With a presence across financial, credit and payment institutions, the banking and finance team at Penkov, Markov & Partners is particularly well-versed in regulatory matters. The practice is under the joint leadership of Nikolay Cvetanov and Ivan Markov. Cvetanov is reputed for the depth of his expertise in project financing, regulatory and compliance matters, whilst Markov is devoted to acquisitions in the finance sector. Asen Apostolov is another key member of the group, with recent work including advice on restructuring and anti-money laundering.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
- 'This legal practice stands out for its client-first approach, deep sector expertise, and a proven track record of solving complex legal challenges with commercially focused solutions. Unlike many firms that take a purely legalistic approach, this team integrates legal insight with strategic business understanding, ensuring that advice is practical, actionable, and aligned with clients’ goals.'
- 'Nikolay Cvetanov is very good at seeing what really matters. He explains things in a simple way and always keeps the bigger goals in mind. He doesn’t just give legal advice, he also gives direction that helps us make the right choices. He is a strong leader and great to work with. '
- 'Their strength lies in combining deep regulatory expertise with a practical, business-oriented approach. Our main contacts are Nikolay Cvetanov and Asen Apostolov, who both stand out in the fintech and e-money space.'
- 'Nikolay Cvetanov has exceptional knowledge of FinTech, banking, and financial regulation. He is highly reliable, combines legal expertise with a strong commercial perspective, and is consistently available when needed.'
- 'Nikolay Cvetanov had a very good presence in the negotiations with the banks, he was quick to orient himself in the important issues and he was very responsive in discussing our strategy and in outlining the risks in accepting this or that deal. I was impressed by a really experienced professional in the field.'
Key clients
- Unilink S.A., Unilink Bulgaria EOOD
- Binance
- INVENIO PARTNERS FUND II Scsp
- Vivus (4finance group)
- 4finance Holding S.A.
- Allianz Bank Bulgaria EAD
- ZAI AD (part of Industrial Holding Bulgaria Group)
- Paynetics AD
- NetCredit OOD
- Infinity Capital AD
- Arteks Engineering AD
- Ferratum Bulgaria
Work highlights
Advised Unilink S.A. and Unilink Bulgaria EOOD on structuring of the financing and acquisition of SDI Group AD.
Advised 4finance Holding S.A. on the sale of the Bulgarian TBI bank via its subsidiary TBI Financial Services B.V. to Advent.
Advised Allianz Bank Bulgaria on the restructuring of factoring relationship with a Bulgarian construction company.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
Nikolay Cvetanov; Ivan Markov
Other key lawyers
Asen Apostolov