Despite global financial downturns, Serbia’s banking and finance market has exhibited remarkable stability and consistent growth. It has experienced significant advancements driven by economic expansion, technological progress, and regulatory reforms aiming to enhance stability, transparency, consumer protection, and efficiency.

Gift cards have become more and more popular. They are bought as presents and some shops have a return policy where items bought physically can be exchanged only for a gift card of the equivalent amount. Are gift cards therefore to be regarded as money in Poland? If so, are the issuers required to obtain authorisation as a payment or electronic money institution?

Allen & Overy has advised MS Galleon on its EUR 440 million investment loan facility from Bank Gospodarstwa Krajowego and the related Barlinek company on a EUR 100 million general loan facility provided by BGK, Bank Pekao, and PKO Bank Polski. Norton Rose Fulbright reportedly advised the banks.

Sayenko Kharenko has successfully represented the interests of Oschadbank in a dispute over the unlawful usage of its trademark by the former Sberbank, in a case where Oschadbank was awarded EUR 10 million in damages.

Pawel Mruk-Zawirski and Lukasz Walczyna have taken over the leadership of the Financial Regulatory practice and the Debt Capital Markets practice, respectively, in Allen & Overy’s Warsaw office.

Sayenko Kharenko has advised the EBRD on its USD 30 million secured financing to Ukrainian agro-industrial holding Astarta.