Banking and finance in Romania

Clifford Chance Badea

Clifford Chance Badea is a ‘professional, knowledgeable and meticulous‘ law firm commended for its ‘deep, extensive expertise‘ in high-end banking and finance work. The team is a go-to destination for major banks and lenders seeking support with complex cross-border acquisition, asset and project finance transactions. Other key areas of expertise include debt capital markets, structured products and regulatory law, where capital markets head Madalina Rachieru has established a strong reputation. Other key team members include counsels Andreea Sisman and Cosmin Anghel, who is noted for his work on the fintech side. Highly regarded managing partner Daniel Badea leads the team.

Practice head(s):

Daniel Badea

Other key lawyers:

Madalina Rachieru; Andreea Sisman; Cosmin Anghel


‘To the best of our knowledge, Clifford Chance in Romania is the most professional, knowledgeable and meticulous law firm in Romania. It is also very responsive and fast in its provision of legal services.’

‘Andreea Sisman is very precise and clear in her communication.’

‘Deep, extensive expertise; availability; good communication and cooperation.’

‘Smart, innovative, outstanding in terms of professionalism and collaboration.’

Key clients

UniCredit Bank

ING Bank

Banca Comerciala Romana/ Erste Group



Work highlights

  • Advising UniCredit Bank as facility agent, security agent and paying agent on the refinancing of an existing $435m multicurrency revolving loan to Rompetrol, a major oil and gas group in Romania.
  • Advised a major international financial institution on a €40m loan to Distributie Energie Electrica Romania.
  • Advised the banking consortiums acting as underwriters on all sovereign bond issues launched by the Romanian Government, acting through the Ministry of Finance, including a $3.3bn two-tranche Eurobond issue.


CMS is praised as a ‘world-class' firm, which fields practitioners who are considered ‘not only technical experts in their own particular domain but also lawyers who can solve multifaceted problems‘. Clients, including many of the CEE’s leading banks, financial institutions and multilateral lenders, benefit from the firm’s strengths in local and cross-border deals. Practice head Ana Radnev 'always has a solution', and is backed by a deep bench of senior and junior lawyers, including capital markets and structured finance expert Cristina Reichmann. Clients also praise senior counsel Alina Tihan and associate Diana Rotaru for their ‘amazing legal knowledge and huge experience in financings‘. Counsel Adina Nanescu is likewise singled out as ‘a truly rising star‘.


Practice head(s):

Ana Radnev; Cristina Reichmann

Other key lawyers:

Alina Tihan; Diana Rotaru; Adina Nanescu


‘The team is really informed, very well prepared, they are kind and offer timely support and solutions. They know the laws very well and can help you with useful information every time you need it. It is always a real pleasure to work with this team.’

‘I worked several times with Adina Nanescu. She is a person very attentive to client needs, truly knowledgeable, fast to respond, very nice and kind person. For me and my company is like a truly rising star. And every time is a real pleasure to work with her.’

‘Specialised expertise—their aptitude to do world-class legal work in banking and finance, capital markets, commercial, corporate and M&A, and the list goes on. Their ability as technical experts—professionals who are able to diagnose particular legal problems and offer legal solutions. A team of lawyers who are not only technical experts in their own particular domain but also lawyers who can solve multifaceted problems.’

‘Ana Radnev – it is a pleasure working with her, always available, always has a solution, perfect ability to negotiate LMA agreements and has a fast understanding of the business approvals in order to reflect them within the terms of the agreement.’

‘CMS team includes lawyers with strong experience in banking matters, capable of running a deal in a smooth and efficient manner. Their legal advice is commercially minded and of the highest quality, covering local but also cross-border deals. They have a strong team made of some of the most capable and experienced lawyers who are able to propose commercial solutions so that you get the deal signed smoothly. I know I can always rely on their support, commercial views and huge experience for complex deals with a high level of sophistication. They are definitely one of the best choices for this type of work and I am happy to recommend CMS.’

‘I would single out two senior team members: Alina Tihan and Diana Rotaru. Both Alina and Diana possess amazing legal knowledge and huge experience in financings. They have worked on the largest financings in Romania and the region, including also complex cross-border transactions. They are solution-oriented and very commercial, understanding our needs as clients and the banking sector alike. Both are exceptional professionals and a pleasure to work with. I worked with them in several transactions and their strong commercial advice was essential for the successful outcome. I am happy to recommend both of them as first-class lawyers with huge experience in banking and finance.’

‘Ana Radnev has been servicing the company for quite a while with a very high quality.’

‘Quick, efficient, proactive, closing transactions at fast pace.’

Key clients


European Bank for Reconstruction and Development (EBRD)

ING Bank Romania

Raiffeisen Bank

BRD – Groupe Société Générale

Garanti BBVA Romania

Erste Group Bank

Banca Comerciala Romana

Banca Transilvania

Alpha Bank

OTP Bank

Work highlights

  • Advised the European Bank for Reconstruction and Development and Raiffeisen Bank on a €37.55m debt financing package for eMAG Group.
  • Advised a syndicate led by BRD – Groupe Société Générale and Garanti BBVA Romania on a €120m sustainability-related loan to a company in the NEPI Rockcastle, NE Property BV Group.
  • Advised a syndicate of banks comprising Banca Comerciala Română, BRD Group Société Générale and Erste Bank, on the €78m real estate financing of the One Cotroceni Park office development.


Dentons is valued by its clients for being 'extremely efficient and deal driven'; the firm’s global and regional footprint makes it a leading choice for borrowers and lenders on high-end and cross-border deals, including project, acquisition, and real estate finance, as well as high-value restructurings. The Bucharest office fields 'some of the most experienced partners in the region', led by the highly regarded Simona Marin. UK-qualified practitioner Simon Dayes has over 20 years’ experience working in the local market. At counsel level, recommended names include Maria Tomescu and Oana Ionascu. Senior associate Stefi Ionescu is noted for her ‘remarkable negotiation skills‘. 

Practice head(s):

Simona Marin

Other key lawyers:

Simon Dayes; Maria Tomescu; Oana Ionascu; Stefi Ionescu


‘I worked very well with the Bucharest banking and finance team – the team is very accessible, extremely efficient and deal driven and has some of the most experienced partners in the region.’

‘I worked closely with Stefi Ionescu on several transactions. Stefi is an excellent communicator with remarkable negotiation skills, very commercially aware and is very good at explaining complex legal issues in terms that help the decision-making process.’

