Firms in the Spotlight Banking and finance

Peli Partners

Peli Partners logo

PeliPartners is a full service business law firm based in Romania. A team specialising in complex projects that require innovative approaches, the PeliPartners lawyers have a wealth of experience in a variety of fields, including corporate, mergers and acquisitions, financing, competition, infrastructure & concessions, energy, real estate and corporate law – being involved in some …

View Profile...

Dragne & Asociatii SCA

Dragne & Asociatii SCA logo

 Dragne & Asociatii was founded in 2010 and has rapidly grown to become one of the most trustworthy law firms in Romania. With 33 lawyers, Dragne & Asociatii is a full-service law firm renowned for its vast expertise in the dispute resolution area, commercial litigation, domestic and international arbitration. Ion Dragne, the law firm’s managing …

View Profile...

Banking and finance in Romania

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii has a full-service banking practice that covers the full spectrum of issues for its clients, which include major banks, fintechs, multilateral lenders, and multinational borrowers. Recently the team has been involved in the high-profile acquisition of several large value non-performing loan portfolios. This is in addition to its expertise on regulatory issues, restructurings and a broad spectrum of loan products, including syndicated facilities, project finance and securitisations. Deputy managing partner Stefan Damian, Mihai Dudoiu, and Gabriela Anton lead the team, which also includes the highly experienced Cătălin Băiculescu. Managing associate Raluca Sanucean is also active in this space.

Practice head(s):

Mihai Dudoiu; Cătălin Băiculescu; Gabriela Anton

Other key lawyers:

Raluca Sanucean


‘Tuca Zbarcea & Asociatii has a seasoned team of banking and finance lawyers who are probably one of the best in the countries. They look beyond the short-term interest of their clients. Versatile in developing strategic options and problem solvers.’

‘A well tuned team, they can cover a broad range of legal topics pertaining to banking and finance. Very pragmatic approach, no-nonsense kind of advice, which make them valuable. ’

‘Stefan Damian – their partner, our partner. Excellent on strategic matters. Mihai Dudoiu is an excellent professional’


Key clients

Astaldi S.p.A.

Banca Comerciala Romana SA


The International Finance Corporation (IFC)

APS Holding SE

Apollo LP

The Rohatyn Group

Amethyst Radiotherapy Limited and its Group

Mogo IFN S.A.

Alka Co.

Work highlights

  • Assisting Astaldi S.p.A. in relation to the issuance of up to €190m Super-senior Secured PIYC Floating Rate Notes due 12 February 2022.
  • Assisting Banca Comerciala Romana, as coordinating mandated lead arranger, and a club of three other banks, in relation to €90m in credit facilities, and the subsequent increase up to €110m made available to MedLife.
  • Legal assistance to the food producer, Alka Group on a €1.5m extension to a pre-existing €8.45m credit line from Unicredit Bank.

Clifford Chance Badea

Clifford Chance Badea remains a top choice for complex cross-border financing deals. The team, which is led by the highly rated managing partner Daniel Badea, regularly handles syndicated loans, structured products, asset finance and acquisition finance. The practice also offers a good understanding of financial regulatory issues and the growing fintech market is a key area of focus. Other key partners include capital markets head Madalina Rachieru, project finance head Andreea Sisman, and Cosmin Anghel.

Practice head(s):

Daniel Badea

Other key lawyers:

Madalina Rachieru; Andreea Sisman; Cosmin Anghel

Key clients

UniCredit Bank

Banca Comerciala Romana


Work highlights

  • Advised a syndicate of banks on the first sustainable syndicated credit facilities in the Romanian market granted to a leading recycling group with operations in Romania.
  • Advised a major real estate developer on the first ESG-linked loan in Romania provided by a syndicate of four banks.
  • Advised a specialist provider of risk finance to small and medium-sized enterprises (SME) across Europe on loans granted to Romanian microfinance institutions to scale-up their businesses.


Dentons expanded significantly in 2019. Led by Simona Marin, the team represents an impressive mix of borrowers. On top of the firm's global network it has talent on the ground including as Simon Dayes, who has over twenty years' experience advising lenders and project sponsors. Other key individuals include capital markets partner Loredana Chitu. Counsel Maria Tomescu are also well regarded. Magdalena Raducanu left the firm.

Practice head(s):

Simona Marin

Other key lawyers:

Simon Dayes, Loredana Chitu; Maria Tomescu


‘Extremely professional, versatile and a hands-on approach.’

‘The practice around Simona Marin and Simon Dayes is the yardstick to quality, expertise and relationship on the real estate financing market in Romania. Due to their vast and decades long experience in the market they are the top picks when choosing a counsel.’

