled in the aforementioned areas, with additional strengths in the insurance sector. Also leading the team is Eva Suduiko, who is also skilled in advising on major financings, corporate transactions and capital markets mandates. Elijus Burgis, who is noted financings and corporate transactions, is another key name.

Other key lawyers:

Elijus Burgis


‘Open-minded and agile.’

‘In our experience no other Lithuanian top tier legal firm could do a better job for us.’

‘What we need in legal advice is speed, efficiency, effectiveness, reliability, completeness, understanding of our needs, creativity and proactivity in providing solutions. That’s what we get with Cobalt individuals, particularly Akvile Bosaite, Elijus Burgis and Eva Suduiko.’

Key clients

Luminor Bank AS


European Investment Bank





Nordic Investment Bank

PZU investment fund management company



B4Payment GmbH (SEPAexpress)


Kevin EU

AB East West Agro

Practica Capital

Change Ventures

Work highlights

  • Advised the European Bank for Reconstruction and Development (EBRD), Swedbank and Citadele banks on providing a syndicated loan for the development of UAB Vakarų medienos grupė.
  • Advised Luminor Bank AS on the issuance of covered bonds.
  • Advised an Irish aircraft lessor Genesis on its strategic alliance with Heston Aviation to create Heston Airlines.


Ellex assists with some of the biggest deals in the market, particularly in relation to capital markets. A recent mandate involved advising a financial consortium on Bite Group’s €650m placement of secured notes. Giedrius Stasevicius worked on that particular deal and alongside bond issuances is also known to handle secured lending and loan syndications as well as dealing with mezzanine and subordinated structures. Ieva Dosinaite also places a strong emphasis on capital markets, with additional strengths in project finance and fintech. Associate Domantas Gudonis is another key name for fintech work.

Other key lawyers:

Domantas Gudonis


‘In my opinion, Ellex B&F practice is the largest and one of the most professional in the Baltics market. The team is young, smart, and qualified, thus the lawyers work very efficiently and are full of professional spirit. Our experience working together with Ellex is always successful.’

‘Good technically but also pragmatic, commercial and responsive.’

‘We have worked with Giedrius Stasvecius and Ieva Dosinaite on some quite innovative arrangements. Both have very good technical knowledge and a good sense of what the regulator will think but are commercial and pragmatic as well as responsive.’

‘One of the biggest law firms with integrated approach and approachable partners.’

‘Partner Giedrius Stasevicius has been our key contact person for more than 10 years and we have been getting high quality and cost effective legal advice on financing, banking and M&A issues.’

‘We chose Ellex due to its expertise in local legislation, diverse abilities and relationships with ancillary advisors that assisted us with our regulatory requirements.’

‘We required in depth expertise and assistance from the ground up and everyone we dealt with at Ellex provided us with the knowledge and expertise we needed. It was important that we had confidence in the people we were dealing with and we found everyone at Ellex stood out in this respect.’

Key clients

ING Bank N.V., London Branch

Partners Group (UK) Limited

Terseta UAB

Nordic Investment Bank

Danske Bank

Trackja S.A.

Snaigė, AB

E Energija

Baltic Classifieds Group

Arion Banki Hf

AST & Science, LLC

Societe Generale SA


W Denis Europe UAB

UniCredit Bank AO

Deutsche Bank AG, London

Work highlights

  • Advised leading global private markets firm Partners Group (UK) Limited on the acquisition of Fortum Group.
  • Advised a consortium of banks on the issuance of secured notes for €650m placed in international markets by the Bite Group.
  • Advised Baltic Classifieds Group on a landmark IPO of leading online classifieds group and structuring the refinancing of the prior acquisition.


In headline work, Sorainen advised Ignitis Group on its €450m public offering, making it the largest-ever IPO in the Baltics. The deal illustrates the practice’s strong background in capital markets and Pan-Baltic instructions, but the team is also highly skilled in financing transactions and investment fund structures. Moreover, the group has also focused on growing areas such as fintech, green financing and cryptocurrency. Another area of focus is insurance law, where co-head Tomas Kontautas is a particular individual of note. Former banker Augustas Klezys also leads the team. Clients also single out senior associate Agnė Sovaitė, who specialises in finance and insurance.

Other key lawyers:

Agnė Sovaitė


‘It is a reliable and consistent practice, providing relevant context and details to their advice and conclusions. Good team to discuss and look for creative solutions together.’