‘Dentons has offered outstanding services throughout the transaction, despite a challenging timeline and a complex structure. They have a long track record in the region and industry which greatly helped us in the structuring of the transaction. The team was always available for questions and advice, and often went the extra mile to make sure that our position as lender was protected.’

‘We had the pleasure to work with Maria Tomescu, Simona Marin and Stefi Ionescu. In addition to being great individuals with whom it is easy to work and cooperate, their expertise and dedication to the transaction were instrumental in rendering this transaction possible. Their capacity to keep their timeline and deadline is also something barely matched by any other law firm.’

‘Extremely well-versed in the Romanian market. Second to none. Very pleasant to work with.’

‘The whole team is excellent. Never did I experience that they were taken by surprise by any new argument from our counterparties. Their profound expertise and their very pleasant manner make it a pleasure to work with them.’

‘The team is very determined, client oriented and is always trying to find solutions.’

‘Oana Ionescu is very engaged and energetic to get the deal done, identifies issues and offers solutions, works practically round the clock.’

Key clients

Erste Bank

Raiffeisen Bank


Banca Transilvania

ING Bank

BRD-Groupe Société Générale

Banca Comerciala Romana

NEPI Rockcastle


Metito Utilities Limited (Dubai)

Oresa Ventures


Aviva (industrial group)




Work highlights

  • Advised Romgaz on securing €325m for partially financing the acquisition price for the shares issued by ExxonMobil Exploration and Production Romania.
  • Advised Alpha Bank and Raiffeisen Bank on the €125m refinancing of a portfolio of six green certified retail centres, located in several secondary cities in Romania.
  • Advised Erste Group Bank, Raiffeisen Bank International, Raiffeisen Bank Romania and Banca Comercială Română on financing the acquisition by Supernova Group of six prime shopping centres owned by the Louis Delhaize group and operating under Cora brand name.

Filip & Company

Filip & Company‘s ‘highly experienced practice‘ fields a team of lawyers who ‘have great negotiating skills and excellent expertise in the field‘. The firm is regularly instructed on some of the country’s largest financings, advising on a range of matters, including acquisition, project and structured finance, and high-end debt capital markets mandates. The team is commended by clients for its fluent handling of cross-border deals. Alina Stancu Birsan leads the team. Other key partners include Alexandru Bîrsan and Alexandra Manciulea, who is noted for her ‘excellence, commitment and flexibility‘. Senior associate Rebecca Marina is likewise singled out as a ‘very talented, hard-working and client-oriented lawyer‘.

Practice head(s):

Alina Stancu Birsan

Other key lawyers:

Alexandru Bîrsan; Alexandra Manciulea; Rebecca Marina; Camelia Iantuc


‘Excellent coordination with other law firms, especially given the various jurisdictions involved in one transaction.’

‘Alina Stancu Birsan – business oriented, excellent knowledge of the subject, and finds solutions.’

‘I have worked with Alexandra Manciulea and Rebecca Marina and their professionalism in approaching all issues, responsiveness in all matters with high diligence and knowledge of the specifics of the law, made the work joyful and fruitful.’

‘They have a deep understanding of business and put in practice the notion that the legal framework of a deal should be put in place to best embrace the business needs and logic.’

‘Highly experienced practice that provides excellent legal service. They have great negotiating skills and excellent expertise in the field, offering pragmatic advice and efficient solutions. Thinking outside the box, understanding the business and their commitment is what makes them one of the best and most capable teams.’

‘Alexandra Manciulea – her core values are excellence, commitment and flexibility. Together with the team, she has been working proactively to the tiniest detail throughout the transaction. Advising boldly and warmly through every obstacle and negotiating fiercely every step of the way. You can feel that she really cares about every aspect of the transaction as much as you do, so she goes above and beyond in protecting you. Rebecca Marina – a true professional, very insightful and efficient. Attention to detail and great know-how.’

‘The banking and finance team gathers professionals with excellent legal knowledge, who are very detail orientated and client focused. The team is very diligent, timely, flexible and eager to provide the client with the best solution available which most importantly suits its needs.’

‘Out of the banking and finance team, a very rigorous lawyer who stands out is Rebecca Marina, a very talented, hard-working and client-oriented lawyer.’

Key clients

RCS&RDS/ DIGI Communications

One United Properties

Banca Transilvania

Banca Comerciala Romana

Oriflame Investment Holding

Raiffeisen Bank

Raiffeisen Centrobank

Raiffeisen Bank International Holde Agri Invest

UniCredit Bank

Oresa Limited

Magnet Developments

Abris Capital Partners



Piraeus Bank

ADREM Corporate

ING Bank

Work highlights

  • Assisted a syndicate of five banks, comprising BCR, Raiffeisen Bank, ING, Unicredit and OTP, with the €127m financing of the Green Group in Romania, Slovakia and Lithuania.
  • Assisted Banca Transilvania with the acquisition of the Idea Bank group of companies in Romania.
  • Assisted Digi Group with the €260m financing of the Spanish subsidiary of RCS & RDS.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen's team provides ‘ excellent control over the timeline, documentation and negotiation‘ of high-profile financings, where it advises both borrowers and lenders. The firm has a deep bench of lawyers with a broad spread of experience across the full range of banking products. Clients also commend its niche expertise in more specialised areas, including export credit. Other areas of expertise include regulatory support and the acquisition and sale of non-performing loan portfolios. Practice head Alina Radu is a recommended name, as is Valentin Voinescu, who is ‘always able to work under pressure and tight deadlines‘. Senior associate Alexandru Ciambur is ‘able to find solutions for any and all situations‘. 

Practice head(s):

Alina Radu

Other key lawyers:

Manuela Nestor; Valentin Voinescu; Alexandru Ciambur


‘The ability to deal with legal issues specific to export credit activity offers to this practice a really selective and useful specialisation.’

‘NNDKP’s banking and finance practice took a highly professional approach to the transaction we worked together on, responding timely to our inquiries, being proactive and resourceful, advising as to the best ways to handle several blockage points in the transaction and proposing solutions. We appreciated their excellent control over the timeline, documentation and negotiation with the other party. We appreciated their approach to matching the financing transaction terms and conditions to the LMA documentation and making sure nothing was left aside.’

