Banking & Finance: Romania

This outfit has a well-established practice and maintains a team of 25 working on a wide range of banking and finance matters. Clients benefit from its integration with Clifford Chance and the advantages of its network across the region. The office also acts as a hub from which the firm assists clients investing into Bulgaria, Turkey and Serbia. The group has been busy with bank lending, restructuring and regulatory matters, and it is also renowned for its edge in capital markets. Recent highlights include assisting Credit Suisse with the EUR140 million financing of a road project. On the restructuring side, the team has advised RBS, BRD-Groupe, Société Générale and JPMorgan on renegotiations with Romanian borrowers. It also acted for Bank of America on the acquisition of two large portfolios of non-performing loans. A trusted name among banking clients, managing partner Daniel Badea is widely respected by sources for his outstanding track record in the field. Perry Zizzi is also at the forefront of the financing practice. John Fenemore is noted for his expertise in English law. Associates Madalina Rachieru and Andreea Sisman are up-and-coming names in this area.

Joining the top tier this year, this firm is recognised as one of the favourites among banks. It is distinguished by its proficiency in M&A finance, as well as its superb regional network. The 11-strong team is increasingly engaged on restructuring-related mandates, in addition to general bank lending. Its client roster includes many international financial institutions, such as IFC and DEG, which have been active in the region granting loans to Romanian banks and investing in infrastructure projects. Highlights include advising Erste Bank and Banca Comerciala Româna on the provision of a USD287 million facility to Romanian drilling contractor GSP Drilling. The team also advised Advent International on its EUR123 million acquisition of LaborMed Pharma. Simon Dayes is acclaimed as a lawyer with a regional perspective, able to run a deal of any complexity. Peers admire his extensive experience in the SEE markets and outstanding drafting skills.

This renowned Romanian outfit easily maintains its market position in banking and finance. It offers an eight-strong team and attends to the needs of both borrowers and creditors. In addition to loan renegotiations, the team has seen an increasing demand for regulatory and compliance advice. Highlights have included assisting Citibank with the cross-border merger of Citibank Ireland and Citibank Romania. It was also instructed by Goldman Sachs on a multi-jurisdictional EUR150 million syndicated refinancing, extended to a restructured group of companies. Corporate instructions include assisting Hammerer Aluminium Industries with the renegotiation of its EUR20 million facility for the construction of an aluminium casting plant. Commentators singled out asset-based lending and regulatory assistance as among the team's particular strengths; they also noted its popularity among corporate entities. Satisfied clients summed up their experience, stating: “The team is absolutely exceptional; we would not hesitate to engage it again.” "Deal-driven and commercially aware," Alina Radu is recognised by sources as a leading banking lawyer. Manuela Nestor supervises the group's work and is personally engaged on complex mandates. Sources also refer to the firm’s founder and possibly the most famous lawyer in the market, Ion Nestor, who provides strategic advice on the most significant matters.

This firm has swiftly managed to win the market’s recognition as a finance-focused and internationally minded boutique. The outfit’s reputation centres on the credentials of Adrian-Catalin Bulboaca, who is acclaimed by sources as an excellent banking lawyer. International banks and financial institutions feature heavily on the outfit’s client roster. In addition to lending instructions, the firm has also seen an increase in demand for regulatory assistance. Its recent highlights have included advising Alpha Bank on the financing of HSBC's acquisition of a local retail park operator for EUR75 million. It has also assisted Schroder Investment Management with the establishment of a management strategy of EUR4 billion assets of Fondul Proprietatea. Sources singled out financing and syndicated loans as particular strengths. Commentators also note the firm’s competitive and flexible pricing policies. 

Climbing the rankings this year, this firm is unanimously recognised for the exceptional quality of its work, particularly in M&A financing. The team of 29 is also visible on large project finance appointments, such as advising the European Investment Bank on a EUR232 million loan for the municipality of Bucharest. Banks such as RBS, la Caixa and KBC have sought regulatory and loan renegotiation advice from the team. Instructions from borrowers include advising Nova Imobiliare in relation to the EUR500 million financing for a shopping centre in Bucharest. Clients say they feel confident in the hands of this results-oriented team: “We are always on the right track and well looked after. We are regularly updated and consulted on all questions.” Sources see versatile Catalin Baiculescu as one of the most experienced lawyers in financing: "He advises on a wide range of things, but is clearly an outstanding finance lawyer.”

Following its association with international heavyweight Allen & Overy, this team of 12 easily rises in the rankings. Banks increasingly choose the firm to assist with cross-border loan facilities, as well as financing and restructuring matters. Asset management, syndicated loans and general banking advice were singled out by interviewees as particular strengths of the practice. The firm’s recent highlights include advising Citibank and ING in relation to provision of a secured syndicated facility of USD500 million to RCS & RDS, a major Romanian operator of telecoms services. The team also advised the National Bank of Greece on secured syndicated facilities for the acquisition of three real estate projects, valued at EUR340 million. Further engagements include assisting EBRD with several projects in the country. Clients say the team is "commercial and exceptionally responsive, with an in-depth understanding of local issues." Alexandru Retevoescu is a prominent practitioner in this area. "He's able to take a firm hand when necessary, but is also very personable." Mihai Ristici is noted by interviewees as an increasingly visible name in banking and finance. 

At this correspondent firm of PwC, the nine-strong banking and finance team wins increasing market recognition. Predominantly focused on borrowers, the group also advises a number of banks, particularly on regulatory matters. Among recent highlights, the team acted for GE Money in relation to establishing GE Garanti Bank, and for ProCredit Bank on a bonds issue, valued at approximately RON91.3 million. Commentators describe the team as "solid, dedicated and confident in its handling of significant matters; it is both technically apt and client-focused." Sorin David is the key contact for the practice.

