Firms To Watch: Banking and finance

Founding partner Giovanna Melo helms Melo, Martínez & Contín Abogados‘ banking and finance group alongside Néstor Contín and César Martínez Melo, and utilises the experience gained in her previous role as vice president of legal for a prominent banking institution to assist key banks in the Dominican Republic.

Banking and finance in Dominican Republic

Castillo y Castillo

Noted for its ‘level of service, responsiveness and ability to resolve complex issues in the Dominican Republic, Castillo y Castillo‘s banking and finance work revolves around the financing of energy and hotel projects within the country. The team frequently handles multi-jurisdictional mandates, acting as local counsel to foreign banks, multilateral institutions and real estate companies. Práxedes J. Castillo Báez, who is well versed in complex financing operations, leads the team alongside Sebastián Jiménez, who is active in the retail, aviation, energy and tourism sectors. The deep bench of junior lawyers includes senior associates Vera Martínez, Maria Jesús Velázquez and Hidalma De Castro and associate Jacqueline Fernández.

Responsables de la pratique:

Praxedes J. Castillo Baez; Sebastian Jiménez


Les références

I rate the level of service, responsiveness and ability to resolve complex issues in the Dominican Republic as very high. For me, their diligence and good work has meant that we have overcome the obstacles and complexity of our matters with a high degree of success.

The team members understand the values of the firm, transmit them to their clients and achieve lasting relationships between lawyer and client.

Effective and very efficient. They are diligent, dependable, handle matters with a lot of class and style, and are highly respected in the market.

Principaux clients

Banco Popular Dominicano


Asociación Popular de Ahorros y Préstamos (APAP)


Altice Group GB Group (Texaco)


Banco Multiple Ademi


Grupo Ramos


Grupo Rizek


Scotiabank


Riu Hotels


Credit Suisse


Bepensa


Banco Caribe Internacional


Banco de Reservas de la República Dominicana


Central American Bank for Economic Integration (CABEI)


Agence Française de Développement


Vishay Hirel Systems


Gam Capital


Principaux dossiers


  • Advised Banco Popular Dominicano – Banco Múltiple, Administradora de Fondos de Inversiones Popular and Popular Bank on credit facilities of $80m and $50m granted to César Iglesias and Galiza Trading, respectively.
  • Acted for Fondo Cerrado De Desarrollo De Sociedades GAM Energía on the granting of two loans to Phinie & Co Development (which has a power purchase agreement with Edesur Dominicana for a period of 15 years) and Akuo Holdco.
  • Acted as Dominican counsel to the Inter-American Investment Corporation (IDB Invest) and the Inter-American Development Bank in connection with a $120m loan to Inversiones Coconut.

Headrick Rizik Alvarez & Fernández

The banking and finance group at Headrick Rizik Alvarez & Fernández combines its strong presence in the local banking market – where it assists a myriad of local banks – with acting as local counsel to international financial institutions. Sarah De León and Jaime Senior steer the practice; the latter is well regarded for his strength in foreign investment and energy-related transactions, and recently acted alongside Fernando Marranzini in connection with the first issuance of green bonds in the Dominican Republic. Founding partner Mary Fernández draws on extensive corporate and commercial expertise to lead the group’s innovative work relating to alternative payment solutions. Eileen Jiménez is also a key name at top level.

Responsables de la pratique:

Sarah De León; Jaime Senior


Les références

The team understand the technical side of matters but are also sensitive about the business aspects, and their ethical standards are aligned with ours.

Principaux clients

Banco BHD León


The Bank of Nova Scotia (Scotiabank)


CIFI


Citibank


JP Morgan Securities


Wells Fargo Bank


Bank of America


Central American Bank for Economic Integration (CABEI)/Banco Centroamericano de Integración Económica (BCIE)


Fitch Ratings


Banco Santa Cruz


Maverick Foods


Principaux dossiers


  • Advised Transat (as the borrower) and its local subsidiaries Turissimo Propiedades and Propiedades Profesionales Dominicanas Carhel (as guarantors) on three separate financings granted by the National Bank of Canada, CEEFC (the emergency lender of the government of Canada) and other lenders.
  • Acted as Dominican counsel to Grupo Diesco in connection with the credit facilities granted to the client by Goldman Sachs Specialty Lending Group and other lenders.
  • Advised NORFUND on its investment in Banco BDI, a Dominican commercial bank.

