Picture of Erika Papp

Erika Papp

Partner
Head of Banking and International Finance, Hungary

CMS Cameron McKenna Nabarro Olswang LLP Magyarországi Fióktelepe
YBL Palace
Károlyi utca 12
Budapest
Hungary
Languages Hungarian, English, German
Banking & Finance

Erika Papp is a partner and Head of the Banking & International Finance Practice at CMS Budapest.

Erika has advised financial institutions as well as state bodies on transactions across the CEE region. She has several years’ experience of practicing business law in Hungary, particularly in transactional, banking law and securities law.

She has amassed considerable knowledge in mergers & acquisitions and sales, portfolio transfers, bank transformations, corporate finance, project and real estate finance, financial services, capital markets and derivatives, restructuring & insolvency, private equity & MBOs, investments and regulatory issues. She advises the largest players in the financial services sector.

Erika participated in developing the so called “Budapest rules”, the Hungarian adaptation of the London rules, a system of support for companies in financial difficulties, usually involving the co-operation of a number of creditor banks.

Erika is leader of banking in AmCham’s Regulatory Committee and has commented on and made proposals for amendments to certain parts of the draft of the new Civil Code and the Bankruptcy Act in Hungary.

Furthermore, Erika is an arbitrator at the Permanent Court of Arbitration of Money and Capital Markets. She plays an active role in supporting activities of the International Business School in Budapest.

Erika frequently presents on domestic and international conferences, seminars, publishes articles and is the author of Hungarian chapters of numerous books.

Erika is recommended by Legal 500 and Chambers and Partners in several categories, including Banking and Finance, Project Finance, Capital Markets and Restructuring and Insolvency. 

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Chambers notes practice head Erika Papp “is the leader of the group and has great insight into the most varied types of finance work, from the most basic to the most complex. For financing or banking she has the best team around.”

Chambers, 2015

Relevant experience

  • One of the largest financial institutions in the world on a banking M&A transaction in Hungary; on cross border and national due diligence exercise in relation to a planned acquisition and transfer of certain corporate loan portfolios and on the transfer of portfolio of one loan asset.
  • MET Holding on the cross-border refinancing and gas trade financing of MET by a consortium of banks.
  • A multilateral development bank on a EUR 314m loan granted by a group of banks to the Hungarian gas storage company, MMBF.
  • A major bank on a large portfolio restructuring of certain properties of a major investor, developer and asset manager in the CEE and advised on bankruptcy proceeding commenced by court against the SPVs (owners of properties).
  • Erste Bank on a significant number of portfolio transfer, project financing, refinancing, restructuring, and regulatory matters, including the acquisition of Citibank’s consumer business in Hungary, the take-over of the Wealth Management unit of the Hungarian branch of BNP Paribas, the merger of 4 ERSTE subsidiaries (leasing and factoring companies), the financing of the acquisition of an office park, the refinancing of the existing loan granted to Portico Investment, financing of the development of an office complex in Budapest, the restructuring of the largest shopping centre in Debrecen, Hungary, the refinancing, restructuring and eventual sale of a 5-star hotel in Budapest and the validation of security documents under CRD rules.
  • OTP Bank on several financings, refinancing and restructuring projects, such as the acquisition of a property in Budapest downtown and financing in relation to redevelop to a 4-star boutique hotel, the financing of the construction and operation of a 4-star hotel in Székesfehérvár, Hungary and the restructuring of an already operating office building, which is a multi-functional real-estate complex with 32,000 square meters of Class A office and retail area.
  • Raiffeisen Bank on numerous project and real estate financing transactions, such as Portico, Váci Corner Offices, Sziget Center, Emery Invest property.
  • Hungarian Eximbank on the financing of the expansion of an ethanol plant, Pannonia Ethanol.
  • K&H Bank and UniCredit Bank on the refinancing of existing loan of a market leader in the production and distribution of health protection products in Hungary and financing of additional loans.
  • Credigen Bank, Credit Agricole on closing down of their operations in Hungary.
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Education

1996 - General legal studies, Law School of the University of Basel, Basel, Switzerland

1995 - LLM in Banking, Securities and Corporate Law, Law School of Fordham University, New York, USA

1992 - Doctor of Law, József Attila University, Szeged 

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Memberships

  • Leader, Banking Group at Regulatory Committee of Amcham Hungary
  • Arbitrator, Permanent Court of Arbitration of Money and Capital Markets
  • Member, Budapest Bar Association
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Publications

  • Settlement with creditors in Hungarian Bankruptcy proceedings, Financier World Wide, United Kingdom, 2015
  • Why Hungary is Such a Challenging Market for Foreign Investors, CEE Legal Matters, Czech Republic, 2014
  • Value still matters, Budapest Business Journal, Hungary, 2014
  • Central Bank Assumes Functions Of Financial Supervisory Authority, World Securities Law Report, United Kingdom, 2013
  • Fiduciary trust (article in Hungarian), Napi Gazdaság, Hungary, 2013
  • The insight of day-to-day practice, Voice, Hungary, 2013
  • Hungarian legislation regulating the disclosure of banking secrets (article in Hungarian), Origo, Hungary, 2013
  • The legal aspects of the banking secrecy in Hungary (article in Hungarian), Jogi Fórum, Hungary, 2013
  • A number of new businesses/business lines can be established on fiduciary trust in the future (article in Hungarian), Origo, Hungary 2013
  • Author of the Hungarian chapter of Oxford University Press (OUP) book on a multi-jurisdictional comparative analysis of expedited corporate and debt restructuring procedures in the European Union
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Lectures list