‘We appreciated the individuals working as a team, complementing each other. We had different levels of seniority allocated for different tasks which provided the opportunity to complete the transaction in the shortest amount of time possible but also controlling the quality of the outcome. Excellent management of negotiation discussions by the partner and associate.’

‘The team is very well anchored in the Romanian banking legal system. We’ve had nothing but the finest feedback from all of the banks we have partnered with.’

‘Valentin Voinescu – always able to work under pressure and tight deadlines. Alexandru Ciambur – has always been able to find solutions for any and all situations we’ve faced.’

Key clients

Banca Comerciala Romana

Aaylex One

Marcos Provit

Work highlights

  • Advised Aaylex One on the group’s full debt consolidation through a $926m syndicated facility agreement, following a complex merger operation.
  • Advised a syndicate of banks, including Banca Comercială Română, on a €347m financing to Ameropa Group to finance its working capital needs.
  • Advised a syndicate of banks on a $969m loan to a major aluminium producer.

RTPR | Radu Taracila Padurari Retevoescu SCA

RTPR | Radu Taracila Padurari Retevoescu SCA fields a ‘squad of top-notch lawyers who offer comprehensive advice on complex transactionsThe firm remains a top choice for complex cross-border financings, and is also commended for its knowledge of regulatory matters. In addition to representing some of the largest lenders in Central and Eastern Europe, it also assists borrowers from key industries, including energy, logistics, real estate, manufacturing and agriculture. Alexandru Retevoescu  and Victor Pădurari jointly head up the practice. Recently-promoted partner Cosmin Tilea is noted for his real estate finance and acquisition finance expertise. Counsel Andreea Burtoiu is valued for her ‘very deep understanding of the market‘, while Poliana Gogu-Naum ‘really is an outstanding lawyer‘. Senior associate Bianca Eremia is likewise recommended.

Practice head(s):

Victor Pădurari; Alexandru Retevoescu

Other key lawyers:

Cosmin Tilea; Poliana Gogu-Naum; Andreea Burtoiu; Bianca Eremia; Andreea Nedeloiu


‘ Victor Pădurari – he is managing a great team of professionals who are all brilliant lawyers in their own right.’

‘Our professional cooperation with Andreea Burtoiu and her team has always been appreciated and valued. Andreea is a law professional, with relevant experience and knowledge in the field of corporate governance, in general, and in the field of banking corporate governance, in particular.’

‘I am impressed by their expertise in the banking and finance area. The team has very experienced lawyers who know their job and provide excellent advice for the most difficult aspects of a transaction. Highly professional and committed; deep knowledge of banking regulatory matters.’

‘They are able to assist any transactional matters and they go beyond their limits to provide the support their clients need.’

‘RTPR’s team features a squad of top-notch lawyers who offer comprehensive advice on complex transactions. They have strong expertise in banking matters, providing advice at international standards as well as blending local specifics into their work. Senior lawyers with extensive professional experience and knowledge were involved in our projects so that every transaction was closed smoothly. I know I can always rely on their support, commercial views and huge experience for complex deals. They are definitely one of the best choices for this type of work and I am happy to recommend RTPR.’

‘Poliana Gogu-Naum has a solid background in banking and finance deals, which gives her the ability to easily understand the dynamics of the transaction and the particularities of each deal. She really is an outstanding lawyer. Andreea Burtoiu has a very business-oriented approach and is very commercial with a very deep understanding of the market. These skills are doubled by her impressive technical skills and thorough experience, a mix which makes her an excellent lawyer. She is very knowledgeable and hugely respected, a great person to have alongside you on a deal.’

‘Bianca Eremia has proven very knowledgeable, always indicating multiple potential solutions for various aspects during the negotiations of the loan agreement. She kept close contact with both the bank and the client to make sure all views were accommodated and all parties fully aligned. She was also very responsive to any last minute requests. The entire experience was positive, looking forward to working together again.’

‘Cosmin Tilea and his team manage to combine excellent legal knowledge with great understanding of the business and commercial background of projects. It is a pleasure to continue our cooperation.’

Key clients


ING Bank

Raiffeisen Bank

UniCredit Bank

BNP Paribas Fortis

Macquarie Infrastructure and Real Assets (MIRA)

LKE Group

Rodbun Grup

Sano Vita

Square 7 Properties

Banca Comerciala Romana (BCR)

Commerzbank AG

Meridiam SAS


Work highlights

  • Advised Meridiam SAS and Netcity Telecom on a €55m loan extended to Netcity Telecom, the concessionaire and developer of the metropolitan optic fibre network in Bucharest.
  • Advised LKE Group on the financing of the acquisition of the majority shareholding stake in Someg and a part of Transcarpatica.
  • Advised Rodbun Group on two syndicated financings to cover regular capital needs as well as to support the group’s development plans.

Tuca Zbârcea & Asociatii

Tuca Zbârcea & Asociatii has an active banking and finance practice with ‘essential knowledge across wide areas of expertise’. Clients, including leading borrowers and lenders, commend the firm’s ability to ‘adapt to the requested deadlines‘. The firm handles a broad spread of domestic and international transactions, and continues to stand out for its advice to investment funds on NPL portfolio acquisitions. Cătălin Băiculescu's workload regularly includes assisting with syndicated loans and project finance transactions. Gabriela Anton is 'able to facilitate deals with her practical approach‘. Mihai Dudoiu is noted for his strong transactional expertise, including major acquisition and mezzanine financings, while deputy managing partner Stefan Damian is highly experienced in regulatory matters.

Practice head(s):

Mihai Dudoiu; Cătălin Băiculescu; Gabriela Anton; Stefan Damian


‘Cătălin Băiculescu – our legal partner for many years, with a wide experience in understanding our needs.’

‘A reliable team, with essential knowledge across wide areas of expertise. At the same time, the team ensures valuable collaboration skills and is highly concentrated on accomplishing the client’s needs.’

‘The individuals we work with are concentrated on good results, they have important skills in the banking area and they adapt to the requested deadlines.’

‘The law firm covered local law pefectly, being well aware of all international requirements and advised on several issues the client wasn’t always aware of. There was a very pro-active approach.’

‘Cătălin Băiculescu was driving the acquisition process from the legal side actively and did not delegate to associates that much. He interacted very well with all other involved international law firms and the internal team.’

