About
Marina Kotkas is a Partner and Co-Chair of the Banking & Finance practice group at COBALT Estonia, she also co-leads the Banks and Financial Institutions industries. Marina has extensive experience in advising Estonian and cross-border financing and capital market transactions, including project, real estate and acquisition financing, refinancing, public offerings and private placements of capital securities and debt instruments and admitting thereof for trading on regulated markets, public M&A and tender offers.
Marina is the regular adviser to the largest local and international credit and financial institutions and, in addition to financing and capital markets transactions, her expertise also covers assisting with mergers, sale of loan portfolios and all regulatory aspects of the activities of banks and financial institutions. Marina’s clientele also includes listed companies, local and international private equity houses and industrial investors whom she advises on capital raising and public M&A transactions and the variety of regulatory issues. Marina is also known for her vast experience in aircraft financing field.
Marina has advised clients on many major financing transactions, including advising a syndicate of banks with Luminor as mandated lead arranger upon financing the business activities of AS Graanul Invest, the largest wood pellet producer in Europe, and assisting European Diversified Infrastructure Fund II (EDIF II) upon their investment into Utilitas, the leading Estonian energy group. Marina has also advised Luminor and LHV upon establishment of their covered bond programmes and has lead the COBALT team upon conducting the IPO of shares of the Port of Tallinn and issue of secured bonds by PRFoods.
Marina has been a member of the Estonian Bar Association since 2003.
- Banking, Finance, and Capital Markets – Leading Partner, The Legal 500 2025
- Banking and Finance – Band 1, Chambers Europe 2025
- Banking and Finance – Ranked Lawyer, Band 1, Chambers Europe 2024
- Banking, Finance, and Capital Markets – Leading Individual, The Legal 500 2024
- Banking, Capital Markets – Market Leader, IFLR 1000 2024
- Banking, Capital Markets – Women Leaders, IFLR 1000 2024
Languages
- Estonian, Russian, English
Membership & education
- Securities and Capital Markets Committee, International Bar Association (2025)
- Capital Markets Practice Group, FinanceEstonia (2015)
- Bank Finance and Regulation Practice Group, Lex Mundi (2011)
- Young Professionals Committee, American Chamber of Commerce in Estonia (2003)
- Estonian Bar Association (2003)
- Cross-Border Transactions Program, Lex Mundi Institute, Monterey, USA (2011)
- Master of Laws (LL.M.) degree, University of Tartu, Faculty of Law, Estonia (2001)
