Banking and finance in Bolivia

Criales & Urcullo

Capital markets is a core strength of Criales & Urcullo's practice, which also counts regulatory matters and investment funds as key capabilities. Javier Urcullo, who leads the department, has expertise across all three areas; he advised a prominent fund manager on structuring a closed-end fund for real estate investments, and in another matter, represented Corporación Boliviana de Inversiones Financieras CBIFSA - as the main shareholder of Grupo Financiero Fortaleza - in transferring a minority stake to investment fund Marca Verde SAFI. Luis Valda is noted for capital markets work and financial regulation issues. Associate Andrea Urcullo is very active in capital markets mandates.


Carlos Pinto leads FERRERE’s practice, which is adept at handling transactional and regulatory mandates and is especially strong in multi-jurisdictional work. International lenders are prominent in the group's client base: Pinto and Lindsay Sykes, who is well known for her expertise in structured finance, assisted five financial entities with a loan to Alicorp for its acquisition of two Bolivian companies. Pinto also teamed up with senior associate Mattias Garrón to advise the European Investment Bank on a $64m loan to the Ministry of Environment and Water to finance the 'My Water V' project. Cargill and Phoenix Tower International are also clients.

Guevara & Gutiérrez S.C

Large-scale restructuring mandates, project finance and credit facility matters have been prominent in the workload of Guevara & Gutiérrez S.C's 'very experienced' team. Jorge Inchauste assisted Alicorp with a $400m credit facility agreement - entered into with a syndicate of foreign banks - for the acquisition of two companies in Bolivia. In the Santa Cruz office, Enrique Barrios is an expert in project finance in the energy and hydrocarbons sector; he assisted Danske Bank with the €103m financing of three wind farm projects in Bolivia. Regulatory work is another area of expertise for the group. Inchauste co-heads the practice with Ramiro Guevara out of the La Paz office, which houses noted associates José Bernal and Alejandra Guevara. Other clients include Inter-American Development Bank (IDB), Simmons & Simmons and the Export-Import Bank of China.

Moreno Baldivieso Estudio De Abogados

Moreno Baldivieso Estudio De Abogados' department is especially strong in handling high-value loan agreements and insurance matters for international financial institutions. Ramiro Moreno and Andrés Moreno lead the practice; the pair continued to advise regional development bank CAF on several large transactions, including a $40m loan agreement with Banco Unión and a $25m loan renegotiation with Banco Mercantil. René Claure is well known for his expertise in insurance and reinsurance work; Miguel Ángel Jemio, Daniel Arredondo and Luis Moreno are also active in this sector. Other clients include BUPA Insurance, Sogaz Insurance Group and Credit Suisse.

Bufete Aguirre Soc Civ

In operation since October 2018, Bufete Aguirre, Quintanilla, Soria & Nishizawa Sociedad Civil – (BAQSN) is well known for its capabilities in assisting investor and lender clients with cross-border transactions and public entity financing. The practice is noted for its strength in representing financial institutions: Santiago Nishizawa continues to advise Inter-American Investment Corporation on providing working-capital loans to small enterprises, while Ignacio Aguirre assisted Incofin Investment Management with providing loan agreements to Bolivian borrowers. Fernando Aguirre is a highly regarded practitioner; Eduardo Quintanilla, Julio Quintanilla and newly promoted partner Leonardo Azurduy Saunero are other key contacts.

Indacochea & Asociados

Mariana Pereira and Alonso Indacochea head the team at Indacochea & Asociados, which reports an increase in work from lender-side clients and has been active in loan agreements, acquisitions and debt restructuring. Recent mandates saw Pereira and senior associate Ana Carola Muñoz act for Bolivian company Industrias de Aceite (IASA) in its multimillion-dollar acquisition by Alicorp. Other clients include JLT Seguros, PayPal, Banco Ganadero and Triangulo de Oro. The team is also well known for its expertise in the issuance of promissory notes and bonds.

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

Becerra de la Roca Donoso & Asociados S.R.L. counts financial litigation, structured finance and regulatory matters as core pillars of its practice, and is especially strong in handling work for international clients. As well as continuing to assist clients drawn from the agribusiness, energy and mining sectors, the department has seen an uptick in instructions from insurance companies: Seguros Provida and Fortaleza Seguros are new clients in this sector. Mauricio Becerra De La Roca co-leads the team with associate José Antonio Velásquez; the pair are representing YPFB Refinación in litigation against debtors relating to unpaid diesel contracts. Other clients include Root Capital, Industrial Hilandera and Guabirá Energía. Senior associate Dario Martinez is recommended in the La Paz office.

Bolsa, Banca y Comercio

Banking and finance boutique Bolsa, Banca y Comercio is noted for handling transactional and regulatory work for international and local clients; investment banking and securities transactions are among the firm's areas of expertise. Sergio Pantoja Navajas is the name to note.

C.R. & F. Rojas – Abogados

C.R. & F. Rojas – Abogados' practice is noted for handling cross-border work (particularly involving Chile and Spain) for clients drawn from the infrastructure and power sectors. Aircraft finance is another area of expertise. In La Paz, María del Carmen Ballivián and Sandra Salinas are the names to note; the Santa Cruz office houses José Manuel Canelas, Elizabeth Landivar and Diego Rojas. The client roster includes Banco Santander and Cat Financial.

Würth Bedoya Costa Du Rels Abogados

Würth Bedoya Costa Du Rels Abogados handles project-related, asset-purchase financing; loan-agreement matters; and debt structuring work. The team is especially active in the hydrocarbons sector. Karla Würth and Fernando Bedoya head the practice; senior associate María Pía Arce has expertise in capital markets and corporate finance. The client roster includes Banco Nacional de Bolivia, Penta Las Américas and BTG Pactual Chile.