‘Agnė Sovaitė have been very responsive, efficiently organized regulatory filing process and successfully guided us through a complex regulatory approval process in Lithuania.’

‘Professional and experienced team, always available, supportive and collaborative.’

‘They have really strong professionals in every field, whom we can fully trust, and do not seek any other help from the side. They go deeply into details of the question. As mentioned above, the most valuable qualities is the knowledge of the industry, and wish to go deeper, to understand the specifics in every case and give the advice depending on the context.’

Key clients

Ignitis Group

Bitė Group

State Aid Fund for Business

European Bank for Reconstruction and Development (EBRD)

Allianz SE

Vienna Insurance Group (VIG)

Council of Europe Development Bank

Goldman Sachs

J.P. Morgan

Verse Payments Lithuania

UAB Bittiq B.V.

Šiaulių bankas AB

Nuvei Technologies Corporation

Work highlights

  • Advising Ignitis Group on preparation for the initial public offering and dual listing on the Nasdaq Vilnius (shares) and London (GDRs) stock exchanges.
  • Advised State Aid Fund for Business on its to fund to support SMEs affected by Covid-19.
  • Advised the Council of Europe Development Bank on providing funding to Kauno autobusai to purchase 100 new solo hybrid buses.

TGS Baltic

TGS Baltic's recent deal flow is particularly impressive, advising on three eurobonds issues with a combined value of €2.8bn. The team has also been very active in financing property developments and infrastructure projects. Žygimantas Stankevičius jointly leads the practice and brings a unique perspective to this space having formerly worked in house at Luminor Bank. Vidmantas Drizga also oversees the team and has a particularly strong track record in capital markets mandates. Other key names include managing partner Vilius Bernatonis, who is highly skilled in project finance, and Mantas Gofmanas, who specialises in capital markets.


‘Very experienced capital markets team, they are well aware of the market and it shows in their work.’

‘From our point of view, TGS Baltic has a unique approach towards the client: they really “owned” all our company’s projects we have handled together.’

‘Vidmantas Drizga and Mantas Gofmanas are both exceptional professionals in the spheres of capital markets in Lithuania. Vidmantas pairs extensive expertise in capital markets with a unique strategic business-minded approach, while Mantas stands out due to his ability to come up with unconventional solutions to the most complex issues.’

‘The capital markets team lead by Vidmantas Drizga and supported by Mantas Gofmanas provide an excellent offering. They are very on the ball in terms of market movements and client contacts. They are efficient and offer practical and commercial advice in a very user friendly manner. They are our go to firm in Lithuania.’

‘This is one of the leading law firms in the market. The firm has managed to maintain its leading role for decades.

‘All members of TGS have a very strong sense of commercial need. TGS always has a very commercial approach. TGS also keeps an eye on today’s realities and is an extremely forward thinking company.’

‘Vilius Bernatonis is not only the best team player the client can have, but also the best lawyer who has a vast knowledge. Vilius listens to his clients and always puts his clients’ legal interests first. His ability to find solutions in difficult situations is simply incredible. I can without a doubt recommend Vilius for all banking and financial operations and I would strongly consider him for extremely complex operations and innovative projects.’

‘I believe TGS’ strength is in their people. The ones I had opportunity to meet and work with were super professional, forthcoming and collaborative, putting client needs and experience before financials and formal contractual arrangements. Extensive network of contacts (not necessarily coming from legal background) facilitates solution resolution as legal aspects of the work are complemented with necessary subject matter expertise (e.g. payments, etc.).’

Key clients

The Ministry of Finance of the Republic of Lithuania


Maxima grupė, UAB

AUGA Group, AB

Avia Solutions Group, PLC

European Investment Bank

Ignitis Group, AB

Avia Solutions Group

Lithuanian Post (Lietuvos paštas)

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

The Bank of New York Mellon

The Bank of Lithuania (Lithuanian Central Bank)

Lithuanian State Aid Fund for Business

Brokerage Firm Myriad Capital

Brokerage Firm Macte Invest

Danske Bank A/S

GPS Capital Markets Europe, UAB

ArcaPay, Ltd

Work highlights

  • Advised The Bank of New York Mellon on its key role as the depositary bank in Ignitis Group’s initial public offering of both shares and global depositary receipts.
  • Assisted the European Investment Bank on the establishment and management of a completely new fund for financing the renovation and modernisation of up to 800 multi-apartment buildings in Lithuania.
  • Advised Luminor Bank AS on the development of commercial paper programme as an innovative product for corporate issuers in the Baltics and advised Region’s leading retailer Maxima Grupė on placing the first issue of this kind in the Baltics


WALLESS has quite an enviable client roster consisting of major financial institutions including Bank of America, JP Morgan  and Morgan Stanley. This client base has been largely drawn to the team’s expertise in major financings, capital markets and regulatory compliance. The team has also focused on Lithuania’s fintech sector as well as the country’s increasing interest in sustainable financing. Aviation financing is another core strength. Andrius Ivanauskas was a new arrival in April 2022.

