Banking, finance and capital markets in Turkey

Balcioglu Selçuk Ardiyok Keki

Balcıoğlu Selçuk Ardıyok Keki's banking and finance practice covers a wide range of transactions, including those involving project finance, acquisition finance, real estate finance and corporate lending. Elsewhere, the firm also handles a wide range of debt and equity capital markets transactions, such as initial public offerings (IPOs), private placements, sukuk issuances and structured debt issuances. Clients include corporate issuers and underwriters, international and domestic banks, and businesses in the energy, real estate, hospitality, construction and infrastructure sectors. Managing partner Barlas Balcioğlu leads the banking side of the practice, while Müfit Arapoğlu heads up the firm's capital markets offering. Günhan Yalçın is recommended for his experience of domestic and cross-border debt finance transactions.

Practice head(s):

Barlas Balcıoğlu; Müfit Arapoğlu;

Key clients

Yapı ve Kredi Bankası A.Ş.

Credit Europe Bank N.V.

Sberbank Switzerland AG

Bunge SA


Standard Chartered Bank

Mizuho Bank

T. İş Bankası A.Ş.

ING Bank A.Ş.

Odeabank A.Ş.


OC&C Strategy Consultants

Perea Capital LLC

Tofaş Türk Otomobil Fabrikası A.Ş.

Koç Holding

Taxim Capital

Barclays PLC

Work highlights

  • Acted for Credit Europe Bank NV on the provision of a term loan facility to Doğuş Gayrimenkul Yatırım Ortaklığı A.Ş. to finance the €100m acquisition of two commercial properties in Istanbul.
  • Advised ICBC on the Turkish law aspects of the provision of up to €160m working capital loans to Turkish Airlines.
  • Advised Koç Holding A.Ş. on a $750m Rule 144A/Regulation S notes issuance.

Esin Attorney Partnership, Member of Baker & McKenzie International

Esin Attorney Partnership, Member of Baker & McKenzie International operates at the top end of the market for equity capital markets transactions, and it is also highly active in the debt capital markets sphere. Banking mandates are another key workstream for the firm, with it generating repeat instructions from Turkish and international banks. Team head Muhsin Keskin works with senior associate Berk Cin, whose experience includes syndicated loans, ECA-backed financing, acquisition finance, project finance and securitisation transactions.

Practice head(s):

Muhsin Keskin

Key clients

Saudi Telecom Company

Abraaj Credit B.V

Zorlu Enerji Elektrik Üretim A.Ş

Intesa Sanpaolo S.p.A.

ING Bank A.Ş.

Zorlu Holding A.Ş. and Zorlu Dış Ticaret A.Ş.

DFDS A/S, DFDS Turkey Denizcilik ve Taşımacılık Yatırımları A.Ş., DFDS Logistics AS and U.N. RoRo İşletmeleri A.Ş.

Türk Telekomünikasyon A.Ş.

Doğuş SK Girişim Sermayesi Yatırım Ortaklığı A.Ş

Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. (Penta Teknoloji) and Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Gözde Girişim)

Akbank T.A.Ş.


Murat Barış Tansever, İstanbul Portföy Yönetimi A.Ş. and Istanbul Portföy Ark II Hedge Fund

Work highlights

  • Acted for Saudi Telecom Company on the restructuring of a $4.75bn acquisition finance facility provided by a syndicate of Turkish and international banks.
  • Advised Zorlu Enerji Elektrik Üretim A.Ş. on a $250m term loan mezzanine facility provided by Kuwait Investment Agency (KIA).
  • Acted for Türk Telekomünikasyon A.Ş. as the issuer on a $500m corporate bond issuance.

Gedik Eraksoy Avukatlik Ortakligi

Gedik Eraksoy Avukatlik Ortakligi advises on project finance, general lending, real estate finance, leveraged finance and structured finance transactions. Clients include international and domestic sponsors, and banks. Hakkı Gedik's expertise includes acquisition finance, syndicated lending, Islamic finance, financial regulation and securitisations. Joe Clinton and Umut Gurgey, who jointly lead the team with Gedik, are experts in leveraged and structured financing transactions. The team provides on the ground English law support.

Practice head(s):

Hakkı Gedik; Joe Clinton; Umut Gurgey


‘Value added support’.

