The Legal 500

The ‘truly excellent’ banking and finance team at Cuatrecasas, Gonçalves Pereira advised Banco Português de Negócios (BPN) on establishing a €1.2bn investment fund, and is currently advising both BPN and the Portuguese government on re-privatising BPN following its nationalisation in 2008. Other recent highlights include advising Caixa Geral de Depósitos on a $1bn joint venture relating to the incorporation of an Angolan bank, and also on a $500m joint venture concerning the incorporation of a bank in Mozambique. Praised for his ‘depth of analysis, thoroughness, diligence and consistency’, Manuel Magalhães is ‘a very special breed of lawyer and one of the best in Portugal’, while Maria João Ricou is also highly recommended.

Despite its recent downsizing, Linklaters LLP retains ‘top expertise’ for complex financial transactions, and has experience in refinancing, restructuring and regulatory advice. This ‘committed’ team offers ‘excellent service and knowledge’, and advised ECS-Sociedade de Capital de Risco on the restructuring of Portuguese footwear company Investvar Group. It also advised Nomura International Bank as lender and arranger on the €75m financing of the Metro do Porto. Pedro Siza Vieira is singled out for his ‘experience and high-quality work’, while Francisco Ferraz de Carvalho and António Soares are also recommended, along with associates André Júdice Glória, who has ‘excellent commercial acumen’, and Gonçalo Veiga de Macedo.

‘Undoubtedly a top-tier practice’, Morais Leitão, Galvão Teles, Soares da Silva & Associados has a very strong banking and finance team, and recent experience of large financing deals. In early 2010, the team advised a syndicate of lenders, including Banco Espírito Santo and Caixa Geral de Depósitos, on financing for Sport TV Portugal. It also advised on the debt restructuring of Controlinveste Group through a €224m secured bond issuance guaranteed by Banco Comercial Português. EDP is also a key client. Practice head Luís Branco is ‘excellent’ and Filipe Lowndes Marques is also highly regarded.

PLMJ Law Firm’s solid practice has broad capabilities in financing and restructuring including recently advising Santoro Finance on negotiating a €164m credit facility to finance the purchase of a stake in Banco BPI. The team also notably acted for Barclays on its €68m acquisition of Citibank’s credit card division in Portugal. Maria Castelos departed to Campos Ferreira, Sá Carneiro & Associados, but Jorge de Brito Pereira has comfortably risen to the challenge of leading the team, and is well regarded for his expertise.

Vieira de Almeida & Associados’ ‘very professional’ team displays ‘very good technical knowledge’ and represents a number of major international banks. The group acted for Citibank on selling its Portuguese credit cards division to Barclays, and more recently advised Banco Espírito Santo as issuer and guarantor of €950m of BES Finance exchangeable bonds. The ‘excellent’ Pedro Cassiano Santos has a ‘Socratic mind and extensive knowledge’, while associate Sofia Ribeiro Branco is ‘very pragmatic, focussed and finely attuned to the customer’s objectives’. Pedro Simões Coelho is also recommended. Other clients include Banco Electrónico de Serviço Total and Caixa Geral de Depósitos.

The ‘very good’ António Frutuoso de Melo fronts António Frutuoso de Melo e Associados Sociedade de Advogados, RL’s committed banking and finance team, which is noted for its experience in advising on structured financing matters. The firm represents several Portuguese banks.

Garrigues Portugal has a strong presence in the banking arena, with particular expertise in project finance. The team advised BES Investimento on regulatory aspects of establishing its New York branch, and acted for Companhia Siderúrgica Nacional on the financing for its €4.15bn takeover bid for Cimpor. Other clients include UBS and Emparque. The ‘fantastic’ practice head Diogo Leónidas Rocha has ‘strategic and deep technical knowledge’. Associate Bruno Ferreira is also recommended.

At Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL, the banking and finance practice is especially active on cross-border transactions involving Lusophone countries. The group recently advised the Overseas Private Investment Corporation on a €20m SME loan for an Angolan industrial project, and has a prominent presence on matters relating to East Timor. Other clients include Caixa Banco de Investimento, Barclays Capital, HSBC, Santander UK and Morgan Stanley. The ‘very dedicated’ team is led by António Payan Martins, who is ‘thorough in his work and perceptive to the needs of overseas clients’. Also recommended are the ‘excellent’ Francisco Xavier de Almeida, who offers ‘premium legal advice’, and the ‘very good’ João Caldeira.

William Smithson leads the team at SRS Advogados, which features Alexandra Maia de Loureiro and Pedro Rebelo de Sousa – all three are highly recommended. The group represents banks, fund managers and hedge funds, and recently advised Barclays on a liquidity concentration programme, and assisted IG Markets to establish a Portuguese branch. It also advised Finibanco to negotiate a facility agreement and security package with Hagen Group. The firm has notable restructuring and regulatory experience.

Uría Menéndez – Proença de Carvalho’s practice, led by the capable Pedro Ferreira Malaquias, continues to attract a number of international clients despite the departure of Francisco Sá Carneiro in 2009. The team advised Banco BPI on the Douro Mortgages No.5 securitisation transaction, and advised a banking syndicate including Caixa Banco de Investimento on financing the Lisbon-Porceirão PPP railway line. Carlos Costa Andrade is also recommended.

Miguel Castro Pereira is the driving force of Abreu Advogados’ practice, whose clients include Banif, Société Générale and Grupo BPN. It has developed expertise advising on matters in Lusophone countries, particularly Angola. The group is advising the government of Madeira on funding issues regarding its real estate assets and, in early 2010, provided financial regulatory assistance to Efisa.

