Firms To Watch: Banking and finance

Julio Gemio Asesoría Legal is a boutique firm that specialises in financial legal advice and consultancy, led by Julio Gemio, an expert in risk management in financial institutions.

Banking and finance in Bolivia

Criales & Urcullo

Criales & Urcullo is a leading firm in the banking, finance and stock market practice areas. The banking and finance team offers advice to clients on accounting, financial, technical and tax-related matters. The firm has participated in transactions and commissions of the Bolivian stock exchange, including the negotiation of different types of securities, the drafting of new legislation and the development of innovative forms of financing. The team regularly represents international shareholders at banks’ shareholder meetings, as well as advising the boards of numerous companies. Javier Urcullo leads the team, with over 30 years of experience advising on matters related to the stock market, investments, sales and acquisitions and banking and finance law. Co-practice head Adrián Barrenechea advises national and international clients on a range of matters, including insurance and financing structures.

Practice head(s):

Javier Urcullo; Adrián Barrenechea


Key clients

Asociación Boliviana de Agentes de Valores (ABAV)


Bolsa Boliviana de Valores


Compañía Americana de Inversiones (CAISA)


Fortaleza Sociedad Administradora de Fondos de Inversión


Banco Fie


ONG Fomento a Iniciativas Económicas


Panamerican Investments


Panamerican Securities Agencia De Bolsa


Panamerican Sociedad Administradora de Fondos de Inversión


Fundacion SolyDes


Work highlights


  • Assisted with the sale of 214,000 Banco Ecofuturo shares to Inverit valued at approximately $5m.
  • Advised Empresa Minera Paititi (EMIPA) on the structuring and issuance of “EMIPA I Bonds” worth $47m.
  • Advising Bolsa Boliviana de Valores on the development of repo market regulations for the Bolivian securities market.

Dentons Guevara & Gutierrez

The banking and finance team at Dentons Guevara & Gutierrez has extensive experience handling project finance matters. The team is particularly active in the mining sector, handling the financing of operations and cross-border arbitration procedures therein. The group has worked with international banks and financial institutions, assisting with loans, M&A, and compliance with Bolivian financial regulations. The financing of hydrocarbons and electricity projects in Bolivia is another area of expertise. The team is co-led by Ramiro Guevara, Enrique Barrios and Jorge Inchauste. Guevara specialises in banking law, project finance, M&A and capital markets. Barrios has worked extensively in energy sector and his areas of expertise include the financing of gas pipelines and electricity generating facilities. Inchauste has overseen investments in various matters concerning natural resources and mining projects. He has also advised on structured finance operations and international projects for foreign corporations operating in Bolivia. At the junior level, senior associate Alejandra Guevara is a name to note and associate Noelia Parada focuses her practice on capital markets and corporate law.

Practice head(s):

Ramiro Guevara; Enrique Barrios; Jorge Inchauste


Testimonials

Very good knowledge of the Bolivian market and extensive network of connections at all levels. It is very practical in the proposed solutions.

Jorge Inchauste has an unmatched network of connections and extensive knowledge of precedents in the capital market.

Noelia Parada is very proactive and stands out for her availability and quick response.

Key clients

Interamerican Investment Corporation


The International Finance Corporation (IFC)


Inter-American Development Bank (IADB)


The Agence Française de Développement (AFD)


HSBC


Grupo Financiero BISA


Morgan Stanley


Alicorp


Trafigura


SantaCruz Silver Mining


Visa


Work highlights


  • Advised the Interamerican Investment Corporation on a loan of $20m to the Main International Trading Company.
  • Acted for the IFC on a $150m unsecured loan to Transierra.
  • Advised Alicorp – Industrias de Aceite on its issuance of securities into the Bolivian Exchange.

Moreno Baldivieso Estudio De Abogados

Moreno Baldivieso Estudio De Abogados’s banking and finance team continues to operate at the forefront of the market. The group advises its clients on a broad scope of matters in the practice area, including the securitisation of assets, bond issuances, and complex loan agreements. The firm has an impressive list of both national and international clients, with new additions in 2022, such as Scotiabank. Practice co-head Andrés Moreno specialises in corporate, banking, M&A, arbitration and insurance matters and has extensive experience in the national and international legal market. Moreno leads the team alongside Ramiro Moreno, who counts major multinational corporations and international organisations among his clients, and René Claure, who brings over 15 years’ experience in finance law. Teddy Mercado advises multilateral financial institutions, banks and investment funds on financing transactions and financial products. Daniel Arredondo offers advice to investors interested in operations and potential projects in Bolivia, while at the associate level, Pamela Muñoz, Lilian Rodriguez and Noelia Sanjinés are the names to note.