Key clients

Standard Chartered Bank



Credit Suisse


Trans Adriatic Pipeline


Garanti Bank

Hanwha Q Cells

BAML/Bank of America Merrill Lynch

Work highlights

  • Acted as lead counsels and legal advisers to Akbank, Türkiye Garanti Bankasi, Türkiye İş Bankasi and Deutsche Bank (collectively known as the coordinating committee) on the $5.1bn financial restructuring of the existing credit facilities and hedging arrangements of Ojer Telekomünikasyon A.Ş. (OTAS) by way of a lender-led transaction whereby the creditors took control of OTAS’ 55% stake in Türk Telekomünikasyon A.Ş.
  • Advised Trans Adriatic Pipeline AG (“TAP”) on the €5.4 bn debt financing of the Trans Adriatic Pipeline project.
  • Advised EBRD, BSTDB, TSKB and Isbank on the $720m bridge-financing of Gürmat Elektrik Üretim A.Ş. for the EFE 6 expansion of the Efeler geothermal power plant in Turkey.

GKC Partners (in professional association with White & Case)

GKC Partners (in professional association with White & Case)'s team has expertise in a wide range of banking transactions, including those involving acquisition finance, project finance, structured finance, global mortgages and mortgage covered bonds issuances. It also advises on the regulatory framework relating to restructurings. Clients include borrowers, foreign and Turkish banks, private equity investors, arrangers and purchasers. Güniz Gokce, who acts for arrangers, lenders and multilateral financial institutions in cross-border financings. Gokce co-heads the practice with Derin Altan, who is recommended for his capital markets expertise. Newly promoted partner Ceren Şen advises on all aspects of the structuring, negotiation and documentation of debt capital markets deals. Ateş Turnaoğlu also made partner.

Practice head(s):

Güniz Gökçe; Derin Altan


‘The team is specialized in banking & finance law and practice. Therefore, even the most complicated issues are dealt with effective care and resolved in a short period of time’.

‘Team’s synergy is vivid and positive, with a “can do attitude”’.

‘Guniz Gokce has years of experience combined with a sharp intelligence, management and persuasion skills’.

‘Ateş Turnaoğlu is an exemplary, hard-working attorney with great legal perspective and high negotiation skills’.                               

‘I believe GKC Partners is one of the best in the area of finance and capital partners in Turkey with a lot experience and great understanding and assistance of the customer needs’.

Key clients

Mayhoola for Investments


Goldman Sachs


HSBC Bank Canada

Mikro Yazılımevi

European Bank for Reconstruction and Development (EBRD)

International Finance Corporation (IFC)

Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO)

İş Bankası

Garanti Bankası

Türkiye Spor Toto Süperlig


Yapı ve Kredi Bankası


Work highlights

  • Acted for Goldman Sachs Bank as arranger on the facilities to be extended to We Soda Ltd. and Ciner Enterprises Incorporation (UK and US affiliates of Ciner Group) for the intragroup restructuring and the prepayment and refinancing of certain existing indebtedness of Ciner Group.
  • Acted for EBRD, IFC and FMO on $320m facilities for Osmangazi Elektrik Dağıtım A.Ş. (OEDAS).
  • Acting for İş Bankası and Garanti Bankası as the lenders on the $286m financing of the privatisation of Afyon sugar factory and refinancing of certain debts of the borrowers.  


Paksoy's varied workload includes initial public offerings (IPOs), exchangeable bond offerings, fund formation, issuances of green bonds, sukuk offerings and structured finance transactions. Clients include domestic and international banks, sovereign entities and corporates. Ömer Çollak and Sera Somay co-head the team.

Practice head(s):

Ömer Çollak; Sera Somay

Key clients

Standard Chartered Bank

Turkey Wealth Fund

Bank of China

Borusan Enerji


BNP Paribas



Garanti Bankası

Work highlights

  • Advised Borusan Enerji on a $145m facility agreement from Akbank T.A.Ş.
  • Acted for Turkey Wealth Fund on its investment in €1.4 bn and €700m Perpetual Fixed Rate Resettable Additional Tier 1 Notes issued by Türkiye Cumhuriyeti Ziraat Bankası A.Ş. and Türkiye Vakıflar Bankası T.A.O.
  • Acted as Turkish counsel to Bank of China on the provision of a €400m facility to Turkish Airlines for the construction of the facilities of Turkish Airlines at the 3rd Istanbul Airport.

Pekin & Pekin

Pekin & Pekin's banking work covers bilateral and syndicated loans, leveraged finance, project finance, acquisition finance and Islamic finance. On the capital markets side, it is adept at handling debt issuances, derivatives, structured products, and approvals for product issuances from the Capital Markets Board (CMB) and the Banking Regulation and Supervision Agency (BRSA). Clients include banks, investment firms and public companies. One of the co-heads of the team is Ahmed Pekin, who has vast experience of cross-border finance transactions and assisted with drafting the Sukuk Law in Turkey. Pekin jointly heads up the team with Özge Okat and Eda Beltan.

Practice head(s):

Ahmed Pekin; Özge Okat; Eda Beltan

Key clients

Morgan Stanley & Co. International PLC

Goldman Sachs International Bank

Standard Chartered Bank PLC

Standard Chartered Yatırım Bankası Türk A.Ş.