Jiménez Peña

Jiménez Peña's banking and finance team is regularly called upon to act as local counsel on the lender side of cross-border transactions, counting foreign banks and multilateral institutions among its clients. The group has a strong track record in local and multi-jurisdictional corporate and project finance, including highly leveraged banking transactions. Founding partner Marcos Peña Rodríguez leads the team alongside Katherine Rosa, who specialises in project finance in the energy and infrastructure spheres, as well as in banking regulation. Jennifer Beauchamps, who was promoted to the partnership in January 2023, and senior associate Gisselle Valera are also standout team members, particularly for transactions in the energy sector.

Responsables de la pratique:

Marcos Peña Rodríguez; Katherine Rosa


Principaux clients

Banco BHD Leon


Banco Centroamericano de Integración Económica


Citibank


Asociación Popular de Ahorros y Préstamos


Inter-American Development Bank (IDB)


Inter-American Investment Corporation (IDB Invest)


International Finance Corporation (IFC)


Banco Activo


Advanced Asset Management


Corporación Interamericana para el Financiamiento de Infraestructura (CIFI)


Principaux dossiers


  • Advised Banco Activo on a capitalisation process through which a new investor acquired a 70% stake in the bank, increasing the presence of the financial institution in the Dominican Republic.
  • Assisted the Inter-American Investment Corporation (IDB Invest) with a secured loan for an amount of up to $10m granted to an educational foundation in the Dominican Republic.

ECIJA DVMS

ECIJA DVMS is noted for its wide-ranging international client base, which includes banks and wealth management companies, and so is well equipped to take on cross-border mandates, with particular strength in trusts and project finance. At the head of the practice, the ‘excellentPolibio Valenzuela is highlighted for his ‘knowledge of the industry‘ and experience of representing both lenders and borrowers, and Christian Molina is a key name for the structuring of trusts. Gabriel Dejarden stands out for cross-border transactions and corporate finance. Senior associate Erika Gomez provides capable support.

Responsables de la pratique:

Polibio Valenzuela; Christian Molina


Les références

They have a highly committed team with a synergy that enhances the service they offer their clients.

The understanding they have of their client’s transactions is excellent.

The lawyers are very prepared to deal with the issues or needs that we have had, and they offer us a quality service which makes us feel confident in their recommendations or proposals. In addition, we have had the good experience of being able to contact them without any problems in difficult situations or moments that have required a quick response.

Principaux clients

TC Latin American Partners


CCI Puesto de Bolsa


Grupo Ramos


Panac Hotels Dominicana


Ministerio de Vivienda y Edificaciones (Ministry of Housing and Construction)


Fiduciaria Reservas


Asset Wealth Management


Asociación de Fiduciarias Dominicanas


ING Bank


Italbank International


Oikocredit Ecumenical Development Cooperative Society


Bancaribe International Bank


Central American Bank for Economic Integration


PDC Capital


Elliott Management Corporation


The OPEC Fund for International Development


Principaux dossiers


  • Assisted the Ministry of Housing and Construction with the structuring of a public trust for the contracting, development and financing of over 7,500 low-income homes with an investment of over $350m.
  • Assisting Perla del Sur Investment Group with all financing aspects related to the construction and development of the Perla del Sur hotel in Barahona.
  • Advised TC Latin America Partners on incorporating and obtaining regulatory authorisation to operate as an investment fund manager in the Dominican Republic.

OMG

The banking and finance group at OMG is hailed for its ‘strong ability to understand structured finance and complex financial products’. The team is skilled in commercial lending and project finance and also stands out for its strength in banking regulation, where it is increasing its know-how in the fintech space. Manuel Troncoso, who is heavily involved on transactional mandates at the intersection of corporate law and finace, heads up the team alongside firm president Leonel Melo. Esperanza Cabral and consultant Aldana Fernández, a specialist in banking law, project finance and fintech, are also noted.

