
Penkov, Markov & Partners are praised for their ‘deep understanding of the regulatory landscape and market dynamics’, which they use to assist banks, credit institutions, insurance companies and investment funds on transactions, project financing and regulatory issues. The team also offers advice and analysis on various novel developments in this sector, including on e-money, fintech and crypto products. Nikolay Cvetanov, whose recent work includes regulatory and product compliance support for crypto and crypto related products, and Ivan Markov, who is well versed in transactions in this area, including related deal structuring and loan agreements, jointly lead the team. Asen Apostolov, who was made partner in April 2024, is also a key contact and handles a range of matters, including on anti-money laundering.
Testimonials
Collated independently by Legal 500 research team.
‘This practice stands out for its exceptionally proactive and supportive approach, backed by thorough research and extensive cross-industry expertise. The team’s broad network of connections proved invaluable in helping us navigate investment opportunities in the Bulgarian market. What truly sets this practice apart is its commitment to innovation and collaboration, providing a seamless, client-focused experience with a clear emphasis on delivering results.’
‘Nikolay Cvetanov distinguishes himself through his proactive leadership and deep commitment to our project. His extensive legal and regulatory expertise was not only impressive but essential in navigating complex challenges. What truly makes Nikolay invaluable is the fact that he went far beyond the typical role of a legal adviser, acting as a true partner. His strategic insight, combined with his hands-on involvement made him a key figure in developing our project and added tremendous value to our work together.’
‘Penkov, Markov & Partners have quite experienced team in finance, being experienced in negotiating and drafting any type of financing agreements both in the bank sector and with other financial institutions and private equity funds. They have good reputation on the market, act diligently and are not afraid to negotiate heavy with bank institutions for improvement of the conditions they are offering on loan packages.’
‘Ivan Markov is among the highly experienced banking lawyers in their team and we always get his advice and opinion on complex deals and on new types of financing when we are approached with offers of restructuring of our relations with banks. Nikolay Cvetanov has also assisted on some of the deals with his expertise in the banking sphere, being among the prominent experts in the field. Very flexible in negotiations, he is able to lower the tension and turn any conversation in a productive direction.’
‘This practice stands out for its unique blend of specialised expertise, innovative strategies and a strong client-centric approach. Unlike many other firms, this team combines a deep understanding of their clients' industries with a forward-thinking perspective, enabling them to provide solutions that are both practical and strategically sound.’
‘They are very experienced in banking transactions and have rather good reputation on the market. What adds additional value is their networking capabilities and the approach to meet pools of lenders and investment funds with the businesses and projects that need the financing. I have been assisted by them for the introduction and business negotiations for the financing by private lenders of three separate projects developed by our group. So they combine not only legal capabilities, but far broader business approach on the whole process of securing project financing.’
‘Nikolay Cvetanov always sees the bigger picture and has this business-wise approach which is very rare for a lawyer. He is their team leader and rightly so. Pleasure to work with. Asen Apostolov is another lawyer we have been working with for years. Very knowledgeable and reliable, always available to respond to any questions. His attention to detail sometimes makes the difference when it comes to regulatory matters. Great to have him on your side.’
‘The team of lawyers is really strong, we are working mainly with Nikolay Cvetanov and Asen Apostolov. They know our business very well - on the regulatory side, as well as compliance aspects. What makes them different from other lawyers - they make the processes work, they make the things happen and always find a way to recommend not too burdensome legal solutions. When it comes to e-money and fintech - they are the best.’
Key clients
- Vienna Insurance Group AG
- Binance
- M Holding AD, Sila M LLC (US company), Green Line Group AD, pool of private investors
- INVENIO PARTNERS FUND II Scsp
- Unilink S.A., Unilink Bulgaria EOOD
- Pension Assurance Company Doverie AD
- Allianz Bank Bulgaria EAD
- ZAI AD (part of Industrial Capital - Holding Group)
- Multitude Bank p.l.c.
- Arteks Engineering AD
- Paynetics AD
- NetCredit OOD
- Eurostar EOOD
- Infinity Capital AD
Work highlights
- Advised Unilink S.A. and Unilink Bulgaria EOOD on structuring of the financing and acquisition of the SDI Group AD.
- Advised Vienna Insurance Group AG on negotiating and structuring of the financing and acquisition of 10% of the capital of the largest Bulgarian Pension Fund by the International Finance Corporation (IFC).
- Advised Allianz Bank Bulgaria in the restructuring of factoring relationship with a Bulgarian construction company.
Lawyers

Practice head
The lawyer(s) leading their teams.
Nikolay Cvetanov, Ivan Markov