EFG International AG


Bank J. Safra Sarasin AG

HSBC Bank A.Ş.

Work highlights

  • Assisted Bank J Safra Sarasin with obtaining Banking Regulation and Supervision Agency (BRSA) approval of the establishment of a representative office in Turkey, and also assisted the client with post-approval procedures in relation to the representative office.
  • Acting for a syndicate of Chinese lenders on the $1.4bn term syndication facility agreement to finance a mega coal-fired power plant to be installed in southern Turkey.
  • Provided Turkish legal services to a multinational financial group (acting as an arranger) in connection with the Diversified Payments Rights Securitisation Programme of a major Turkish bank.


CIFTCI Law Firm has a full-service banking practice, which covers a wide ambit of financing transactions. Its many areas of expertise include general corporate lending, leveraged and acquisition finance, structured finance, infrastructure finance, project finance, export finance, real estate finance and sovereign lending. It also has a growing capital markets department and is particularly adept at advising on sukuk matters, having been instrumental in the establishment of the Turkish sukuk market. Clients include international and domestic banks, and corporates/sponsors. Itır Sevim-Çiftçi heads the capital markets practice. Counsel Sait Eryilmaz is experienced in syndicated financings and securitisations, and focuses on the energy and infrastructure sectors. Mete Yegin left the firm.

Practice head(s):

Itır Sevim-Çiftçi; Sait Eryılmaz

Key clients



Garanti BBVA

Credit Suisse




Turkey Wealth Fund

BNP Paribas

Deutsche Bank

TSKB (Development and Investment Bank of Turkey)

ICBC Turkey

Goldman Sachs

JP Morgan


QNB Finansbank

Work highlights

  • Advised the lenders on the €1.1bn financing of the design, construction, operation, maintenance and repair of Ankara-Niğde motorway procured by the General Directorate of Highways of Turkey under the build-operate-transfer model.
  • Advised EBRD and four Turkish banks on a green loan provided to Akfen Holding in relation to its 242 MW wind farm investment for the construction of four new wind farms.
  • Advised EBRD on the provision of finance to Işık Tarım Ürünleri, a leading Turkish company active in agriculture, for the expansion of its agricultural facilities.

Akol Law

Superb firmAkol Law advises on project and acquisition finance, bilateral financings of major privatizations, and secured and unsecured loan transactions. Other areas of focus include structured finance, syndicated loans and club loans. It often works with prominent international firms when advising on cross-border matters. Meltem Akol is a name to note in the team, which was strengthened by the arrivals of Ömer Gökhan Özmen and Güneş Yalçın from YaziciLegal. In 2019, Mithat Özgün Özok and Zeynep Yavuz departed the firm to establish Özok Law Firm.

Practice head(s):

Meltem Akol


‘Meltem Akol has not only maintained her own reputation at the top of the market, but is now building around here a series of high qualify partners in a diverse range of practice areas that complement each other and are sought after by our clients’.

‘User friendly and high quality advice’. 

‘Meltem has seen it all and there is not a situation that we have dealt with where I did not have confidence in her ability to analyse the situation and act as the needed grown up in the room on multiple complicated issues’. 

‘Very proactive, great commercial and industry knowledge’.

‘Their turnaround time is swift and their drafting is precise’.

Key clients

İş Bankası


Credit Europe Bank

Bank Saint Petersburg




Bank Otkritie

DZ Bank


Halk Yatırım

Emlak Konut GYO

IC İçtaş

Gedik Yatırım


VTB Capital

Work highlights

  • Advising Gedik Yatırım Menkul Değerler A.Ş. (Gedik Securities) on day-to-day operations and drafting framework agreements for brokerage services.
  • Acted as legal counsel to Kordsa Teknik Tekstil A.Ş. on the $140m financing by Bank of America, MUFG Bank and others of its acquisition of Axiom Materials Acquisition LLC through its wholly owned subsidiary Kordsa Inc.
  • Advising Multi Corporation B.V. on day-to-day post-closing matters  concerning loans granted to its subsidiaries in Turkey.

ASC Law Office

ASC Law Office has a broad banking practice, which is evidenced by its involvement in transactions spanning areas such as project finance, syndicated loans, derivatives, aviation finance and acquisition finance. On the capital markets side, the team also advises on IPOs, follow-on offerings, and issuances of bonds and other promissory transactions. Banking experts Okan BeygoLevent Yetkil and Denel Balcı jointly lead the team with recently promoted partner Ela Sarı.

Practice head(s):

Okan Beygo; Levent Yetkil; Denel Balcı Kırali; Ela Sarı

Key clients

Osmanlı Yatırım Menkul Değerler A.Ş.

