Banking & Finance

Our Banking & Finance practice, one of the key practices of the firm, has been guiding banks, corporations and financial institutions in a wide range of transactional and regulatory work, both advisory and contentious.

Our expertise covers syndicated loans, structured finance, acquisition finance, asset finance, project finance, securitization, derivatives, full international securities work, as well as regulatory advice, compliance, and anti-money laundering for the whole range of banking & finance operations.

We work with lenders, underwriters and borrowers alike, and are regularly retained by major domestic and international banks, acting solely or as syndicates, investment firms, and finance providers, as well as borrowers from all industries and economy sectors. We are also advising banks, payment services providers, e-money issuers, and fintech providers in complying with regulatory requirements and act as an interface for dealings with all Romanian banking related supervisory authorities and regulators.

Our practice works closely with Tax, PPP, Real Estate & Construction, Infrastructure, Energy & Natural Resources, and Litigation and draws from all such practices’ hands-on expertise when advising on any banking & finance matters, from the simplest to the most sophisticated.

Below you will find some of our Banking & Finance practice highlights, together with a set of other representative mandates of our team.

Practice Highlights.

A selection of our deal highlights include advising:

An American financial services company and other term loan creditors, in connection with a EUR 475 million refinancing of the largest non-food retail chain in Central and Eastern Europe (and several of its subsidiaries), through a term loan agreement and a revolving credit facility agreement.
A British multinational investment bank and a Swiss multinational investment bank, in connection with a 144A/Reg S senior secured high-yield bond offering, amounting to EUR 300 million, for a subsidiary of a global latex producer.
A leading global investment banking, securities, and investment management firm, regarding its treasury and trade solutions to be operated via correspondence bank account opened with the Romanian subsidiary of an Irish bank.
A division of one of the largest banks in Romania, specialized in collective savings and lending in connection with the regulatory issues of the collective lending system.
An investment fund in connection with a multi-million EUR facility agreement following the acquisition of a real estate company.
An international financial consortium, in connection with a senior facility agreement granted for the acquisition of a Romanian company by an ivestment fund.
A group of companies acting in the real estate field, in connection with a multi-million EUR financing granted by a local bank for the development of a residential project in Romania.
A European financial institution, in connection with a multimillion EUR facility granted to certain European entities of a construction materials group.
A European financial institution, in connection with the structuring and negotiation of the EUR 370 million loan facility granted to the Romanian operator of the metropolitan infrastructure, for the development of the Bucharest Metro Line 5.
A Canadian-based energy company engaged in the exploration of crude oil and natural gas, in connection with a GBP 105 million facility granted by a consortium of banks led by one of the leading European banks.
A major player in the local rail industry, in connection with a roll-over syndicated Facility Agreement of EUR 120 million from major European banks, under LMA standard documentation.
A European bank (as coordinating bank), with respect to granting a EUR 262.3 million loan to two companies, part of an energy group.
A European financial institution, in connection with the EUR 232 million loan granted to the Municipality of Bucharest for infrastructure rehabilitation and urban development.

A large international Dutch-based shipbuilder, in connection with the EUR 651 million syndicated loan granted by two major Dutch banks to the client and its group companies (including the Romanian subsidiary). Additionally, advised on the EUR 150 million supplementation of the maximum total amount, which thus exceeded EUR 800 million.
An international chemical company, in relation to the EUR 350 million financing set up by way of notes issues and credit facilities. The advice comprised assistance on the accession procedures, intercreditor arrangements, and the issue of necessary credit support and guarantees by the Romanian subsidiary.
The largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, in securing its guarantees package in relation to a EUR 83 million loan granted for the acquisition of a company active in the solar power industry.
One of the investment vehicles of a leading European multi-let real estate investment manager, in relation to a EUR 225 million term loan facility made available by a major real estate bank, for refinancing the acquisition and management of the industrial real estate portfolio pertaining to the fund, owned in Romania, Czech Republic, Poland, and Hungary.
An international company engaged in the exploration, development, and production of crude oil and natural gas, in connection with the creation under Romanian law of a security package to secure USD 225 million bonds.
One of the Japanese “megabanks”, in connection with the USD 221 million syndicated loan granted to the leading bank in Romania.
One of the leading banks in Romania, in connection with a USD 115 million long-term loan granted to a regional leader in the offshore industry.
A European financial institution, in connection with the EUR 135 million loan agreement granted to two Romanian companies in the wood processing industry.
A subsidiary of an American multinational financial services corporation operating as a payment technology company, in connection with the implementation on the Romanian market of the Revised Payment Services Directive (PSD2) surcharging ban.
A leading international financial services corporation, in connection with the launch and development of international corporate currency products on the Romanian market.

