Banking & Finance: Latvia

THE FIRM In a year which saw a return to activity, this prominent pan-Baltic firm advised EBRD on a ground-breaking deal related to the restructuring of its USD185 million investment in the recently nationalised Parex Bank. The transaction incorporated the international aspects of Parex's operations, including its subsidiaries in Switzerland and Lithuania, as well as its investments in several CIS countries. The firm receives glowing praise and clients particularly highlight the team's clear presentational style.

Sources say: "The group is incredibly responsive, accurate and reliable, and quality runs throughout the ranks. I appreciate the attention it pays to detail."

KEY INDIVIDUALS Noted by peers as a key player in the banking arena, Agnese Garda is "thorough and responsive," according to clients. Her broad array of skills covers M&A, restructuring and banking. An authority on all banking and finance transactions, UK and Latvian-qualified Egons Pikelis has a superb market reputation and is especially recommended for work with an international dimension. He recently advised the European Investment Fund on entering into a risk-sharing facility agreement with SEB and Swedbank, for a total value of EUR52 million.

THE FIRM Clients of Raidla Lejins & Norcous highlight the considerable talents of the eight lawyers on this team, who bring a host of different skills to the table. The past year saw the firm act on a number of high-profile banking, restructuring and M&A deals, including assisting leading Russian banking group Otkritie Financial with its acquisition of GE Money Bank, a subsidiary of GE Capital Holdings. It advised on all aspects of the deal, including due diligence, as well as transactional, regulatory and immigration issues. Another highlight was acting as counsel to Parex Bank, advising it on the restructuring and recovery of its foreign assets in Russia and Azerbaijan, amounting to more than USD30 million. 

Sources say: "The firm is comprised of reliable people whose opinion can be trusted." "I appreciate the fact that the team gets straight to the heart of the issue."

KEY INDIVIDUALS Top-notch corporate lawyer Ģirts Lejiņš continues to excel in the banking sphere, with clients noting that he is "highly experienced, helpful and discreet." Described as "analytical, practical and incredibly thorough," counsel Andrejs Lielkalns lends his rightfully exalted reputation to clients, who say that they "always feel safe in his hands because he minimises any potential risks." Sources also highlight his creativity and ability to simplify complex problems.

THE FIRM This firm stands out for its powerful banking litigation practice. The three-partner team represents borrowers, shareholders, junior and senior lenders, and management in notable international and domestic mandates. Key clients include Latvijas Krajbanka, DNB, American Express, Danske Bank and ING. In a notable deal the firm recently advised Citi and Credit Suisse on the Republic of Latvia's USD500 million issue of Eurobonds.

Sources say: "The advice provided was reliable and helped us make our final decision. The firm made an impressive assessment."

KEY INDIVIDUALS A much sought-after figure in the market, Lauris Liepa has a reputation for excellence in banking. In addition to native Latvian, he speaks English, German and Russian, and his previous experience as counsel for an international bank makes him well suited to act on cross-border deals.

THE FIRM This international brand has an impressive banking practice housed at its Riga outpost, and its strong standing in corporate law and litigation is said to be particularly useful to clients looking for a well-rounded service. The firm excels in project financing, and recently conducted a study for the Ministry of Finance about PPP projects being co-financed by the EU Cohesion Fund. Another highlight was representing the Privatisation Agency of Latvia in a EUR90 million claim brought against two of Parex Bank's former shareholders.  

Sources say: "The team is reactive, extremely flexible and forthcoming. It provides a thorough analysis of the question and always fulfils promises on time."

KEY INDIVIDUALS Exerting authority in this area, Māris Vainovskis continues to build on his growing reputation and is complimented on being responsive and client-focused. He has notable experience in M&A, due diligence, restructuring and project finance assignments.

THE FIRM Often seen representing Latvia's major banks, including DNB, Swedbank and Nordea, this domestic firm comes highly recommended for its restructuring work. Sources highlight partners' involvement and the client-focused approach the team takes. Over the past year the ensemble continued to advise the Latvian Treasury, the Privatisation Agency and the Finance & Capital Markets Commission on Parex Bank, providing options on how to minimise further losses, increase asset recovery potential and wind up the bank.

