Rising Stars

Firms To Watch: Banking and finance

Carvalho, Sica, Muszkat, Vidigal e Carneiro Advogados - CSMV Advogados is praised for its ‘in-depth knowledge of the functioning and evolution of the financial system, with practice head João Fernando Nascimento noted for his transactional and regulatory expertise, particularly in fintech matters.
Led by Roberto Panucci and Diogo Nebias, Mello Torres has a ‘very professionalbanking practice with a strong focus on lending, payments, regulatory and fintech matters.
B/Luz has an active banking practice that includes the ‘attentive’ Luciana Simões Rebello Horta, and is noted for providing ‘technical and efficient solutions‘ to a diverse client roster, including fintechs, robo-advisors and asset management firms.

Banking and finance in Brazil

BMA Advogados

Praised for its ‘above average ability to understand financing transactions‘, BMA Advogados is regularly sought out by major corporate borrowers in complex and high-value deals. The firm’s capabilities encompass a broad range of work, including cross-border restructurings, debtor-in-possession financings, asset-backed securitisations, acquisition financings, and project finance mandates. The practice is led by the versatile and ‘commercially pragmaticCamila Goldberg, who brings extensive experience in structured finance and capital markets matters. Rafael D’Avila Dutra is a recognised expert in project finance, while Anna Carolina Malta regularly represents investment funds and fund managers, and Felipe Prado focuses on payment institutions regulations. With solid credentials in structured finance involving investment funds and securitisation, Jane Goldman is praised for her ‘knowledge of the capital markets and ability to lead on matters’.

Practice head(s):

Camila Goldberg; Rafael Dutra; Felipe Prado


‘The firm has partners with a level of seniority not found in competitors. The team has an above average ability to understand financing transactions and the client’s business.’

‘Jane Goldman Nusbaum: knowledge of the capital markets and ability to lead on matters.’

‘Excellent law firm; one of the leaders in transactional matters; excellent team.’

‘Camila Goldberg is a commercially pragmatic lawyer and provides excellent quality advice.’

Key clients

BTG Pactual

XP Investimentos

BHP Billiton Group

Agence Française de Dévéloppement

BHG – Brazil Hospitality Group

GTIS Partners LP

G5 Investimentos

Alter Domus (US)

Enforce Gestão de Ativos

Quadra Capital

Urca Capital Partners

Morgan Stanley

BanQi Instituição de Pagamento

Galleria Correspondente Bancário Sociedade Unipessoal (Galleria Bank)

Work highlights

  • Acted as deal counsel for Banco BTG Pactual and Banco Pan in connection with the securitisation of Brazilian bank credit notes (Cédulas de Crédito Bancário – CCBs) linked to the Government Severance Indemnity Fund (Fundo de Garantia do Tempo de Serviço – FGTS).
  • Acted for Morgan Stanley Senior Funding, as lender and lead arranger, and a syndicate of financial institutions, as lenders, in the negotiation and extension of a $500m secured credit facility to 3R Lux for financing part of the acquisition of the Potiguar Cluster from Petrobras.
  • Assisted Banco BTG Pactual and Enforce Gestão de Ativos in the acquisition of a non-performing home equity loan portfolio originally held by PREVI – Caixa de Previdência dos Funcionários do Banco do Brasil.

Campos Mello Advogados in cooperation with DLA Piper

Praised by clients for its ‘technical knowledge, availability and assertiveness’, Campos Mello Advogados in cooperation with DLA Piper maintains a versatile banking and finance practice, which is well versed in both transactional and regulatory mandates. Drawing on its association with an international heavyweight, the firm consistently facilitates cross-border transactions for major banks and borrowers, including multilateral agencies, private credit funds, and financial services companies. Jorge Luiz Barbieri Gallohandles debt capital markets, non-performing loans, securitisations, and restructurings. Flávia Cavalcanti Ferreira  stands out at the associate level. Former Veirano Advogados‘ partners Rogerio Campos and Marcelo Mattos joined the firm in July and September 2023, respectively, while Roberto Vianna do R. Barros left in May 2024.

Practice head(s):

Jorge Gallo


‘Technical knowledge, availability and assertiveness in providing services.’