Key clients

Erste Group (Austria) Banca Comercială



Erste Bank (Vienna)

Česká spořitelna ( Prague )

Raiffeisen Bank International (Vienna) Reiffeisen Bank Romania (Bucharest)

Société Générale (Paris) BRD – Groupe Société Générale (Bucharest)

Komerční Banka (Prague)

ING Bank NV (Amsterdam) ING Bank, Bucharest Branch

ING Bank Śląski (Warsaw)

ABN AMRO Bank (Netherlands)

ABN AMRO Commercial Finance (Netherlands)

European Bank for Reconstruction and Development (EBRD)

Credit Suisse

VTB Bank

Hypo Noe Landesbank (Vienna)

Alpha Bank

UniCredit S.p.A UniCredit Bank AG (Vienna)

UniCredit Bank S.A. (Bucharest)

UniCredit Bank Czech Republic and Slovakia

Black Sea Trade and Development Bank

International Investment Bank

Factofrance SA

P3 Logistic Parks

European Crowdfunding Network

AFI Properties

NEPI Rockcastle

Dr. Max Group (and the sponsor Penta Investments)

Wanxiang America Corporation

Euro Wag Group

World First (part of Ali Pay g

Work highlights

  • Advised (separated by an ethics wall) two syndicates of lenders to bidders for financing the acquisition of the assets of the energy generation company, CEZ.
  • Advising Eurobank as lead lender (agent, lender and hedge counterparty) in financing of the acquisition of the Global City Pipera office building by Onassis Foundation and refinancing of their existing office portfolio.
  • Advising lenders Bank Pekao, BNP Paribas (Bank Polska) and Banco de Sabadell on amendments to a PLN 500m (€125m) revolving credit facility granted to Ciech S.A.. a leading Polish chemical company.

Filip & Company

Filip & Company comes highly recommended by banking and finance clients, who appreciate the firm's ability to work with international borrowers and lenders. The team fields a strong team of partners, including practice head Alina Stancu Birsan, Alexandru Birsan and Alexandra Manciulea, who is experienced in restructurings, distressed debt, and regulatory matters. The firm regularly advises on complex structured deals, and has been actively assisting fintech companies on their licensing and authorisation needs. Associates Camelia Iantuc and Rebecca Marina are also well regarded by clients.

Practice head(s):

Alina Stancu Birsan

Other key lawyers:

Alexandru Birsan; Alexandru Birsan


‘Fast reaction, reliable, responsible, flexible, good quality of services.  Everything was done on time, the process was very smooth with the full satisfaction of the work done.’

‘Dedicated staff, and friendly approach to fees structuring. the team is fantastic in terms of open communication. They also talk to the companies directly where appropriate to explain things and ensure a smooth process for their clients. Knowledge is good as is the international network.’

‘Rebecca Marina has a strong legal understanding of complex issues.’

‘Camelia Iantuc was splendid.’

Key clients

Banca Transilvania

National Bank of Greece

Raiffeisen Bank S.A.

Banca Comerciala Romana S.A.

Citibank Europe Plc

ING Bank

Tiriac Group

Digi Communications N.V.


International Investment Bank

Societatea Energetica Electrica S.A.

Impact Developer & Contractor S.A.

Alpha Bank Romania S.A.

Unicredit S.p.A

Novo Banco


Skandinaviska Enskilda Banken AB

Kingfisher PLC

Advance Global Capital

Prodplast Imobiliare

Duet Private Equity Limited

MKB Bank Zrt.

Coöperatieve Rabobank U.A.

Renomia a.s.

Work highlights

  • Assisting National Bank of Greece S.A. in connection with the sale of its participation in the share capital of Banca Romaneasca S.A to Eximbank, a state owned bank in Romania.
  • Advising RCS & RDS S.A. in connection with €250m syndicated bridge facility agreement to help finance financing the acquisition of certain radio broadcasting licences in Hungary and Romania.
  • Assistance in relation to two export credit facilities agreements, totaling €37m, granted to a Romanian port operator for the development of certain infrastructure within the premises of the Constanta port.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen has a first-class reputation for banking and finance. Well respected partners, such as practice head Alina Radu work alongside highly rated up-and-comers, including senior associate Monia Hantig, to offer a comprehensive service to the firm's impressive roster of banking and financial services clients. The team regularly advises on syndicated and bilateral loans, restructuring deals (a busy sector in 2019), and regulatory issues. The firm is also increasingly active in the payment services and fintech areas. Managing partner Manuela Nestor and Valentin Voinescu are also very active in this area.

Practice head(s):

Alina Radu

Other key lawyers:

Manuela Nestor; Valentin Voinescu; Monia Hantig


‘They know the banking market and its subtleties very well. They have a unique understanding of the regulator’s requirements and a solid interpretation of the controversial aspects.’

‘Monia Hantig – her attention to each important detail, her understanding of the commercial aspects of the projects and her negotiation skills makes her a valuable presence and we are happy to have her by our side.’