Practice head(s):

Ramiro Moreno; Andrés Moreno; René Claure


Key clients

CAF Development Bank of Latin America


Proparco


IDB Invest


Deutsche Bank


Scotiabank


Fitch Ratings


SEA


Credit Suisse


The Brink’s Company


Western Union


Work highlights


  • Acting for CAF Development Bank of Latin America on contractual negotiations with Bolivian banks.
  • Advised IDB Invest on a revolving credit facility with Farmacorp.
  • Advising Credit Suisse on the structuring of security repurchase transactions with four local banks.

PPO Abogados

The 'outstanding partners and associates' at PPO Abogados regularly advise Bolivian, international and multilateral banks on local and cross-border transactions and regulatory matters. The banking and finance team has a wealth of experience advising lenders, borrowers and investors, and is also well-versed in advising fintech companies on a range of matters, from raising funds, to assessing and implementing new products and services. The firm has also noted an increase of work in the mining and technology sectors. Carlos Pinto leads the team and offers advice to investment banks, credit rating agencies and corporate clients on a range of matters, including acquisition finance, debt restructuring and financing in the local securities market. Lindsay Sykes has extensive experience in cross-border operations and advises international clients on complex banking and finance transactions involving Bolivian entities. Salomón Eid assists start-ups with regulatory matters and raising funds. At the associate level, María René Suárez and Andrea Lizarraga are key members of the team.

Practice head(s):

Carlos Pinto


Testimonials

The PPO team has many strong points, which is why for the company in which I work and for me it is the only option in legal matters in the Bolivian market. The team possess extensive experience in legislative skills, enabling them to understand and effectively apply local laws and regulations. Their in-depth knowledge of the legal and regulatory environment enables them to offer sound and strategic advice. In addition to their legislative expertise, the team has in-depth local market know-how. They understand the complexities and particularities of the industry and the market in which we operate. This practice stands out for its specialized focus on the local market and its ability to adapt to our needs. Their background in legislative skills and market knowledge gives them a competitive advantage.

Attorneys at PPO stand out for having a personalized approach and their ability to build strong relationships. The legal team understands the importance of establishing effective communication and a close relationship. Its people-oriented approach creates an environment of trust and collaboration. Additionally, the lawyers at PPO have a wide network of contacts in the business world. This network allows them to offer their clients a strategic advantage by establishing connections and collaboration opportunities. In terms of knowledge of local laws for doing business, this team stands out for its experience and in-depth knowledge. They understand the complexities and legal requirements specific to the local business environment.

Among the outstanding partners and associates of this office is Salomón Eid. His extensive experience and specialized knowledge in the business arena has been very helpful to the company I work for. Compared to competitors, this firm stands out with its personalized approach, network of contacts in the business world, and in-depth knowledge of local laws for doing business. These qualities make this firm my only option for legal advice in Bolivia.

Key clients

Pact Capital


Moody’s


Astara – Ovando


Uranium One


Inchcape


IDB Invest


Fundación Internet Bolivia


Swiss Re


iThink VC


Awin Resource International


Work highlights


  • Advised Inchcape on the Bolivian aspects of its £1.3bn acquisition of Derco.
  • Assisted Uranium One with a public offer to obtain a concession to mine lithium reserves in Bolivia’s salt flats.
  • Assisted Pact Capital with negotiations with local partners.

Bufete Aguirre, Quintanilla, Soria & Nishizawa Sociedad Civil – (BAQSN)

At Bufete Aguirre, Quintanilla, Soria & Nishizawa Sociedad Civil – (BAQSN) the banking and finance team has extensive experience in cross-border financing deals. The firm advises on the structuring of project finance transactions, the drafting and review of loan agreements and due diligence for financial and micro-credit institutions. The group is jointly led by Ignacio Aguirre, Eduardo Quintanilla and Santiago Nishizawa. Aguirre advises both national and international companies on commercial, corporate and financial matters. Quintanilla specialises in banking and finance and has participated in some of the standout foreign investment processes in Bolivia. Nishizawa focuses on M&A, greenfield projects, loan structuring, and the negotiation and drafting of different kinds of contracts. At the associate level, Franco Piñero has been assisted with some of the firm’s key transactions.

