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Banking and Finance

SEE Legal Corporate and M&A Practice Group – Capability Statement 2025

Sunday, 01 June 2025 by ZS Law

SEE Legal, a network of 11 leading national law firms operating across 12 jurisdictions in South East Europe – including Živković Samardžić as the member firm from Serbia – has just released its Corporate and M&A Practice Group – 2025 Capability Statement.

Over the past two decades, SEE Legal member firms have successfully collaborated on major regional projects involving acquisitions, restructurings, and investments. This extensive joint experience has firmly established SEE Legal as a leading provider of legal services in the region.

You can explore selected highlights of SEE Legal’s recent cross-border work, showcasing the network’s deep and wide-ranging expertise here.

Corporate and M&A
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A new entry to Živković Samardžić’s track record in the Serbian banking sector: AIK Banka is the new owner of Eurobank Direktna

Friday, 03 November 2023 by ZS Law

Following the announcement from March 2023, and upon receipt of the approvals by all competent regulatory authorities, on November 2, 2023, the shareholders of Eurobank Direktna completed the sale of their shares in Eurobank Direktna to AIK Banka a.d.

Eurobank S.A. (“Eurobank”) entered the banking business in Serbia in 2003 as Eurobank EFG Serbia. After the merger with Direktna Banka, in which Živković Samaržić has advised both merging banks as well, the merged bank – Eurobank Direktna, has become number eight in the Serbian market with a market share of 5.5% in assets, a loan portfolio of 1,7 billion euro and 1,5 billion euro deposits (as of September 2022).

Following this transaction, Eurobank Direktna’s and AIK Banka’s joint participation in the Serbian banking market will be higher than 13%, with over 4 billion euro deposits and a very strong capital base.

The acquisition of Eurobank Direktna is another milestone in the Serbian banking sector as it also reflects the increasing competition and consolidation within Serbia’s banking sector.

Živković Samardžić acted as local legal counsel to Eurobank SA on all aspects of this process. The transaction was led by Živković Samardžić corporate/M&A partners Branislav Živkovićand Sava Pavlović, and was supported by the team consisting of partner Uroš Đorđević, and associates Ilija Milosavljević and Ana Grebo.

Branislav ŽivkovićUroš DjordjevićSava PavlovićAna greboIlija MilosavljevićCorporate and M&A
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Živković Samardžić Advises on the Sale of HDL Design House to Capgemini Consulting Österreich AG

Thursday, 28 September 2023 by ZS Law

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised the shareholders of HDL Design House, a leading independent provider of silicon design and verification services in Europe, on the sale of this company to Capgemini Consulting Österreich AG, a multinational information technology (IT) services and consulting company.

HDL Design House was founded in 2001 and headquartered in Belgrade (Serbia) and it comprises approximately of 300 highly skilled engineers with substantial experience in delivering advanced custom chip designs for multiple industries.

Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering, and platforms. It is a responsible and diverse organization of 350,000 team members in more than 50 countries. Živković Samardžić team that acted as lead legal counsel to the shareholders of HDL Design House on all aspects of this transaction consisted of Partners Branislav Živković, Uroš Đorđević, Igor Živkovski, Sava Pavlović, and Associate Danka Draško.

Corporate and M&AUroš ĐorđevićIgor ŽivkovskiBranislav ŽivkovićSava PavlovićDanka Draško
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Živković Samardžić Advises Samsic on the Acquisition of the Remaining 45% Stake in Samsic STM from the Minority Shareholders

Monday, 24 July 2023 by ZS Law

Živković Samardžić has advised Samsic Holding dejavnost holdingov d.o.o, the Slovenian member of the French Samsic Group, on the acquisition of the remaining 45% stake in Samsic STM d.o.o, Belgrade based facility management, construction and installation services provider, from the two founding shareholders. As a result of the transaction, Samsic became the sole shareholder of this Group’s subsidiary in Serbia.

Founded in 1986 and based in Rennes, France, with 117,000 employees and an annual turnover of EUR 3,45 billion, Samsic is the European leader in facility management. Today, while present in 27 countries in Europe and beyond, Samsic contributes to the performance of its 30,000 customers by offering them customized services, tailored to their specific needs.

Živković Samardžić acted as legal adviser to Samsic on all aspects of the deal, including structuring the transaction, drafting and negotiating of transactional documentation, assisting with the preparation and execution of the closing process and all-encompassing legal advisory regarding post-closing activities.

