Rising Stars

Banking and finance in Uruguay

Ferrere

Ferrere‘s banking and finance practice is well established in the Uruguayan market, offering top-quality counsel on complex structured finance deals, capital markets transactions, bank M&A deals and regulatory matters. The team cooperates seamlessly with its counterparts in other practice areas, including capital markets and projects, enabling it to provide comprehensive guidance to international banks and investment funds, which are mainstays on its client roster. ‘Outstanding, proactive and precise’ sole practice head Diego Rodríguez handles securities issuances, syndicated loans, securitisations, bank M&A and regulatory matters. Geraldine Ifrán is a Central Bank regulation expert, and is active on M&A transactions in the banking and insurance sectors; Gonzalo Secco and Sebastián Ramos have notable experience in project finance. Senior associate Federico Lemos is noted for his contributions on fintech, banking and capital markets transactions, while associates Lucía Rosso and Cecilia Trujillo engage in corporate finance and regulatory work, respectively. Since publication, Lemos has been raised to the partnership and will head up the office's fintech practice - effective January 2024

Responsables de la pratique:

Diego Rodríguez


Les références

‘Diego Rodriguez and Cecilia Trujillo are both excellent professionals.’

‘Both Diego Rodriguez and Cecilia Trujillo are outstanding. They are both always available to talk and solve any problems, and are proactive and precise; both are very knowledgeable about all the issues we have raised with them.’

Ferrere is a large-scale firm in Uruguay, with a group of partners with the best qualifications available. The professionals that make up the practice have a work method that allows clients to trust and rest the treatment of the legal aspects of the business in their hands. They use the appropriate technological tools and for years have cared for and promoted gender balance and diversity.

Principaux clients

CAF-AM


Aberdeen Fund Managers


IDB Invest


UBS


JPMorgan


Credit Suisse


CAF


The Bank of Nova Scotia (Scotiabank)


UTE


Joyson Safety Systems


United National Industrial Development Organization (Unido)


Itaú Uruguay


BBVA Uruguay


Patria Investments


Inviu (Banco Galicia Argentina)


Principaux dossiers


  • Advised Grupo Cobra, Shell and Santander on a financing for up to $1.2bn for the acquisition of eleven onshore concessions in Brazil from Petrobras.
  • Advised IDB Invest on the structuring of a B-bond to finance the Ferrocarril Central railway project.
  • Advised UTE on the structuring of a trust to develop a 500kV transmission line that will connect the cities of Tacuarembó and Salto in Uruguay.

Guyer & Regules

Guyer & Regules‘s banking and finance practice operates in the top tier of the space; the team’s contributions are ‘timely and of a high standard’, and its lawyers demonstrate ‘excellent knowledge of the market’ and maintain ‘a good relationship with the client. The group’s expertise encompasses securitisations, project finance and PPPs, sovereign debt issuances, fintech and day-to-day banking matters. It represents a substantial chunk of the private banks active in the country, as well as non-bank lenders and insurance companies. Three partners co-head the team: Álvaro Tarabal leads on banking transactions and project finance; Nicolás Piaggio is skilled at high-profile financings and capital markets matters; and Nicolás Herrera completes the leadership trio. Marcos Payssé advises foreign banks, while Juan Manuel Mercant and Federico Piano stand out in project finance transactions. Florencia Castagnola brings fintech expertise to the table, and the ‘excellentGuzmán Rodríguez garners praise for his professional manner and ‘creative solutions’.

Responsables de la pratique:

Nicolás Herrera; Álvaro Tarabal; Nicolás Piaggio


Les références

‘High quality of work; they reply on time.’

‘Good business knowledge, and practical. Guzmán Rodríguez is an excellent lawyer, who has a very good command of the timing of transactions.’

‘Guyer & Regules’s banking and finance team is a benchmark in the local market, with excellent knowledge of the market and its different players. They stand out for their client relations.’