‘Jorge Gallo is a highly trained and experienced professional, who is available when needed.’

Key clients

Deutsche Bank

Starboard Restructuring Partners Consultoria em Negócios

Banco Santander (Brasil)

Banco RCI Brasil

Grupo Rio Alto

Aymoré Crédito, Financiamento e Investimentos

Hyatt Hotels Corporation

Work highlights

  • Advised John Textor, businessman and major shareholder of SAF Botafogo, Crystal Palace and RWD Molenbeek, on the corporate reorganisation of the legal entities comprising his investments in soccer clubs and on the acquisition of the corporate control of Olympique Lyonnais Groupe.

Candido Martins Advogados

The well-regarded finance team at Candido Martins Advogados fields a solid selection of ‘experienced professionals who propose customised solutions for complex’ transactions. Led by founding partner Henrique Martins, the team offers support to lender and borrower clients in debt refinancings, asset-backed securitisations, local bond issuances, as well as acquisition and leveraged finance. Daniel Rodrigues Alves is noted for his strong proficiency in leveraged finance and private equity, while senior associate Raphael Pereira Arantes Pires has ‘extensive experience in capital markets’. Former practice head Renata Simon is no longer at the firm.

Practice head(s):

Henrique Martins


‘A firm with a lot of expertise in M&A and financing transactions that has experienced professionals who propose customised solutions for complex cases, in addition to being competitive in terms of cost.’

‘The firm and its lawyers have full knowledge of the matters that are dealt with in the negotiations that are contracted. Very attentive and super helpful. Additionally, I noticed that during the negotiations the lawyers involved were very reasonable with respect to our demands and the demands of the counterparties.’

‘Raphael Pereira Arantes Pires is a lawyer with extensive experience in capital markets. Experience and quality in the execution of the works. A differential is their technical quality. Very pro-business and reasonable during contract negotiations.’

‘The firm assisted us in capital market structuring processes in an exemplary manner.’

Key clients

Companhia Siderúrgica Nacional (CSN)

Intercement South Africa

Companhia Nacional de Álcool (CNA)

GEF Capital Partners

Mtel Telecomunicações

Intercement Participações

Intercement Brasil

Selfit Academias Holding

Natural One Gestão Patrimonia

ENC Energy Brasil e Participações

Unity Participações

Hemisfério Sul Investimentos

G5 Partners


Riza Asset Management

Galapagos Capital

Cerc Central de Recebíveis

Work highlights

  • Advising Intercement Participações on the issuance of R$70m in new promissory notes under restricted public offering to professional investors.
  • Assisting DG 1 Ventures in the issuance of commercial papers under private offering to professional investors.
  • Advising Zigpay on an issuance of commercial notes to finance the expansion of the group’s activities.

Cascione Pulino Boulos Advogados

Cascione Pulino Boulos Advogados fields a team ‘with deep knowledge of the functioning and evolution of the financial market, and related innovations’ that is praised for its ‘very detailed and deep analysis‘. A strong force in fintech, payments and regulatory matters, the group attracts instructions from major banks, financial institutions, and technology providers, with advice ranging from partnership agreements through to product launches. On the transactional side, the practice also assists with syndicated loans, secured transactions and project financing. Lead lawyers include founding partner Fábio de Souza Aranha Cascione, who has over two decades’ experience in domestic and cross-border deals, and Gabriel Capella, a name to note for structured finance. Marcelo Padua Lima shines in regulatory and payments-related matters. The team was strengthened by the arrival of Ana Paula Calil from Cescon Barrieu in June 2023; she specialises in project, structured and acquisition financing.

Practice head(s):

Fabio Cascione; Marcelo Padua Lima; Gabriel Capella


‘A team with deep knowledge of the functioning and evolution of the financial market, and related innovations. Very detailed and deep analysis.’

‘Marcelo Padua is always ready and attentive to assist, both in routine matters and in more complex issues. A team that is committed to quality and takes its work very seriously. It forms a team of very responsible and reliable professionals, who mirror it.’

‘The team has mastery and technical knowledge in the payments area and is capable of translating the main points of matters objectively.’