The Živković Samardžić team that has advised Samsic on this deal consisted of Partner Igor Živkovski and Associate Teodora Milošević.

Corporate and M&AIgor ŽivkovskiTeodora Milošević
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Another Recognition for Živković Samardžić and Igor Živkovski ahead of the Firm’s 25-year Anniversary

Wednesday, 19 July 2023 by ZS Law

We are thrilled to announce that CEE Legal Matters, one of the best known and most respected legal magazines, in their July Issue – Market Spotlight: Serbia, once again recognized Živković Samardžić’s hard work, for which we were ranked in the third place in the category “Firms with the most client matters reported”, with 59 client matters reported in the period from December 2013 – June 2023. 

In addition to that, our Corporate and M&A Partner, Igor Živkovski, has been listed as the second best in the category “Partners with the most client matter reported”, with 29 client matters reported in the same period.

These recognitions come at the special time for our law firm, having in mind that this month we are celebrating 25 years of Živković Samardžić’s existence on the Serbian law market which makes us one of Serbia’s commercial law firms with the longest tradition.

We are extremely grateful to our clients, business contact and fellow lawyers for their support and the entire Živković Samardžić team for continuous hard work in the past years, which made it possible to achieve this great result that gives us wind in the back and motivation to strive and work harder in the years to come.

CEE Legal Matters is a print and online publication for and about lawyers interested and working in Europe’s emerging legal markets, featuring news, interviews, analysis, opinion, and more with a mission to be the go-to source of information about lawyers and legal markets in Central and Eastern Europe.

Corporate and M&AIgor Živkovski
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Živković Samardžić Advises TinySeed on Investment in Startup Plainly

Monday, 19 June 2023 by ZS Law

Živković Samardžić has advised TinySeed, a US venture capital fund which runs a remote accelerator designed for early-stage SaaS founders, on its investment in Plainly, a startup developing video generation API that allows businesses to create automated video creation workflows and increase their marketing output, scale up personalized sales or improve internal communications.

Plainly was one of the 26 startups that were accepted to participate in the Fall 2022 Americas and EMEA accelerator programs designed to help founders with a revenue-generating SaaS optimize product-market fit and grow faster, organized by TinySeed, which allowed Plainly to receive support, answers, and accountability needed to scale its business faster.

TinySeed is a year-long, remote accelerator that funds 15-20 SaaS companies at once. Those companies go through their accelerator program as a batch. TinySeed’s mission is to increase the world’s population of independent SaaS companies, giving capital-efficient startups an option between bootstrapping and raising traditional venture capital. It specializes in the fields of financial services, software, and venture capital.

Živković Samardžić team led by Partner Igor Živkovski and Associate Ana Grebo assisted TinySeed with performing due diligence of Plainly, structuring the transaction, drafting and negotiating of transactional documentation, as well as closing activities related to the investment.

Corporate and M&AIgor ŽivkovskiAna grebo
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A major step forward in the digitalization of the business operations of the Serbian Business Registers Agency: In the future, the establishment of companies will only be possible electronically

Wednesday, 17 May 2023 by ZS Law

As a result of the entry into force of the provisions of the Law on Amendments to the Law on the Procedure of Registration in the Serbian Business Registers Agency, whose application was postponed, starting from May 17, 2023, it will no longer be possible to submit documentation for the establishment of companies to the Serbian Business Registers Agency in paper form, but exclusively in electronic form. However, it will still be possible to submit the registration application for the establishment of a cooperative, public company, representative office, or branch of a foreign company in paper form. Namely, for the applicant to successfully complete the electronic registration application for the establishment of a company, he must first possess:

  • a qualified electronic certificate (electronic signature) issued by a certification body in the Republic of Serbia – the electronic certificate is linked to one of the personal data, such as personal name , passport number and country of issue and/or personal number for a foreigner and/or ID card number and country of issue, and if any of the registered data changes, there is a possibility that the applicant will not be able to electronically sign a certain document;
  • installed electronic card reader and installed NEXU application for electronic signature; and
  • Visa, MasterCard or Dina payment cards for administrative fee payment.

