Banking and finance in Serbia

BDK Advokati AOD

BDK Advokati AOD advises both lenders and borrowers. The team stands out for its lending transaction expertise, particular regarding structured finance. It also fields experts in payment services. Tijana Kojović's broad practice includes finance and derivatives, and Dragoljub Cibulić recently advised the lenders on high-profile project finance deals. Senior associate Dragoljub Sretenović is experienced in acquisition, project, and working capital financing.

Practice head(s):

Tijana Kojović

Key clients

Société Générale

European Bank for Reconstruction and Development

International Finance Corporation

Deutsche Investitions- und Entwicklungsgesellschaft

Societe de Promotion et de Participation pour la Cooperation Economique


Société Générale Bank Serbia

Standard Chartered Bank

Bank Zachodni WBK

Nomura International

BC Partners



Banco Santander


Work highlights

  • Acted for funds advised by BC Partners on a €550m notes offering.
  • Advised Société Générale on the €3.05bn financing of a PPF Group subsidiary’s acquisition of Telenor’s CEE business.
  • Advised EBRD, IFC, Proparco and DEG, as lenders, on the project financing for Vinci Airports’ privatisation of Belgrade Airport.

Harrisons Solicitors

Harrisons Solicitors undertakes a large proportion of European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) transactions in Serbia. The practice also assists with loans, non-performing loans (NPLs), equity finance, capital markets, eurobonds, derivatives and project finance. Consultant Ines Matijevic-Papulin is highly rated for banking, securities, and other financial transactions. Senior associate Jovan Cirkovic is a banking and insolvency specialist.

Practice head(s):

Ines Matijevic-Papulin


The team is very diligent and responsive. It takes a proactive approach and does not over-complicate issues.

Harrisons Serbia is a solid reliable practice in the Serbian market. It is unique in that it is the only English law firm with offices in Serbia and Montenegro, in addition to an office in the City of London.

A high level of professionalism thanks to very experienced personnel in the firm. It delivers fast responses, is available 24/7 and puts in extra efforts to find the best possible solutions.

Every member of the team is highly dedicated to their work. They are all very engaged and doing excellent work to achieve the best possible results.

Consultant Ines Matijevic-Papulin has an excellent understanding of clients’ needs and vast experience in working with international organisations. Her experience and professionalism are top notch.

Consultant Ines Matijevic-Papulin and senior associate Jovan Cirkovic work well together and are diligent and constructive in their approach.

Key clients






Erste Bank

JP Morgan


Visa International

Credit Suisse


OTP Bank

KKR Capital Markets



Work highlights

  • Advised JP Morgan Chase Bank on its offering of a supply chain finance product offered to potential customers in Serbia.
  • Advised the EBRD on a loan to Fructal doo to refinance existing loans.
  • Assisted a group of international banks (as initial purchasers), including JP Morgan, Credit Suisse, KKR, Morgan Stanley and Crédit Agricole CIB, with the offering of senior-secured floating rate notes.

JPM Jankovic Popovic & Mitic

JPM Jankovic Popovic & Mitic is consistently involved in some of Serbia's most high-profile transactions. The team's recent work focused on the energy, telecoms, infrastructure, maritime, IT, agriculture, and food and beverage sectors. Jelena Gazivoda advises on projects that are strategically important for Serbia and the SEE region, and Nenad Popovic's clients comprise leading international and local companies.

Practice head(s):

Nenad Popović; Jelena Gazivoda


JPM is a full service commercial law firm that is capable of accepting the most complex assignments, where expertise in different subject matters is requested. This is why they are clients’ logical choice in all complex transactions that require versatile knowledge in different matters that overlap and require deep sector understanding of the industry. JPM is the best law firm in Serbia for the provision of such legal service. This is why it is unique and always a first choice.

Jelena Gazivoda is the utmost professional and highly trustworthy. She is synonymous with expertise, knowledge, intelligence and leadership – she really is unique on the market.