T.C. Ziraat Bankası A.Ş.

Alternatif Bank A.Ş.

ICBC Turkey A.Ş.

AG Anadolu Holding A.Ş.

Doğuş Enerji Yatırımları A.Ş.

Boyabat Elektrik Üretim ve Ticaret A.Ş.

Work highlights

  • Advised a syndicate of banks on the $5.5 bn restructuring of the debt of Yıldız Holding A.Ş.  
  • Advising Turkish lenders and a financial leasing company on the restructuring of a $1.1 bn loan facility to a publicly-held energy company.
  • Assisting the lenders with the $500m refinancing of the debts provided for the privatization of Istanbul ferry operator Istanbul Deniz Otobusleri Sanayi ve Ticaret A.S. (IDO).

Bezen & Partners

Bezen & Partners’s broad banking practice covers acquisition and leveraged finance, asset finance, project finance and public-private partnership (PPP) finance and structured finance. On the capital markets side, the firm advises on the issuance of debt instruments and bonds, derivatives transactions, swap and ISDA transactions, and compliance and regulatory matters. Clients include foreign and domestic banks, financial institutions, investors, corporations and public entities. Yeşim Bezen (who is qualified in England and Wales), Banu Bölükemini and recently promoted partner Can Özilhan are the joint heads of the team.

Practice head(s):

Yeşim Bezen; Banu Bölükemini; Can Özilhan

Key clients


Akfen Gayrimenkul Yatırım Ortaklığı A.Ş.

ADN PPP Sağlık Yatırım A.Ş.

Rönesans Holding

QNB Finansbank A.Ş.

Peyman Kuruyemiş Gıda Aktariye Kimyevi Maddeler Tarım Ürünleri Sanayi ve Ticaret A.Ş.


Blacksea Trade and Development Bank

Enercon GmbH

Yıldırım Holding A.Ş.

Banque cantonale de Geneve

China Development Bank

PNC Bank

Work highlights

  • Advised KfW IPEX-Bank on its $209m ECA financing of Akfen Renewable Energy in connection with the construction of four wind power plants in Turkey with a total installed capacity of 242 MW.
  • Advised Pronet Güvenlik Hizmetleri A.Ş. on the $203m refinancing of its structured finance facilities.
  • Advised the European Bank for Reconstruction and Development on an $80m facility to the Izmir Metropolitan Municipality for the purpose of constructing a metro line in the city.


DURUKAN+PARTNERS is highly active in all types of secured and unsecured financings, and it also assists clients with regulatory issues. The scope of its work includes project finance, energy finance, infrastructure finance and real estate finance. Clients include domestic and foreign banks, multinational companies and other borrowers. Team head Begüm Durukan is recommended.

Practice head(s):

Begüm Durukan


‘Although a relatively small firm, the team works well together to manage large project and delivers polished, well-researched and commercial advice in a timely manner’.

‘Begüm Durukan is practical, highly experienced and commercial’.

Key clients

Ojer Telekomunikasyon AS, Oger Telecom Limited

China Development Bank

European Arab Bank plc (EAB)

Arab Bank plc

International Finance Corporation

MasterCard International Incorporated

Emaar Properties PJSC


Gemalto N.V.

Turkland Bank A.S.

GroupMed sal (Holding) (Lebanon), GroupMed International Holding Limited (Dubai), Arab Bank plc, Arab Bank (Switzerland) Ltd. and their respective individual shareholders

Sovcom Bank

Work highlights

  • Advised Ojer Telekomunikasyon A.S. (OTAS) and its stakeholder Oger Telecom Limited on the restructuring of OTAS’ $5.2 bn debt to lenders, including major Turkish and foreign banks.
  • Advised International Finance Corporation (IFC) on an $80m loan agreement executed with Alternatif Bank for financing its lending operations by way of sub-loans and sub-borrowers.
  • Advised Mastercard on financial regulatory matters regarding a multijurisdictional project.

Erdem & Erdem Law Office

Erdem & Erdem Law Office covers a wide range of banking transactions for clients, including those centred on construction finance, acquisition finance and project finance. Its team is also sought out for advice on debt and equity capital markets transactions; areas of expertise include high-yield debt, private placements, IPOs and derivatives transactions. Clients include corporate issuers, private equity funds and financial institutions. The team is jointly led by Ozgur Kocabasoglu and Ercüment Erdem.

Practice head(s):

Özgür Kocabaşoğlu; Ercüment Erdem

Key clients

Akbank T.A.Ş.

Garanti Bankası A.Ş.

İş Bankası A.Ş.

Teknik Aluminyum

Yılport Holding

Trakya Cam Sanayi A.Ş.