Principaux clients

Citibank


Banco Itaú


HSBC


BBVA


Bank Hapoalim


Banque Heritage


Banco Comercial Scotiabank


Union Capital


UBS Uruguay


Merril Lynch Julius Baer


Winterbothan


Puente Hnos Sociedad de Bolsa


Atlantica Yield


AXA Seguros Brasil


Plus 500


Pioneer


Met Life


Goldman Sachs


La Caja Seguros


Nobilis Exchange Broker


In Capital


Darby Fund III Holdings


Banco Hipotecario del Uruguay


Mercado Libre


Amazon


Banco de Valores (Argentina)


Prex


Binance


Balanz Capital


Principaux dossiers


  • Assisted Larrain Vial Asset Management with the registration of two foreign investment funds with the Central Bank of Uruguay.
  • Advised Central America Bottling on its $1.1bn sustainability-linked issuance and concurrent tender offer.
  • Advised local and multinational companies on the provision of fintech services in Uruguay.

Dentons Jiménez de Aréchaga

Dentons Jiménez de Aréchaga‘s banking and finance department has a strong track record in the Uruguayan market, having been the adviser of choice for Banco Santander for over thirty years. Although the firm advises clients from a wide range of sectors, including retail and fintech, it has notably consolidated its experience in project financing transactions in recent years: it advised Grupo Vía Central on the Ferrocarril Central project, a public-private partnership railway project for which $1.1b has been raised. The practice is co-led by Nicolás Herrera Alonso, who assists local and international financial entities with structured and project financing and provides consultancy services to local and multinational companies; Mariela Ruanova, specialist in banking law with a focus on innovation and technology; and Fernando Jiménez de Aréchaga Jr, a project financings expert who has worked on some of Uruguay’s most notable PPP projects in recent years. Senior associates Mariana Lartigau, Alfredo Arocena, Carolina Bianchi and Maite Gaynicotche provide valued support to the practice group.

Responsables de la pratique:

Nicolás Herrera Alonso; Mariela Ruanova; Fernando Jiménez de Aréchaga Jr


Principaux clients

Grupo Santander


Copetrol


Grupo Vía Central


Potren


Credit Agricole


Allianz


FirstCaribbean International Bank (Jamaica)


Banco de Sabadell, Miami Branch


Caixabank


Republic Bank


Principaux dossiers


  • Advised Conafin Afisa as trustee and CVU as trustor in the structuring of a collateral trust composed of future receivables against the Uruguayan Ministry of Transport and Public Works for up to $645m.
  • Assisted FirstCaribbean International Bank, CaixaBank and Banco de Sabadell as lenders with a secured term loan facility to Seawind Key Investments.
  • Advised Mercado Libre on obtaining authorisation from the Central Bank of Uruguay to be an electronic money issuer.

Hughes & Hughes

Hughes & Hughes houses a ‘prestigious, experienced’ and ‘multifaceted’ banking and finance practice group, which ‘always finds the best solution for the client’. It regularly assists banks, multilateral credit organisations and investment funds with complex financing operations such as credit facilities, revolving loans, convertible bridge loans, and also advises on regulatory banking and finance work. Héctor Ferreira co-leads the practice and has notable experience in project financing and credit facilities. Juan Carlos Oreggia Carrau, who leads alongside Ferreira, advises on financial transactions and ventures in the forestry and energy sectors. Haroldo Espalter completes the leadership trio. Mariana Estradé excels at project financing and advises foreign multinationals on their Uruguayan operations, with particular focuses on transactions involving renewables, and educational infrastructure.

Responsables de la pratique:

Haroldo Espalter; Hector Ferreira; Juan Carlos Oreggia Carrau


Les références

‘Multifaceted team encompassing a broad range of knowledge. Always willing to seek pragmatic solutions to the issues raised.’

‘Its lawyers are well-trained in all their areas of expertise, and have extensive local and international experience; they always find the most suitable solution for the client.’

‘They have a good, consolidated team.’

