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Živković Samardžić Lawyers recognized by The Legal 500 EMEA 2024

Monday, 01 April 2024 by ZS Law

Živković Samardžić is truly delighted to learn about rankings in the Legal 500 Europe, Middle East & Africa 2024 directory. The office has been ranked across a diverse set of practice areas and our lawyers have been recognized as great professionals.

Miloš Milošević, Partner has been recognized as a Leading Individual, while Ivan Ljubisavljević, Partner as a Next Generation Partner, for their Dispute Resolution work. 

Dispute Resolution team has also been recognized as consistently handling high-stakes commercial cases before the Serbian and Montenegrin courts, Živković & Samardžić Law Office acts for several domestic investment banks and insurance companies on an ongoing basis. The firm is home to experts in litigation and enforcement work, along with restructuring, reorganisation and insolvency proceedings. The career of Miloš Milošević includes being a civil law appellate chamber judge at the Belgrade District Court, while Ivan Ljubisavljević is a banking and finance litigation specialist. Civil litigation practitioner Tihomir Vlaović provides additional support.

One of the client testimonials are: ‘Expertise and experience make this team stand out by comparison to other firms.’, ‘Miloš Milošević is great for his understanding of banks’ business and aspirations.’

Additionally, Danka Draško has been recognized as a Rising Star for her Employment work, while the Employment team praised for being particularly active in advising on redundancies, reorganizations, union negotiations, employment disputes and executive terminations, to amendments of working conditions and disciplinary procedures

Client impressions were: ‘They are precise, efficient and professional in every way, and they respect tight deadlines.’, ‘Lawyers from this firm are interested in each client individually, knowing in detail the client’s organisation and type of work, as well as its business needs.’

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

Commercial, Corporate and M&A department led by partners Sava Pavlović and Branislav Živković is known as exceptionally knowledgeable and experienced, acting for major commercial, financial and industrial businesses on complex business transactions. According to clients, “This team is truly impressive. They are incredibly focused and experienced, and their approach is remarkably flexible and innovative“, and “Clients highly value the excellent communication between lawyers and clients, as well as the team’s proactive engagement with them”.

The Competition practice is also recognized by the Legal 500, while Živković Samardžić is highlighted as a firm worth watching in the field of Real Estate and Construction practice. This practice is led by Uroš Đorđević, who has longstanding experience in real estate projects and project finance, as well as infrastructure and procurement contracts, however, he is supported by Srđan Zerdo, whose commercial real estate focus covers investment sales and acquisitions, property developments, FIDIC contracts, hotel operation agreements, and property joint ventures.

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.

Miloš MiloševićUroš ĐorđevićBranislav ŽivkovićMiloš V. MiloševićSava PavlovićIvan LjubisavljevićDanka DraškoTihomir VlaovićSrđan ZerdoThe Legal 500 EMEA 2024
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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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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 advising Fifth Quarter Ventures in the procedure of becoming the fourth Alternative Investment Fund in the Republic of Serbia ever

Monday, 24 April 2023 by ZS Law

Živković Samardžić, one of Serbia’s leading full-service independent law firms with proven track record and vast experience in the Serbian capital market, advising both investors and startups, has legally advised and provided regulatory and compliance support to Fifth Quarter Ventures (FQV) in the procedure of becoming the Alternative Investment Fund in the Republic of Serbia.

On April 21, 2023, the Securities Commission brought a decision to grant a permit to FQV, which enables FQV to transform into an Alternative Investment Fund Management Company, allowing it to step into the final procedural phase before the Securities Commission for obtaining the vital permit to establish an Alternative Investment Fund in the Republic of Serbia. This is the newest “big thing” in the Serbian capital market, having in mind that FQV will establish the fourth alternative investment fund ever in the Republic of Serbia.

FQV is founded with the idea to be an early-stage VC fund focused on investing in top startups from the Western Balkan. Also, with its experienced founders and proven business model, FQV will help startups that currently outgrow local investors and introduce them to the top foreign VCs. Finally, FQV’s strategy is also directed to the startups run by Serbian and Croatian founders in the diaspora who can benefit from FQV connections, and to the elite US/Canadian startups which have the Balkan presence that seeks help with product building & faster execution, in which case FQV has an active role in team and product building, in order to secure an allocation in a round led by Tier 1 VC from the Silicon Valley.