Sources say: "The work produced by the attorneys is of the highest standard."

KEY INDIVIDUALS Renowned litigator Ēriks Blumbergs merits praise for his "extremely high-quality work" and broad commercial law knowledge. Up-and-coming lawyer Roberts Rimša is a new addition to the rankings thanks to excellent client feedback, which highlights his precision and attention to detail.

THE FIRM This pan-Baltic firm receives a steady stream of high-profile work that encompasses banking, finance, restructuring and insolvency matters. It advises an array of financial and state institutions, including the Latvian Parliament and Cabinet of Ministers, Riga City Council and BNP Paribas. The team recently handled a matter for major Latvian cable television operator Baltcom TV, assisting with loan refinancing and the addition of EUR20 million of new financing.

Sources say: "The team works day and night when needed." "The work is high-quality and timely. Everyone at the firm is conscientious and knowledgeable, with a strong academic background."

KEY INDIVIDUALS A presence in many commercial banking deals, Ģirts Rūda wins client praise for his quick response times. His broad expertise covers restructuring and insolvency, corporate finance and PPPs. Rūdolfs Eņģelis lends his expertise to the firm's powerful banking practice. Clients highlight his dedication and ability to listen to their needs, adding that he "has the capacity to go into the formalities without forgoing the commercial aspects of a deal."

THE FIRM The tight-knit team in the Riga branch of this corporate firm acts for a list of important German and Scandinavian clients. It enjoys a strong reputation thanks to its expertise in restructuring, investment funds, debt recovery and project finance.

KEY INDIVIDUALS Theis Klauberg is a leading figure in the department and is noted for his litigation and analytical skills. Admitted to the Bar in Latvia, Lithuania, Estonia and Germany, he specialises in corporate mergers and banking.

THE FIRM This firm's notable caseload and prestigious clientele earn it a ranking for the first time this year. The practice serves clients from a broad range of industries, including banking and finance, technology, insurance and energy. It continues to act for state energy provider Latvenergo on a litigation regarding consumers' electricity tariffs. The case involves 20 claims objecting to a tariff increase, all of which have so far been rejected by the court.

Sources say: "The firm is incredibly effective. Its lawyers are highly skilled and get the work done quickly."

KEY INDIVIDUALS Valters Kronbergs is the key port of call for all banking matters. He recently advised Nordea on insolvency and tax law issues in relation to its debt recovery.

THE FIRM This domestic firm enters the rankings thanks to a host of positive client comments and an impressive list of mandates. The eight-strong team advises on distressed loans, warranty liabilities and loan restructuring, and acts for both lenders and borrowers. Amongst its clients it counts DNB, UniCredit and Handelsbanken, and it recently advised Turkish bank Tekstil Bankasi on a money laundering issue.

Sources say: "The team is multi-dimensional in its thinking and always offers multiple solutions."  

KEY INDIVIDUALS Clients laud Sintija Radionova's absolute dedication to getting the job done, and describe her as "extremely bright and results-focused." Her broad expertise encompasses banking and finance, capital markets, M&A and litigation.

THE FIRM The Riga branch of this recently formed pan-Baltic firm is a new addition to the rankings. Formed as the result of a merger between three leading firms, it has seen its remit grow over the past year, with a cross-border practice covering all banking and M&A matters. Its client roster includes the European Investment Bank, EBRD, MasterCard and Eesti Krediidipank. It recently assisted creditor Danske Capital in relation to the EUR1 million insolvency proceedings of two investment funds, AS Alta Real Estate Partners and Alta Capital Partners.

Sources say: "The firm delivers every time, especially if I need something urgently. Our dealings have been extremely positive."

KEY INDIVIDUALS Andra Rubene earns strong recommendations, and sources praise her for being "responsive, alert and extremely knowledgeable."