Principaux clients

BBVA


Banco Galicia


Rabobank


American Express


Bank of New York


Deutche Bank


Bank of America


Merrill Lynch, Pierce, Fenner & Smith


Société Génerale


The Bank of Tokyo


Mitsubishi


Fitch Ratings


Inviu Agente de Valores


Emprendimientos De Valor


Pay Retailers


Principaux dossiers


  • Advised Cooperativa Agraria Agroindustrial, through its Uruguayan subsidiary Rewir, on increasing its exports entered into a facility agreement with Rabobank Nederland.
  • Advised Trafigura on the refinancing of an existing facility granted to the company (as borrower) by Sumitomo Mitsui Trust Bank.
  • Advised Teyma/Chediak on the development of the new fishing terminal at Puerto Capurro.

Posadas

The sizeable banking and finance team at Posadas excels at project financings in the energy and infrastructure sector, as well as asset finance deals, in which it acts for lenders and borrowers. It counts many domestic and international banks as well as fintech companies amongst its client base. Recent highlights include a complex cross-border transaction involving Global Infrastructure Partners, and a significant renewable energy deal. Tomas Gurméndez co-leads the practice and has significant expertise in the financing of energy and infrastructure projects and cross-border deals involving sophisticated collateral structures. Alongside him in leading the team, regulatory banking department head Andrés Aznárez has notable experience providing advice to banks, investment firms, brokers and fintech companies. Victoria Garabato has been active in almost all the major project finance matters handled by the firm in recent years, and Martina Reyes is the name to note at associate level.

Responsables de la pratique:

Tomas Gurméndez; Andrés Aznárez


Les références

‘Flexibility to adapt to the needs of the client.’

‘Warmth and professionalism distinguish this team.’

‘Andrés Aznárez provides comprehensive advice in a fast and effective manner.’

Principaux clients

Global Infrastructure Partners


Inter-American Development Bank (IDB)


Inter-American Investment Corporation (IIC)


Banco Santander España


Banco BBVA


Banco República Oriental del Uruguay


Sumitomo Mitsui Banking Corp.


BNP Paribas


Conaprole


Patria Investments


Mastercard


Compass Group


Lombard Odier Uruguay


Societe Generale


Mandazy


Transfero


Grupo Financiero Galicia


Zuma Advisors


Principaux dossiers


  • Advised Global Infrastructure Partners on a green loan credit agreement with BNP Paribas, SMBC and the Bank of Nova Scotia for the acquisition of Atlas Renewable Energy.
  • Advised Inter-American Development Bank, Banco Santander, and Banco de la República Oriental del Uruguay as senior lenders on the financing of a PPP highway project.
  • Acted for SMBC on the refinancing of an existing project finance deal for two wind farms owned by Spanish developer Smartener.

Olivera Abogados

The practice at Olivera Abogados specialises in financial regulatory work, trust structuring and securities transactions. Experienced department head Ricardo Olivera García leads alongside trusts specialist Federico RoccaJuan Mailhos, partner since January 2023, assists across the range of matters.

Principaux dossiers


Bragard Abogados

Bragard Abogados represents a range of financial institutions, including brokers, pension funds and multilateral organisations, and the team is lauded for its ‘deep and detailed knowledge of the local banking sector’ and for the ‘novel solutions’ it proposes. Jean Jacques Bragard is at the helm of the practice and brings extensive experience in corporate finance and international arbitration. Senior associate Valentina Olazábal aids with matters involving complex financing structures and the preparation of public and private offering issues. Associate Francisco Rodríguez departed in July 2022, however Guillermo Lorbeer and Alberto Frigerio joined at associate level in April and October 2022, respectively.

Responsables de la pratique:

Jean Jacques Bragard


Les références

‘Bragard has a deep and detailed knowledge of the local banking environment, capable of solving the most complex problems.’

‘Perfect knowledge of the legal and regulatory environment. The firm has a continuous improvement approach, offering novel solutions in all business areas.’

