Helping the Banking Sector Surge Ahead

Banks are embracing more and more the digital transformation of their services. The Covid-19 pandemic has accelerated this process and the cooperation between banks and the FinTech sector.

Key contacts

  • Legal aspects of the digital transformation of banks and regulatory advice on launching innovative banking services
  • Syndicated loans and project finance
  • NPL due diligence and transactions
  • Legal opinions on enforceability and validity of various types of international banking agreements
  • Financial services regulation
  • Payment services and systems
  • Derivatives and financial products
  • Consumer protection and anti-money laundering regulation
  • Advice on all aspects of the Bulgarian and EU banking legislation
  • Restructuring & Insolvency
‘‘They always find a solution. Impressive Hristo Nihrizov and Pencho Stanchev, who stand out  for their skills, accuracy, sharp mind and style’ - Legal 500  

Assistance Through the Myriad of Regulations

DPC provides comprehensive legal advice on various sector-specific matters ranging from the regulation of payment services and payments systems, acquisition and project finance, obtaining regulatory approvals to consumer rights, anti-money laundering regulation and data protection. We understand the economic underpinning each transaction and clients turn to us for specialized advice and technically strong legal instructions.

The firm’s grasp of complex regulatory regimes is particularly valuable to lenders and banks keen to understand both the risks a potential borrower’s business might face, and the validity and enforcement of collaterals governed by Bulgarian legislation.

Work highlights:
  • Representing the Bulgarian National Bank in a series of regulatory lawsuits pertaining to its refusal to permit the acquisition of a local bank by a private pension fund due to compliance and regulatory deficiencies of the buyer
  • Advising the Bulgarian-American Credit Bank on its e-banking services package, including setting up and updating the framework for online and remote services and distance onboarding of clients and representing the bank before competent authorities regarding the implementation of the new service
  • Legal support to UniCredit Bulbank on the digital transformation of some of the bank’s major internal processes
‘’Dimitrov, Petrov & Co are offering excellent service in practically every area of law.’’ – Legal 500

New Contest for Traditional Players

Having been involved in some of the most high-profile cases in Bulgaria, we draw upon exceptional knowledge and first-hand experience in the banking and finance sector. The team’s advice and consulting оn financing transactions rests on a strong understanding of the parties’ businesses and projects and an equally strong grasp of the needs, concerns, preferences, and goals of both borrowers and lenders.

Our experts lead workshops and trainings on the practical application of PSD2 and the Credit Institutions Act, attended by banks, FinTech sector representatives, experts in the field of payment systems and other service providers.

Work highlights
  • Advising a leading Bulgarian bank on remote opening of payment accounts, including on how to deal with all regulatory, KYC, AML, GDPR, cybersecurity and client protection barriers set by the Bulgarian legislation
  • Advices to Société Générale Expressbank on the launch of new services under the EU’s Second Payment Services Directive and related training to the management of the bank
  • Financial institution - advice on legal and regulatory issues related to introduction of unique consumer financial services for provision of microcredits through new and unexplored market channels, including analysis of the legal aspects of remote identification of consumers, remote signing of loan agreements, verification of electronic signatures, etc.

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