Key clients

Banco Santander

C&A Modas

Google Brasil Pagamentos

Banco Votorantim

Banqi Instituição de Pagamento

Linked Store Brasil Hospedagem de Sites e Desenvolvimento de Softwares (Nuvemshop)

Banco C6

Itaú BBA

Raízen Energia

Work highlights

  • Advised Banco Santander as coordinator on a R$700m issuance by Banco Toyota do Brasil.
  • Advised C&A on the launch of the C&A Pay project, including support in its authorisation process as a direct credit company with the Central Bank of Brazil.
  • Assisting Google’s payments entities in Brazil in their offering of different payment products and services to Brazilian users.

Cescon Barrieu

Cescon Barrieu is a top choice for transactional and regulatory banking and finance matters, where it offers a comprehensive range of expertise. Showcasing an impressive track record in cross-border financings, including advice on high-value public sector loans, the firm is regularly engaged by borrowers and lenders in large-cap acquisition and structured financings, refinancings and trade finance agreements. The group’s regulatory expertise also makes it a popular destination for fintech and payments-related advice. Based in Rio de Janeiro, Maurício Teixeira dos Santos is a key contact for major banks, corporates, funds and multilateral agencies. In São Paulo, Alexandre Gossn Barreto leads on regulatory matters, while Daniel Laudisio is particularly active on the transactional side. Ana Paula Calil is no longer at the firm. Alexandre Vargas stands out at the associate level.

Practice head(s):

Daniel Laudisio; Mauricio Santos; Alexandre Barreto

Key clients

Banco Santander

Canadian Imperial Bank of Commerce – CIBC

Ant Group / Alipay Brazil


Banco Bradesco

Bank of America

Federação Brasileira de Bancos – FEBRABAN

Natura & Co Pay

Algar Telecom

Itaú Unibanco

Companhia de Saneamento Básico do Estado de São Paulo – SABESP

BRK Ambiental

Goldman Sachs

JP Morgan

Work highlights

  • Advised JPMorgan Chase Bank, Goldman Sachs Bank USA and other members of the syndicate of lenders on the Latam Airlines DIP to exit financing, which enabled the airline to emerge from Chapter 11.
  • Advised Brookfield Asset Management (through its SPV Cedar Locações e Investimentos) on the financing for the acquisition of Unidas Locadora from Localiza.
  • Engaged by Federação Brasileira de Bancos – FEBRABAN to advise on regulatory and corporate matters in connection with the implementation and permanent operation of the Open Finance (formerly Open Banking) infrastructure in Brazil.

Demarest Advogados

Demarest Advogados has a highly experienced team, valued for its transactional and regulatory advice to banks, funds, and fintechs. The team, which is especially adept in open banking and the development of digital platforms, is led by the ‘exemplaryFabio de Almeida Braga. Braga possesses a strong track record in syndicated loans and debt restructurings, and is often retained by financial services companies in product launches. In addition to its regulatory work, the team is well positioned to handle a variety of transactional matters, including project and trade finance, securitisations, and structured products.

Practice head(s):

Fabio de Almeida Braga


‘The team delivers completely unique proposals.’

‘Partner Fabio Braga is an exemplary professional who delivers tailormade work.’

Key clients

SAAM Towage Brasil


Honda do Brasil Automóveis

Banco Honda

Yamaha Motor do Brasil

Banco Yamaha Motor do Brasil

Tecumseh do Brasil

Latam Airlines Group

Smart RJ

Sky Serviços de Banda Larga

Syngenta Proteção de Cultivos

GOL Linhas Aéreas

Ford Motor Company Brasil

NH Latam Investments & Securities

Stone Pagamentos

KEO World

Mosaico Negócios de Internet S.A|StartMeUp Crowdfunding Sistema para Investimentos Colaborativos


PNC Bank, National Association

Bank of America

Banco Agibank

Raiffeisen Bank Internacional

Companhia Mineira de Açúcar e Álcool – CMAA

Colbrás Indústria e Comércio (Softcaps group)

PGS Suporte Logístico e Serviços,(PGS Group)

Banco Inter

Establishment Labs Brasil Produtos para Saúde

Grupo Nuveen

Work highlights

  • Advised LATAM Airlines Group  and its Brazilian subsidiaries on matters of Brazilian law with respect to the group’s DIP-to-Exit Financing (DTE Financing).
  • Advising Ford Motor in the development of a new evergreen securitisation process through a new structure, which includes the creation of a credit assignment and securitisation for Ford Montadora and Banco Ford.
  • Acted as Brazilian legal counsel to Open Plaza Corp and others in a $506m credit agreement granted by AT&T Services to Open Plaza for the financing of its acquisition of certain companies previously belonging to AT&T Group.