Practice head(s):

Santiago Nishizawa; Ignacio Aguirre; Eduardo Quintanilla


Key clients

IDB Invest


ResponsAbility Social Investments


Locfund Next


Panamerican Securities


Pyme Progreso FIC


Incofin


Panamerican Investments


BIM Microfinance


Bank of America Securities


Oikocredit, Ecumenical Development Cooperative Society


Work highlights


Ferrere

FERRERE is well-versed in advising international financial institutions and multilaterals on a full range of banking and finance matters. The firm's workload includes advice on the structuring of complex financial instruments with Bolivian companies and securing guarantees in Bolivia. The firm provides regulatory advice to investment funds, insurers, and credit rating agencies, and also has significant experience advising clients on their interactions with the Bolivian government. Throughout 2022, the firm was active in the insurance and reinsurance sector, advising Lockton Specialties on its expansion into Bolivia as a foreign reinsurance broker. The team is led by Diego Villarroel, who specialises in project finance, regulatory banking matters and capital markets. He regularly advises clients on cross-border transactions and handles queries from banks and financial services providers. At the associate level, José Rivero supports on capital markets, banking regulatory matters and project finance transactions.

Practice head(s):

Diego Villarroel


Testimonials

Responsibility and timely attention to service requirements.

Diego Villarroel – Solvency in the knowledge of banking and financial law.

Ferrere is making inroads into relationships with startups. This not only contributes to us as a business, but also to the country’s innovation ecosystem. The openness of the partners to learn and always be available in a new market, where there are many legal gaps in Bolivia, has been vital and very important.

Diego Villarroel seeks a more personal and non-transactional relationship. He is very open to having conversations when required and can be accessed.

Key clients

UBS Business Solutions


BlackRock


Commerzbank


Banco Ganadero


Morgan Stanley


MasterCard


Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden


Cargill Financial Services International


New Development Bank


Macquire


Lockton Specialties


Cargill Americas


Bunge


PaySafe


Banco Santander Perú


tuGerente


CNH Industrial


Work highlights


  • Advised Cargill Americas on the granting of loans to several local agricultural producers, with ongoing operations in Bolivia.
  • Advised Banco Ganadero on the structuring of its main prize money programs for its clients in Bolivia.
  • Advised Bunge in the review of a derivative purchase and export agreement with Alicorp in Bolivia.

Indacochea & Asociados

The banking and finance team at Indacochea & Asociados provides a broad range of services to both national and international clients, from banks to corporate borrows to stockbrokers. The firm has experience in project finance, acquisition finance and real estate finance, and advises on complex cross-border deals, as well as demonstrating extensive knowledge of the Bolivian market and financial regulations. The team has significant experience in debt capital markets, advising clients on the public and private listings of bonds and promissory notes in the Bolivian market. Mariana Pereira leads the team, assisting with a range of matters, from local debt tap issues to major acquisition finance deals. Managing partner Alonso Indacochea has extensive experience in debt refinancing, capital increases and credit lines with major financial institutions, as well as bank restructurings and loan portfolio acquisitions. Ana Carola Muñoz has in-depth knowledge of banking operations, and Maria José Martinez, who was promoted to partner in December 2022, regularly advises clients on obtaining financing. Senior associate Maria Laura Paz also plays an active role in the team. Since research concluded the team has been further strengthened with the hire of Leonardo Azurduy as a partner; a commercial, banking and finance specialist, he joined from his own boutique with effect from June 2023.

Practice head(s):

Mariana Pereira


Testimonials

The management of the topics, the knowledge and the confidence in the clear concepts that they provide at Indacochea.

Attention and transparency.

They are people who are always available to assist you.

Key clients

Tienda Amiga


ISA Bolivia


EFG Bank


Camsa


Grupo Deane


Work highlights


  • Assisted Tienda Amiga with obtaining a loan from Inter-American Investment Corporation.
  • Advised Interconexion Electrica ISA Bolivia on establishing new policies regarding its operations with local banks, including lending facilities and collateral structures.
  • Advised Camsa on a private bond issuance.

Aguilar Castillo Love

Expanding into Bolivia in January 2022, Aguilar Castillo Love has banking and finance as a main focus. The team specialises in sophisticated financial operations and has expertise in stock market matters, including the regulation of brokerage firms, fund administrators and financial groups. The firm is actively involved in fintech projects, advising clients on regulations of the payment system, digital wallets and payment gateway functionalities. Practice co-head José Carlos Bernal has extensive experience in banking and finance matters, and has also strengthened the firm’s international arbitration practice, participating in investment arbitration cases involving the state of Bolivia. He leads the team alongside Ismael Franco Gonzales, who oversees regulatory advice, tax planning, company incorporation and corporate governance negotiations.

Practice head(s):

José Carlos Bernal; Ismael Franco Gonzales


Testimonials

The professionalism of the people; they explain the circumstances of the procedures in as much detail as possible, and advise you in the best way. On the other hand, the knowledge they have of banking helped us a lot for the different cases we handle.