Key clients

China Shandong International Economic & Technical Cooperation Group

JP Srbijagas

Transportgas Srbija

Luka Beograd


Work highlights

  • Advised Habiqo doo Beograd on the acquisition of NPL receivables.
  • Acted for Gastrans on the banking and finance issues surrounding the implementation of the Turkish Stream project in Serbia, which entails the construction of a natural gas pipeline.
  • Advised China Shandong International Economic & Technical Cooperation Group on the banking and finance aspects surrounding its joint venture with the government of Republika Srpska.

Karanovic & Partners

Karanovic & Partners' experience includes high-profile syndicated loan facilities, financial derivatives transactions, NPL portfolio deals, and real estate development and energy and infrastructure project financings. Darko Jovanović specialises in infrastructure and energy financing, and Maja Jovančević Šetka advises on complex financing transactions for both lenders and borrowers. Katarina Gudurić is a project finance, refinancing, securities and financial derivatives trading expert.


Karanovic & Partners provides the highest level of legal support in all matters. The team is highly professional, has immense experience and resources, and is very well organised. Clients are particularly fond of its in-depth knowledge of specific industries and extensive knowledge in financial services.

A long-lasting and big law firm on the local market, with dedicated legal teams for different industry sectors. The team is transparent and flexible in relation to clients’ needs in terms of Western standards. Its service is the best on the local market that money can buy.

The team is thorough, highly responsive and detailed. Its legal opinions are most useful and the team is ideal for international lenders.

Its negotiation skills are the team’s crown jewel and the banking practice is impeccable. If clients need heavy artillery for their legal protection in the Serbian market, this is the right firm.

Maja Jovančević Šetka is an utterly devoted, resourceful and solutions-oriented lawyer, who always stays close to the ultimate objective. Clients feel confident that she has their best interests at heart and that she will work diligently to provide the best answers. They trust her judgement as they know she is one of the most experienced banking lawyers on the market.

Key clients

PPF Group

European Bank for Reconstruction and Development

International Finance Corporation

Airport City


City of Belgrade

Work highlights

  • Advised the City of Belgrade on the financing for a waste management treatment and disposal centre.
  • Acted for the European Bank for Reconstruction and Development and International Finance Corporation on the €215m financing of Čibuk 1, a commercial wind farm project.
  • Advised PPF Group on the financing for the €2.8bn acquisition of Telenor’s assets in Central and Eastern Europe.

Moravcevic Vojnovic and Partners in cooperation with Schoenherr

Moravcevic Vojnovic and Partners in cooperation with Schoenherr has a proven track record in syndicated lending, restructuring-related senior financing, energy and infrastructure project finance, and property development. Nikola Babić is a public finance and sovereign debt expert, and Petar Kojdić is a cross-border and domestic finance specialist.

Practice head(s):

Nikola Babić; Petar Kojdić


This is the best banking and finance legal team in the country and probably in the region. Its performance is always superb. The lawyers are impeccably trained, both abroad and locally, they are well experienced when it comes to all areas of banking practice, they have second-to-none matter management skills, and their client service is the best around.

The practice’s exceptionally high quality of service is provided by a highly professional legal team with a solutions-oriented approach.

They always perform exceptionally well and to the highest international industry standards. Other client services that are valued are exceptional matter management and people skills that are developed in the lawyers.

For a small market like Serbia, the team has strength in depth.

Nikola Babić is a seasoned finance lawyer who is the regional leader for Eurobond transactions. He is also well known for his public finance experience.

Nikola Babić is the best finance lawyer in Serbia. He knows the law, the products, the market and the clients.

Nikola Babić is a very well-known banking lawyer who is well connected and business oriented.

Petar Kojdić is one of the best banking and finance lawyers in the market. He has a broad knowledge base, noteworthy experience, knows the industry exceptionally well and, most importantly, is always reliable.

Key clients

Deutsche Bank

UniCredit Bank

Erste Bank

Banca Intesa

HETA Asset Resolution

Bank Of Cyprus

The European Bank for Reconstruction and Development

International Swaps and Derivatives Association

Société Générale

OTP Bank


PNB Paribas (Suisse)

Magyar Export-Import Bank

Raiffeisen Bank International

Citigroup Global Markets


Deutsche Bank

J P Morgan Securities

Work highlights

  • Advised UniCredit on the large project financing of a shopping mall development.
  • Advised the Republic of Azerbaijan and Azvirt on a €21m loan agreement with the Republic of Serbia, which was for a motorway construction financing.
  • Acted for Sberbank Russia, and local Sberbank entities from Croatia, Serbia and Slovenia, on the collection of a €1.3bn-plus claim against Agrokor and its affiliates.