Key clients

Banca Comerciala Romana (BCR), part of Erste Group

Raiffeisen Bank

Credit Europe Bank

ING Bank

Asociatia Romana a Bancilor (ARB) (Romanian Banking Association)

Work highlights

  • Advised the lead arrangers, including Banca Comerciala Romana and Raiffeisen Bank, on a €324m senior facility to Ameropa.
  • Assisted Pet Star Holding, a major plastics producer, on a debt and equity financing, including a mezzanine facility from a private equity fund.
  • Advice to the lenders, Raiffeisen Bank and Eximbank, on a loan to the online retailer, eMag, for the financing of a logistics park.

RTPR | Radu Taracila Padurari Retevoescu SCA

RTPR | Radu Taracila Padurari Retevoescu SCA has long been one of the top advisers to Romania's leading banks and financial institutions. A new looser relationship with Allen & Overy does not affect matters on the ground, where lead partners Victor Pădurari and Alexandru Retevoescu have established excellent reputations. Their team is strong across a range of related disciplines, including cross-border acquisition, project and structured financings, as well as complex debt refinancings. Other team members also attract high praise, including Cosmin Tilea, Poliana Gogu-Naum, and Andreea Nedeloiu.

Practice head(s):

Victor Padurari; Alexandru Retevoescu

Other key lawyers:

Cosmin Tilea; Poliana Gogu-Naum; Andreea Nedeloiu


‘Top quality and great value for money.’

‘Always been there to support us, provide tailored legal advice, and be very solution-oriented.’

‘Victor Padurari is an excellent lawyer: always available, strong commercial acumen, good negotiator, very strong technically.’

‘Andreea Nedeloiu: I particularly enjoyed her responsiveness, always providing us with prompt answers, showing in-depth legal knowledge, while also taking into account the particularities of our business. She is very professional, a very open minded person, anticipating our needs and proposing solutions.’

Key clients


BNP Paribas


ING Bank

Raiffeisen Bank

UniCredit Bank

Banca Comerciala Romana

Banca Transilvania

Alpha Bank


PKO Bank Polski

Crédit Agricole

Credit Suisse


Société Générale

Work highlights

  • Advised BNP Paribas, Crédit Agricole CIB, Credit Suisse, HSBC, Société Générale and UniCredit as arrangers on the €1.15bn financing of PPF Group’s $2.1bn acquisition of CME.
  • Advised Unicredit in relation to the financing agreements of Romanian agribusiness company JD Agro Cocora S.R.L.
  • Assisted Ardian, an independent private investment company, on the Romanian law aspects of an additional financing made available to Alpega, a leading global logistic software company.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA has a highly-experienced team offering a wide range of expertise. Acquisition and real estate finance feature high on the agenda, and the firm is regularly involved in major refinancing deals, distressed debt sales, and transactions in the aviation, oil and gas, and agribusiness sectors. Several banks, payments companies and fintech businesses also rely on the firm for regulatory issues. Simona Petrisor leads the team, which also includes the highly active Diana Ispas.

Practice head(s):

Simona Petrișor

Other key lawyers:

Diana Ispas


‘The team has strong background in banking and finance, they quickly support  the need for information and posses analytical thinking for commercial points.’

‘During the COVID situation, the firm were very close to the clients and they pointed out some essential information to sustain our activity of what can be asked to our financial providers.’

‘Simona Petrisor is very hard working and a well respected professional in this industry. She has a strong expertise on matters of acquisition finance and project finance. I know she is very experienced also on regulatory matters, her attention to detail being of great value. ‘

Key clients

Altor Fund



BRD Groupe Societe Generale

CMU Regina Maria

Commerzbank group

Deutsche Bank

Dante International / eMAG

European Commission (DG FISMA)

Fondul Proprietatea S. A

Franklin Templeton Investments Management Limited

JD Norman Industries Inc.

Mid Europa Partners

Generali Group / Generali CEE Holding B.V.

Oney Bank / Auchan Holding


VTB Bank

Anchorage Capital

UniCredit Bank

Kredyt Inkaso

Air Lease Corporation

Johnson & Johnson

Profi Rom Food

Raiffeisen Bank International AG


Societe Generale

Banco Bilbao Vizcaya Argentaria

PPF Group

Privat Bank

Work highlights

  • Assisted PPF on the €1.15bn financing of the acquisition of Central European Media Enterprises, which operates television stations in Bulgaria, the Czech Republic, Romania, Slovakia, and Slovenia, including Pro TV.
  • Assisted the syndicate of banks, including Romanian and foreign lenders, in connection with the refinancing transaction of one of the biggest pharmacy chains in CEE.
  • Advised COMMERZBANK Finance & Covered Bond S.A. as agent and security agent on the multi-million Euro financing of the acquisition of the one of the world’s top label manufacturers.