It is necessary to keep in mind that in the electronic registration process, all attached documents must be in electronic form, which can create doubts about what should be done with documents that were initially created in paper form and exist only as such. The legislator resolved this issue by making available the possibility of digitization, i.e., converting a document from paper to electronic form, i.e., into an electronic document that produces the same legal force as a document in paper form, and this is possible if such an electronic document is authenticated (signed) with an electronic signature. This obligation stems from the provisions of the Law on Electronic Documents, Electronic Identification and Trust Services in Electronic Business („Official Gazette of the Republic of Serbia”, Nos. 94/2017 and 52/2021) (hereinafter: the Law), according to which the digitized document is considered a copy, which is why it is necessary to be certified by an electronic signature or electronic sea of:

  1. the person who issued the document (depending on which authority issued the specific act, e.g., authorized person in the bank, Tax Administration, etc.);
  2. the person authorized by Law to certify the documents (notary public);
  3. an attorney at law registered in the directory of the Bar Association of Serbia (however, in this case, an additional condition is set that the attorney at law during digitization and certification must also be a signatory of the registration application, via Power of Attorney).

Additional doubts may arise in connection with electronic documents issued by foreign authorities, because the Serbian Business Registers Agency has informed that for now it is not possible to submit electronic documents issued by foreign authorities, because in accordance with the provision of Article 40 of the Law, it is prescribed that foreign qualified services of trust can be recognized in Serbia only in case of existence of reciprocity regulated by confirmed international agreements. Therefore, for now, the only solution is to print the electronic document issued by a foreign authority in the country of origin and to have the printed copy certified by the competent authority in the issuing country. After that, such document can be digitized and certified by a notary/attorney at law of the Republic of Serbia and used as such in the registration process.

Although these novelties represent a significant step forward and are worthy of all praise, and the fact is that digitization transforms the way public administration works in the Republic of Serbia, thereby increasing the economy and quality of its work, and at the same time making it easier for citizens to carry out their daily bureaucratic duties, there is no doubt that there will be a period of adaptation for all actors of this procedure to the emerging developments.

For more detailed information regarding the submission of the mandatory electronic registration application for the establishment of legal entities, as well as for complete legal assistance in this regard, please feel free to contact our lawyers in the Corporate/M&A department, Partners Igor Živkovski and Sava Pavlović, or your regular contact person in  Živković Samardžić Law Office.


Veliki iskorak u digitalizaciji poslovanja Agencije za privredne registre: Osnivanje privrednih društava ubuduće će biti moguće samo elektronskim putem

Kao posledica stupanja na snagu odredaba Zakona o izmenama i dopunama Zakona o postupku registracije u Agencije za privredne registre, a čija primena je bila odložena, počevši od 17. maja 2023. godine, Agenciji za privredne registre više neće biti moguće podnositi dokumentaciju za osnivanje privrednih društava u papirnoj formi, već isključivo u elektronskom obliku. Međutim, registracionu prijavu osnivanja zadruge, javnog preduzeća, predstavništva ili ogranka stranog privrednog društva biće i dalje moguće podneti u papirnoj formi.

Naime, kako bi podnosilac elektronske registracione prijave osnivanja privrednog društva istu izvršio uspešno, potrebno je da prethodno poseduje:

  • kvalifikovani elektronski sertifikat (elektronski potpis) izdat od sertifikacionog tela u Republici Srbiji – elektronski sertifikat se vezuje za jedan od ličnih podataka, kao što su lično ime, broj pasoša i država izdavanja i/ili lični broj za stranca i/ili broj lične karte i zemlja izdavanja, te ukoliko se neki od registrovanih podataka promeni, postoji mogućnost da podnosilac neće biti u mogućnosti da elektronski potpiše određeni dokument;
  • instaliran čitač elektronskih kartica i instaliranu NEXU aplikaciju za elektronsko potpisivanje; i
  • Visa, MasterCard ili Dina platne kartice za potrebe plaćanja administrativne takse.

Potrebno je imati u vidu da u postupku elektronske registracije svi priloženi dokumenti moraju biti u elektronskom obliku, što može stvoriti nedoumice oko toga šta bi trebalo uraditi sa dokumentima koji su inicijalno sačinjeni u papirnoj formi i isključivo kao takvi postoje. Zakonodavac je ovo pitanje rešio tako što je stavio na raspolaganje mogućnost digitalizacije, odnosno pretvaranje dokumenta iz papirne u elektronsku formu, tj. u elektronski dokument koji proizvodi istu pravnu snagu kao dokument u papirnoj formi, a to je moguće ukoliko je takav elektronski dokument overen (potpisan) elektronskim potpisom. Ova obaveza proizilazi iz odredaba Zakona o elektronskom dokumentu, elektronskoj identifikaciji i uslugama od poverenja u elektronskom poslovanju („Službeni glasnik Republike Srbije”, br. 94/2017 i 52/2021, u daljem tekstu: Zakon), prema kojem se digitalizovani dokument smatra kopijom, zbog čega je neophodno da ga svojim elektronskim potpisom ili elektronskim pečatom overi:

  1. lice koje je dokument izdalo (u zavisnosti od toga koji je organ doneo određeni akt, npr. ovlašćeno lice u banci, Poreskoj upravi, itd.);
  2. lice koje je zakonom ovlašćeno za overu prepisa (javni beležnik);
  3. advokat upisan u imenik Advokatske komore Srbije (međutim u tom slučaju se postavlja dodatni uslov da kada advokat vrši digitalizaciju i overu, potrebno je da bude i potpisnik registracione prijave, odnosno punomoćnik).

Dodatne nedoumice mogu nastati u vezi sa elektronskim dokumentima koju su izdati od strane inostranih organa, jer je Agencija za privredne registre obavestila da za sada nije moguće podnositi elektronske dokumente koji su izdati od strane inostranih organa, jer je u skladu sa odredbom člana 40. Zakona propisano da se inostrane kvalifikovane usluge od poverenja u Srbiji mogu priznavati samo u slučaju postojanja reciprociteta regulisanog potvrđenim međunarodnim sporazumima. Dakle, za sada je jedino rešenje da se elektronski dokument izdat od strane inostranog organa odštampa u zemlji porekla i da se tako odštampana kopija overi od strane nadležnog organa u državi izdavanja. Nakon toga se takav dokument može digitalizovati i overiti od strane notara/advokata Republike Srbije i kao takav koristiti u postupku registracije.

Iako ove novine predstavljaju značajan korak napred i vredne su svake pohvale, te je činjenica da se digitalizacijom transformiše način rada javne uprave u Republici Srbiji i time podiže ekonomičnost i kvalitet njenog rada, a građanima istovremeno olakšava izvršavanje svakodnevnih birokratskih obaveza, nesumnjivo je da svim akterima ovog postupka sledi period adaptiranja na nastupele novine.

Za detaljnije informacije u vezi sa podnošenjem obavezne elektronske registracione prijave osnivanja privrednog društva, kao i za kompletnu pravnu pomoć u vezi sa tim, budite slobodni da kontaktirate naše partnere u Corporate/M&A odeljenju, Igora Živkovskog i Savu Pavlovića, ili Vašu redovnu kontakt osobu u advokatskoj kancelariji Živković Samardžić.

Sava PavlovićCorporate and M&AIgor Živkovski
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Živković Samardžić Lawyers and Practice Groups Recognized by Legal 500 EMEA 2022

Tuesday, 12 April 2022 by ZS Law

Živković Samardžić is humbled and proud of our rankings in the Legal 500 Europe, Middle East & Africa 2022 directory. The firm has been ranked across diverse set of practice areas and our partners recognized as professional and well organised lawyers with extensive knowledge and analytical skills. 

Miloš Milošević, Partner has been recognized as a Leading Individual, and Ivan Ljubisavljević, Partner as a Next Generation Partner, for their Dispute Resolution work. Živković & Samardzić Law Office’s lawyers “regularly represents domestic and foreign clients from the banking, media, telecoms and pharma sectors. In addition to its track record in heavyweight commercial disputes before the Serbian and Montenegrin courts, the group appears in investment treaty arbitration.” Some of the client testimonials include following: “An excellent team that is made up of highly skilled individuals.”, with “Each lawyer is a highly professional individual with exceptional knowledge of the law and extensive experience.”, stating that “They are skilled in analysing legal issues in a short time, and provide the client with adequate professional advice and assistance.”

Ana Popović, Partner has been recognized as a Next Generation Partner for her Employment work and her team praised for being particularly active in advising on redundancies, management reorganisations, union negotiations, employment dispute resolution and executive terminations. The team also has expertise in the documenting of work condition amendments, disciplinary procedures, and assisting foreign management with immigration law matters. The Legal 500 directory quotes some of the client testimonials, according to which “I enjoy working with this firm – this is a complex jurisdiction and they are pragmatic and commercial with their advice.”, “The employment practice of this firm is outstanding. It is very well staffed, with experts who go the extra mile to provide sound and reliable advice.”, with“Great collaboration, client relations and response speeds.”

Other ranked practice areas include Commercial, Corporate and M&A, Competition and Real Estate and Construction. 