BOPA Bojanovic & Partners

BOPA Bojanovic & Partners' Vladimir Bojanovic specialises in general banking finance, syndicated lending, structured finance, financial regulation, capital markets, distressed transactions and loan restructuring. Senior associate Petar Delić is experienced in banking and finance and regulatory law.

Practice head(s):

Vladimir Bojanović


Clients are amazed by their professionalism and knowledge of commercial matters, particularly in relation to banking and finance. The team is always available to advise and understand clients’ needs. Its organisational structure allows it to be extremely cost effective when compared to other law firms, providing a premium legal service without running into unnecessary overheads. The practice has the same approach and quality of service as famous international firms.’

These are great banking lawyers, who have deep industry knowledge and are effective and responsive.

This firm delivers exceptional work in the finance sector.

This is a very skilful and educated team that is a trusted partner to clients. Its advantage is competitive pricing with high levels of competence in several industry areas.

A very professional team that quickly responds.

Although the whole team is absolutely fantastic, Vladimir Bojanović stands out as an excellent negotiator.

Senior associate Petar Delić and managing partner Vladimir Bojanović’s professionalism and understanding of commercial matters are fantastic. They always get the deal done and are able to provide a highly sophisticated legal service, delivering the most reasonable and appropriate advice.

Key clients

Alpha Bank


Blue Sea Capital




Magyar Cukor

Paramount Pictures

NLB Group

Generali Group

Work highlights

  • Advised Alumil on loans that it took from various Greek banks.
  • Provided banking regulatory advice to Mastercard.
  • Acted for Alpha Bank and National Bank of Greece on a complex financial transaction worth over €35m.

Gecic Law

Gecic Law has a substantial banking and finance practice with cross-border capability. Banking and finance head Nikola Aksić advises on financing and foreign exchange transactions, infrastructure project financing and restructuring.

Practice head(s):

Nikola Aksić


This is a very client-oriented practice that is always on call to resolve critical or problematic aspects of the subject matter. It delivers solutions rather than finding problems where they shouldn’t exist.

Nikola Aksić is a highly devoted professional who is eager to make the final result beneficial to the client. He pays attention to finding solutions and presents arguments that make him unique in Serbian banking practice.

Key clients


Advance Global Capital

Banka Poštanska štedionica a.d. Beograd

IoNet doo. Beograd

Air Serbia ad Beograd

Serbian Chamber of Commerce

Government of Serbia

RS Partners Biser doo Beograd

Electric Power Industry of Serbia

Work highlights

  • Advised Advance Global Capital on a complex, cross-border financing of a local factoring company.
  • Acted for the EBRD on its development of a factoring strategy.
  • Advised Banka Poštanska štedionica ad Beograd on a large intra-bank loan.

Joksovic, Stojanovic & Partners

Joksovic, Stojanovic & Partners is experienced in projects that include  regulatory issues, foreign exchange transactions, subordinated loans and debt restructuring. Petar Stojanovic's practice includes NPL transactions.

Practice head(s):

Milan Joksovic; Petar Stojanovic


JSP delivers quick turn-around times and efficiency. Clients appreciate having one-partner contact, but even when more lawyers are involved, the work is supervised by a partner.

Key clients

Robert Bosch

Nelt Co

Jubmes Bank

GrECo AG Austria

Wiener Stadtische

Caterpillar Financial Services

Trace Hold Bulgaria

van Waveren-Saaten

True Capital International

Rubau Constructiones

Infrastructure Development and Construction

Work highlights

  • Advised Elekta Solutions on bank guarantee issues that related to public procurement contracts.
  • Acted for Infrastructure Development and Construction on a bank guarantee provided to Gastrans, which related to a gas pipeline project.
  • Advised Infrastructure Development and Construction on a financing agreement for the purchase of equipment and materials.

Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss

Law Office Miroslav Stojanovic, in cooperation with Wolf Theiss covers banking regulatory issues and project, acquisition and structured finance. To enhance its delivery and client communication service, the firm launched collaboration, file sharing and project management platform, WT Space. Miroslav Stojanović advises on complex banking and finance projects, and Nataša Lalović Marić's practice includes capital markets work.


The team is capable of handling very complicated cases quickly but with exceptional quality. They perform their tasks very diligently, no matter the issue, value or parties involved.

The team consists of devoted professionals, with high expertise levels and diligence.

Key clients

Erste Group Bank

UniCredit Bank Srbija

Erste Banka a.d. Novi Sad

Gazprombank Moscow

European Fund for Southeast Europe

Western Union Corporate Legal Administrator

Soravia Real Estate Development

JP Morgan Chase & Co

JP Morgan Chase Bank

Barclays Bank

North Channel Bank GmbH & Co

AIK Banka

Družba za upravljanje terjatev bank

Work highlights

  • Advised Barclays Bank on regulatory issues surrounding marketing activities and the issuance of securities.
  • Acted for North Channel Bank GmbH & Co KG, as lender to Fikole doo Beograd, on financing the acquisition of Verano Motors (within bankruptcy proceedings).
  • Advising a multinational bank syndicate, including Erste Group Bank, UniCredit Bank Srbija and Erste Banka ad Novi Sad, on the planned refinancing of a shopping centre and development financing for an office tower.

Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz

Petrikic & Partneri AOD in cooperation with CMS Reich-Rohrwig Hainz stands out for its experience in project finance and debt restructuring. Milica Popović specialises in banking and finance law, including project finance and capital markets. She consistently plays a key role in financial restructuring projects. Senior attorney Ksenija Boreta is a project finance specialist.

Practice head(s):

Milica Popović

Key clients

OTP Bank Group

UniCredit Group

Barclays Bank

Cheyenne Capital

API Bank

Intesa Sanpaolo Group

SID Bank



Work highlights

  • Advised API Bank on a residential real estate finance project in Montenegro.
  • Advised UniCredit Group on a cross-border acquisition financing, which involved a regional pet food producer and retailer in Serbia, Romania and Croatia.
  • Acted for a syndicate of banks, led by ING and UniCredit London, on the refinancing of the Danube Foods Group portfolio in Serbia.

Bojovic Draškovic Popovic & Partners

Bojović Drašković Popović & Partners fields lawyers with sector specialisations in technology, telecoms, fashion, banking, fund management and real estate. The firm has a niche specialisation in providing US law-compatible advice, with NPL specialist Uroš Popović admitted to the New York bar. Marija Bojović is a highly regarded banking and finance expert.

Practice head(s):

Marija Bojović


The firm has a very capable banking and finance team. Its main strengths are attention to detail, prompt rendering of services, reliability and accessibility of partners.

It has deep knowledge of the market and the ability to engage resources in a short time.

It has international expertise, cross-border experience, is very client-focused and a true pleasure to work with.

‘Uroš Popović is one of the most helpful and quick-responding lawyers around.

Uroš Popović is a very well-educated partner, with both local and US legal backgrounds. This is a great combination for handling international clients. With him, the client comes first.

Uroš Popović is a highly skilled lawyer, well connected, has tremendous cross-cultural expertise, and is always willing to go the extra mile for a client’s success.

Key clients

Delta Real Estate Group

Poseidon Group and Mitiska REIM

adidas Group

Titan Machinery




EOS Matrix

Work highlights

  • Advised US agriculture and construction equipment manufacturer, Titan Machinery, on the financing of its Serbian company.
  • Acted for Delta Real Estate Group on the refinancing of an existing loan through a high-value syndicated facility.
  • Advised Knighthead Capital investment fund on a €1.1bn priority loan granted to Croatian Agrokor Group.

Prica & Partners

Prica & Partners' banking and finance head Mihajlo Prica is experienced in general lending, acquisition, asset and structured finance, NPL portfolio acquisitions and project financing. Tijana Lalić is a syndicated lending and leveraged finance and public bid finance specialist.