CMS has a good reputation in the market, not just for its strong on-the-ground offering, but also for its seamless regional integration with its Central European network of offices. Practice head Ana Radnev has over 20 years' experience advising on major cross-border financings. The team as a whole is noted for its track record on transactional matters, including corporate, real estate and structured finance.  Cristina Reichmann brings considerable expertise in regulatory and capital markets issues.

Practice head(s):

Ana Radnev

Other key lawyers:

Cristina Reichmann


‘Flexible thinking and problem solving, very quick understanding of complex matters and smart implementation of solutions.’

‘They are diligent in pursuing solutions to every problem and look for a resolution up front. Responsive, in-depth knowledge and experience in the banking and finance market.’

‘We have worked with Ana Radnev and Alina Tihan. They are extremely responsive, business-oriented, problem solving with readiness to implement straightaway, always meets very tight deadlines.’

Key clients

Futureal Group (Cordia International)

TMK Europe GmbH

Advent International Corporation


Erste Group Bank AG

OTP Bank



Raiffeisen International AG

Raiffeisen Romania AG


MidEuropa Partners


Societe Generale

BNP Paribas

Alpha Bank

Banca Transilvania



Bank of China

Work highlights

  • Advised Deutsche Bank as lead arranger on the €175m ESG linked revolving credit facility to NEPI.
  • Acted as Romanian and English legal advisers to Raiffeisen Bank International AG and Raiffeisen Bank S.A. in connection with the financing granted to a key real estate developer in Romania to finance the construction of a class A office building in Bucharest.
  • Advised Advent International and its portfolio company, Zentiva, on local law financing issues linked to its acquisition of the CEE business of global generic and over-the-counter (OTC) pharmaceuticals manufacturer, Alvogen.


Zsuzsa Csiki, who has over 12 years' experience in the market, now leads the Kinstellar team, following the retirement of Bogdan Bibicu. She takes leadership of a practice which is noted for its strong cross-border expertise on financings and restructurings. The firm's CEE network gives its lender and borrower clients a cohesive approach on regional mandates, and the Bucharest team also has good expertise in regulatory compliance and banking litigation issues. Special counsel Magdalena Răducanu joined the firm in May 2021.

Practice head(s):

Zsuzsa Csiki

Other key lawyers:

Magdalena Raducanu


‘They are very responsive and a pleasure to work with. ‘

‘Zsuzsa Csiki – great expertise in financial regulatory law; good, practical advice.’

Key clients

Unicredit Bank

ING Bank


Liberty Steel

Credit Suisse

ING Bank Śląski SA and Powszechna Kasa Oszczędności Bank

OTP Bank



Credit Agricole

Kallisto Group

Work highlights

  • Advised a syndicate led by ING Bank N.V., Unicredit Bank S.A. and Citibank N.A., London Branch on a €150m cross-border secured financing to the Digi Group for the acquisition of 5G licences in Romania and Hungary.
  • Acted for UniCredit Bank on a €580m cross-border secured syndicated financing to the European medical services provider, Affidea Group.
  • Assisted Liberty Steel on the cross-border financing of the group in relation to the acquisition of a regional steel business from the ArcelorMittal group.

Musat & Asociatii

Musat & Asociatii comes highly recommended by borrower and lender clients, who appreciate the team's in-depth understanding of the market. Recently the firm has been involved in several significant projects for payment service providers. It is also noted for its strong expertise in financings, refinancings, and debt recovery proceedings. Joint practice heads Mona Muşat, Monia Dobrescu and Răzvan Stoicescu enjoy good reputations, as do younger members of the team, such as associate Cristian Cepesi.

Practice head(s):

Monia Dobrescu; Răzvan Stoicescu; Mona Muşat

Other key lawyers:

Cristian Cepesi


‘Besides a very proactive attitude and business oriented approach, they have impressive background in banking & finance, which is extremely relevant especially when dealing with sensitive issues – experience and knowledge of the market and the practice of the banks and financial institutions can make the difference. For us it is also very important the fact that the firm covers a wide range of areas of practice, so problematic aspects can be spotted easily in any deal. The banking sector is developing fast from one year to another, therefore it is important for a lawyer to keep up with the novelties in this field.’

‘The team offered an excellent service in terms of quality of work, responsiveness and efficiency.’

‘Monia Dobrescu is a very trustworthy lawyer, with good reputation on the market, especially as she was involved in complex transactions and gained extensive experience in this field. Cristian Cepesi is a young ambitious lawyer, with very good knowledge of the law and a good business perspective, which is important for any client. His work was very useful to us and, like Monia, he is a reliable and problem solving lawyer.’

Key clients












Work highlights

  • Acted as legal counsel for J.P. Morgan and other term loan creditors in connection with certain Romanian law matters for a €475m financing involving bilateral and capital markets instruments.
  • Assisting the European Bank for Reconstruction and Development in connection with a multimillion facility granted to the construction materials manufacturer, TeraPlast Group, for the implementation of three projects in Romania and the CEE region.
  • Acted as legal counsel for Damen Shipyards Gorinchem B.V., in connection with the conclusion of a complex asset-backed mortgage agreement and a mortgage agreement linked to the construction of a vessel.