Other key lawyers:

Andrius Ivanauskas

Key clients

Bank of America

JP Morgan

Morgan Stanley



BnP Paribas

Luminor Bank

ING Bank

Jyske Bank

Pareto Securities


Work highlights

  • Advised a syndicate of international banks on Ignitis Group’s entry to stock markets in Lithuania and the UK.
  • Advised BNP Paribas and J.P. Morgan on the debut eurobond offering of Akropolis Group.
  • Advised BayernLB on the financing of the E energija Telsiai 68.9MW onshore wind farm in Lithuania.

Eversheds Saladžius (a member of Eversheds Sutherland)

Eversheds Saladžius (a member of Eversheds Sutherland) is the only international law firm in the Lithuanian market and is skilled in regulatory compliance relating to financial services and other associated fields. Managing partner Jonas Saladžius jointly leads the team and has advised on issues pertaining to fintech, shareholder structure and EU structural funds. Also leading the team is Tomas Rymeikis.


‘Always good with communication and clear and concise information always provided.’

Key clients


Fortum Heat Lietuva

Fortum Klaipėda

Mattig Management Partners

Nestle Baltics

Sherwin Williams

Volvo Financial Services

Miss Group

Sofa Brands

Work highlights

  • Advised G4S on global reorganisation projects including separation of the majority of the cash solutions businesses from its secure solutions group.
  • Legal assistance with review and mark-up of the Accession Deed to the Financing Documents of the client Miss Group, an international web hosting group.
  • Advised the European Bank for Reconstruction and Development on provision of the EU structural funds and national budget support to small and medium enterprises in relation to SME equity/ bond listing at NASDAQ Vilnius stock exchange

GLIMSTEDT Bernotas & Partners

GLIMSTEDT Bernotas & Partners has notable strength in financing transactions involving private equity and venture capital investors as well as project finance for the energy sector. Linas Sesickas and Aušra Maliauskaitė-Embrektė head the team. Sesickas is an expert in financing transactions as well as insolvency and restructuring and Maliauskaite-Embrekte is particularly strong in project finance. Andrius Ivanauskas left the firm.

Key clients





GE Capital


Eiffel Investment Group

Modus Asset Management

Litcapital Asset Management

Wise Guys Management

Iron Wolf Capital

Next Road

Corvus Capital


Roquette Freres

Transcendent Group

Schneider Electric

European Energy Efficiency Fund


Digital Care

Work highlights

  • Advised GE CAPITAL (General Electric group company) on the funding and development of a 70MW wind farm project in Lithuania.
  • Advised Komunalkredit Bank Austria on an LMA loan to the largest biogas energy business in Lithuania managed by Modus group.
  • Advised Mastercard on launching new payment technologies in the Baltics.


PRIMUS Law Firm focuses on financing infrastructure and real estate projects, investment fund compliance, acquisition finance as well as general regulatory assistance. Robert Juodka co-chairs the team and advises on financing major infrastructure projects, with a particular interest in assisting with cross-border work. He is a member of the Lithuaian Chambers of Commerce for Estonia, Poland and Britain. Also leading the team is Agnė Jonaitytė who has a particular interest in sustainable financings and corporate governance. Senior associate Greta Bagdanavičiūtė is a notable name at a more junior level.

Practice head(s):

. Robert Juodka; Agnė Jonaitytė

Other key lawyers:

Greta Bagdanavičiūtė

Key clients

Citadele Bank

Admiral Markets

SBA Group / Mebelain

Elke Group

Sakret Holdings

Worldclear Ltd

Rafako SA

Raiffeisen Leasing

Work highlights

  • Advised Citadele Bank on its financing to Akropolis group and security package structuring.
  • Advised Admiral Markets on the establishment of a specialised bank and acquisition of the specialised banking licence.
  • Advised  ELKE Grupp on the refinancing of a major credit facility.