‘In-depth knowledge of the issues their clients face; excellent and tailor-made service. Each specialist lawyer is highly competent in their sector, and the partners handling the all matters and assist on a day-to-day basis.’

Principaux clients

International Finance Corporation


Fonplata


Republica AFAP


Fideicomiso Financiero Fondos de Tierras Uruguay (Winterbotham)


Tienda Inglesa


Grupo Sura


Sun Partners Group


Wenance


UFEX Bolsa de Valores y Futuros


Principaux dossiers


  • Advised Fonplata on the negotiation and execution of a $29.5m loan to Corporación Vial del Uruguay.
  • Advised Isusa on issuing negotiable obligations for a nominal value of $8m, carried out through the Montevideo Stock Exchange (BVM).
  • Assisted Uruguay’s Ministry of Housing and Territorial Planning with the structuring and organisation of various financial trusts.

Brum Costa Abogados

The central focus of the banking and finance group at Brum Costa Abogados is on anti-money laundering advisory services, and it also routinely provides counsel on corporate governance and project finance. Notable longstanding clients include the Bolsa de Valores de Montevideo, HSBC Bank and BBVA. Leonardo Costa heads up the department and leads the practice’s relationships with key clients from the finance sector. He is appreciated by clients for being ‘highly knowledgeable about his area of expertise’. Associate Juan Diana advises both financial and non-financial regulated entities on the prevention of money laundering and financing of terrorism, and is singled out as an ‘excellent’lawyer.

Responsables de la pratique:

Leonardo Costa


Les références

‘The Brum Costa team has extensive experience in everything related to banking and finance.’

‘I only have words of praise: for their knowledge, for their way of working and for the results obtained. Its partners are personally involved in the different issues and have a team of young and highly trained people who support them. They give their collaborators freedom and contribute to their professional growth.’

‘The partners are excellent people as well as great professionals; they are personally involved in the different issues. They have great knowledge of their areas of expertise and great knowledge of the market and its different players.’

Principaux clients

Bolsa de Valores de Montevideo


HSBC Bank


Nobilis Corredor de Bolsa


Renmax Corredor de Bolsa


BBVA


Fideuram


Red Pagos


Cámara de Empresas de Servicios Financieros del Uruguay


Mi Dinero


More Money Transfers


Puente Corredor de Bolsa


Bamboo Payment


Principaux dossiers


  • Assisted Redpagos/Midinero with anti-money laundering and corporate governance counsel in connection with its acquisition of Nummi and Findarin.
  • Provided Partners Capital with regulatory counsel.
  • Assisted the Industrial Bank of Argentina (Bind Argentina) with its application for a securities agent license to be presented to the central bank of Uruguay.

Deloitte S.C.

Deloitte S.C. offers ‘precise’ counsel and ‘innovative solutions’ on public and private offerings, trust structuring and project finance, and also provides regulatory advice. Javier Domínguez, who specialises in banking, financial and securities law and brings 12 years’ experience to the table, leads the practice alongside Juan Bonet, who has a background in tax law and advises clients from the finance sector. Senior associate María José Echinope departed in June 2022.

Responsables de la pratique:

Juan Bonet; Javier Domínguez


Les références

‘The quality of the deliverables is excellent, without errors and the advice is very accurate and adjusted to the local market.’

‘Javier Dominguez is an expert in the stock market arena and is proactive in maintaining relations with the regulator.’

‘It compares favorably with other teams from other law firms due to its existing knowledge, experience, and solidity in relation to banking law and financial markets.’

Principaux clients

Corredor de Bolsa Sura


Afap Sura


Afisa Sura


Sura Asset Management


Inswitch


BBVA


Iberpapel


Nobilis Corredor de Bolsa


Gastón Bengochea & Cía. Corredor de Bolsa


Victor Paullier y Cía. Sociedad de Bolsa


Puente Corredor de Bolsa


Principaux dossiers


  • Assisted Nobilis Corredor de Bolsa with a digital onboarding process.
  • Provided day-to-day counsel to Sura Asset Management Group.