Reff & Associates SCA

Reff & Associates SCA has an active transactional finance practice, particularly on the real estate side, and represents a mix of borrowers and lenders. The team is also highly experienced in high-value NPL portfolio deals, representing both sellers and buyers. Regulatory and compliance is also a key area of work, and in part to the firm's close relationship with Deloitte, the firm is also a strong choice for restructurings. Practice head Andrei Burz-Pinzaru has over 20 years' experience in the market, while managing associate Andreea Serban is also well regarded.

Practice head(s):

Andrei Burz-Pînzaru

Other key lawyers:

Andreea Serban


‘Reff & Associates has a high skilled team of professionals providing a high quality range of legal services within various banking activities.’

‘The banking and finance team has helped us over the years to stay compliant with strict GDPR and KYC/AML regulations in Europe. The team always answered promptly to our requests for changing contract clauses, terms & conditions of application and many times joined us when meeting our partnering banks, lenders, central bank, credit bureaus or fiscal authority.’

‘Andrei Burz-Pînzar is a well-known voice and a trend setter in the Romanian legal market, with a vast and long-standing expertise in classical fields such as banking, finance, M&A and capital markets. He is also a researcher and a pioneer in fringe eclectic areas such as emerging fintech market, where he proved to be a great navigator and aggregator in the slalom among regulatory constraints, innovation drivers and opportunities and digital revolution disruptive factors.’

‘Andreea Șerban is a dynamic and business-oriented banking & finance transaction lawyer who dialectically explores the commercial side of each deal, in order to anticipate what solutions fit best the client’s objectives and how can be put in practice in a way that takes into account and satisfies the strategic needs of all the stakeholders involved.’

Key clients


NEPI Rockcastle and Ovidiu Șandor

Forum Serdika

Banca Transilvania

Banca Comerciala Romana

ING Bank N.V.

Bank of Cyprus Public Company Limited

Intesa Sanpaolo Group

Patria Bank

Prime Kapital

Lendrise Marketplace S.R.L.

Work highlights

  • Advised NH HOTEL GROUP S.A. in connection with accessing two term loan facilities (€225m) granted by several Spanish credit institutions, guaranteed by the group’s affiliates in multiple jurisdictions (Romania included).
  • Advised the two Romanian entities within the Speedwell group in contracting two term loan facilities from BRD – Groupe Societe Generale S.A., with an aggregate value of €22.4m.
  • Advised the seller in connection with the sale of the Equest Logistic industrial park to CTP, the largest developer and property manager of industrial parks in Romania and the CEE.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA can regularly be found advising borrowers and lenders on high-profile financings. The firm is also strong on the regulatory front and was involved in several significant restructurings over the past year. Clients benefit from the firm's strong regional presence. The highly experienced Matei Florea leads the firm's CEE banking and finance and capital markets practice. Other key individuals include well regarded counsel Adina Damaschin. Both lawyers have a good track record advising on the acquisition and sale of distressed asset and loan portfolios.

Practice head(s):

Matei Florea

Other key lawyers:

Adina Damaschin


‘The quality of the partners, in conjunction with advanced communication and negotiation skills, render Schoenherr a top-notch legal firm on the Romanian market.’

‘Very professional, good legal knowledge and practice, in accordance with the relevant market, also providing in time the most convenient solutions. Very practical, providing clear solutions.’

‘Professional behavior showed all time, good understanding of the matters discussed, always available to find the best solutions.’

‘Schoenherr’s team in Bucharest is a perfect combination between the reach and resources of a large international law firm and a boutique approach to customers. Despite their large regional footprint, as a client you always get thorough, high quality and bespoke support, irrespective of the project size.’

‘Matei Florea is an exceptional lawyer with a very good understanding of the market and excellent knowledge.’

‘Adina Damaschin is a highly skilled professional.’

Key clients

Banca Comerciala Romana SA

Erste Group Bank

Eurobank Ergasias SA

European Investment Bank

Patria Bank SA

Piraeus Bank SA

Raiffeisen Bank International AG

Work highlights

  • Assisted Eurobank Ergasias SA on Romanian legal matters in connection with its reduction of the group’s non-performing loan exposure (NPE), including the securitisation of NPE and the hive-down of the group’s core banking operations.
  • Assisting several banks active in the Romanian financial system in complex debt restructuring and refinancing projects.
  • Assisting a major international financial institution on a series of municipal financings aimed at supporting the development of infrastructure projects and educational facilities.