Türkiye Şişe ve Cam Fabrikaları A.Ş. (Şişecam)

Paşabahçe Cam Sanayi ve Ticaret A.Ş.


China Pengfei Group

Work highlights

  • Advising China Pengfei Group on Turkish law issues relating to an ongoing IPO in Hong Kong.    
  • Advising Türkiye İş Bankası A.Ş. on several matters concerning capital markets legislation and the daily business of the bank.    
  • Advising Türkiye Garanti Bankası, Akbank and Türkiye İş Bankası on a restructuring project, capital markets legislation and permits and approvals from the Capital Markets Board.

Hergüner Bilgen Özeke

Hergüner Bilgen Özeke's group has expertise in corporate finance, real estate finance, acquisition finance, project finance and Islamic finance. It has particular experience of regulated sectors, such as mining, among others. The firm also advises clients on audits by the Capital Markets Board (CMB). The team generates mandates from government bodies, sponsors and multinational companies, among others. Piraye Kuranel BaşolYeşim Api ŞamlıKayra Üçer and Mert Oğuzülgen are the joint heads of the team.

Practice head(s):

Piraye Kuranel Başol; Yeşim Api Şamlı; Mert Oğuzülgen; Kayra Üçer

Key clients


Wafra Capital Partners, Inc.

Global Exchange


Telia Company

Taiwan Cement Corporation

Finansbank A.Ş.

Work highlights

  • Providing assistance to 20 banks in relation to the provision of long-term investment finance to Enerji SA.
  • Assisted Export-Import Bank of China (EXIM) with the negotiation of a $300m working capital loan agreement with DenizBank.

Çakmak Attorney Partnership

Çakmak Attorney Partnership’s banking practice has a particular focus on project finance; it is particularly experienced in PPP transactions, energy finance, greenfield project finance and hospital PPP projects. In addition to assisting clients with transactions, the group advises on regulatory matters and disputes, as well as payment service provider issues. Clients include domestic banks, investors and payment companies. Zeynep Çakmak and Mustafa Durakoğlu head up the team.

Practice head(s):

Zeynep Çakmak; Mustafa Durakoğlu


‘Punctuality, diversity, lateral thinking and can do attitude that makes the difference’.

‘Attention to detail, effective communication and modesty’.

Key clients

Landesbank Baden – Württemberg and KFW IPEX – Bank

ERG İnşaat

European Bank for Reconstruction and Development, Ziraat Bankası and Akbank

Gama Holding and Türkerler

International Finance Corporation

Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Siemens Bank GmbH and Banca IMI S.p.A.

Visa Europe

Western Union

Bank Julius Baer

Ceska Exportni Banka

Flywire Payment Solutions

China Development Bank

Ziraat Bankası, Halk Bankası, Vakıflar Bankası, Denizbank, Finansbank and Garanti Bankası

Elevate Export Finance Corporation (EEFC)

Engine Lease Finance Corporation (ELFC)

Work highlights

  • Acting for Landesbank Baden – Württemberg and KFW IPEX on the $120m financing of Karaburun Wind Farm Phase 2.
  • Acted for ERG İnşaat, as borrower and sponsor, on the €1.15bn financing of the Ankara-Niğde Motorway Project.
  • Acted for EBRD, Ziraat Bankası and Akbank on the $210m financing of the construction, development and operation of two gold mines in northwest Turkey.


A name to note at Gökçe (which merged with YaziciLegal in January 2020) is senior manager Hakan Yazici, who is experienced in areas such as structured finance and derivatives. The team assists clients with cross-border finance transactions, structuring of financing models and security packages, regulatory and general advisory matters. In addition, other areas of expertise include bond issuances, secured and unsecured loan transactions, and syndicated finance. The group acts for clients such as international and domestic investment banks (and other financial institutions), as well as corporates.

Practice head(s):

Hakan Yazıcı


‘Working with team over the years has always been a pleasure’.

‘Ready to answer all questions in a prompt manner and always collaborative’.

‘The members of the team are always accessible and ready to provide any assistance needed’.

Work highlights

  • Acted for Garanti Bank on financing Mikro Yazılım’s acquisition of Zirve Yazılım.
  • Acted for Yapı ve Kredi Bankası and Halk Bank, two major Turkish banks,  on the provision of €116m to Çan Kömür ve İnşaat A.Ş., subsidiary of Odaş Elektrik Üretim Sanayi Ticaret AŞ.
  • Acted as Turkish legal counsel to Vakıfbank on the establishment and update of a Global Medium Term Note Programme, as well as issuances thereunder.