The knowledge that they have, we did not see at any other law firm. We also noted the friendliness and excellent treatment.

Key clients

AV Financial Group


GanaValores Agencia de Bolsa


GanaSafi


Work highlights


  • Advised on the structuring and issuing of bonds of Industria Textil TSM for approximately $25m.
  • Advised AV Financial as lender on a financing operation involving US and Bolivian entities, as well as assets located in Bolivia.
  • Advised GanaSafi on obtaining governmental authorisations from the Bolivian securities authority (ASFI) for the launch of two open-ended funds in the country.

Becerra de la Roca Donoso & Asociados S.R.L.

With its continued growth, having recently added to its client base, the ‘excellent‘ team at Becerra de la Roca Donoso & Asociados S.R.L. advises both national and international clients on a range of banking and finance matters. The team has particularly strong experience in obtaining and granting multi-million-dollar loans in the energy, natural resources and agribusiness sectors. The group is led by Mauricio Becerra de la Roca, who has extensive experience in the practice area and receives high praise from clients. Manfred Arauz Olavarria also participates in all relevant operations at the firm, specialising in the corporate, energy and litigation sectors.

Practice head(s):

Mauricio Becerra de la Roca


Testimonials

The Becerra team is excellent. Thanks to the incorporation of technology, they have managed to get closer to their clients, while organising themselves for a more efficient service.

I especially mention Mauricio Becerra de la Roca: he gives personalised attention and has achieved a special relationship built on trust with his clients and with lawyers from other international firms.

Key clients

Coface


Root Capital


Guabira Energia


Fortaleza Seguros


Seguros Provida


Industrial Hilandera


Work highlights


  • Advised Root Capital on debt collection, filing a lawsuit against a Bolivian debtor and reviewing all loan documents and promissory notes to comply with Bolivian law.
  • Assisted Guabira Energia with obtaining an extension of the credit term on the Guabira Energia Bagasse Cogeneration Project.
  • Acted for Coface on a study of the assets of its debtors and sending out collection letters.

C.R. & F. Rojas – Abogados

The banking and finance team at C.R. & F. Rojas – Abogados has extensive experience in the asset financing of airplanes, ships and agriculture machinery. The firm also has experience in cross-border financing deals, participating in transnational financing transactions. The team has worked with large development banks on a range of financing transactions and is led by Diego Rojas, Pablo Rojas, María Del Carmen Ballivián and Sandra Salinas.

Practice head(s):

Diego Rojas; Pablo Rojas; María del Carmen Ballivian; Sandra Salinas


Key clients

Interbarge de Paraguay


Air Tractor


Jet Engine Investors II


ITC Aeroleasing


Global Access Fund


Mitsui & Co.


VVTF Latin America


Elevate Export Finance Corporation


Chicago Bridge Servicios Petroleros


Ilender Bolivia


Work highlights


  • Advised VVTF Latin America on the structuring and negotiation of a financing contract.
  • Advised Interbarge de Paraguay on the structuring, negotiation and drafting of a financing agreement.
  • Assisted Mitsui & Co. with a review and redraft of a purchase agreement with a mortgage guarantee agreement.

Würth Bedoya Costa Du Rels Abogados

Würth Bedoya Costa Du Rels Abogados advises clients on all legal and regulatory needs related to risk management in the finance and insurance industries. The banking and finance team has experience handling loan and credit facilities, security documents and project finance. A particular area of recent growth for the firm has been regulatory compliance and enforcement, providing regulatory advice to insurance companies and international brokers. The team has expanded their client base in 2022, taking on some new international clients, such as Global RE. Karla Würth and associate María Pía Arce lead the department, and partner Fernando Bedoya has extensive experience representing clients in high-stakes transactions.

Practice head(s):

Karla Würth; María Pía Arce


Testimonials

It stands out compared to other offices, they carry out the work in an agile and dynamic way, in addition to denoting the extensive knowledge of the professionals.

The temperance and extensive knowledge of Karla Würth is a plus compared to the other firms that we work with.

María Pía Arce is a remarkable professional because she carries out her work in an agile and efficient way.

Key clients

Glas Americas


Enerflex


Addiuva Bolivia


Invap S.E. Sucursal Bolivia


Global RE


Global FL


Work highlights


  • Advised Enerflex on the preparation of a $925m international bond offering prospectus, in compliance with Bolivian securities laws.
  • Advised Glas Americas on the administration of security interests under the international bond issuance contract of Frigorífico Concepción.
  • Advised Invap on the establishment of three cutting-edge nuclear medicine and radiotherapy centres in Bolivia.