Dias Carneiro Advogados

Dias Carneiro Advogados regularly acts as Brazilian counsel to international banks and multilateral lenders in cross-border financings and debt restructurings. The team’s expertise extends to acquisition, trade, and project finance, particularly in key sectors such as energy, natural resources, and agribusiness, where it also represents several borrowers. Practice head Thiago Vallandro Flores is counsel of choice for a variety of clients, including multilaterals and development banks, in an array of financing transactions. With a keen focus on the infrastructure sector, Paulo Leme manages a balanced workload, where project finance features alongside capital markets deals. Covering project, export, acquisition and corporate finance, Gustavo Junqueira is especially active in the energy and infrastructure segments.

Practice head(s):

Thiago Vallandro Flores


‘Personal service; knowledge of cross-border project finance; ability to provide concise answers to complicated questions and reasonably defend positions regarding unclear legal issues; ability to respond quickly.’

‘Thiago Vallandro Flores and Gustavo Junqueira are recommended.’

Key clients

Inter-American Development Bank / Inter-American Investment Corporation

China Development Bank Corporation

Voltalia Group

Banco KEB Hana

USJ – Açúcar e Álcool

International Finance Corporation

EDP Renováveis

Corporación Interamericana para el Financiamiento de Infraestructura


DNB Bank

Work highlights

  • Advised IDB Invest on a $100m facility to Hospital Albert Einstein.
  • Advised Société de Promotion Et de Participation pour la Coopération Economique on a $40m facility to Louis Dreyfus Company Sucos.
  • Advised IDB Invest, IDB, JICA and IFC on the restructuring of $800m financing granted to Klabin and on the second disbursement of the financing.

Felsberg Advogados

Felsberg Advogados has made a strong push into the banking and finance space. With partner Ricardo Higashitani firmly embedded into the team, the firm’s offering in cross-border syndicated loans and other forms of complex financing and debt restructuring has been significantly enhanced. The practice has a strong foundation in project and aviation finance, with Maria Da Graça Pedretti playing an active role in these areas. The team acts for major banks, multilateral lenders, and borrowers, which not only instruct it in transactional work, but also seek advice on administrative proceedings and interactions with the main financial service regulators.

Practice head(s):

Maria da Graça Pedretti; Ricardo Higashitani

Key clients

Bank Leumi USA

Renova Energia


Grupo Moreno

Standard Bank Group

Stifel Bank & Trust


The Standard Bank of South Africa Limited


Armco do Brasil

Work highlights

  • Assisted Paranapanema in renegotiating of $479m in financial debts.
  • Advising Standard Bank of South Africa on a ZAR500m loan to InterCement South Africa Proprietary Limited, as well as subordination instrument and guarantee by InterCement Participações.
  • Advised Armco on the renegotiation of R$315m in debts arising from the issuance of debentures and banking credit certificates.

FAS Advogados, in cooperation with CMS

FAS Advogados, in cooperation with CMS provides an ‘excellent service’ to financial institutions, multilateral organisations, credit funds, development banks and credit agencies, among other clients. The team, which is praised for its ‘technical depth‘, stands out for its fintech expertise, covering regulatory and commercial matters. The lawyers are also highly experienced in dealing with the relevant Brazilian regulators on behalf of a diverse clientele, including major banks, start-ups, and international fintech and payments companies. The practice is under the joint leadership of Paulo Mertz Focaccia, who has a wealth of experience in the intersection of finance and technology, and Vicente Piccoli Medeiros Braga, whose ‘deep understanding of banking regulatory issues‘ is rated by clients. Pedro Duarte Pinho stands out at the associate level. Drawing on its cooperation with international outfit CMS, the team is also able to assist clients in cross-border mandates.