‘The banking and finance team is very well settled in the Romanian market and perfect for local deals. I have worked with the team on a refinancing project with a local bank and they were perfectly suited to manage the project directly with the bank’s representatives just based on the commercial instructions received from us.’

‘Gabriela Anton is a very knowledgeable lawyer and able to facilitate deals with her practical approach.’

Key clients

Amethyst Radiotherapy Group


APS Investment

Bain Capital


Banca Comerciala Romana

Banca Transilvania

Belfius Bank

Black Sea Trade & Development Bank

BNP Paribas Fortis

Bpi France

BRD Groupe Societe Generale

CBC Banque

Deutsche Bank


Grenke Bank


KBC Bank

Partners for Growth VI, L.P.

Oney Bank

OTP Bank

Revetas GP Limited


The International Finance Corporation

The Rohatyn Group

Work highlights

  • Advising a syndicate of banks – comprising Alpha Bank, Banca Comerciala Romana, Banca Transilvania, Erste Group Bank, OTP Bank, Raiffeisen Bank and Unicredit Bank – on a €272m financing to Felix Renewable Holdings, part of Macquarie Infrastructure and Real Assets.
  • Assisting Banca Comerciala Romana, as mandated lead arranger, and a club of three other banks, with a €184m financing to MedLife and other group companies.
  • Advising APS Capital Group on its takeover of a €147m non-performing loan portfolio from Bank of Cyprus.

Bondoc si Asociatii SCA

Bondoc si Asociatii SCA is noted for its ‘strong knowledge of finance law, both domestic and international‘ and is ‘highly capable in regulatory matters for the financial services industry in Romania‘. On the transactional side, the team has a good track record in high-value restructurings and refinancings, and also handles a healthy number of significant acquisition financings. Other areas of expertise include aviation finance and energy-related project financings. The firm is popular with foreign investors who appreciate the team’s ‘great international experience'. At the helm is ‘smart, helpful and constructive‘ practice head Simona Petrișor, who is commended for both her transactional and regulatory credentials. Diana Ispas is another key contact.

Practice head(s):

Simona Petrișor

Other key lawyers:

Diana Ispas


‘Strong knowledge of finance law, both domestic and international. Able to properly handle cross-border projects. Excellent ability to meet short deadlines.’

‘Thorough and very well prepared professionals, whom we rely on and trust 100% with our finance projects.’

‘Great international experience to serve foreign investors in Romania.’

‘The team is highly capable in regulatory matters for the financial services industry in Romania. They have master-level knowledge of the laws and regulations, can come up with really feasible ways of implementing them, and are very familiar with the way in which the regulator interprets and applies these laws and regulations in the field. These are the key ingredients for success in this sector in Romania.’

‘They are very close to us, very much appreciated by our team members, and are instrumental in devising and implementing our regulatory strategy, and, in an indirect way, our business strategy.’

‘This practice is particularly well-established. They are well versed in syndicated lending, acquisition financing, asset-based lending, aviation finance and bond offerings. They are representing clients on complex cross-border transactions next to international lead counsel. They have a very broad range of expertise on regulatory matters, covering significantly well many topics such as fintech, investment funds, payment industry.’

‘I have worked particularly well with Simona Petrișor; she is smart, helpful and constructive. She is very involved in the matters she is coordinating, ensuring that clients get every time the best service in the most efficient way. I would strongly recommend her as a lawyer on both transactional and regulatory advice.’

Key clients

A&M Capital Advisors Europe LLP


Air Lease Corporation

Altor Fund

Banco Bilbao Vizcaya Argentaria

BearingPoint Software Solutions GmBH


CMU Regina Maria

Commerzbank group

Deutsche Bank


Johnson & Johnson

JS Hamilton Poland

Oney Bank / Oney Finances

PPF Group


Profi Rom Food

Raiffeisen Leasing IFN



Token Payment Services


UniCredit Bank

Work highlights

  • Advised a bank syndicate consisting of 14 banks on a €940 million refinancing by Dr. Max Group, a major retail pharmacy chain in Europe, operating in Romania under the Dr. Max and Sensiblu brands.
  • Assisted BBVA with regulatory issues relating to the National Bank of Romania regarding its indirect acquisition of a Romanian credit institution.
  • Advised Stabilus SE and its subsidiaries on a new long-term €450m financing.


The well regarded banking team at Kinstellar provides clients with ‘perfect co-operation in terms of speed of the delivery and availability of the team‘. The firm has a strong track record in cross-border financings, built around an impressive regional network which has offices throughout key CEE jurisdictions. Borrowers and lenders regularly instruct the firm on high-value corporate and real estate acquisition financings, and the team has been doing an increasing amount of work on renewable energy-related deals. Special counsel Magdalena Răducanu heads the team, which also includes Zsuzsa Csiki, who has ‘a deep regulatory knowledge delivered in very good quality that is hard to find‘.

Practice head(s):

Magdalena Răducanu

Other key lawyers:

Zsuzsa Csiki


‘A strong team supports the leading partner, who has exceptional knowledge and experience and good relationships with the banking community.’

‘Zsusza Csiki is very knowledgeable and helpful in getting the right advice to questions of payment and banking law in the region that Kinstellar covers. She and her colleagues have a deep regulatory knowledge delivered in very good quality that is hard to find.’

‘Zsuzsa Csiki is very responsive and understands what our clients need. She is very helpful also in managing the various offices of Kinstellar when more than one jurisdiction is involved.’

‘Driven and key players in their market.’

‘Perfect co-operation in terms of speed of the delivery and availability of the team. Easy communication even at a distance, we have never seen each other but still the communication was excellent. I appreciate the proactive approach and seamless co-ordination of the team.’

‘Highly professional approach, reliability and pro-activity, feel for client needs and look for the most suitable solutions.’

‘They are very responsive and friendly, especially Magdalena Răducanu. They communicate clearly regarding timing and meet deadlines.’

Key clients

Citigroup Europe

ING Bank

Unicredit Bank.

United Petfood Group / United Petfood Romania

Middleground Management / DURA Automotive



European Investment Bank

Inter Cars


Vitesco Technologies Group / Vitesco Technologies Romania

American Express Payments Europe

Bank of America

BRD – Groupe Société Générale

11 Entertainment Holding

KBC Bank

Work highlights

  • Advised Polish footwear manufacturer CCC and various of its CEE subsidiaries on a €188.7m senior facilities agreement.
  • Advising Waterland Group, an independent private equity investment group, and United Petfood Romania on a €526m loan facility.
  • Assisted KBC Bank, as agent, arranger and original lender, acting together with BNP Paribas Fortis and ING Belgium, on a cross-border €450m multicurrency facility to La Lorraine Bakery Group, the Belgian milling and bakery producer, and its Romanian subsidiary, La Lorraine.