Bohalteanu şi Asociaţii

Bohalteanu şi Asociaţii has a versatile practice that is well-regarded by clients. The team, which is led by Daniela Milculescu, has a strong grounding in consumer finance and regulatory issues, including issues related to currency exchange platforms. The firm also assists borrowers and lenders with acquisition and real estate financings and refinancings, and has experience advising on structured products.

Practice head(s):

Daniela Milculescu


‘The team has strong background in banking and finance, they support the fast need of information and posses analytical thinking, including for commercial points. During the COVID situation, the management were very close to the clients and they pointed us towards some essential information to sustain our activities.’

Bulboaca & Asociatii

Bulboaca & Asociatii represents an even blend of borrowers and lenders across a range of issues, as well as recently handling significant M&A work within the banking space. On the financing side, advice includes syndicated and bilateral loans, as well as the acquisition of non-performing loan portfolios. The team, which is led by Adrian-Catalin Bulboaca  and Catalin Petrea, is often referred work by major global law firms.

Practice head(s):

Adrian-Catalin Bulboaca; Catalin Petrea

Key clients

Banca de Export Import a României EximBank S.A.

Chimcomplex SA Borzesti

Goldman Sachs

M247 Limited

Frigoglass Group

SB Group Ltd.

Deutsche Bank London AG

JP Morgan Europe Limited

Banca Comerciala Romana (BCR)

VTB Bank

Credit Suisse

Tribodyn AG

Raiffeisen Bank International AG



Work highlights

  • Romanian law advice on a financing facility granted to M247 Group to help refinance a corporate transaction.
  • Assisting Commerzbank AG with respect to the increase of a financing granted to Brandl Maschinenbaun GmbH, partly secured by shares held in its Romanian wholly owned subsidiary, Brandl RO SRL.

DLA Piper Dinu SCA

DLA Piper Dinu SCA strengthened its banking offering through the recruitment of counsel, and new practice head, Ioan Chiper, a former Assistant General counsel at Banca Comercialǎ Românǎ, Romania's member of the Erste Group. Well-regarded senior associates Andreea Badea and Georgiana Stan also offer strong experience in syndicated loans, restructurings and regulatory support for borrower and lender clients.

Practice head(s):

Ioan Chiper

Other key lawyers:

Andreea Badea; Georgiana Stan


‘They provide in-depth analyses with regard to foreign jurisdictions. Georgiana Stan  was a real asset during our project and assisted us in a timely and efficient manner.’

Key clients








Work highlights

  • Advised Green Group (a subsidiary of Abris Capital), a leading company in the field of waste management and recycling in CEE, on a €66m term loan facility, one of the largest financings in this field in Romania.
  • Advised TTT Moneycorp, a UK payment institution providing payment and related foreign exchange services in Romania, on its terms of business used for both corporate and consumers to ensure compliance with the Romanian legislation implementing PSD 2 directive.
  • Assisted Icon Films in connection with an innovative cross-border film financing, following the implementation of a new state aid scheme for the Romanian cinema industry.

Dragne & Asociatii SCA

Dragne & Asociatii SCA has good experience of refinancings and restructurings, and recently was involved in several significant debt recovery proceedings. The team, which includes managing partner Stelian Garofil, Delia Bosman, Andreia Dumitrescu, and Daniel Cirstea, also brings strong contentious and regulatory expertise.

Practice head(s):

Stelian Garofil; Delia Bosman; Andreia Dumitrescu; Daniel Cirstea

KPMG Legal - Toncescu & Partners SPRL

KPMG Legal - Toncescu & Partners SPRL has a versatile practice that has seen a significant amount of bank and financial services-related regulatory and M&A work. The firm also has a good track record advising on the sale and acquisition of non-performing loan portfolios. Practice head Laura Toncescu has over two decades years' experience in the market, and is especially strong on fintech regulatory issues.

Practice head(s):

Laura Toncescu

Key clients

First Bank SA

Banca Comerciala Romana (BCR)

GetBack Recovery SRL

Porsche Finance Group

iFactor Brokerage SRL

ARB (Romanian Bank Association)

ALB (The Financial Companies Association)

Fata Asigurari

Alpha Bank Romania S.A.

Work highlights

  • Advising First Bank SA, during the implementation, coordination and supervision of the merger process between First Bank SA (formerly Piraeus Bank SA) and Leumi Bank Romania SA.
  • Advising GetBack Recovery on the sale of a mixed debt portfolio with a face value of approximately RON 1.94Bn.
  • Advising ALB on the drafting and implementation of a Covid-19 related private payment moratorium.

Leroy si Asociatii

Leroy si Asociatii acts for a broad mix of domestic and international lenders and borrowers, and has especially strong connections to the French market. Securitisation is a significant area of strength, and the practice has also been involved in several complex restructurings and real estate financings. Andreea Toma leads the experienced team, which includes experienced of counsel Cristina Togan.

