Banks and Non-banking Financial Institutions

Leadership in a legal sphere like the provision of services to banks and non-banking financial institutions is a challenge; however, the real objective of PM&P is not to just retain high standards but to continuously enhance them.

This vision has enabled the law firm to turn into a leading law office in this sphere according to the most prestigious legal publications like Chambers & Partners, Legal500, IFLR 1000, PLC Which Lawyer?

Nevertheless, the true satisfaction for PM&P is the gained trust and confidence of clients. Therefore all members of the law firm take great pride in the fact that it was with the assistance of PM&P that the first foreign bank branch was registered in this country after the democratic changes (Landesbank) and the first capital investment by a foreign bank (Raiffeisen Bank) in a local bank was structured. That was an interesting challenge to overcome against the backdrop of a missing detailed legal framework and practical experience in this sphere.

Under the conditions of a rigidly regulated market and a strictly limited number of banking licenses, the team of the law firm has consulted, over the years, the EBRD, Oppenheimer & Co., the National Bank of Greece, Piraeus Bank and Kardan in the acquisition of three of the largest Bulgarian banks, including the merger of a bank branch into a bank (Piraeus Bank).

Since Bulgaria’s accession to the European Union (EU) and the implementation of the EU legislation, PM&P has completed the registration of some of the first non-banking financial institutions and has structured the innovative business of a major client providing distance financial services unknown earlier to the Bulgarian market.

As well as the services provided to private business initiatives, PM&P has provided legal advice to the World Bank and the banking institutions of the EU and the European economic space.

The active cooperation between the law firm and the World Bank and IFC continued for more than five years for the preparation and updating of the section on Bulgaria in the publication Doing Business Survey, in connection with which four partners of PM&P won individual prizes for their contribution.



“Penkov, Markov & Partners is described by its competitors as a practice that has been a stable and successful one for a number of years.“