Other relevant mandates of the Banking & Finance practice area include legal assistance to:

A European financial institution, in connection with the USD 200 million financing granted to the Kazakh subsidiary of a former Romanian state-owned company in the oil industry, secured by various guarantees and collaterals granted by the parent company and one of its Romanian subsidiaries.
The largest Chinese bank for foreign investment and financing cooperation, regarding the implementation of a novation of a debtor/obligors mechanism.
A leading Spanish-based savings bank, in relation to various multimillion real estate acquisition and development project financing in Romania, totaling over EUR 200 million.
The Swiss subsidiary of a European leader in global banking and financial services, in respect of various financing and related collateralization operations for supporting the business development of major oil trading companies, amounting to more than USD 220 million.
A major Canadian bank, in connection with the credit agreements governing a 364-day revolving term credit facility of up to USD 500 million and a four-year revolving term credit facility of up to USD 500 million, both made available to an international electronics manufacturing services company and its subsidiaries.
A European financial institution, on the implementation of the EUR 100 million Jeremie project in Romania, whereby it manages, on behalf of the Romanian State, the structural funds provided by the EU for the enhancement of the SMEs sector.
An Austrian-based leading corporate and investment bank, in connection with the USD 70 million syndicated loan facility granted to a leading group in the oil industry.
A European financial institution, on a EUR 50 million loan granted to a leading bank in Romania, as well as on the guarantee and indemnity agreement entered by the institution with an Austrian bank, in view of securing the above-mentioned loan facility.
A leading Switzerland-based holding company engaged in private banking, investment banking, and asset management, as well as a major European bank, in connection with the senior amortizing term loan facility granted to an international grain and fertilizer trader, amounting to CHF 200 million, for the indirect partial financing of some promissory notes and for refinancing the bridge loan facility granted for the latter’s indirect acquisition of a Romanian giant corporation in the field of fertilizers.
A major player in the Swiss financial industry, in connection with credit facilities (and related security package) in excess of USD 100 million granted to a major player in the oil trading industry.
A global provider of business travel payment solutions and a full subsidiary of a major German airline, with respect to regulatory and other legal aspects concerning its products.
A multinational technology company, in connection with the launch of its mobile payment product in Romania.
One of the largest providers of accessible consumer financial services in the world, in connection with the transfer of a relevant stake in the Romanian local entities.
A globally recognized Fintech company, regarding the application of the deposit guarantee scheme in Romania in the context of implementing a bank-to-bank channel in Romania.
A leading full-service commercial banking institution based in Korea, in connection with the financing of five photovoltaic projects located in three different regions of Romania. The legal assistance spans a wide variety of legal matters, from regulatory and energy matters (including the feasibility of the projects in the context of legislative changes in the renewable sector) to extensive assessment of the financing documentation and securitization of the lender’s position.
An Israel-based international holding company, in connection with the EUR 234 million financing from a major German bank, for the development of the largest shopping mall in Romania. Further assistance in connection with a EUR 13.4 million loan granted by an Austrian division of a major European bank for the purpose of financing the construction of the first office building of a business park.
The local subsidiary of a leading company in the pharma industry, with respect to EUR 43 million financing granted by a consortium of banks, led by a major Austrian bank.
A member of the leading IT services provider in Central and Eastern Europe, in connection with the security interests created in favor of an Austrian bank to secure the refinancing of facilities amounting to more than EUR 70 million.
A prominent services provider on the Hungarian telecommunications market, in connection with the subordination of its Romanian subsidiary to a EUR 165 million facility agreement and the issuance by its parent company of senior notes in an initial aggregate principal of EUR 142 million.
An Austrian-based leading corporate investment bank, in connection with a EUR 71.5 million loan facility granted to the owner of a luxury hotel in Bucharest.
One of the world’s leading financial service providers, regarding the implementation of a reverse factoring mechanism on the Romanian market.
The Swiss subsidiary of a leading Dutch-based bank, with regard to the creation of a security package and correspondent financing of major oil trading companies, with a total amount exceeding USD 90 million.
The Romanian subsidiary of an Austrian-based leading investment bank, on the EUR 100 million borrowing facility granted by a major German cooperative bank.
An Austrian-based leading investment bank, in connection with the EUR 14.5 million loan granted to an Austrian investment group, the stakeholder of a Romanian oil refinery.
A major player in the Swiss financial industry, in connection with the security package pertaining to the credit facilities granted to a major player in the oil trading industry, amounting to more than USD 25 million.
An investment vehicle of a leading European multi-let real estate investment manager, with respect to a EUR 100 million syndicated loan facility for financing the acquisition of industrial outlets in Romania.
The Japanese subsidiary of a leading global financial services firm, in relation to a JPY 18 billion facility agreement previously granted to a healthcare products company.
A leading international electricity company, in connection with refinancing a multimillion loan facility granted by a leading Romanian bank, to a major local private electricity trader, as part of the overall acquisition process.
The local affiliate of the world’s largest pump manufacturer based in Denmark, in relation to various project finance matters falling under Romanian law.
One of the largest universal Polish banks, in connection with the implementation of certain changes in the entity’s high-level management structure.
A leading independent private equity investment firm, in connection with the potential acquisition of 70% interest in a leading Spanish construction company and the indirect acquisition of the latter’s subsidiaries.
One of the major Austrian private banks, in connection with a EUR 12 million term loan facility granted in view of refinancing the acquisition, renovation, and refurbishment of a large office building located in Bucharest.
A financial services provider, in the context of opening the group’s FX trading FinTech business in Romania.

