Krzysztof Gorzelak

Norton Rose Fulbright Dyczkowski and Partners, Limited Partnership

Krzysztof Gorzelak

Krzysztof Gorzelak


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Krzysztof Gorzelak, PhD is a banking lawyer based in Warsaw.

Krzysztof participated in a number of lending transactions acting for banks and borrowers. He is highly regarded for his experience in aviation finance transactions, export finance and trade finance transactions. He also specialises in derivatives and capital markets regulations. In 2014, Krzysztof was seconded for 6 months to Trade Finance Legal department in the Royal Bank of Scotland plc (London office) and in 2015 Krzysztof was seconded for 3 months to Trade Finance Legal department of Citibank N.A. (London branch). Vast amount of Krzysztof's work during his secondment to both banks related to advising on guarantees and receivable purchase programmes (both supplier and buyer-led deals) across the globe.

Krzysztof Gorzelak is a summa cum laude graduate of the University of Warsaw, where he was also awarded his Doctor of Law degree and his doctoral thesis focused on trading in emission allowances. Through the Socrates-Erasmus programme he spent a semester studying law at the Erasmus University Rotterdam. In addition, he holds a diploma in English and European Union Law from Cambridge University. He received a scholarship from the Ministry of National Education and from the DAAD. He is a legal advisor.

Krzysztof Gorzelak wrote a series of articles on banking, capital markets and legal theory published in the legal press. Krzysztof also co-authored a number of legal books dedicated to financial instruments and emission allowances trading, including : "Commodities and commodity derivatives. Legal aspects of trading", published in 2011 by C.H. Beck and "System of commercial law. Volume 4 – Law on financial instrument" published in 2016 by C.H. Beck.

Krzysztof Gorzelak is recommended by Legal 500 (in 2015 and 2014 edition) in the area of banking and finance as "business-oriented and responsive".

Professional experience

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  • University of Warsaw (Faculty of Law and Administration), 2006
  • One semster at the University Rotterdam (Socrates-Erasmus programme)
  • Diploma course in English and EU law at the British Centre for English and European Legal Studies co-organised by the University of Cambridge
  • Scholarship from the Polish Ministry of Education, Collegium Invisible and the DAAD
  • In 2011 he was admitted to the Polish Bar of Legal Advisers
  • PhD in Law - University of Warsaw (Faculty of Law and Administration), 2015.
  • Radca prawny (qualified in Poland) 2011


  • Inter Cars S.A. - on transaction of extension, increase and reorganization of the senior facilities in the aggregate amount of app. PLN1.84bn (approximately €400m). The Warsaw office acted as the leading counsel for Inter Cars S.A., other Polish Obligors from Inter Cars Group and Inter Cars Group Obligors located in ten different jurisdictions across Europe. The Warsaw office advised on transaction involving onboarding of Santander Bank Polska S.A. as the new consortium member and extension, increase and reorganization of financing extended to Inter Cars group.
  • UniCredit Bank AG's London branch as agent and lenders - on the PLN1bn incremental facility made available to Cyfrowy Polsat S.A., one of the Grupa Polsat brands.
  • A consortium of leading Polish and international banks consisting of BNP Paribas Bank Polska S.A., PKO Bank Polski S.A., Siemens Bank GmbH, Bank Millennium S.A., ING Bank Śląski S.A., Bank Pekao S.A. and Bank Ochrony Środowiska S.A. - on a new term and revolving facilities agreement amounting to a total of PLN615m (with additional optional incremental facility of up to PLN100m) granted to CARGOUNIT. The funds were used, inter alia, to finance the acquisition of environmentally friendly electric locomotives and modernisation of the companies shunters' fleet. The team negotiated complex financial documentation including intercreditor arrangements and advised on the hedging strategy related to the financing.
  • P4 sp. z o.o. (branded as PLAY) - on approximately PLN464m (€100m) financing for the purchase of Samsung equipment, which financing was provided by Banco Santander, S.A. in the form of an export finance facility backed by an insurance policy of the Korean Export Credit Agency (K-Sure).
  • A consortium of the Polish banks comprising Credit Agricole Bank Polska S.A., BNP Paribas Bank Polska S.A. and Bank Polska Kasa Opieki S.A. - on a debt financing extended to Farm Frites Poland SA. The total value of the financing was equal to PLN330m (€71.95m). The funds were used to finance working capital requirements and the development of two new production lines.
  • Bank Polska Kasa Opieki S.A. - on refinancing the debt of Polska Żegluga Morska Group companies (Polsteam Group) in connection with the acquisition of five vessels. The transaction involved the drafting of a full security package for the financing, including among others ship mortgages.
  • Export Development Canada - on the transaction of financing a Boeing 737 aircraft simulator, which was used for training pilots in Poland.

Krzysztof has written a series of articles on banking, capital markets and legal theory published in Polish national newspapers and in the legal press, including titles such as the Capital Markets Law Journal (Oxford University Press).

He also co-authored two books entitled: 'Commodities and commodity derivatives. Legal aspects of trading' and 'System of commercial law. Vol. 4. Law of financial instruments', published by C.H. Beck in 2011 and 2016, respectively.

Admitted to the Polish Bar of Legal Advisers, 2011


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