Musat & Asociatii

Musat & Asociatii has an active banking practice which advises a mix of banks, borrowers and multilateral agencies. Acquisition and leveraged finance are key areas of work, and the firm has assisted lenders with several high-profile and cross-border M&A deals in the past year. Fintech and cryptocurrency work is also increasing in importance, with the firm supporting numerous technology disrupters with their related regulatory issues. Practice head Monia Dobrescu has almost 20 years’ market experience, and has a special focus on project finance. Senior associate Cristian Cepesi is also noted.

Practice head(s):

Monia Dobrescu

Other key lawyers:

Răzvan Stoicescu; Cristian Cepesi


‘Cristian Cepesi is particularly adept at conveying and translating civil law concepts so common law jurisdiction-based lawyers can understand the underlying rationale behind apparently procedural requirements.’

Key clients

BCR Banca Pentru Locuinte

Jefferies Finance

J. P. Morgan

Danske Bank


PPF Banka

The Ministry of Public Finance Of Romania




Northern Trust

State Street

The Bank Of New York Mellon

Hili Properties

Work highlights

  • Advised Jefferies Finance, JP Morgan and Danske Bank on financing provided to private equity fund FSN Capital for the acquisition of several companies operating in the B2B distribution market.
  • Advising Catted Group on obtaining financing from Libra Bank for the development of a new residential project.
  • Advising PPF Banka on a facility granted to a local real estate developer for the construction of a large office building project in Romania.

Reff & Associates SCA

Reff & Associates SCA is praised for its 'deep body of knowledge coupled with fast reaction times'. Loan portfolio deals have been a core area of focus for the team over the past decade, with the firm advising a mix of banks, investment funds and debt collection entities on such matters. Acquisition, real estate and project finance also feature prominently on the roster. On the fintech side, the firm is considered ‘one of the market leaders in terms of digitisation and new technologies’. Andrei Burz-Pînzaru brings ‘a solution-driven mindset' to his role as practice head. Managing associate Andreea Șerban is praised as ‘an intelligent fighter‘.

Practice head(s):

Andrei Burz-Pînzaru

Other key lawyers:

Andreea Șerban


‘Andrei Burz-Pînzaru: his engineering background translates superbly into strategic legal thinking, a solution-driven mindset and high efficiency.’

‘Andreea Șerban: top banking lawyer, very experienced and knowledgeable leading a very strong team, personally involved in each project. Extreme attention to details. An intelligent fighter.’

‘The team is one of the few local law and advisory firms that truly work as “one-stop shop”, meaning they can cover the whole range of complex topics implied by financial transactions.’

‘The most important traits are their availability, deep commitment to the project at hand, high professionalism, deep body of knowledge coupled with fast reaction times.’

‘Besides the highly professional approach on any relevant subject matter, they are one of the market leaders in terms of digitisation and new technologies.’

‘Very attentive to details – for me this is very important and as a client I feel safe and sound that no important aspects of the issues we need help with are being missed. Also the firm is oriented towards the client and takes enough time to really understand the client’s needs and how they can assist the client. In addition, I find them easy to access and connect and we always get timely responses.’

Key clients

CEC Bank

Garanti Bank

TBI Bank

Banca Comerciala Intesa Sanpaolo Romania

Bank of Cyprus Public Company Limited

Roca Investments

B2Kapital Portfolio Management

Capital Financial Services S.A. (Twispay)

Elrond Network

NH Hotel Group


ARGO Development

European Digital Exchange

Dante International

Work highlights

  • Advised the shareholders of fintech company Capital Financial Services on its potential takeover by Elrond Network, a Romanian blockchain developer.
  • Advised  Chimcomplex on the €56.7m  refinancing of its loans from VTB and Credit Suisse/Argentum Netherlands.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA's clients benefit from the firm’s impressive regional presence. The firm has latterly been highly active in the restructuring and refinancing space, while another core area has been renewables financings, in addition to other forms of project finance. NPL portfolio transactions continue to generate work, and the team has also advised its financial services clients on several high-profile regulatory and digitisation projects. ‘Innovative’ practice head Matei Florea is ably assisted by counsel Adina Damaschin and senior associate Alexandra Pop.

Practice head(s):

Matei Florea

Other key lawyers:

Adina Damaschin; Alexandra Pop


‘Professional, open-minded and easy to collaborate with.’

‘I have mostly worked with Adina Damaschin, Matei Florea and Alexandra Pop. They were really supportive during the deal we needed to prepare and we worked very well together.’

‘Creativity in solving and structuring various issues that pop up during transactions and negotiations. Also, irrespective of their workload they deliver on time and with a good quality. Very good regional law firm, sharing resources, expertise, networking.’

‘Matei Florea – innovative, right balance between commercial and risks involved, hard-working, available, business developer.’

Key clients

APS Finance

Work highlights

  • Advised 10 creditors on a complex multilender debt restructuring project.

Wolf Theiss

Wolf Theiss fields an experienced banking and finance practice which handles the gamut of transactional, regulatory and debt capital markets issues. Cross-border work is a clear strength, aided by the firm’s fully-integrated network of offices throughout key hubs across the CEE region. Practice head Claudia Chiper has almost 20 years’ market experience, reflected in her impressive client base, which includes major domestic and international banks, funds and multilateral lenders. Recently, the firm has seen increasing work in the fintech and payments space, including product launches and related compliance mandates. Senior associate Iuliana Stoicescu brings previous expertise in private practice and as an in-house lawyer to the team.

Practice head(s):

Claudia Chiper

Other key lawyers:

Iuliana Stoicescu

Key clients

Banca Comerciala Romana S


Elinoil Hellenic Petroleum Company

Erste Group Bank

European Investment Bank

Federal-Mogul Motorparts Services

First Bank

Gemcorp Capital

International Finance Corporation

Cardif-Assurances Risques Divers


Paysafecard Group

Raiffeisen Bank

Revetas Capital Advisors


Nordic Trustee & Agency

Work highlights

  • Assisted Raiffeisen Bank on the listing of its €850m Medium Term Notes Programme on the Luxembourg Stock Exchange.
  • Advised Raiffeisen Bank on a €325m credit facility to Romgaz to help finance the acquisition of ExxonMobil Exploration and Production Romania, which holds 50% of the rights and obligations for the Neptun Deep block.
  • Advised CVI Dom Maklerski, a Polish private debt fund, on its subscription to the private placement of €8.5m in corporate bonds by the pharmaceutical company, Marcos Provit.