A European financial institution, in connection with a multimillion facility granted to the largest Romanian non-banking financial institution specialized in micro-financing, in the context of Decision no. 283/2010/EU of the European Parliament for employment and social inclusion, aiming at supporting the creation and development of small enterprises and self-employment in the European Union.
A European bank for reconstruction and development, in connection with a loan agreement concluded with a leading Romanian bank, whereby the latter contracted a EUR 50 million loan, with a view to granting mortgage loans.
A European bank for reconstruction and development, in connection with two loan agreements concluded with a Romanian bank, whereby the latter contracted a EUR 40 million loan with a view to granting residential mortgage loans.
A leading Belgium bank, in connection with a multi-option credit facility and a facility agreement for contingent commitments granted to the local subsidiary of a major international supplier of aviation jet fuel.
An Austrian-based bank, for the enforcement of security interests over immovable assets in relation to various multimillion financing schemes.
A British finance and equity capital advisory company, in relation to a EUR 40 million syndicated term loan facility made available by two leading banks, for the development of a retail & commercial park within a shopping centre in Bucharest.
The Romanian subsidiary of the most renowned Scottish bank, with respect to the review of its credit facility granting procedures, as well as for reviewing the complete set of banking documentation from the MiFID Directive standpoint. Legal work also included representing the bank in a complex administrative litigation against the misdemeanor minutes concluded by the National Authority for Consumer Protection (ANPC) with respect to the alleged infringement of consumer protection regulations, as well as in litigation files initiated against the bank by certain clients, regarding the inclusion of allegedly abusive clauses in the bank’s loan agreements.
The Romanian subsidiary of one of the largest Israeli banks, in connection with the EUR 19.2 million project financing for two residential projects developed by a successful real estate developer, whose ownership structure included an American investment fund and a leading Austrian real estate developer.
Two Swedish banks, with respect to loans exceeding USD 20 million granted to a Nordic aviation contractor for financing five aircrafts on lease.
Drafting and negotiating the agreements concluded by the national repository of consumer credit information, drafting and negotiating the agreements for participation to the Credit Bureau System concluded with the vast majority of banks and financial institutions.
The consortium of banks formed of two leading Italian banking institutions, in connection with securing the banks’ receivables resulting from multimillion financing granted by the banks for purchasing the shares of a local player in the energy industry.
One of Denmark’s major banks, in connection with the security package concluded by the bank to secure the financing, amounting to DKK 26 million, granted to a local real estate player.
A major European provider of retail and wholesale financing solutions, in connection with the full range of corporate and commercial matters related to its leasing activity in Romania, such as currency regulations, terms and conditions applicable to leasing operations, types of securities, security enforcement, repossession of goods, taxes, insurance, as well as drafting and reviewing various cross-border and local leasing agreements, guarantee agreements, services agreements and intra-group cooperation agreements, as well as in relation to various aspects regarding the co-financing of multiple projects financed from structural instruments funds and the securitization related thereto.