This team of six acts for both borrowers and lenders. It is frequently instructed by major French banks such as BRD – Groupe Société Générale and BNPP, as well as regionally active banks including KBC and ING. Acquisition finance and real estate finance have both been features of the practice. The group has advised BRD on securing acquisition finance for the purchase of business entities by Swedish investment fund Oresa Ventures. It has also acted for a group of lenders on the renegotiation of financing of the Baneasa real estate development. Market sources say the team is solid and able to execute large and complex projects. Managing partner Bruno Leroy is the most prominent figure within the team. Andreea Toma is noted as an up-and-coming name in the area.

This team is particularly active in relation to real estate financing and loan renegotiations due to the firm's sector-specific expertise in the area. Additionally, the group of eight has focused increasingly on assisting borrowers with project financing, as well as advising banks and financial institutions on regulatory issues. Highlights include advising Sonriso, a subsidiary of Oresa Ventures, on the EUR12 million LBO financing for its acquisition of Somaco. It has also acted for Log Center Ploiesti in relation to a EUR37 million loan by Raiffeisen Zentralbank Österreich. Clients say the lawyers are "internationally minded, proactive and reliable." “They have never ever let me down in all the years I've used them," one reported. Anca Tudorie is the firm's key contact for this practice area.

This eight-strong force has recently shifted its focus towards the provision of a more regulatory and restructuring advice, as well as assistance with sales of distressed assets. Predominantly acting for banks, the group also advises a number of borrowers. Key mandates include assisting EBRD on a EUR100 million loan facility granted to Banca Comerciala Româna for the refinancing of SMEs. The team also advised ING Lease on a EUR75 million loan to Portico Investments for the financing of its investments in Hungary, the Czech Republic and Romania. Market sources unanimously highlight the firm’s prominence in real estate and add that the team has been active in regional financing deals. Clients say that team members are exceptionally responsive and hard-working, and deliver well-tailored documents. "We enjoy a long-standing relationship with the team due to its reliability and high-quality work," a client reported. New to this table, the increasingly busy Magdalena Raducanu is noted for her tremendous knowledge of real estate finance: “She really knows every detail," assured commentators.

This Austrian firm's outpost occupies a natural niche advising Austrian banks. The team of seven has now shifted focus from real estate financing towards restructuring and regulatory work, as well as project finance. Notable instructions include assisting Raiffeisen Zentralbank Österreich with the refinancing of the acquisition of the S-Park Class A office building in Bucharest. Working alongside Herbert Smith, the team advised the government of Romania on the creation of a joint venture company with six international partners to develop the Cernavoda nuclear power station. The firm has also received a number of mandates from local industrial groups and international real estate funds. Clients note the team's responsiveness, dedication and  in-depth knowledge of local realities: “The lawyers are always willing to work outside business hours to ensure projects run smoothly and on time." Sources singled out Matei Victor Florea as the team's most prominent figure: “If he is on your project, you can be sure he will be 100% dedicated.”

This firm’s banking practice has been fortified by the arrival of Mihai Dudoiu from CMS Cameron McKenna. The team is 22-strong and leverages from its strengths in M&A and infrastructure projects. Instructions include advising Erste Bank/Banca Comerciala Româna on the sale of the bank’s insurance operations to Wiener Staedtische Versicherung in Romania. It also acted for the EBRD on its provision of two separate loan facilities to Petrom, with a total aggregated value of EUR500 million. Sources say the firm is equipped with a true team spirit and able to accommodate conflicting interests. “We felt we were all in the same boat and it was so productive,” a client enthused.

This established boutique firm has a remarkable roster of loyal clients among both banks and corporates. While the firm may not have the resources to handle the largest matters, the team of six is recognised by market sources for its involvement in numerous transactions. Highlights include advising Bluecrest Special Situations Master Fund on securing a EUR15 million facility. It has also been instructed by Sumitomo Trust & Banking in relation to granting a EUR7 million revolving credit facility to Yazaki Component Technology. Clients speak of the firm as very capable and prompt, in addition to offering good value for money. Adrian Tomescu is the key contact for the practice.

This team of four has recently been engaged on the restructuring of earlier loans, in particular in the real estate sector. It acted on the EUR70 million refinancing of the construction of an office in Bucharest, and has also been instructed by a syndicate of international and Romanian banks on the EUR110 million financing of the acquisition of oil products by a leading Romanian company. Magdalena Lupoi is the contact for the team.

The departure of Dorina Dumitrescu to Vernon | David has not gone unnoticed by commentators, but sources are confident that the firm remains an important player in this field. Highlights include acting for Erste Bank in relation to five loans of an aggregated value of EUR200 million for development of malls in several Romanian cities. On the borrower side, it acted for Swan Property in connection with securing a EUR92.6 million loan for the construction of five office buildings in Bucharest. Mihaela Maxim was singled out by market sources as a younger but increasingly visible banking lawyer at the firm.

This team of five provides ongoing commercial and regulatory advice to banks and borrowers. Sources also rate the firm as a popular choice for banking litigation and note its visibility on restructuring and insolvency matters. The team assisted Hamé Group in relation to securing EUR89.6 million revolving and mezzanine facilities from a consortium of international banks. Its client list includes a number of banks such as CEC Bank, BRD – Groupe Société Générale and Bancpost. “The lawyers act like true business partners rather than external advisers; they deliver situation-tailored advice every single time,” clients say. Interviewees like the versatile Ioana Racoti for her "technical knowledge and diplomatic guidance towards a workable solution." Anca Danilescu is praised for technical excellence and willingness to take on complicated issues.