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

Partner

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

Associate Partner

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

Senior Counsel

+371 67847381
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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

We advised SG Capital Partners AIFP on raising investments in the amount of EUR 80 million
Ellex Klavins provided legal assistance to the alternative investment fund manager SIA SG Capital Partners AIFP with regard to raising investments in the commercial real estate fund SG Capital Partners Fund I KS managed by it. The overall amount of the investments of SG Capital Partners Fund I KS reaches 80 million euros.
 
SG Capital Partners AIFP is the manager of investments in commercial real estate in the Baltics, which invests in income-generating retail and office properties in Riga, Vilnius and Tallinn focusing on sustainability. Investors of SG Capital Partners Fund I KS are the leading institutional investors in the Baltic Region.
 
Associate Marta Cera and Tax Consultant Zinta Jansons from Law Firm Ellex Klavins advised the client on the matter.
 
We assisted SG Capital Partners to obtain an AIFM licence from the FCMC
09.05.2019
 
Ellex Klavins provided legal assistance to SIA SG Capital Partners in obtaining an Alternative Investment Fund Manager (AIFM) license from the Financial and Capital Market Commission (FCMC).
 
SIA SG Capital Partners AIFM has been operating as a registered alternative investment fund manager since 2016. With the FCMC Board's decision to grant the license, that registration has been cancelled and SG Capital Partners AIFM has become a licensed alternative investment fund manager, which is the first such case in Latvia.
 
SG Capital Partners AIFP (SG Capital) is a Baltic commercial real estate investment manager and manages the closed alternative investment fund KS SG Capital Partners Fund 1.
 
The client was advised by Ellex Klavins Associate Marta Cera and Tax Consultant Zinta Jansons.
 
More information is available here.
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.