The largest Romanian bank, in connection with multimillion financing for the development of two large photovoltaic parks in Romania.
A leading international financial and investment group, in connection with the increase of a multimillion facility granted to the local subsidiary of a Czech real estate developer for the construction of a large office building project in Romania.
A non-banking financial institution conducting its main activity in the payday loans market in Romania, in relation to an investigation of the Romanian Consumer Protection Authority regarding certain clauses related to the applicable interest.
One of the four biggest state-owned commercial banks in China activating in a large number of European countries through its London subsidiary, in connection with its potential reorganization entailed by reference to the consequences which may arise in the event of a hard Brexit.
The second largest tire manufacturer in the world, in connection with the restructuring of its treasury/cash pool and holding operations in Switzerland.
A leading Belgium bank in respect of the establishment of its banking branch network in Romania, including the preparation and structuring of the entire banking documentation to be used in the local branches’ activity: credit facility agreements, club-deal agreements, related securities interests, etc. Further advising the bank in connection with the implementation of the Payment Services Directive in Romania and the entire array of rules, constraints and other legal issues arising from the latter, including an in-depth review of standard banking documentation to ensure compliance therewith.
An important German bank, in relation to Romanian law issues triggered by the operation of an international cash pooling and netting system for a group of companies, including a Romanian company.
An international electricity company, in relation to the structuring, negotiation and amendment of a complex risk guarantee scheme put in place by the World Bank, a major bank, and the Romanian Ministry of Economy and Finance, aimed at covering the risk of adverse changes in regulation, concerning electricity distribution and supply activities in Romania.
A major Japanese bank on a EUR 25 million term loan facility granted to a leading Romanian bank.
A Swiss-based credit institution, in restructuring a loan granted to a group and structuring the guarantee package to be granted by the borrower and the other companies from the group.
An important Scottish financial institution, in the amendment and restatement of a more than EUR 13 million loan granted to an acquisition company and guaranteed by certain companies of the group. We were attributed a separate mandate regarding the refinancing of current facilities whereby the parties entered into a new facility agreement and inter-creditor agreement.
An important German bank, in relation with the adjustment of certain corporate procedures considering the latest changes in the legal framework with respect to anti-money laundering.
One of the largest payments companies in the world, in connection with reviewing its customer disclosures, as well in respect of multiple regulatory aspects concerning crypto-assets operations in Romania, with emphasis on the payment and financial and investment services regulatory framework.
A German automotive supplier with subsidiaries, inter alia, in Romania, in connection with acceding to a supply chain financing programme.
One of the top Fintechs in the UK, in connection with regulatory regimes of crypto-assets, with emphasis on regulatory aspects concerning non-fungible tokens (NFTs).
Major financial institutions, in relation to the accession of one of Romania’s largest companies operating in the renewable energy sector as guarantor to a senior facilities agreement, note purchase agreement and intercreditor agreement.