Responsables de la pratique:

Manuel Troncoso; Leonel Melo


Les références

The firm offers good banking and tax regulation advice. It has a strong ability to understand structured finance and complex financial products.

Principaux clients

BanReservas


CIFI


BPR Bank


The Bank of Nova Scotia


Banco Popular Dominicano


San Pedro Bio-Energy


Primma Valores


Alpha Finanzas


Bolsa y Mercado de Valores de la Republica Dominicana


Haina Investment


Fiduciaria Reservas


Akuo Energy


Principaux dossiers


  • Assisted SIBA Energy Corporation with the financing, construction, and commissioning of an approximately 252 MW combined-cycle gas fired power plant.
  • Assisted Haina Investment with the registration of the company with the Dominican securities regulator and with all legal aspects relating to the structuring of the prospectus for the issuance of corporate bonds.
  • Assisting BanReservas with the planning, financing and development of a project that will combine a touristic and commercial district with an innovation centre and a film studio on the northwestern coast of the country.

Pellerano Nadal

Pellerano Nadal brings together regulatory and transactional knowledge to handle a wide range of matters in the banking and finance arena. The team can now call upon the expertise of three partners, following the promotion of Urania Paulino in January 2023 and the arrival of Marielle Garrigó in February 2023 from Medina Garnes Abogados. The pair lead the practice alongside Luis Rafael Pellerano, an expert in project finance and cross-border transactions, with significant experience of advising US clients. Associate Eduardo Pellerano handles matters in the infrastructure, technology, tourism and energy sectors, among others.

Responsables de la pratique:

Luis Rafael Pellerano; Marielle Garrigó; Urania Paulino


Les références

Pellerano Nadal is a world-class law firm operating in a developing market. Coming from major US law firms, my experience with Pellerano in the Dominican Republic is similar to the kind of service you would expect at a top firm in New York, Miami, Los Angeles or London. Their team is comprised of fluent English speakers and their legal expertise is, in my opinion, the best you can get in the Dominican Republic. They bill accurately and on time.

Pellerano is a one-stop shop firm to solve a legal challenge of any scale in the country. And they know everyone. It would be a mistake not to do business with them.

Luis Pellerano is a gentleman, an optimist and an extremely adept lawyer. He understands how to navigate working in a country defined by informal conditions while bringing a sense of understanding to any situation. His team work tirelessly to produce legal memos and recommendations, come up with strategies, and solve problems.

Principaux clients

J.P. Morgan Securities


Citigroup Global Markets


Ruffo


Principaux dossiers


  • Assisted J.P. Morgan Securities and Citigroup Global Markets with the $1.266bn issuance of sovereign bonds.
  • Assisting Ruffo, a start-up which assists with cross-border real estate transactions, with all its operations in the Dominican Republic.

Pereyra & Asociados

Pereyra & Asociados' banking group is well versed in advising both local and foreign banks and governmental institutions on financial transactions (including project and real estate finance), corporate matters in the banking sphere (such as M&A and reorganisations), regulatory issues and litigation. One of the team's most prominent longstanding clients is the Bank of Nova Scotia. Luis Miguel Pereyra, who is a key figure for corporate finance and cross-border transactions, leads the team with Emma Mejía Batlle, who also has a great deal of experience advising banking clients on M&A and joint ventures.

Responsables de la pratique:

Luis Miguel Pereyra; Emma Mejía Batlle


Principaux clients

The Bank of Nova Scotia


Principaux dossiers


  • Assisted the Bank of Nova Scotia with the acquisition of 97.3% of the equity of Banco del Progreso.
  • Assisting the Bank of Nova Scotia with the “Scotia Global Business Services” project, including reviewing the application of free zone law and obtaining a licence to operate under this law.
  • Represented the Caribbean Property Group in all legal matters pertaining to the purchase of CF Hotels (Courtyard Marriott Santo Domingo) by a group of Greek investors.