Bohalteanu şi Asociaţii

The banking team at Bohalteanu şi Asociaţii is ‘very well prepared, both from a theoretical and a practical perspective‘. The firm has a strong track record on regulatory matters, including support with relevant authorisations and incorporations. Digital lending and other forms of fintech advice also keep the team busy, including related consumer finance issues. Practice head Daniela Milculescu is ‘not only an excellent and very knowledgeable lawyer, but she truly understands the client’s needs’. Milculescu is supported by an experienced team of associates, including Andreea Roman.

Practice head(s):

Daniela Milculescu

Other key lawyers:

Andreea Roman


‘Daniela Milculescu is an experienced banking and finance lawyer, who has handled the work entrusted in a highly professional manner.’

‘Very responsive – very supportive – cooperative approach – excellent knowledge of local law and jurisdiction.’

‘The team is very responsive and always willing to hear and assist.’

Key clients

Tarfin Tarim

Work highlights

  • Advised Tarfin Tarim on the incorporation and authorisation in Romania of a non-banking financial institution.

Bulboaca & Asociatii

Bulboaca & Asociatii is instructed by a mix of borrowers, lenders and issuers to advise on a range of loan products, including acquisition financings and high yield bond issues. The firm also has good experience advising on NPL transactions. Managing partner Adrian-Catalin Bulboaca has a signficicant track record in leveraged and asset finance issues. Catalin Petrea, who regularly handles restructuring and insolvency matters, is also noted.

Practice head(s):

Adrian-Catalin Bulboaca

Other key lawyers:

Catalin Petrea


‘Collaborating with Bulboaca has always been constructive and positive. What I do appreciate is the fact that collaborating for many years already, the Bulboaca team knows the challenges and the areas of concern of our company and they show proactiveness by alerting us on a number of issues that may be of our interest. This is called partnership.’

Key clients

Can-Pack Group



AOT Energy Switzerland

Credit Suisse


Société Générale





Work highlights

  • Advised a syndicate of Romanian banks, including BCR (member of Erste Group), EximBank, Intesa Sanpaolo Romania and OTP Bank Romania, on a €40m increase to a syndicated loan granted to Carmistin Group to finance the expansion of its activity and investment projects.
  • Advised Canpack, a global can and container manufacturer, on a $800m high yield bond issuance.
  • Advised Romcab, an electrical wiring and conductor supplier, on its debt restructuring.

DLA Piper Dinu SCA

DLA Piper Dinu SCA has strong credentials for advising on ‘extremely challenging financing transactions‘. The firm is seeing increased activity in the renewables, manufacturing and agribusiness sectors. Fintech and regulatory work are also areas of growth, particularly in Romania’s expanding payment services sector. Counsel Ioan Chiper leads the team, and, alongside senior associate Georgiana Stan, provides an impressive ‘level of knowledge, pro-business approach and innovative spirit‘. Senior associate Andreea Badea is also recommended for both regulatory and transactional matters.

Practice head(s):

Ioan Chiper

Other key lawyers:

Andreea Badea; Georgiana Stan


‘I have worked with DLA Piper on a number of extremely challenging financing transactions and they have an outstanding understanding of business requirements, their work is excellent, on point and on time, even under challenging timelines.’

‘I have worked closely with Ioan Chiper and Georgiana Stan. I was impressed with their level of knowledge, pro-business approach and innovative spirit.’

Key clients

KT Engineering

Hyosung Heavy Industries Corporation

Work highlights

  • Representing KT Engineering, a South Korean provider of electric and telecoms services, in debt recovery proceedings linked to the construction and operation of three photovoltaic park projects in Romania.
  • Representing Hyosung Heavy Industries, a South Korean industrial conglomerate, in debt recovery proceedings linked to the enforcement of assets and shares in five photovoltaic plants financed in Romania.

Dragne & Asociatii SCA

Dragne & Asociatii SCA has an excellent reputation for major banking and finance disputes, where it represents some of the country’s largest banks and financial institutions. The firm is praised for its ability to ‘always come up with effective solutions and remarkable strategies'. Away from the contentious side, the firm also offers stellar advice on regulatory and consumer credit matters. Name partner Ion Dragne is singled out by one client as ‘an outstanding figure in the litigation, consumer and banking law fields‘. Other key contacts include practice head Stelian Garofil, and senior practitioners Delia BosmanAndreia Dumitrescu, Daniel Cirstea and Ioana Oprea.

Practice head(s):

Stelian Garofil

Other key lawyers:

Delia Bosman; Andreia Dumitrescu; Daniel Cirstea; Ioana Oprea; Ion Dragne


‘A serious team of lawyers who demonstrate a high level of professionalism.’

‘The lawyers with whom we collaborate are serious, rigorous and always come up with effective solutions and remarkable strategies.’

‘Dragne & Asociatii understands very well the consumer credit business and this puts the practice in a position to offer tailored advice. The inner understanding makes the team very responsive and creative.’

‘The team is very responsive and dedicated.’

‘Ion Dragne is an outstanding figure in the litigation, consumer and banking law fields. His experience and solid knowledge helped us navigating the changing legal environment.’

Key clients

BNP Paribas Personal Finance SA Paris Bucharest Branch

Work highlights

  • Advising BNP Paribas Personal Finance on various matters, including projects linked to its portfolio of receivables.

KPMG Legal - Toncescu & Partners SPRL

KPMG Legal - Toncescu & Partners SPRL has a notable track record across a variety of transactional and regulatory issues. The firm’s strong technology focus makes it a popular choice for fintech-related advice, including provision of digitisation support to banks and financial institutions, and assistance to new market entrants and disrupters; work in this field includes advising the National Bank of Romania on authorisations. On the transactional side, the team is noted for handling banking-related M&A and restructurings, as well as structuring cross-border syndicated loans for borrowers and lenders. Laura Toncescu leads the team, which includes Sebastian Olteanu, who is particularly experienced in NPL portfolio transactions.