Ranked as leading/highly recommended in Banking & Finance by the prestigious British legal publishers IFLR 1000 and Legal 500.

IFLR 1000 and Legal 500

“Excellent on all fronts”, Muşat & Asociații is “highly rated, has a lengthy track record” and “well-trained and professional lawyers”.

IFLR 1000 / Legal 500

Clients praise the [Banking & Finance] team for “going out of its way to provide a truly excellent service”.

Chambers Europe

“This firm is unanimously recognised for the exceptional quality of its work, particularly in M&A financing.”

Chambers & Partners

Mușat & Asociații’s Banking & Finance practice “has maintained its strong reputation, with international clients praising the team’s high level of service.”

Chambers & Partners

Clients say: “Their firm provides exceptional quality of work with a great team of lawyers displaying depth of knowledge.”

Legal 500

“Muşat & Asociaţii is a Romanian brand, which has developed itself a formidable reputation on the market.”

IFLR 1000

The firm is highly appreciated for being “very competent and helpful in extremely time- sensitive and stressful situations”.

IFLR 1000

“This firm is involved in some of the biggest cases, which are often the first of their kind.”

Chambers & Partners

The firm ”managed expectations well and explained the intricacies of Romanian legal practice to non-practitioners effectively.”

Legal 500

“One of the firm's international clients says: “There is a seven-hour time difference and they were always willing to speak on the phone”, adding: “We worked with other law firms, but we felt that Mușat were the best.”

IFLR 1000

The banking team is praised by clients for providing "precise and business-oriented advice.”

Legal 500

“Clients say the projects team at Mușat & Asociații possesses an excellent ability to identify legal risk and find innovative legal solutions.”

Legal 500

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.”

Chambers & Partners

One source values the “very smooth and efficient” co-operation with the team, adding that all team members are “responsive and hard-working”.

Chambers & Partners

Clients applaud the lawyers’ “innovative preparation of the legal strategy”, asserting that the team “takes time to consider all possible courses of action”.

Legal 500

Clients about Mușat & Asociații’s lawyers: “High level of professionalism and involvement, innovative spirit and original solutions”.

Chambers & Partners

“Boasting a variety of clients from across banking and industry, this influential firm has assisted on a number of loans to public authorities under the aegis of the EU.”

Chambers & Partners

Interviewees report that the members of the team are “experienced, responsible and detail-oriented”.

IFLR 1000

“They demonstrate a high capacity for research and analysis. They are responsive and provide reliable advice. Deadlines are always kept.”

Chambers Europe

“Attention to detail is phenomenal. There are no weaknesses.”

IFLR 1000

“High reputation as a full - service law firm, with a strong portfolio of complex projects.”

IFLR 1000

Sources say “it was able to provide specialized lawyers in no time - the firm is outstandingly reactive”.

Chambers & Partners

“Mușat & Asociații’s full involvement in cases is really appreciated.” Moreover, “Muşat combines deep technical knowledge and a high level of business awareness”.

Chambers Europe

“The team is innovative, creative and dedicated to finding the best solution.”

Chambers Europe

“The team is very experienced and responsive. We really appreciate the lawyers' vast industry knowledge and excellent services.”

Chambers & Partner

Interviewees say they are drawn to the firm for its “responsiveness and client-focused approach”.

Legal 500

Muşat & Asociaţii has a “strong local presence in Romania” coupled with “an impressive ability to coordinate a cross-border deal”.

Chambers & Partners

Muşat & Asociaţii has “a dominant share of the country's business” and “garners much respect from its competitors and clients”.

IFLR 1000

Clients are impressed with “highly competent, serious and reliable” lawyers at Mușat & Asociații.