Home / People / Elitsa Ivanova
Portrait of Elitsa Ivanova

Elitsa Ivanova

Head of Finance

CMS Sofia
Landmark Centre
14 Tzar Osvoboditel Blvd
1000 Sofia
Languages English, Bulgarian

Elitsa Ivanova is a dual English and Bulgarian qualified partner in the International Finance team of CMS and head of the Finance practice at CMS Sofia, with more than 15 years of professional experience in the sector. She has been advising clients active in the CEE and CIS on a  variety of transactional, restructuring and regulatory matters, with a particular focus on syndicated lending. 

Elitsa brings in-house experience having been seconded in leading financial institutions in London and Amsterdam. In 2012/2013, she completed a secondment at UniCredit Bank AG, London Branch as part of their CEE Loans Syndication Team and in 2014, another secondment at Deutsche Bank, Amsterdam Branch, working on structured commodities and trade finance transactions as part of their Loan Documentation team. 

Elitsa regularly acts as lead counsel on complex cross-border English law-governed financing transactions for a variety of clients including commercial banks, international finance institutions and corporates. She specialises in trade and structured commodity finance, and leads the CMS sector specialisation team in commodity finance.

more less

Relevant experience

  • UniCredit, Raiffeisen and Sberbank on USD 250 million hybrid pre-export facilities for GeoProMining, a Russian/Armenian gold mining company.
  • OTP Bank Group on its acquisition of Societe Generale subsidiaries SG Expressbank Group, Sogelife Insurance Company, and SG Banka Albania, for over EUR 600 million in several jurisdictions, including Bulgaria, Albania and Serbia. In Bulgaria DSK Bank acquired indirect control over Societe Generale Expressbank's units Societe Generale Factoring, Sogelease Bulgaria and Regional Urban Development Fund, as well as direct control over insurer Sogelife Bulgaria. The CMS Sofia Banking & International Finance team was instrumental in the due diligence process of the target Societe Generale Expressbank and assisted with the structuring and regulatory advice.
  • Major international finance institutions, in their capacity as senior lenders, on the financing of three mall operating companies in Serbia, Montenegro and Macedonia, to refinance existing liabilities and provide capex facilities to be used for the expansion and upgrade of the properties.
  • Major Greek banks, as mandated lead arrangers, and their local subsidiary banks, on the financing of the development and operation of the Sofia South Ring Mall in Sofia, Bulgaria, including development, investment and VAT facilities, and on a full security package.
more less


  • Sofia University St. Kliment Ohridski, Law, LLM (1999 – 2004).
  • Between September 2009 – January 2010, she participated in the Building on Talent Programme of IMD, the leading business school in Lausanne, Switzerland.
more less



Show only
02 October 2020
AML and CTF law and reg­u­la­tion in Bul­garia
1. What na­tion­al leg­al act(s) provide for Anti-Money Laun­der­ing (AML)/Counter Ter­ror­ist Fin­an­cing (CTF) meas­ures in your coun­try? The Anti-Money Laun­der­ing Meas­ures Act, ad­op­ted on 27 March 2018, as...
14 September 2020
ECB an­nounces the names of the Bul­gari­an banks sub­ject to dir­ect su­per­vi­sion
On 11 Septem­ber 2020 the European Cent­ral Bank (“ECB”) an­nounced the names of the Bul­gari­an banks that will be sub­ject to dir­ect su­per­vi­sion un­der its Single Su­per­vis­ory Mech­an­ism (“SSM”) man­date...
01 September 2020
Re­struc­tur­ing and in­solv­ency law in Bul­garia
1. What is the primary le­gis­la­tion gov­ern­ing in­solv­ency and re­struc­tur­ing pro­ceed­ings in your jur­is­dic­tion? Pur­su­ant to An­nex A to Reg­u­la­tion (EU) No. 2015/848 of the European Par­lia­ment and the Coun­cil...
13 July 2020
Bul­garia joins ERM II
On 10 Ju­ly 2020, Bul­garia joined the European Ex­change Rate Mech­an­ism II (ERM II) to­geth­er with Croa­tia. This comes more than two years after Bul­garia ex­pressed its firm in­ten­tion to join the ERM II and...
1 July 2020
Sign­ing with e-sig­na­ture in CEE
Di­git­al­isa­tion af­fects all as­pects of a busi­ness’s op­er­a­tions, in­clud­ing con­tracts, in­tern­al doc­u­ment­a­tion and em­ploy­ment re­la­tion­ships. The COV­ID-19 pan­dem­ic has cre­ated the need for con­tact­less and...
29 May 2020
Loan Agree­ments in CEE/CIS: Force Ma­jeure and Pay­ment Morator­ia
We are pleased to launch a sum­mary of some of the im­plic­a­tions for loan agree­ments in fin­ance trans­ac­tions car­ried out across the CEE/CIS re­gion. With sig­ni­fic­ant fo­cus on Cov­id-19 im­pact across a range...
14 April 2020
The Bul­gari­an Na­tion­al Bank ap­proves sec­tor-wide vol­un­tary morator­i­um
A sec­tor-wide private morator­i­um on bank loan pay­ments dur­ing the peri­od of pub­lic emer­gency in Bul­garia stem­ming from the COV­ID-19 out­break was ap­proved on the 10 April by the Bul­gari­an Na­tion­al Bank...
27 March 2020
Bul­garia to es­tab­lish RegTech Sand­Box plat­form
At the close of Feb­ru­ary 2020, Bul­gari­an Min­is­ter of Fin­ance Vladis­lav Gor­an­ov an­nounced the es­tab­lish­ment of a reg­u­lat­ory sand­box – the Sofia RegTech Sand­Box, which will be de­veloped from close col­lab­or­a­tion...
26 March 2020
Sta­bil­isa­tion and re­struc­tur­ing law in Bul­garia
1. Which fin­an­cial (not tax or la­bour) short-term com­pens­a­tion schemes for im­me­di­ate losses due to so­cial dis­tan­cing meas­ures have been im­ple­men­ted? For which in­dus­tries/sizes of busi­ness? Ac­cord­ing...
29 July 2019
Res­ults from ECB qual­ity re­view and stress tests over six Bul­gari­an banks...
A tur­bu­lent peri­od for the Bul­gari­an bank­ing sec­tor had an­oth­er chapter last Fri­day. Start­ing from the fate­ful early sum­mer days of 2014 when the fourth-largest bank, Cor­por­ate Com­mer­cial Bank failed...
15 November 2018
ECB an­nounces Bul­gari­an banks sub­ject to com­pre­hens­ive as­sess­ment
The European Cent­ral Bank (ECB) has named six Bul­gari­an banks that will be sub­ject to a com­pre­hens­ive as­sess­ment. Of­fi­cially an­nounced on Novem­ber 12, the as­sess­ment will con­sist of an as­set qual­ity re­view...
10 September 2018
In­ter­na­tion­al Cap­it­al Mar­kets Group
De­liv­er­ing true depth of ex­pert­ise and re­sources across the globe We are de­lighted to in­tro­duce you to the latest edi­tion of the CMS In­ter­na­tion­al Cap­it­al Mar­kets Con­tacts Book. Our 2017 three-way mer­ger...