Practice head(s):

Andreea Toma

Key clients








Work highlights

  • Advised BNP Paribas Dublin Branch/ BNP CIB on extending Teva Pharmaceuticals’ €650m international trade receivables asset-backed commercial paper securitisation programme to its Romanian subsidiary.
  • Assisting Coresi Business Park, part of the CEETRUS Group, on a €31m real estate financing granted by BRD-Groupe Société Générale.
  • Advising Expert Petroleum, a company specialising in resources optimization, operations restructuring and production enhancement techniques on securing financing from commercial banks.


Noerr acts for an impressive mix of major banks, borrowers and high-growth fintech companies. The team, which is led by the experienced Magdalena Alexandra Lupoi, offers acquisition finance and real estate finance support, and is also strong on the regulatory side. Partner Gabriel Popa also has a strong focus on this area.

Practice head(s):

Magdalena Lupoi

Other key lawyers:

Gloria Popa

Key clients

Grawe Romania Insurance

Samsung Electronics Romania

Hyosung Corporation

N26 Mobile Bank

Coface Finanz GmbH

Work highlights

  • Advised a Korean industrial company on the restructuring and enforcement of the financing and security agreements for eight photovoltaic power plants in Romania, with a total value exceeding $171bn.
  • Advised a German bank on an amendment of the financing granted for a real estate project with a value exceeding €42m.
  • Advised an Austrian bank on a €70m financing for the current and future projects of a European automotive group.

Peli Partners

Peli Partners has a strong transactional focus, advising on significant financings and corporate deals within the banking and finance sector. The firm also has a good grounding in real estate finance, thanks to its excellent standing within the property industry. Borrowers, banks and financial services companies regularly use the firm, whose partners Francisc Peli and Carmen Peli are well-regarded.

Practice head(s):

Carmen Peli


‘They are fine connoisseurs of the local banking market and banking practice, with good connections at the bank’s decision making levels, which for us was important. The team is friendly, open and innovative, in the sense that they do not over-promise and under-deliver but on the contrary, they take over our requests with ease, and then when they deliver the result is extremely concise, legally argued and basically impossible to beat, from a legal perspective.’

‘Carmen Peli is an outstanding lawyer, her high standards of ethics and integrity precede her.’

‘Francisc Peli can provide solutions with all the legal arguments on the spot, either from previous similar experiences or simply by connecting the dots.’

Key clients

Banca Transilvania Asset Management (BTAM)

Mitiska REIM

Banca Transilvania

Niro Group

Jupiter Development

Argo Real Estate

Shikun & Binui

Lease Plan

Work highlights

  • Assisting BTAM on the acquisition of Certinvest Pensii Societate de Administrare a Fondurilor de Pensii Facultative S.A., manager of the optional pensions fund “Pensia Mea”.
  • Assisting Mitiska REIM in relation to several development and refinancing facilities, with a combined value of over €125m, granted by a consortium of Austrian and Romanian banks.
  • Advising several top banks and debtor groups on the potential impact of the pandemic over their businesses, as well as on the consequences of the fast-changing legislative scene.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii acts for a variety of domestic and international financial institutions, as well as online banks and payment system providers. Recently the team provided regulatory and transactional support on the launch of several new banking products and fintech ventures. Practice head Alexandru Ambrozie is experienced across several areas, including asset-based finance, and real estate and lease financings.

Practice head(s):

Bogdan Stoica; Alexandru Ambrozie

Key clients


BRD Société Générale

RI-GD Investments DAC



Libra Internet Bank


KBC Bank


BNP Paribas

Via SMS Group


KIWI Finance (first and largest credit broker in Romania)

Deutsche Leasing




The Governor and Company of the Bank of Ireland

Impuls Leasing

Warehouses De Pauw Romania

Work highlights

  • Advised Warehouses De Pauw Romania on €150m in facilities granted by the Bank for European Reconstruction and Development for financing the development of sustainable certified green logistic centres in Romania.
  • Advised Libra Internet Bank on its partnership with Monese for the launch of Romanian IBAN accounts in RON.
  • Advised BRD Groupe Société Générale on its co-investment in CIT One, a company specialised in the transport, processing and storage of cash and other valuables.

Suciu Popa

Suciu Popa has a versatile practice that represents a broad range of borrowers and investment funds, many operating in the energy and infrastructure sectors, with a number of mandates involving the lease finance business. Managing partner Miruna Suciu is very experienced, while Crina Ciobanu has good expertise on regulatory matters as well as the transactional side.

Practice head(s):

Miruna Suciu; Crina Ciobanu


‘Always available and delivering the work in time, even in short notice, with a high professional degree ’

‘Cleopatra Leahu and Andrei Georgescu reflect the qualities of the firm’


Key clients

KMG International (KMGI)

Grup Servicii Petroliere S.A.

R34dy Zrt.

