Banking, Finance & Capital Markets

Draft Serbian Law on Digital Assets published for public consultations

October 2020 – On 13 October 2020, a draft Law on Digital Assets (the “Draft”) was published in Serbia for public consultations, which will be open until 28 October 2020. Below is a preliminary overview of the main provisions of the Draft. A more...

Kinstellar advises the EBRD on a EUR 40 million framework agreement with Raiffeisenbank to improve water infrastructure in Bulgaria

September 2020 – Kinstellar is proud to continue supporting the European Bank for Reconstruction and Development (EBRD) in its investments to improve water infrastructure in Bulgaria. Recently, Kinstellar’s Sofia office advised the EBRD on a EUR...

Serbia: Additional mandatory moratorium on repayment obligations to banks and lessors

29 July 2020 - In response to the COVID-19 pandemic, the National Bank of Serbia (“NBS”) adopted on 27 July 2020 two decisions aimed at protecting Serbia's financial system: the Decision on Temporary Measures for Banks for the Mitigation of Effects...

Kinstellar paves the way for a EUR 25 million financing deal for a new major office building in Sofia, Bulgaria

July 2020 – Kinstellar has successfully represented OTP Bank and its Bulgarian subsidiary, DSK Bank, in negotiating a EUR 25 million loan for the construction and operation of Balkan Business Center, a major office complex in Sofia.

Kinstellar advises Catara Consulting Europe on the USD 50 million Loan Participation Notes of Uzbek Industrial and Construction Bank

June 2020 – Kinstellar has advised Catara Consulting Europe on matters of Uzbek law in relation to the structuring of the USD 50 million 3-year local currency unsecured Loan Participation Notes of the Joint-Stock Commercial Bank “Uzbek Industrial...

Serbia: Government support for issuance of corporate bonds - Updated

20 May 2020 (Update) – On 15 May 2020, the National Bank of Serbia (“NBS”) adopted the Decision on the Conditions and Manner of Implementing Operations on the Open Market (“Decision”). Pursuant to this Decision, the NBS may buy and sell RSD-denominated...

Kinstellar advises ČSOB on the launch of, a blockchain based trade finance platform

May 2020 – Kinstellar has successfully advised ČSOB in connection with its launch of in the Czech Republic.

Serbia: State guarantee schemes further strengthen package of economic measures to mitigate impacts of the COVID-19 pandemic

27 April 2020 – As part of on-going efforts to mitigate the economic impact of the COVID-19 pandemic in Serbia, the Serbian government has recently adopted a decree (the “Decree”)[1] establishing state guarantees for qualifying commercial bank loans.

Serbia: Preferential loans part of government package to mitigate the impact of the COVID-19 pandemic

16 April 2020 – On 10 April 2020, as part of a wider package of economic measures aimed at mitigating the negative impact of the COVID-19 pandemic, the Serbian government adopted the “Decree on Determining the Program of Financial Support for Commercial...

Serbia: Government support for issuance of corporate bonds

14 April 2020 – On 10 April 2020, the Serbian Government adopted the support package for the Serbian economy in response to the COVID 19 pandemic that is worth in excess of EUR 5 bn and that had been initially announced on 31 March 2020.