LEADELL Balciunas ir Grajauskas

LEADELL Balciunas ir Grajauskas has been particularly active in advising on the insolvency of credit unions, with other core strengths in licensing and regulatory compliance. Managing partner Marius Grajauskas has represented 14 credit unions in their bankruptcy proceedings and is uniquely positioned to advise on regulatory compliance having formerly worked in-house at Danske Bank. He is supported by Jurgita Najulytė, who also advises on bankruptcy, and Lina Balčiūnė, an anti-money laundering specialist.

Key clients

Pervesk, UAB

Unifiedpost, 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 “Baltija”

Insolvent credit union “Naftininkų investicijos”

Insolvent credit union “Žemaitijos iždas”

Grinta-Invest Limited.

UAB Renerga

UAB “Indeco: Investment and Development” (Indeco)

Work highlights

  • Advised Pervesk on anti-money laundering (AML) and know your client (KYC) regulations.
  • Advised Unifiedpost on its application for a payment institution licence.
  • Advised a number of insolvent credit unions on the process of the loan portfolio transactions, while in addition defending their best interests in courts.

ECOVIS ProventusLaw

With ‘a clear focus on the fintech market’, ECOVIS ProventusLaw has been advising a number of fintech startups as well as traditional banking and finance players branching into the industry. Inga Karulaitytė-Kvainauskienė heads the team and has been particularly active advising EU- and UK- registered companies on entering the Lithuanian market, as well as assisting with anti-money-laundering compliance.


‘Firstly, clear focus on Fintech market is very well expressed in hassle-free communication and efficient services delivery. While other legal firms may take longer time to dig deeper into the requested specifics, Ecovis team is always able to understand nature of problematics, hence, deliver high quality solutions with clear guidelines of implementation.’

‘Clear understanding of industry players and talent pool makes the firm a good talent acquisition partner.’

‘ECOVIS ProventusLaw will always offer partners or outsourced consultants, who are best in the market professionals, delivering quality services within a reasonable time and price range.’

‘Inga Karulaityte is a professional with outstanding expertise in the field, starting with helping to develop very well justified and efficient compliance and AML practices, ending with full scope representation in M&As and legal disputes. Able to timely identify and communicate all the potential risks, suggest preventive measures when needed. ‘

‘Ecovis practice has two great advantages: firstly, they have experts and practical knowledge regarding the regulations in the financial institutions sector and secondly they have an international network of offices which can cooperate smoothly to serve the clients needs.’

Key clients

TBF Finance, UAB


Pay Later Group Limited

Global Kapital Group

OPAY solutions, UAB


Chamber of Insurance Brokers of Lithuania (Draudimo brokerių rūmai)


Paywho, UAB

Via Payments, UAB

Guru Pay, UAB

deVere E-Money, UAB

Maneuver LT, UAB

Work highlights

  • Assisted NIUM EU with its new product development by passporting the licence to other EU member states.
  • Assisted Phoenix Payment with providing its product through a partner and advised on UK licence continuation by designing complex contractual relations between a group of companies.
  • Assisted BEBAWA with creating a business model with multiple tested business cases and represented for connection with CENTROlink and SEPA Credit Transfer Scheme systems.


FORT is highly skilled in financing and capital markets transactions, with a particualr emphasis on the real estate sector. Andrius Mamontovas, who is strong in handling bond issuances, financings and insolvencies, leads the team.

Practice head(s):

Andrius Mamontovas

Key clients

Eika Real Estate Fund, UAB

EfTEN Real Estate Fund 4

Eika, UAB

Capital Mill OU

Mano numai, UAB

Elmoris, UAB

Work highlights

  • Advised Idavang on the securitisation of a refinancing which involves floating rate senior-secured bonds.
  • Advised Eika, UAB on their first unsecured bond issuance.
  • Advised Mano numai, UAB on refinancing of their real estate-backed loan portfolio.

Law Firm TESET

Law Firm TESET is highly skilled in regulatory and compliance work, particularly in relation to alternative financing area such as P2P lending and crowdfunding. Managing partner Tomas Talutis leads the team and focuses on the aforementioned areas, as well as more niche areas such as cryptocurrency and insurtech.

Practice head(s):

Tomas Talutis


The firm has proven that it is a reliable partner that handles all cases promptly and with a high level of professionalism.