  • Presenter, NPL Europe 2016 Conference by Smithnovak, 2016
  • Presenter, Portfolio Sales Conference in London, 2014
  • Presenter, Syndicated Loan Conference in Vienna, 2014
  • Presenter, Europäische Rechtsakademie in Germany, 2013
  • Presenter, MABISZ Conference in Budapest, 2013
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Capital Markets & Derivatives

Erika Papp is a partner and Head of the Banking & International Finance Practice at CMS Budapest.

Erika has advised financial institutions as well as state bodies on transactions across the CEE region. She has several years’ experience of practicing business law in Hungary, particularly in transactional, banking law and securities law.

She has amassed considerable knowledge in mergers & acquisitions and sales, portfolio transfers, bank transformations, corporate finance, project and real estate finance, financial services, capital markets and derivatives, restructuring & insolvency, private equity & MBOs, investments and regulatory issues. She advises the largest players in the financial services sector.

Erika participated in developing the so called “Budapest rules”, the Hungarian adaptation of the London rules, a system of support for companies in financial difficulties, usually involving the co-operation of a number of creditor banks.

Erika is leader of banking in AmCham’s Regulatory Committee and has commented on and made proposals for amendments to certain parts of the draft of the new Civil Code and the Bankruptcy Act in Hungary.

Furthermore, Erika is an arbitrator at the Permanent Court of Arbitration of Money and Capital Markets. She plays an active role in supporting activities of the International Business School in Budapest.

Erika frequently presents on domestic and international conferences, seminars, publishes articles and is the author of Hungarian chapters of numerous books.

Erika is recommended by Legal 500 and Chambers and Partners in several categories, including Banking and Finance, Project Finance, Capital Markets and Restructuring and Insolvency. 

more less

Focused on securities law, Erika Papp is described as a "renowned and defining character of the market" by sources.

Chambers, 2015

Relevant experience

  • A UK based investment group on the planned establishment of a real estate fund in Hungary.
  • Hungarian Eximbank in a potential investment by the client, as a state owned export financing bank, into a Luxembourg private equity fund.
  • OTP Bank on the EMTN Programme update and listing on the Luxembourg Stock Exchange.
  • Hungarian Development Bank on a EUR 750m bond issue and listing on the London Stock Exchange.
  • J.P. Morgan Securities in the course of appearance as primary dealer of Hungarian government securities and in relation to the information distribution agreement. Long-term cooperation with one of the largest investment banks of the world in order to ensure participation in the Hungarian capital market trends.
  • Jefferies International on financial transactions in relation to a framework agreement made with the Hungarian State, in the course of which the Government Debt Management Agency acted on behalf of the Hungarian State in relation to admission into the primary traders’ system of Hungarian government securities.
  • CIB Bank, FHB Bank, OTP Bank, OTP Alapkezelő, Budapest Bank, MET, HungaroControl on various ISDA, GRMA, CSA documentation issues on a regular basis.
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Education

1996 - General legal studies, Law School of the University of Basel, Basel, Switzerland

1995 - LLM in Banking, Securities and Corporate Law, Law School of Fordham University, New York, USA

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Memberships

  • Leader, Banking Group at Regulatory Committee of Amcham Hungary
  • Arbitrator, Permanent Court of Arbitration of Money and Capital Markets
  • Member, Budapest Bar Association
more less

Publications

Settlement with creditors in Hungarian Bankruptcy proceedings, Financier World Wide, United Kingdom, 2015

Why Hungary is Such a Challenging Market for Foreign Investors, CEE Legal Matters, Czech Republic, 2014

Value still matters, Budapest Business Journal, Hungary, 2014

Central Bank Assumes Functions Of Financial Supervisory Authority, World Securities Law Report, United Kingdom, 2013

Fiduciary trust (article in Hungarian), Napi Gazdaság, Hungary, 2013

The insight of day-to-day practice, Voice, Hungary, 2013

Hungarian legislation regulating the disclosure of banking secrets (article in Hungarian), Origo, Hungary, 2013

The legal aspects of the banking secrecy in Hungary (article in Hungarian), Jogi Fórum, Hungary, 2013

A number of new businesses/business lines can be established on fiduciary trust in the future (article in Hungarian), Origo, Hungary 2013

Author of the Hungarian chapter of Oxford University Press (OUP) book on a multi-jurisdictional comparative analysis of expedited corporate and debt restructuring procedures in the European Union

more less

Lectures list

  • Presenter, NPL Europe 2016 Conference by Smithnovak, 2016
  • Presenter, Portfolio Sales Conference in London, 2014
  • Presenter, Syndicated Loan Conference in Vienna, 2014
  • Presenter, Europäische Rechtsakademie in Germany, 2013
  • Presenter, MABISZ Conference in Budapest, 2013
more less

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