Practice head(s):

Paulo Mertz Focaccia; Vicente Piccoli Medeiros Braga


‘The banking team at FAS Advogados provides an excellent service fully focused on the needs of each client. The innovation of the service provided is linked not only to the technical knowledge of the team, which is exceptional, but to the understanding of how to help in the daily life of the client and meet demands in an agile and precise way.’

‘Although the entire team is highly qualified, the following stand out: Vicente Piccoli M. Braga is a highly available team leader, technically qualified and concerned with providing a differentiated and personalised service.’

‘FAS has a different culture than traditional law firms and this translates into more engagement on the part of male and female lawyers, regardless of their seniority level. In addition to being very committed to responsiveness and quality, the team that assists us always has a smile on their face. Partners are open to proposing alternative fee structures that meet the needs of their clients and are flexible in adhering to the communication channels, in order to optimise communication between the in-house team and the firm.’

‘Paulo Focaccia and Vicente Braga are extremely talented and experienced, in addition to being always available. The banking team as a whole is of high quality, works autonomously and delivers amazing results. And it is important to point out that the firm continues to invest in the banking and financial area, bringing in new talents to compose the team so as not to leave clients unattended.’

‘FAS’s main strength is the dedication of the regulatory team to understanding the client’s business, combined with the technical depth provided in each analysis. The team members, from the youngest to the most senior, have a technical profile and are attentive to details.’

‘Vicente Braga has a deep understanding of banking regulatory issues and has structured a team of associates with a similar technical profile to his own.’

‘FAS is a firm that goes above and beyond in assisting its clients. The team took its time in assessing our business model and gave key practical advice on how to approach the market.’

‘We worked with Vicente Piccoli Medeiros Braga and Pedro Duarte Pinho. The quality of service was excellent and the end product exceeded our expectations. They understood our sector and business clearly before delivering on the final product.’

Key clients

Banco Sorocred

Banco C6

Banco de Lage Landen Brasil  – ‘DLL’

Banco Brasileiro de Créditos – ‘Banco BBC’


Banco Triângulo – ‘Tribanco’

Banco Agibank

BBC Pagamentos  ‘BBC Digital’

CERC Central de Recebíveis

Santana Financeira CFI

PagSeguro Internet Instituição de Pagamento  – ‘PagSeguro’

Clara Pagamentos

Rapyd Brazil Soluções de Pagamento

Accesstage Tecnologia

Google Internet Brasil

JHSF Meios Eletronicos

ByteDance Brasil (TikTok)

Nvio Brasil (Bitso)

Liber Capital

Fundo Garantidor de Créditos – FGC

Saison Capital


Cora Pagamentos

Mercado Pago Instituição de Pagamento

Zimpler Pagamentos

Novadax Brasil Pagamentos

Trustly Group

CBSM – Companhia Brasileira de Soluções de Marketing S.A – ‘Dotz Pay’

Paraisopolis’ Union of Residents and Merchants

Paygo Administradora de Meios de Pagamento

Payu Brasil Intermediação de Negócios

Acqio Holding Participações

Transfeera Pagamentos

Avista  Administradora de Cartões de Crédito

Sinlog Tecnologia em Logística  – ‘Trizy’

Ifood.com Agência de Restaurantes Online  – ‘iFood’

FreteBras Internet e Serviços  – ‘Frete.com’

Migo Serviços de Tecnologia  – ‘Migo Money’

Inswitch Tecnologias Financeiras

Companhia Brasileira de Soluções e Serviços – ‘Alelo’

Oppens Sociedade de Empréstimo entre Pessoas

Global 81 Brasil Correspondente Cambial  – ‘Global 66 Brasil’

Sumup Sociedade de Crédito Direto

Nuvei Group

YOP do Brasil Digital  – ‘WabiPay’(Coca-Cola Group)

Pagaleve Tecnologia Financeira

Work highlights

  • Assisting the fintech credit company Oppens in a range of commercial and regulatory issues.
  • Advising Bitso on the structuring of a product to offer payments with crypto currency for any Brazilians visiting Argentina.
  • Assisting Banco Seguro in the structuring of its home broker and securities-related products.

