Banking & Finance

Ellex Klavins represents major international and domestic banks, investment firms, insurance companies and other financial institutions. Our experts work on a range of complex financial transactions, particularly those in a cross-border context.  We have advised on some of the largest syndicated lending transactions that have taken place in Latvia and we have been part of many groundbreaking deals.
Key projects in the field

Key contacts

Egons Piķelis


Co-head of Banking & Finance Practice Group
+371 6781 4848

Valters Diure

Associate Partner

Co-head of Banking & Finance Practice Group
+371 67350541

Raivis Leimanis

Senior Counsel

+371 67847381
What's new in field
Ellex and Allen & Overy advise Blackstone on the acquisition of a majority stake in Luminor for EUR one billion
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Key projects in the field

Ellex Klavins successfully represented the Latvian state in the person of the Ministry of Finance and the State JSC "Privatisation Agency" in high-profile litigation case
Ellex Klavins successfully represented the Latvian state in proceedings with former shareholders of JSC "Parex banka" (now "Reverta") Valērijs Kargins and Viktors Krasovickis.
In 2012, the former shareholders of Parex banka brought an action against the Latvian State, in the person of the Ministry of Finance, Parex banka, the Latvian Mortgage and Land Bank and the Latvian Privatisation Agency, demanding to invalidate the Investment Agreement, pursuant to which the Latvian state took over all of the shares of Parex banka in 2008 and provided multi-million state support to the bank, thereby saving it from insolvency.
The bankers filed a claim challenging the Investment Agreement in order to avoid certain liabilities that they had incurred under the terms of the Investment Agreement. Specifically, on the basis of the Investment Agreement, a claim was made against the former bankers in 2011 for the collection of approximately LVL 100 million (about 144 million euro) because of a breach of their obligations under the Investment Agreement.
This litigation is unique in Latvia due to its scale and being the first matter of its kind. The Latvian state, in the person of the Ministry of Finance, was represented in all instances by Ellex Klavins’ senior associate Raivis Leimanis, and the Latvian Privatisation Agency was represented in the court of appeal by Ellex Klavins’ senior associate Roberts Rimša.
Ellex Klavins and Ellex Valiunas assisted Danske Bank in sale of its retail banking business to Swedbank
Ellex Klavins acted as a legal counsel to Danske Bank in the sale of its retail banking business in Latvia and Ellex Valiunas - in Lithuania. The transfer has been successfully closed on 4 June, 2016.
Legal team lead by Partners Egons Pikelis in Latvia and Gediminas Rečiūnas in Lithuania, assisted the client in an innovative transfer, which is unique in the Baltic banking market.
Part of the business sold comprised all daily banking products offered by the bank to its retail clients in Latvia and Lithuania, including mortgage loans, consumer credits, credit and debit cards, bank accounts and deposits, as well as financial leasing business in Lithuania.
Ellex Klavins advises Primera Air Nordic on Latvian air fleet expansion
We have advised Primera Air Nordic SIA on an aircraft leasing transaction, by which a Boeing 737-700 aircraft was added to the Latvian operator’s fleet on 26 October 2015. Primera Air Nordic is part of the Denmark based Primera Travel Group, which operates charter flights for the Scandinavian market. In addition to the leased 737-700, over the past year Ellex Klavins has advised Primera Air Nordic on leasing transactions for four Boeing 737-800 aircraft, also serving as transaction counsel for the respective aircraft owner/lessor in registering the aircraft in Latvia.
Ellex Klavins is the leading aircraft leasing and finance law firm in Latvia, regularly advising aircraft owners, lessors and financing parties, as well as Latvian scheduled, charter and ACMI operators and aircraft lessees.  Primera Air Nordic is advised by Ivars Slokenbergs, Senior Associate.