The very established and academic Pedro de Albuquerque is a key figure in the banking practice at Albuquerque & Associados, which has particular expertise in project finance. The group advised the Portuguese subsidiary of SAIPEM on financing for an offshore pipeline for the Papua New Guinea Liquified Natural Gas Project. It also regularly advises Banco Espírito Santo. Counsel Paula Costa e Silva is also recommended. Inês Pinto da Costa moved to PLMJ Law Firm in 2010.

Since its inception in 2008, Cardigos e Associados has gained broad banking experience acting for a variety of lenders, including Deutsche Bank, JPMorgan, Barclays and UBS. The group advised Banque Fédérative du Crédit Mutuel on acquiring an interest in Cofidis Participations. Centrosolar Group is also a key client. Gonçalo Capela Godinho and Inês Oliveira Festas ably support practice head Pedro Cardigos.

Franco Caiado Guerreiro & Associados offers a ‘very personal service’ with ‘speed and efficiency’. It continues to assist Labco Group in renogotiating a €350m financing, and advised Banco Santander on developing a new financial product for Portugal. Practice head João Caiado Guerreiro is ‘particularly good’.

Macedo Vitorino & Associados fields a ‘small team with high-level individuals’, one that is praised for its ‘legal and technical knowledge’. In particular, António Macedo Vitorino ‘always identifies a solution for a specific problem’. The group has been advising HSBC Bank – Sucursal en España and a syndicate of 40 banks on restructuring a €1.6bn senior facilities agreement and a €4.2bn bridge facilities agreement with Promotora de Informaciones (Prisa). It is also assisting Banco BPI and Banca Infrastrutture Innovazione e Sviluppo on a €50m financing. Other clients include Morgan Stanley and Onitelecom.

Miranda Correia Amendoeira & Associados is well known for its capabilities in Lusophone Africa, but also acts for a range of domestic clients. Mafalda Oliveira Monteiro advised the Royal Bank of Scotland on the £120m refinancing of a corporation in Portugal and Angola. Luís Oliveira advised a Luxembourg insurance company on a policy under Portuguese law. The group also acts for Calyon and GE FactoFrance.

Serra Lopes, Cortes Martins & Associados was very active in financial restructuring work throughout 2010, and represents telecoms clients including Portugal Telecom and PT Comunicações. Other clients include Millennium bcp investimento. Alexandre Jardim is the key contact.

Sérvulo & Associados advises several major banks, including Banco Espírito Santo and Banco Privado Atlântico Europa. The group has regulatory experience, and is assisting the Associação Portuguesa de Bancos with various matters. It advised a consortium of 14 banks on a depositor compensation scheme. Paulo Câmara heads the team.

Teixeira de Freitas, Rodrigues e Associados – Sociedade de Advogados RL has broad capabilities in banking and finance, with recent experience including refinancing. The team has been advising Royal Bank of Scotland on the €415m reorganisation of Campo Frio Group, while Deutsche Bank remains an important client. Luís Augusto Teixeira de Freitas and Mafalda Barreto are recommended.

Gabriela Rodrigues Martins and Vítor Pereira das Neves lead the team at AAA, which regularly advises on project finance. The group is advising Chamartin Imobiliária Group on refinancing the €275m construction of a shopping centre. Other clients include Banco Carregosa and Generg Group.

Felipe Baião do Nascimento’s team at Baião, Castro & Associados, R.L. has a range of experience including advising banks on regulatory issues, and acts for domestic and international clients.

João Nuno Barrocas remains in the banking practice at Barrocas Advogados, but the group has substantially downsized in recent months after losing Jorge Santiago Neves to Gómez-Acebo & Pombo and Claudia Santos Cruz to AVM Advogados.

The recently formed Campos Ferreira, Sá Carneiro & Associados merged the talents of Fernando Campos Ferreira and Francisco Sá Carneiro – formerly of PLMJ Law Firm and Uría Menéndez – Proença de Carvalho, respectively – and is definitely one to watch in the near future. The vastly experienced Sá Carneiro is ‘one of the most reputable lawyers in Portugal’, and Maria Castelos is also recommended.

Carlos Aguiar leads Carlos Aguiar, Ferreira de Lima & Associados – Sociedade de Avogados, R.L.’s very capable team. Manuel Costa Salema has significant experience advising private equity funds.

Gómez-Acebo & Pombo recruited banking expert Jorge Santiago Neves from Barrocas Advogados in 2010 to work alongside Fermín Garbayo Renourd. Clients attracted to this new branch include Acciona Group and United Company Rusal.

António Mouteira Guerreiro heads the team at Mouteira Guerreiro, Rosa Amaral & Associados – Sociedade de Advogados R.L., which advises banks and investments funds on Portuguese operations. Clients include Santander Group, Bank of Ireland and Liberty Mutual.

Pedro Pinto, Bessa Monteiro, Reis, Branco & Associados has a particular niche advising Spanish banks, including Caixanova and Caja España. The group has ‘excellent knowledge’, and recently advised a consortium of banks on additional security for a real estate property in Lisbon, following the debt refinancing of San José. Practice head Pedro Pinto is the key contact, while Inês Reis and Sofia Sousinha are also recommended.

With ‘deep knowledge, high technical quality and round-the-clock availability’, Raposo Bernardo acted on several notable instructions in 2010, advising new client Banco Keve on incorporating an Angolan commercial bank in Cape Verde. The group also assisted SIBS International on implementing new ATM networks in Algiers, Mozambique and Malta. Finibanco and BES África are also key clients. ‘Strategist’ Nelson Raposo Bernardo has ‘one-of-a-kind capability in every area of law’.