Practice head(s):

Mihajlo Prica; Tijana Lalić

Key clients


The Rohatyn Group

Piraeus Bank

Banca Intesa

American Express

Government of the Republic of Serbia

Komercijalna Banka

Société Générale

Crédit Agricole

OTP Bank


Work highlights

  • Advising Banca Intesa AD Beograd on banking and financing matters.
  • Acting for American Express on banking-related matters.
  • Advised IFC on the restructuring of an agribusiness company.

Samardžić, Oreški & Grbović Law Firm

Samardžić, Oreški & Grbović Law Firm is a member of Lexcellence, an alliance of independent business law firms operating in the SEE region. Miloš Velimirović heads the banking and finance department, which advises on acquisition and project finance, refinancing and debt restructuring.

Practice head(s):

Miloš Velimirović


It pays attention to detail , is knowledgeable and has a deep understanding of the law.

They are very professional, skilful and responsive.

The team comprises carefully chosen experts, who possess excellent knowledge of the Serbian and regional legal market. It is well organised, responsive and professional.

This reliable team provides comprehensive advice to its clients and has in-depth knowledge of local law, thus enabling it to work very efficiently, always paying attention to detail and being problem-solving oriented. With its deep industry knowledge and a pragmatic approach, it always focuses on achieving the best results.

Miloš Velimirović is on top of all banking and finance matters and knows what to do. Milos possesses a combined education in law, finance and management, and his unique knowledge of banking and finance law as well as the market is remarkable.

Milan Samardžić has a wide range of experience and he is dedicated to his clients. Working with him is enjoyable, not only because of his creative approach to problem solving, but also because of his in-depth knowledge and precision as well as delivery of the best possible solutions.

Milan Samardžić is an outstanding lawyer who always finds the solution and always has clients’ best interests in mind.

Key clients


Banca Intesa ad Beograd

DB Schenker Serbia

AIG Europe

Eiffel Investment Group

Yihai Property Group

Work highlights

  • Advised Schenker doo, a branch of global logistics provider, DB Schenker, on financial leasing matters.
  • Acted for Banca Intesa, one of the largest banks in Serbia, on the activation of a bill of exchange.
  • Assisting KV Invest 1 with the maintenance of its NPL portfolio.

Stankovic & Partners (NSTLAW)

Stankovic & Partners (NSTLAW) predominantly acts for international financial institutions and borrowers on substantial cross-border financings (including project finance), as well as major restructurings and insolvency matters. Nenad Stankovic advises on complex, high-profile transactions in Serbia and in Montenegro.

Practice head(s):

Nenad Stankovic

Key clients

British American Tobacco

Titantex SRL Unipersonale


Aelius SARL Luxembourg


European Bank for Reconstruction and Development

Monster Energy

Serbian Innovation Fund

Heta Asset Resolution


Work highlights

  • Advising Innovation Fund of the Republic of Serbia on a range of projects, including drafting finance instruments.

Zavisin Semiz Law Office

Zavisin Semiz Law Office stands out for real estate and asset finance work. The practice is also active in private equity-driven leveraged finance. Stojan Semiz's clients include lenders, borrowers and sponsors. Counsel Jelisaveta Stanišić focuses on project and leveraged finance and foreign exchange regulations.

Practice head(s):

Stojan Semiz


This team compares very favourably to its colleagues. It staffs transactions appropriately, is knowledgeable and provides quick service. Pricing is also reasonable.

A very strong team with longstanding experience in the project finance area. It also delivers reasonable pricing with good response times.

Stojan Semiz and counsel Jelisaveta Stanišić take a commercial approach to transactions and are able to see the big picture and how to achieve clients’ goals. Their advice is very valuable.

Key clients


Erste Group Bank

Erste Bank Serbia

Shikun Binui

Raiffeisen Bank International

Belgrade Waterfront

Mid Europa Partners

UniCredit Bank Serbia



Work highlights

  • Advised Shikun Binui, as borrower, on the construction financing for a residential project.
  • Advised GTC, as borrower, on the refinancing of a major office complex.
  • Acted for a syndicate of lenders on the refinancing of a large office complex.