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Elitsa Ivanova

Head of Finance

T +359 2 921 99 47
CMS Sofia
Landmark Centre
14 Tzar Osvoboditel Blvd
1000 Sofia
Languages English, Bulgarian

Elitsa Ivanova is a Partner and Head of Finance at CMS Sofia.

Elitsa is a key expert in the CMS Finance practice in the CEE region with over 13 years of professional experience in the sector. She is a dual qualified Bulgarian and English lawyer who has advised leading financial institutions active in the CEE and CIS on a number of cross-border and multijurisdictional transactions.

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. In addition to her international experience, Elitsa knows the local market well and advises on all kinds of transactions and regulatory matters in Bulgaria (financings, restructuring and insolvency, banking regulatory).

Elitsa regularly acts as lead counsel on complex cross-border English law-governed financing transactions for a variety of clients including commercial banks (UniCredit, ING Bank), international finance institutions (EBRD, IFC and BSTDB) and corporates.

Elitsa is continually ranked in the Chambers & Partners guide, with clients commenting that "Elitsa was the backbone of the project; she kept things moving forward each day". "She has excellent expertise and knowledge of the legislation” and “embodies proficiency, promptness and care,” state clients in front of Chambers and Partners Europe.

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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.
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  • Sofia University St. Kliment Ohridski, Law, LLM (1999 – 2004) In September 2009 – January 2010, she participated in the Building on Talent Programme of IMD, the leading business school in Lausanne, Switzerland.
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1 July 2020
Sign­ing with e-sig­na­ture in CEE
This guide fo­cuses on the most im­port­ant leg­al areas where elec­tron­ic sig­na­tures are usu­ally used: em­ploy­ment law, com­mer­cial con­tracts, real es­tate law, cor­por­ate law and bank­ing and fin­ance con­tracts. This guide ad­di­tion­ally in­cludes help­ful at-a-glance
26 March 2020
CMS Ex­pert Guide to sta­bil­isa­tion and re­struc­tur­ing ini­ti­at­ive
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...
10 September 2018
In­ter­na­tion­al Cap­it­al Mar­kets Group
Con­tacts Book
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...
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...
27 February 2018
New Bul­gari­an re­forms boost its cap­it­al mar­kets
The Bul­gari­an Cent­ral De­pos­it­ory and the Bul­gari­an Na­tion­al Bank (BNB) re­cently con­cluded three mile­stone pro­jects that aim to de­vel­op and deep­en the nas­cent Bul­gari­an cap­it­al mar­kets.Set­tle­ment of gov­ern­ment...
06 January 2017
Im­port­ant amend­ments to the Bul­gari­an Com­merce Act
We saw im­port­ant amend­ments to the Bul­gari­an Com­merce Act (the “Act”) come to life at the very end of 2016, most not­ably re­gard­ing:  Not­ary cer­ti­fic­a­tions – cur­rently in ef­fect The Act in­tro­duces...
14 September 2016
Bul­garia: Amend­ments to BNB Or­din­ance re­gard­ing pay­ment and e-money in­sti­tu­tions
Re­cently, the Bul­gari­an Na­tion­al Bank (“BNB”) ap­proved amend­ments to BNB Or­din­ance No. 16 on the li­cens­ing of pay­ment in­sti­tu­tions, e-money in­sti­tu­tions and op­er­at­ors of pay­ment sys­tems.  The amend­ments...