DMK Abogados

Part of the firm's corporate and commercial unit, the banking group at DMK Abogados has recently handled an abundance of work in the financial sector, including advising on regulatory issues and acting for both creditors and debtors in high-value (and international) transactions. The tourism and hospitality sectors are core areas of focus for the practice. Patricia Read heads up the team and has experience of advising on local loans and assisting foreign institutions with cross-border transactions, with an emphasis on project finance.

Responsables de la pratique:

Patricia Read


Principaux clients

Tulcani Comercial


Senator Hotels and Resorts


Banesco


Principaux dossiers


  • Assisted Tulcani Comercial with the cancellation of warranties granted as part of a loan agreement with international financial institutions and with the negotiation of the guarantees of a new loan with a local financial institution.
  • Advised Banesco Banco Multiple on all matters related to its operations as a securities agent for foreign creditors whose credits are being secured by local guarantees.
  • Advised Senator Hotels and Resorts on the restructuring of $80m in debt and a $900m syndicated loan agreement.

Guzmán Ariza

Guzmán Ariza's banking and finance team is particularly strong in restructuring and bankruptcy matters, and is sought after for its advice to clients hailing from the real estate and construction industries. Key lawyers include Fabio Guzmán Saladín and Alberto Reyes Báez.

Pellerano & Herrera

Among the core areas of specialism for the banking and finance group at Pellerano & Herrera are project and corporate finance transactions. Ricardo Pellerano, Mariángela Pellerano, Carolina León and Alessandra Di Carlo lead a sizeable team which is particularly well versed in cross-border matters, frequently advising leading multinational investment banks, although it also counts major domestic banks among its clients. The team handles syndicated loans and cross-border listings of securities, and has a growing digital and fintech practice.

Responsables de la pratique:

Ricardo Pellerano; Mariángela Pellerano; Carolina León; Alessandra Di Carlo


Principaux clients

JP Morgan Securities


Banco Popular Dominicano


Bank of Nova Scotia


Banesco Banco Multiple


Brookfield Asset Management


Belfond Enterprise


Bloomberg


Bank of America


Goldman Sachs


Citigroup Global Markets


Banco Santander


Caixabank


Principaux dossiers


  • Acted as local counsel to J.P. Morgan (as the lender) on a term loan facility granted to the Dominican state for $54.5m.
  • Assisted Banco Santander with all the regulatory authorisations necessary to close its representative office, Banco Santander Madrid, in Santo Domingo and subsequently establish a new representative office, Santander International.
  • Assisted Caixabank with the preparation of all documents for the amendment and formalisation of the guaranties of a mortgage agreement that amounted to $4m, as a loan to pay off another debt.

Russin, Vecchi & Heredia Bonetti

Russin, Vecchi & Heredia Bonetti, whose ‘experience and knowledge of all the technical and legal aspects of business operations’ is praised by clients, routinely handles local and international financial transactions, particularly structuring credit facilities for acquisitions and the development of projects. Georges Santoni Recio, Luis Heredia Valenzuela and Jose Maldonado Stark (who is well known for international project finance) lead the team. At senior associate level, Laura Fernandez-Peix and Laura Cruz Felix are noted for their advice on investment projects.

Responsables de la pratique:

Georges Santoni Recio; Luis Heredia Valenzuela; Jose Maldonado Stark


Les références

They demonstrate great experience and knowledge of the practice area. They have been of great help to us in all the negotiations with the bank and its financial advisers. They handle themselves confidently and are able to reason with the other party and convince them of their arguments.

The firm’s experience and knowledge of all the technical and legal aspects of business operations is good. We have been particularly satisfied with the team made up of Jose Maldonado, Laura Fernández and Laura Cruz; all of them are absolutely outstanding.

Squire Patton Boggs

Overseen by Alejandro Peña-Prieto, the Dominican practice of Squire Patton Boggs has particular prowess in the private placement of bonds, regularly representing financial institutions, capital sources and other financial intermediaries.