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Experts / Marina Kotkas

Marina Kotkas

Partner / Estonia
+372 525 3086
+372 665 1888
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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. 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 has also unparallel experience in advising renewable energy financing projects.

Her work has earned her strong recognition from prominent international and local clients, as well as other international law firms. In June 2026, Marina was recognised as Lawyer of the Year: Baltics at the IFLR Europe Awards.

Marina is also a member of the Financial Law Committee of the Estonian Bar Association, FinanceEstonia’s Capital Markets Committee and the International Bar Association’s Securities and Capital Markets Committee.

Marina has been a member of the Estonian Bar Association since 2003.

Practice

Recognition
CV
Experience
Publications
  • Banking and Finance – Band 1, Chambers Europe 2026
  • Banking, Finance, and Capital Markets – Leading Partner, The Legal 500 2026
  • Banking, Capital Markets – Market Leader, IFLR 1000 2025
  • Banking, Capital Markets – Women Leaders, IFLR 1000 2025
  • Banking and Finance – Ranked Lawyer, Band 1, Chambers Europe 2024
  • Banking, Finance, and Capital Markets – Leading Individual, The Legal 500 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)
    Telliskivi TLN secures €70 million in financing and begins construction of the M Building
    2026 - 08 - 25
    The only oat drink producer in Baltics YOOK, carried out a public bond issue and went public on First North
    2026 - 05 - 22
    Baltic Renewable Energy Platform completes the financing round for Kirikmäe BESS plant and kicks off construction
    2026 - 04 - 06
    VOSKER acquires Estonian security technology company Defendec
    2025 - 12 - 29

    A Snapshot of Estonia’s 2025 Capital Markets: Bonds, Delistings and Cautious Optimism Amid Uncertainty (2025 - 11 - 19)

    Estonia Hard at Work, Despite Slowdown, Crisis, and Tensions: A Buzz Interview with Marina Kotkas of COBALT (2022 - 08 - 29)

    COVID-19 in the Baltics: FAQ on Banking & Finance law issues due to COVID-19 outbreak (2020 - 03 - 17)

    Associate Christine Mägi and partner Marina Tolmatshova gave input on Estonian jurisdiction in an international survey on AMDL4 and UBO registers (2017 - 09 - 12)

    Next brick in the wall of Estonian energy security – Key takeaways of recent BESS project financings

    We are driven by your recognition

    "Her knowledge of the topic and our business is remarkable. We also appreciate that, as a partner, she is hands-on and involved in the subject."
    Chambers Europe 2025, Banking & Finance
    "We have worked with Marina for several years and she is our go to lawyer for all financing work in the Baltics. She is very responsive and coordinates work with the other Baltic countries very smoothly. She has excellent understanding and knowledge of the local market and is a good negotiator."
    IFLR1000 2024, Banking & Finance
    Clients describe her as a "very smart and knowledgeable" partner, with one source reporting: "She was responsive to our questions, delivered on time and was also proactive in making her own recommendations."
    Chambers Europe 2021, Banking & Finance
    "Marina is good at negotiating, protecting the client's interests while still being able to find a compromise."
    Chambers Europe 2024, Banking & Finance