Gen Temizer Ozer

Gen Temizer Ozer recently partnered with affiliate firm Kinstellar to serve as local law counsel to the latter's international clients in Turkey. Highlights for the firm, which is able to offer both English and Turkish law advice, included acting for certain lenders on providing finance to borrowers intending to pursue international arbitration claims. Areas of focus include acquisition finance, project finance (including energy-related finance) and M&A refinancing. The firm generates work from entities in sectors such as energy, natural resources, retail, consumer, transport, logistics and banking. Baran Gen jointly heads up the team with Edmund Emre Özer.

Practice head(s):

Edmund Emre Özer; Baran Gen


‘Gen & Temizer provide consistently first rate legal advice, always in a timely fashion’.

‘Emre Ozer can always be relied upon to provide succinct, clear and commercial advice’.              

‘It is a deal focused firm that is led from the front by the partners’.

‘The partners are hands on and responsive with a strong commitment to the transaction’.

‘Their approach is very international compared to other firms’.

‘Baran Gen has a first class knowledge of the banking sector; she puts the focus on the transaction to ensure that it is done efficiently and in the right way’.

‘Emre Ozer has an English law background, which is very useful for the cross-border financings we are doing; he has a calm and constructive style of working to bridge the issues’.

Key clients

Pera Capital



Aslanoba Capital

Centurion İlaç


Work highlights

  • Acted for Pera Capital on raising acquisition debt finance from Odeabank for the acquisition of a 35% stake in Bimser, a leading Turkish IT solutions business.
  • Acted for Martur on the provision of debt finance by IFC for the expansion of the client’s international production facilities.
  • Advised Centurion İlaç, a leading Turkish pharma business focused on rare diseases, on the provision of mezzanine finance by a London-based mezzanine fund.

Inal Kama Avukatlik Ortakligi

Inal Kama Avukatlik Ortakligi (formerly known as Bilgiç Avukatlık Ortaklığı) has an excellent banking and capital markets practice, as is evidenced by its strong track record in transactions involving areas such as corporate finance, ECA-backed finance and project finance. Clients include international and domestic financial institutions, borrowers and guarantors. Ekin İnal leads the team, which was strengthened by the arrival of Olgu Kama from ELIG Gürkaynak Attorneys-at-Law. Haluk Bilgiç left to establish Bilgiç Legal.

Practice head(s):

Ekin İnal

Key clients

HSBC Bank Plc

International Finance Corporation (IFC)

Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (FMO)

National Bank of Kuwait S.A.K.P.

Work highlights

  • Advised IFC on the provision of a third tranche of finance to Heksagon Katı Atık.

Pekin & Bayar Law Firm

Pekin & Bayar Law Firm's group caters to the needs of clients in areas such as project finance, derivatives, securitisations, and futures and options, among others. In addition, public securities offerings are another mainstay of the practice. Clients include domestic and foreign banks, financial lease companies, financing companies, and portfolio and investment companies. Selin Bayar is recommended for her experience of the energy, banking, insurance, healthcare, telecoms and media sectors. Fatoş Otcuoğlu co-heads the team with Bayar. Esen Irtem left the firm in 2020.

Practice head(s):

Selin Bayar; Fatoş Otcuoğlu

Key clients

Turkcell İletişim Hizmetleri Anonim Şirketi

Turkcell Finansman Anonim Şirketi

Yapı Kredi Bank


QNB Finans Finansal Kiralama (Finans Leasing)

QNB Finans Portföy

NatWest Markets Plc Istanbul Merkez Subesi (former name Royal Bank of Scotland)

Akbank T.A.Ş

plc Lifecell

Coöperatieve Rabobank U.A.

Superonline İletişim Hizmetleri A.Ş

Odeabank A.Ş

Bank Auidi Lebanon

Work highlights

  • Acted for Yapı ve Kredi Bankası Anonim Şirketi on the refinancing of a $63m secured facility granted to eleven SPVs incorporated by Zen and Talesun Energy.
  • Advising QNB Finans Leasing on the provision of unsecured finance by EBRD.
  • Acted for Akbank as the lender on the refinancing of a facility provided to Turkler Insaat Anonim Sirketi to finance the Mahall Ankara Project.

Pelister Atayilmaz Enkur Law Office

Pelister Atayilmaz Enkur Law Office advises clients on matters such as structured loans, debt restructuring, project finance and energy finance. Its strengths in transactional work are complemented by capabilities in related areas, notably bankruptcy law and financial litigation. Emre Keki and Kerim Pelister head up the team.

Practice head(s):

Kerim Pelister; Emre Keki


‘The team is results oriented, the team members are fully focus on the task and the project’.

‘They are very professional’. 

Work highlights

  • Advising IFC on the Turkish law aspects of incorporating an asset management company and the acquisition of shares of an already-incorporated asset management company, including regulatory requirements/issues.
  • Assisting RCT Asset Management Company with the collection of receivables from a portfolio involving more than 200 different insolvent corporate borrowers.
  • Assisting Yapi Kredi Leasing with the collection of a receivables portfolio consisting of more than 100 different insolvent corporate borrowers.