Commercial, Corporate and M&A team is described as the one that consistently handles complex business transactions, as well as providing strategic corporate advice to both national and international commercial, financial and industrial enterprises in Serbia. Jointly heading up the group are Partners Branislav Živković, who is cross-border transactions expert, TMT deal expert Nebojša Samardžić, and Igor Živkovski, “a great lawyer with brilliant ideas”. According to some of the quoted client testimonials, the team “is very practical, and understands how to get things done quickly and easily without compromising on risk”, with “dedicated, knowledgeable and experienced professionals, who give very direct and useful advice, which is very much appreciated.” Their clients also “appreciate their deep knowledge of the local market and breadth of experience.”

Živković Samardžić Competition practice is described as “full of innovative and creative staff, who are very professional and available”, with team members “who are able to respond promptly to every client requirement”. The competition team has substantial experience of handling local Serbian and regional filing procedures for complex, multi-jurisdictional mergers in the electronic communications, broadcasting, energy and financial services sectors. Directory quotes client testimonials as follows: “When working on a project, the team always includes both partners and associates, which allows the associates to grow through handling large mandates and gain knowledge and experience for the future.”, as well as “Their understanding of the market is a great advantage.” Practice head, Slobodan Kremenjak, Partner is lauded for having “the track record which includes a number of landmark competition cases.”

The Legal 500 Series, now in its 33rd year, is widely acknowledged as the world’s largest legal referral guide. The Legal 500 is an independent guide, where firms and individuals are recommended purely on merit, considering various factors such as capabilities of the team and the law firm in general, the complexity and the variety of the performed work, with a great emphasis on client feedback.

Ana PopovićMiloš V. MiloševićIvan LjubisavljevićDispute ResoulutionMiloš MiloševićEmploymentCommercialCompetitionCorporate and M&AReal Estate & Construction
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Živković Samardžić Advises Joberty on Angel Investment for Entering Global Market

Wednesday, 22 September 2021 by ZS Law

Živković Samardžić has advised Joberty, an online IT business platform that connects employers and candidates into a transparent ecosystem, on early-stage investment by angel investor, Kroog Ventures. With the investment of USD 350,000, this high-potential project has reached a value of as much as USD 3.3 million.

The initial capital will be used to expand Joberty platform in the region, the European market and beyond. Since its inception, the platform has numbered over 27,000 IT professionals and 600 companies, despite the many problems caused by the COVID-19 pandemic.

Joberty is an online platform founded in August 2019, created as a startup. The purpose of the platform is to enable employees in IT companies to share their work experiences, candidates to find jobs in the IT industry, and IT companies to find relevant candidates for their jobs. With this approach, Joberty provides the wider community with the opportunity to gain additional insight into the work ethic and culture of IT companies, thus increasing the transparency of the rapidly evolving IT community. The goal of the platform is to expand throughout the region, but also throughout other continents, especially throughout the US markets.

Kroog Ventures is an investment platform focused on European technology startup projects. It was founded in early 2021 and is investing in the early stages of development. It consists of entrepreneurs, technology seniors and experienced businessmen. Kroog Ventures supports startups not only financially, but also with strategic and operational support, as well as the access to the international network and capital markets.

Živković Samardžić acted as legal adviser to Joberty on all aspects of the deal, including structuring the transaction, drafting and negotiating of transactional documentation, as well as assisting with the preparation and execution of the closing process. The Živković Samardžić team that has advised Joberty on this deal was led by Partner Igor Živkovski.

Corporate and M&AIgor Živkovski
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Živković Samardžić Advises B92 on the Transformation of a Joint Stock Company into a Limited Liability Company

Wednesday, 26 February 2020 by ZS Law

Živković Samardžić has advised Serbia’s national commercial broadcaster B92, subsidiary of Kopernikus Corporation, on the transformation of a joint stock company into a limited liability company. This transformation was a challenge, considering the complex legal framework governing joint stock companies and lack of local practice.

B92 was established in 1989 as radio broadcasting to Belgrade audiences and has since grown into a company which includes a national radio and television network and websites. B92 and its journalists have won numerous prestigious international awards for journalistic courage and advocacy of human rights.

The transformation marks the completion of the takeover process, with the company Astonko as the only remaining shareholder and introduces a simpler governance system without the Management Board. The simplified governance will allow more efficient management and decision-making within B92, thus enabling it to respond promptly to the challenges and changes in the harsh business environment.

The Živković Samardžić team that has advised B92 on this transformation was led by Igor Živkovski, Corporate and M&A Partner.

Corporate and M&AIgor Živkovski
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