Živković Samardžić is a legal adviser and continuously supports FQV in all aspects of establishing and developing alternative investment fund in the Republic of Serbia. Živković Samardžić team consists of the Partners Igor Živkovski and Sava Pavlović, and Associate Ana Grebo.

Igor ŽivkovskiSava PavlovićAna grebo
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Živković Samardžić Advises on the Sale of Eurobank Direktna to AIK Banka

Thursday, 02 March 2023 by ZS Law

Serbian banking market continues with consolidation and Živković Samardžić is again on the spot. Živković Samardžić, one of Serbia’s leading full-service independent law firms, has advised the shareholders of Eurobank Direktna a.d. Beograd (“Eurobank Direktna”) on the sale of the entire stake of 100% in Eurobank Direktna to AIK Banka a.d. Beograd(“AIK Banka”).

Eurobank Direktna is headquartered in Belgrade and operates through 4 primary segments: Retail Banking, Corporate Banking, Small Business Banking & Digital Banking, and holds a market share of 6% in terms of total assets. It currently employs c. 1,600 employees, operates 98 branches and has a balance sheet size of €2.4bn. Eurobank Direktna is majority owned by Eurobank Holdings (70%) and former Direktna Banka shareholders (30%).

Eurobank Direktna has developed its banking business since entering the market in 2003 as Eurobank EFG Serbia. Following the merger with Direktna Banka, it has become number 8 in the market with market share of 5.5% in assets, loan portfolio of 1.7 billion euro and 1.5 billion euro deposits (as of September 2022). Through a wide network of branches and online platform, Eurobank Direktna provides a high-quality service to its clients.

Thanks to the complementarity of the activities of the two banks, the combined bank would have attained an over 13% market share in total assets, with over 4 billion euro deposits and strong capital base of more than 800 million euros (as of September 2022).

Completion of the transaction is subject to customary approvals by the competent regulatory and supervisory authorities and is expected to take place during the third quarter of 2023.

Živković Samardžić team that acted as local legal counsel to the shareholders of Eurobank Direktna on all aspects of this process consisted of Partners Branislav Živković, Igor Živkovski, Sava Pavlović and Uroš Đorđević.

Uroš ĐorđevićIgor ŽivkovskiBranislav ŽivkovićSava Pavlović
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Živković Samardžić has Provided Support on the Sale of Arriva Group’s Business in Serbia

Monday, 03 October 2022 by ZS Law

Arriva Group, the European passenger transport service provider, has reached an agreement to divest its Danish business “Arriva Danmark A/S” and Serbian business “Arriva Litas d.o.o”, as well as its bus business in Poland “Arriva Bus Transport Polska Sp. z o.o” to Mutares SE & Co. KGaA, an international financial investor. The sale covers the entire Danish business, including the bus, water bus and rail businesses, its franchise in the car-sharing company SHARE NOW and UCplus, a nationwide education centre; the entire Serbian business, which is the second largest private bus operator in Serbia; and the Polish bus business, which operates city-based public transport contracts and regional services. The transaction is expected to be completed towards the end of 2022, subject to customary closing conditions, including approval by the Deutsche Bahn Supervisory Board and the German Federal Ministry for Digital and Transport, as well as antitrust clearance by the respective local authorities.

UK-based Arriva Group is a part of the German Deutsche Bahn AG, one of the world’s leading passenger and logistics companies. Arriva is a leading provider of passenger transport across Europe, employing around 40,000 people and delivering around 1.2 billion passenger journeys across 13 European countries. With buses, trains, coaches, trams, waterbuses, car and bike-sharing systems, as well as on-demand transport solutions, Arriva proudly connects people and communities safely, reliably and sustainably, delivering these services in a better way, every day. The activities of Arriva are divided into four lines of business: UK Bus, UK Trains, The Netherlands and Mainland Europe.

Munich headquartered Mutares SE & Co. KGaA acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. Its goal is to acquire companies with revenues of EUR 100 million to EUR 750 million. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company.