YBK Law Firm in Cooperation with CMS

YBK Law Firm in Cooperation with CMS fields English and New York-qualified attorneys in Istanbul, making it a strong choice for advice on cross-border financing transactions. It covers a wide variety of areas, including project finance, acquisition finance, corporate lending and structured trade finance. The firm generates work from a mix of foreign and domestic borrowers and lenders. Döne Yalçın co-heads the team with recent arrival Hülya Kemahlı (who joined from KM Law Office) and Burcu Boso.

Practice head(s):

Döne Yalçın; Hülya Kemahlı; Burcu Boso


‘In-time, reliable advice with the right business judgement’.      

Key clients


Ak-taş Dış Ticaret A.Ş.

T-Dinamik Enerji A.Ş.

Akbank T.A.Ş.

MCI Management S.A.

Work highlights

  • Advised EBRD on a circa ₺100m loan to a prominent asset management company in Turkey.
  • Advised Akbank T.A.Ş on the Turkish law aspects of a circa $980m multi-currency syndicated loan.
  • Advising T-Dinamik Enerji A.Ş. on the financing and development of unlicensed electricity generation facilities.

Cigdemtekin Cakirca Aranci Law Firm

Cigdemtekin Cakirca Aranci Law Firm's capital markets work covers a wide range of equity and debt offerings, reverse listings, regulatory issues and licensing of capital markets institutions, among other matters. Elsewhere, on the banking and finance side, the recent introduction of regulations on payment systems has seen the firm increasingly act for e-commerce companies on negative clearance applications to the Banking Regulation and Supervision Agency (BRSA). Work for payment services companies is also an area of growth. Gamze Çiğdemtekin Özer leads the team.

Practice head(s):

Gamze Çiğdemtekin Özer

Key clients

Franklin Templeton Investments

CEECAT Capital

Verifone Elektronik ve Danışmanlık Ltd. Şti. (Verifone Turkey)

Aabar Investments PSJ

Templeton Asset Management

Edenred Turkey

Gözde Girişim Sermayesi A.Ş., a subsidiary of Turkish conglomerate Yıldız Holding A.Ş.

Görener Family

Çağdaş Holding

Further Network

Arvato Turkey

Wood & Company

ADM Capital

Panaroma Bilişim Teknolojileri

Work highlights

  • Acted for a consortium comprising of Franklin Template, ADM and Unlu & Co (which hold a combined shareholding of 10% in Defacto) on the IPO of Defacto.
  • Advised a fund managed by Franklin Templeton on its shareholding in Şok Marketler in the context of the IPO of Şok.
  • Advising Verifone Turkey on banking and finance matters.

Güner Law Office

Güner Law Office's practice is jointly led by Ece Güner ToprakÖmer Erdoğan and Burçak Kurt Biçer. It excels in transactions involving syndicated loans, asset finance, project finance, trade finance, Islamic finance, among other areas. The team has has particular experience of the financing aspects of greenfield and brownfield mine projects. Clients include domestic and international financial institutions, and also multilateral entities funding Turkish companies and banks.

Practice head(s):

Ece Güner Toprak; Ömer Erdoğan; Burçak Kurt Biçer

Key clients

China Eximbank

HSBC Bank France

Öksüt Madencilik Sanayi ve Ticaret A.Ş.

Centerra Luxembourg Holdings

Raiffeisenbank Bulgaria EAD

Limak Africa

ING Bank A.Ş.

ING Bank N.V.

Akbank T.A.Ş.

Türkiye İş Bankası A.Ş.

Türkiye Sınai Kalkınma Bankası A.Ş.


Castleton Commodities UK Limited

Bank of America Merrill Lynch International Limited

Denizbank A.Ş.

Work highlights

  • Advised HSBC Bank France on the renewal of a ₺130m term loan facility to Sirmagrup Icecek Sanayi ve Ticaret A.S..  
  • Advised Bank of America on the procurement of FI trade loans in connection with a potential internal reorganisation at the bank.

Goksu Safi Isik Attorney Partnership

Goksu Safi Isik Attorney Partnership handles a wide range of banking transactions and finance matters, with a particular specialism in project finance. It is experienced in various infrastructure projects including airports, motorways and energy plants. Key practitioner Ali Göksu handles project finance work and international banking law matters. Fatma Gözde Akansel is also recommended.


‘They have a good network which facilitates to have access to the current practices of some offices’.

‘The team is devoted to their work, especially associates’.            

‘The team is available 24/7 and their response time for any request’.

‘Ali Goksu has in-depth knowledge of law and a strong commercial mind set’.