Practice head(s):

Laura Toncescu

Other key lawyers:

Sebastian Olteanu

Key clients

First Bank

Banca Comerciala Romana (BCR)

Porsche Finance Group

Credex IFN

ALB – Financial Companies Association

Alpha Bank Romania S

Southrock Property Company Two (part of EOS group)

Work highlights

  • Advising First Bank on the implementation, coordination and supervision of the merger process between First Bank (formerly Piraeus Bank) and Leumi Bank Romania.
  • Advising Porsche Bank Romania on its intended reorganisation in Romania.
  • Assisted Alpha Bank with the transfer of its entire investment business from Alpha Finance Romania to another entity within the same group.

Leroy si Asociatii

Leroy si Asociatii is best known for its structured products advice, particularly in areas such as derivatives where it advises several key industry bodies, including the International Swaps and Derivatives Association, on Romanian regulatory matters. Coupled with this is a strong grounding in acquisition, real estate and project finance, where the firm assists a number of leading international banks and borrowers. Advice to banks, including major clients such as BNP Paribas, on corporate and day-to-day issues also keeps the team busy. The practice, which is led by Andreea Toma, is particularly praised for its ‘pragmatic and experienced approach to negotiation‘.

Practice head(s):

Andreea Toma


‘Very quick turnaround with the bank for financing due to a pragmatic and experienced approach to negotiation. Very clear explanations of the risks which the client is exposed to and finding pragmatic solutions.’

Key clients

BNP Paribas Personal Finance

Expert Petroleum/Syntaxis

BNP Paribas

The International Capital Market Association (ICMA)

The International Securities Lending Association (ISLA)

The International Swaps and Derivatives Association (ISDA)

Bundesverband deutscher Banken e.V. (BDB)

Work highlights

  • Assisting ISDA with updating the Romanian Netting, Collateral Provider, Collateral Taker and Clearing Members Reliance opinions it publishes on its website.
  • Assisted the Bundesverband deutscher Banken with issuing its first ISDA Core Provisions opinion for Romania.
  • Assisted ISLA with updating the industry opinion on securities lending transactions contemplated under the Global Master Securities Lending Agreement (GMSLA) published on the ISLA website.

Peli Partners

Peli Partners brings 'innovative and impressive negotiation skills' to high-value commercial real estate financings, where it typically advises major borrowers, including investment funds. In addition to greenfield loans, the firm has advised on numerous complex refinancings in the past year. Practice head Carmen Peli ‘always takes the client’s needs and interests as if they were her own‘. Other recommended practitioners include senior associate Delia Lepadatu, and founding partner Francisc Peli, whose ‘mind is a gold mine‘.

Practice head(s):

Carmen Peli

Other key lawyers:

Delia Lepadatu; Francisc Peli


‘Very good team covering a wide array of issues; they handled perfectly a complex and difficult transaction.’

‘Excellent structuring skills, innovative and impressive negotiation skills.’

‘Very professional and responsive team.’

‘Peli Partners has sound understanding of the Romanian market, and this aspect makes them regularly appear in some of the largest transactions that take place in our jurisdiction.’

‘Carmen Peli is a well known professional in the legal field and has a personal approach in our common transactions: she always takes the client’s needs and interests as if they were her own.’

‘Very professional, client-oriented and hands-on team. Extensive expertise in real estate, financing and M&A, making it a strategic, one-stop-shop partner for complex transactions.’

‘Delia Lepadatu: proactive and client-oriented, making sure that every step of a project/transaction is covered and unburdening the client at the same time.’

‘Francisc Peli, his mind is a gold mine.’

Key clients

Mitiska REIM

Anchor Group

Adventum Quartum Central Europe SICAV

Scallier Group

Mega Company Group

Portland Trust

Saint-Gobain Construction Products Romania

Work highlights

  • Assisting Mitiska REIM Group with the €130m refinancing of its entire retail park portfolio in Romania, comprising 24 retail parks with a gross leasable area of 132,000 square metres.
  • Assisting Anchor Group with the refinancing of its portfolio of office building and malls with a €80m loan from Banca Transilvania.
  • Assisting Scallier Group with several financing structures with an aggregate value exceeding €40m, involving multiple Romanian banks, for the purpose of developing retail parks across the country.

Popescu & Asociatii

Popescu & Asociatii has a comprehensive offering, which goes far beyond the firm’s traditional restructuring and insolvency strengths. The 'terrific practice' provides a ‘great service in terms of in-depth knowledge combined with practical advice‘. Clients include major banks and borrowers, who regularly instruct the firm on high-value syndicated loans, refinancings, regulatory and contentious issues. The firm’s banking focus was emphasised through the recent promotion of partner Anca Simeria, who heads the firm’s M&A and capital markets team. Other key partners include founder Octavian Popescu, whose expertise extends to financial fraud matters, and Loredana Popescu, who is strong on the real estate side.

Practice head(s):

Octavian Popescu

Other key lawyers:

Anca Simeria; Loredana Popescu


‘They have a terrific practice that covers our needs and comprises solution-minded practitioners.’

‘The team is very thorough and focused and the way the firm handles cases is impressive. I really appreciated it for its great service in terms of in-depth knowledge combined with practical advice, and great analytical capacity.’

‘They are committed to solving problems and to meeting our legal needs in our relations with the financing banks. I have never worked with such a highly capable and responsive legal team in Romania. The innovative interpretations of the contractual provisions proposed by Popescu & Asociatii team led to the successful obtaining of all the outcomes that we requested.’

‘There is no sector of the banking work they cannot do, including syndicated loans, structured finance, acquisition finance, asset finance, project finance, securitisation, derivatives, shipping finance, telecoms finance and international securities work. The capability they have to give such extended and diverse assistance is what makes them stand out.’