The Živković Samardžić team consisted of Partners Igor Živkovski and Sava Pavlović.

Igor ŽivkovskiSava Pavlović
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Živković Samardžić has Provided Support on Serbian Aspects of the Sale of Cimos d.d. and its Subsidiaries

Thursday, 23 June 2022 by ZS Law

Živković Samardžić has acted as legal advisor to Cimos d.d. on Serbian aspects of its acquisition by Mutares SE & Co. KGaA from TCH S.r.l.

Mutares SE & Co. KGaA has signed an agreement to acquire Cimos d.d. and its subsidiaries from TCH S.r.L. The company will act as a key Eastern European platform for Mutares’ Automotive & Mobility segment with seven production plants across Slovenia, Croatia, Serbia and Bosnia & Herzegovina as well as one logistics plant in Slovenia.

Cimos d.d. is a leading producer of critical automotive components, with headquarters in Slovenia, approximately 2,000 employees and seven production and one logistics plant across the Balkans. In 2022, Cimos d.d. is expecting revenues of around EUR 160-180 million, influenced by certain special effects.

Mutares SE & Co. KGaA is an international private equity investor focused in the segments of Automotive & Mobility, Technology & Engineering, and Goods & Services Sectors, aiming to leverage the development potential of target companies and lead them onto a stable and profitable growth path.

The closing of the transaction is expected in the third quarter of 2022.

The Živković Samardžić team consisted of Partners Igor Živkovski and Sava Pavlović.

Sava PavlovićIgor Živkovski
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Živković Samardžić successfully completed the merger Eurobank a.d. Beograd with Direktna Bank a.d. Kragujevac

Wednesday, 15 December 2021 by ZS Law

Živković Samardžić, one of Serbia’s leading full-service independent law firms, has successfully completed advising on the merger of Eurobank a.d. Beograd (“Eurobank Serbia”), a Serbian subsidiary of Eurobank S.A. (“Eurobank”), subsidiary of “Eurobank Ergasias Services and Holdings S.A.” (Eurobank Holdings), with Direktna Banka a.d. Kragujevac (“Direktna”), with absorption of Direktna by Eurobank Serbia (the “Transaction”).

The combined bank (“Eurobank Direktna”), in which Eurobank holds 70%, with a strong capital and liquidity position and a market share of 6.5% in customer loans, becomes the seventh largest in Serbia.

As part of the transaction, Eurobank a.d. Beograd will distribute to Eurobank Group via dividend payment and capital return an amount of c. €232m.

The Živković Samardžić team provided legal assistance and advice both involved banks on the Transaction. This deal was led by Partners Branislav Živković, Slobodan Kremenjak, Uroš Đorđević, Igor Živkovski and Sava Pavlović..

Igor ŽivkovskiBranislav ŽivkovićSava PavlovićSlobodan KremenjakUroš Đorđević
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Živković Samardžić Advises Trigal on Its First Investment in Serbia

Monday, 25 October 2021 by ZS Law

Živković Samardžić has advised Trigal on its investment in 5 urban lighting regeneration public-private partnership projects in Serbia. Projects are led by Resalta, the provider of energy services in the region, and include installation of new LED lights in 5 municipalities, which will bring significant savings. Lifetime of the projects is 13 years remaining.

This ESCO projects portfolio is the latest one in Trigal’s infrastructure portfolio and comes after implementation of this kind of projects in North Macedonia and Croatia. The term ESCO stands for energy service company and the model allows those companies to carry out energy services without the clients having to invest their own capital in the projects.

Trigal is a joint venture founded by KGAL Gmbh & CO. KG and Zavarovalnica Triglav d.d., combines investment, operational and asset management expertise providing tailored made solutions to a diverse client base; insurance companies, pension funds, family offices.

KGAL and Triglav insurance combine over EUR 23.2 billion of assets under management and joined forces to create Trigal, with a goal to become the leading real asset investment management platform for the Adriatic region.

Živković Samardžić acted as legal adviser to Trigal on all aspects of the deal, including the legal due diligence exercise, 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 Trigal on this deal was led by Partners Igor Živkovski and Sava Pavlović.

Igor ŽivkovskiSava Pavlović
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