Key clients

IGA (Istanbul Grand Airport )

Kalyon Group

Tarım Kredi (Agricultural Credit Fund)

North Marmara Motorway

Bank of China

Cengiz Holding

Is Private Equity

A Ali Investment

Bank of China

Fleet Corp

Istanbul Stock Exchange

Vera Asset

Work highlights

  • Advising and representing Soysal GY on their dispute with Credit Europe Bank arising from currency swap transactions and margin call violations before the Courts of Switzerland.
  • Advised Sher Khan Corporate on incorporation which involved compliance to banking and capital market laws.  
  • Continuing to advise Bank of China on drafts of all financial and banking agreements for the Bank in their credit/loan agreements with other banks and corporate customers


IctemLegal, which has successfully built up a strong client following among international financial institutions, has a notable focus on the factoring and leasing industry. It is also sought out for its strength in the fleet management sector. In addition to being active in the banking and finance sphere, the firm is also sought out in capital markets matters; its team has experience of assisting real estate companies with being converting into REITs and then being listed on the Istanbul Stock Exchange. Serkan Içtem heads up the practice with Aslıhan Erdem.

Practice head(s):

Serkan Ictem; Aslıhan Erdem


 ‘They are working on details and never make their client feel that the matter is unimportant’.

Key clients

DEG – Deutsche Investitions- Und Entwicklungsgesellschaft MBH

Volvo Financial Leasing and Volvo Financing Companies in Turkey

Credit Suisse Investments (Nederland) B.V.

De Lage Landen Finansal Kiralama A.Ş.

Bank of Bahrain and Kuwait (BBK) B.S.C.

NBG Bank Malta Limited

Nurol Yatırım Bankası A.Ş.

ALJ Finansman A.Ş.

Work highlights

  • Providing VFS Finansal Kiralam and VFS Finansman with banking and financial regulatory advice in relation to day-to-day business practices and transactions.      
  • Advised Bank of Bahrain and Kuwait (BBK) B.S.C. on a €11.5m master murabaha agreement with LC Waikiki Mağazacılık Hizmetleri Ticaret Anonim Şirketi.  
  • Ongoing advice to De Lage Landen Finansal Kiralama A.Ş on financial regulatory issues associated with its day-to-day business practices and transactions.

Moroglu Arseven

In addition to advising domestic banks, Moroglu Arseven provides bespoke support to a number of international lenders on their most significant financing and security matters. Beyond handling banking and finance mandates, capital markets work is another key pillar of the practice, which is led by Seyfi Moroğlu. The firm is in regular contact with the Capital Markets Board, enabling it to assist clients with compliance and disclosure issues, as well as investigations.

Practice head(s):

Seyfi Moroğlu


‘Very proactive and dedicated’.

‘Smart, experienced and knowledgeable’.           

‘Their communication and response is good’.


TURUNÇ provides banking transactional and regulatory advice to financial institutions and businesses. It is also active in capital markets work. In addition to acting for clients on a standalone basis, it often works with international law firms on matters with a cross-border dimension. Also notable is that the firm acts for clients in sectors such as automotive, consumer goods, energy, industrial goods, insurance and telecoms. Noyan Turunç heads up the team with Kerem Turunç (who is qualified to practise in New York, Washington DC, England & Wales and Turkey), Ilgin Eroglu Alyanak and Ümit Eginlioglu.

Practice head(s):

Noyan Turunç; Kerem Turunç; Ilgin Eroglu Alyanak; Ümit Eginlioglu


‘The firm provided high quality legal advice with fast turnaround times at an extremely reasonable price’.

‘My impression was that they understood the finance industry including the exchange business very well’.

‘The firm works extremely well with international firms such as Linklaters and Travers Smith’.

‘Kerem Turunç is hands-on, excellent at drafting and negotiating, and operates at London and New York standards’.

‘Provide a very personal and practical approach to client matters’. 

‘Their availability and responsiveness have been outstanding and they are very efficient in their advice’.

‘Noyan Turunç is very personable and is able to read the client and the counter-party very well’.

Key clients

Al Fakher

Android Industries

Apuron Kuloglu

Banco Santander

Borsa Istanbul

Caffè Nero

Camper Shoes

Charlesbank Capital Partners



Egesil Kimya

Eigenmann & Veronelli

Evensen Dodge


HSH Nordbank

İş Girişim (Is Private Equity)


Landesbank Berlin AG


Regions Bank

Rultrans / Megadyne

SC Johnson

Société Générale Albania

Taxim Capital

Tirana Bank

Vela Partners

Work highlights

  • Advising HSH Nordbank on various loan transactions in Turkey.
  • Advising Borsa Istanbul on its partnership with NASDAQ OMX.
  • Advising DeepZen on a wide variety of financing transactions.