Key clients

Banca Transilvania

Credit Europe Bank

First Bank

Romanian State

Mytilineos Holding

Bucharest Chamber of Commerce And Industry

Teamnet International

Mega Image



Electrica Furnizare

Debt Collection Agency

Eastern Securities

Kukullo Mezo Camp

Work highlights

  • Advised Banca Transilvania on funding for a €175m contract based on MREL standards.
  • Advised Mytilineos on a €16m recapitalisation of one of its Romanian subsidiaries.
  • Advised First Bank Romania on damages obtained from Guarantee National Fund related to NPLs.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii has a versatile banking and capital markets practice which assists banks, borrowers and fintechs with a broad range of transactional and regulatory issues. This includes support with syndicated loans, refinancings and white-collar crime issues, where practice co-head Alexandru Ambrozie has a particularly strong focus. The firm has also developed a good niche in asset leasing and finance, where it represents some of the market’s largest leasing companies. Ambrozie’s counterpart, Bogdan C. Stoica, has a notable track record assisting both bank and borrowers, and has lately been involved in several high-value financings in the energy and chemicals sectors.

Practice head(s):

Bogdan C. Stoica; Alexandru Ambrozie

Key clients

BRD Société Générale

Banque Banorient France

Franklin Templeton Investment Management Limited

Libra Internet Bank

Deutsche Leasing

The Governor and Company of the Bank of Ireland

Ameropa Group/Ameropa Grains/ Azomures/Chimpex

Darzalas Group/Blocks Group

KBC Bank



Work highlights

  • Advised Ameropa Group on a €495m financing for its working capital needs.
  • Advised Ameropa Transilvania Holding on a project finance facility agreement to help acquire the majority share stake in the companies Promat Comimpex and Agroind Cauaceu, major grain traders operating in northern Romania.
  • Advised Darzalas Capital on a loan from Libra Internet Bank to help finance the acquisition of a former hotel and its development into a rehabilitation centre.


Banking and finance work forms a core part of Volciuc-Ionescu‘s overall offering, and its lawyers are praised by one client as being ‘awesome at dealing with complex, sophisticated and innovative finance deals‘; this extends to capital markets, acquisition finance, and energy and infrastructure-related financings, an industry in which the firm has a strong niche expertise. Managing partner Sabin Volciuc-Ionescu is ‘a very established practitioner with an excellent reputation in the banking sector‘. Clients also single out senior associate Diana Tudor, who ‘knows the ins and outs of the banking regulations‘.

Practice head(s):

Sabin Volciuc-Ionescu

Other key lawyers:

Diana Tudor


‘Volciuc-Ionscu has a very strong and active banking and finance practice. I have used them in corporate finance and acquisition finance transactions. They are awesome at dealing with complex, sophisticated and innovative finance deals. They are very efficient and effective and I appreciate the long hours and weekends they put in for providing sound advice and to get the deal done for demanding clients like ourselves.’

‘In a nutshell – great team. I really appreciate the quality of their support in negotiations, responsiveness, ability to handle complex, sophisticated deals and friendly approach. They are easy to work with and I always feel my projects are in the best hands when working with them.’

‘Sabin Volciuc-Ionescu is a very established practitioner with an excellent reputation in the banking sector. We have been working together for a long time on various projects and he has always delivered top quality work. He is a very good technician, efficient and quick to find solutions.’

‘Diana Tudor is very reliable, a hard worker and commercially oriented. She knows the ins and outs of the banking regulations.’

‘The team provides excellent service even in sophisticated transactions. They stand out through their very broad market knowledge, proactive approach, commercially-minded and outstanding execution. They also have very good relations with top international law firms, so we use them often on cross-border deals.’

Key clients

Banca Comerciala Romana

Bank of China

Banca Transilvania

Deutsche Bank


J&T Banka

Societe Generale

Work highlights

  • Advised Deutsche Bank, as arranger, on the $1.6bn refinancing of a global player in mobility safety.
  • Advised DEER, a major Romanian power distribution network operator, and part of Electrica Group, on €40m in facilities from EBRD for investments in its distribution network.
  • Advised Banca Transilvania on the €80m financing to Anchor Group for the acquisition of two shopping malls and two office buildings in Bucharest.

Zamfirescu Racoti Vasile & Partners

Zamfirescu Racoti Vasile & Partners fields an ‘ excellent and sophisticated‘ team which regularly assists both borrowers and lenders. The firm’s market-leading reputation for litigation naturally extends to its representation of banking clients in high-profile disputes. Non-contentious regulatory and transactional advice also feature prominently in the firm’s workload, and clients note that the lawyers ‘know how to get the best deal’. Senior partner and founder Ioana Racoti and partner Elena Iacob ‘both provide great counsel and are truly committed to the deal'.

Practice head(s):

Ioana Racoti; Elena Iacob


‘A very professional team, always happy to help and to find solutions, very pro-active, never a problem for them to be called at any time in urgent cases. You can always and at any time count on them and their advice.’

‘Ioana Racoti is an exceptional lawyer, she is constantly up-to-date with the legislation, she has a lot of experience in different areas of activity, she is a very communicative person. She is pro-active is finding solutions, she has a very professional attitude with the clients. She always explains any detail that might be unclear with calm and willingness to help.’

‘Elena Iacob is an exceptional professional, always happy to help and to explain to you in detail in order to be sure you have understood all the implications of a solution.’

‘The team is excellent and sophisticated with regard to their knowledge of issues and financial matters, especially when it comes to complex lending structures. A well-versed group of lawyers that leave nothing to chance. The team has impressed me with their breadth of knowledge, market savviness and responsiveness. They are strong both on the borrower and lender side, it is obvious that they have done a lot of cross-border work because they juggle easily with financing conditions and know how to get the best deal for their clients.’

‘Negotiations are always carried out by Ioana Racoti and Elena Iacob and they are also the main points of contact during the procedures. They both provide great counsel and are truly commited to the deal, thorough and diligent in all projects. Ioana Racoti handles with ease sophisticated issues, I am always impressed with her. Super smart, knows the market, completely dedicated to her work and navigates brilliantly the dynamics between lender groups. Just outstanding! Elena Iacob does a terrific job for her clients as well, handles also cross-border matters smoothly and is an excellent technical practitioner. One of the smartest people you will ever meet. Both are very enjoyable to work with.’

Key clients

First Bank


Unicredit Bank

Hora Credit

Piraeus Bank

Vimetco Extrusion

Romanian Banks Association

Access Financial Services


Demir-Halk Bank

Work highlights

  • Advised Alro, as borrower, on a $40m ESG-related investment loan from the Black Sea Trade and Development Bank.
  • Advising Alum on a $2m loan for working capital purposes from Garanti Bank and an extension of  its existing $3m facility.
  • Assisting Alro on a €34m facility under the Covid-19 Romanian state aid scheme in the form of loans and guarantees.