Grup Feroviar Roman and Grampet

Mercedes Benz Leasing IFN SA (part of the Daimler group)

Monsson Group

Romanian Association of Banks

Biroul de Credit



Black Sea Oil & Gas

Work highlights

  • Advised GFR on twenty complex disputes (both claims and enforcement procedures) arising from immovable leasing agreements and the related financial guarantees provided by the clients.
  • Advised Grup Servicii Petroliere on the enforcement of several bank letter of guarantees and counter-guarantees securing several cross-border EPC and service supply contracts.
  • Advising KMG International (KMGI) on the €260m financing for the Kazakh-Romanian Investment Fund for several investment projects.


Banking and finance work is a core area for Volciuc-Ionescu, which advises an impressive mix of major banks, multilateral institutions and alternate lenders. Complex cross-border loans, including for corporate and real estate acquisitions, feature prominently, as do trade and project finance transactions. Managing partner Sabin Volciuc-Ionescu has over 20 years' experience, and is also strong on debt capital markets and regulatory matters.

Practice head(s):

Sabin Volciuc-Ionescu


‘They have a market leading team, with strength across the full financing spectrum. I use them for complex cross-border syndicated lending, acquisition and corporate finance transactions. They deliver top quality advice, good value, dedicated to serving us exactly when we need them.’

‘The whole team is great. Sabin Volciuc knows everything about banks, how they react and behave. He is truly remarkable finance lawyer with a solution to everything. Diana Tudor is an up and coming associate who also stands-out – a great lawyer from the new generation.’

‘When it comes to banking and finance, all team members provided a large package of knowledge and understanding of this field, as well as constant feedback on our requests and prompt solutions for different problems.’

Key clients

Banca Comerciala Romana

Bank of China

Western Union

Banca Transilvania

Deutsche Bank


Work highlights

  • Advised EBRD and IFC on lending in the form of regulatory Tier 2 capital to Raiffeisen Bank.
  • Advised a major debt fund on €130m unitranche acquisition financing for a leading technology company.
  • Advised Banca Transilvania and Victoriabank as lead arrangers on a €21.7m real estate financing for a shopping mall in Moldova.

Wolf Theiss

Wolf Theiss provides a strong blend of domestic and cross-border banking and finance support. Debt capital markets, syndicated loans, structured finance and non-performing loan transactions feature prominently on the firm's workload, and the firm is especially strong in asset-based, real estate and project finance. The team, led by the highly rated Claudia Chiper, also advises on regulatory and consumer protection issues, as well as payment services and digitalisation matters.

Practice head(s):

Claudia Chiper


‘Their knowledge of Romanian law matters in combination with a great expertise in international financing makes them a law firm to work with in Romania. Claudia Chiper is a truly professional and committed lawyer. Her availability and dedication is remarkable, and I would highlight her expertise with respect to GDPR implementation in Romania. She is reliable, dedicated and pleasant to work with, and her commitment to find practical solutions is her advantage.’

‘They have a strong team with expertise in the field of bank financing and capital markets and work on a cross-border basis seemingly as one team. We never felt any disruptions or breaks in communication due to the involvement of several offices. Quality of work is high as well as their responsiveness, which makes it for a perfect combination when in need to close an important transaction in a relatively short period of time. This is a team that knows what is doing, does it well and goes above and beyond when servicing their client.’

Key clients























Work highlights

  • Advised Banca Comerciala Romana in relation to two facilities amounting to approximately €40m granted to Hotel Apex Alliance Group for the purposes of financing a four star Hilton hotel and the development of a Marriott hotel.
  • Advised Investcapital, the investment arm of Kruk Group, in relation to the purchase of an unsecured debt portfolio from Getback Recovery S.R.L., the Romanian subsidiary of GetBack Spółka.
  • Advised Erste Group Bank AG/Česká spořitelna, a.s./Banca Comercială Română S.A. on the establishment of a multi-issuer and multi-jurisdictional EMTN programme for the issuance of notes for regulatory purposes in Romania.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners is recommended for its high quality transactional practice, which regularly advises on financings, refinancings and financial lease structures. Partners Ioana Racoti and Elena Iacob are the key points of contact for non-contentious matters. Banks and financial institutions also regularly use the firm for banking litigation and regulatory issues.

Practice head(s):

Ioana Racoti; Elena Iacob


‘A good combination of skills, pleasant partners, experience and good value for money. Ioana Racoti is a reference in this field, a partner with high skills and huge experience, in love with her job.’

‘Very good professionals, very good team players, very good knowledge.’

Key clients











Work highlights

  • Advised Alro in several cross-border complex financing projects with an aggregate value of $400m.
  • Advised UniCredit Leasing in relation to the restructuring and restatement of financial lease agreements extended to a group of companies specialising in industrial parks.
  • Advised First Bank in relation to the amendment and restatement of a complex servicing agreement for a loan portfolio originated by Bancpost S.A. and transferred to Eurobank Ergasias S.A.