They have good knowledge of regulatory issues as well as business sense which helps in finding optimal solutions.

Tomas Talutis has a good relationship and years of experience working with the supervisory authority. He has also an extensive experience working with the largest investment managers in Lithuania.

Very client oriented team.

Tomas Talutis: professional and great service provider.

Easy to work. Very responsive.

Boutique law firm with exceptional focus on clients’ needs.

The main thing is experience and team of professionals. You could trust this firm, because they know what they do, they represent your interest perfectly and they help to solve all problems related with establishing of company and its legal activity.

I would like to highlight employees’ determination, professionalism and devotion to job. All questions are replied, all documents are submitted on time without any difficulties.

Solid industry knowledge and experience, good connections, and fast reaction.

Key clients

Fjord Bank AB


Gerovės Valdymas UAB

Union Asset Management UAB

Synergy Finance UAB

Eika Asset Management UAB

Baltic Financial Advisors Association

Dovre Forvaltning UAB

Victory Funds UAB

Finbro UAB

8 Stars UAB


Work highlights

  • Advised Gerovės Valdymas UAB on obtaining an investment firm licence.
  • Advised Lords LB Asset Management, UAB on the establishment of a new investment fund for retail investors.
  • Advising Union Asset Management, UAB on the establishment of a new mezzanine investment fund.


With a particular focus on fintech and alternative financing, Response has been predominantly advising on regulatory and licensing issues, particularly in relation to crowdfunding, EMI licensing and insurance. Leading the team is Vytautas Šenavičius, who is also chairman of the Peer to Peer and Crowdfunding Association of Lithuania, and Tadas Lukošius, who also focuses on alternative financing.


‘The team is diverse, with extensive experience and knowledge in different fields of law. The team also has a connection network of professionals, that are supplementary to the clients’ needs (e.g. land surveyors). The team also is very responsive to urgent inquiries and tasks from the client. Priorities are always set and met according to the needs of the client.’

‘Vytautas Šenavičius has exceptional understanding of business, very goal oriented and helps the client achieve its biggest potential in any dispute case.’

Key clients

VĮ „Indėlių ir investicijų draudimas“

Estateguru OU

UAB Heavy Finance

UAB Nordstreet

UAB Inrento

UAB FinoMark


Hodleris UAB

SME Finance, UAB


SME Finance leasing, UAB

UAB Monsoon Capital

ADB „Compensa Vienna Insurance Group“

EDS Invest-2

EDS Invest-3

Compagnie Francaise D Assurance Pour Le Commerce Exterieur Baltics

Lithuanian Peer to Peer and Crowdfunding Association

UAB “Finansų bitė verslui“

EDS Invest

Audrius Griškevičius (Fintech)

B Link Pharma

Work highlights

  • Advised UAB SME Bank on its application for a specialised banking licence.
  • Advised UAB Monsoon Capital on its application for a financial brokerage firm licence.
  • Advised UAB Heavy Finance on licensing procedures and legal documentation.

WINT Law Firm

A growing name in the market, WINT Law Firm is highly skilled in corporate lending and regulatory compliance, particularly in relation to issues such as anti-money laundering and e-commerce. Marius Matiukas leads the practice and has additional expertise in capital markets.

Practice head(s):

Marius Matiukas


‘Excellent knowledge and experience in banking, finance and capital markets. All questions resolved efficiently and diligently.’

‘Marius Matiukas is an exceptionally smart and approachable attorney.’

‘We appreciate WINT’s banking, finance, and capital markets team led by Mr. Matiukas as exceptionally strong in transactional financing with the ability to provide deliverables on short deadlines in national and pan-Baltic financing projects.’

‘Head of banking, finance and capital markets team Marius Matiukas is well known in the market of transactional financing. We value his work ethic, insights from previous working experience in the EIB and Luminor bank, and ability to manage multi-jurisdictional financing projects. His participation is indispensable in negotiations with financial institutions as both his sharp mind and goal orientation achieves maximum results.’

Key clients



AS “Citadele banka”


Estateguru OÜ

UAB Karpis

Luminor Bank AS


AB Pieno žvaigždės

AB Šiaulių bankas

Work highlights

  • Advised AKROPOLIS GROUP on its acquisition of a loan facility from AS “Citadele banka”.
  • Advised crowdfunding platform Estateguru OÜ on Lithuanian regulatory matters.
  • Advised OVOKO on regulatory matters.