H Naves Advogados

H Naves Advogados is a relatively new boutique with a particular focus on banking regulation. The firm is a ‘safe haven’ led by the ‘super experienced’ name partner Helen Naves, an ‘excellent lawyer’ for ‘complex matters of financial and capital markets’. Clients include major banks, investment funds and fintech companies, who rely on the team for its comprehensive expertise in domestic and cross-border regulatory matters, as well as related areas such as white-collar crime, compliance and investigations.

Practice head(s):

Helen Naves


‘H. Naves Advogados is a boutique law firm led by its founder Helen Naves. An excellent lawyer, super experienced and familiar with complex matters of financial and capital markets. The most special thing about the firm is the very personal service provided by Helen Naves.’

‘Helen Naves is super experienced, calm to work with, proactive, very accessible and very reasonable in all her legal positions and assessments.’

‘H. Naves Advogados is our safe haven when we need any advice on banking or financial matters. It is a specialised team with highly renowned and competent professionals.’

Key clients

Peninsula/O3 Capital

Banco MUFG

Prisma Capital

Gol Linhas Aéreas

Univen Healthcare

The Bank of Nova Scotia

Lefosse Advogados

Commended by clients for its 'in-depth knowledge of the regulations affecting financial institutions in Brazil and globally', the banking and finance practice at Lefosse Advogados is singled out for its transactional capabilities. The firm is home to highly experienced partners well-versed in debt capital markets, securitisations, and various forms of financing deals such as structured, asset, and project finance. Cross-border financings and restructurings also feature on the team's impressive workload, which is further populated by regulatory mandates involving the payments and fintech sectors. The firm’s roster of partners includes Roberto Zarour, who specialises in structured finance, Kenneth Ferreira, a key contact to note for regulatory issues, Ricardo Prado, who focuses on financial and capital markets transactions, and Renata Cardoso, who alongside senior associate Fabio Perez, is praised for her ‘quick deliveries and extreme technical quality of work‘. Miriam Signor is proficient in project finance.

Practice head(s):

Renata Cardoso


‘Quick deliveries and extreme technical quality of work – Renata Cardoso and Fabio Perez stand out.’

‘Lefosse has a team which is very specialized in banking law; it has in-depth knowledge of the regulations affecting financial institutions in Brazil and globally. The team efficiently advises on the structuring and negotiating of financial and capital market products.’

‘Renata Cardoso is always ready to help and quick to respond. She is fierce in defending her client in negotiations, but capable of reaching good agreements and giving in when the fight is counterproductive. She is a good person to have at your side at the negotiating table.’

Key clients

PayPal Serviços de Pagamentos




Landesbank Baden-Wür

BP Bunge


ING Bank

Bank of America



BMW Finance

Morgan Stanley

Banco Alfa


Work highlights

  • Advising Alliance to End Plastic Waste on a transnational ESG financing to an entity within the Valoren Recuperadora de Resíduos group.
  • Advising Monte Pascoal Holding and Banco Itaú BBA on a R$164m bond offering to help finance Monte Pascoal’s acquisition of Enerbrás Centrais Elétricas.
  • Assisting V2I Energia and Banco Itaú BBA in a R$120m commercial note offering to leverage a transmission line entity in a bridge transaction.

Lobo de Rizzo Advogados

Lobo de Rizzo Advogados houses a ‘highly qualified‘ banking and finance team, which is adept in a broad range of financing transactions, including syndicated loans, acquisition finance, and debt restructurings. A popular choice for both borrowers and lenders, the team has notable strength in deals in the energy and infrastructure sectors, regularly advising on the financing of solar and wind power projects. Fabrizio De Oliveira Sasdelli is frequently instructed by corporations, financial institutions and multilaterals in structured finance deals, while Milton Pinatti is particularly noted for his experience in project finance and debt restructurings. Other key individuals include debt capital markets expert Maria Costa Neves MachadoGustavo Cunha, who focuses on the funding of infrastructure projects, and André Ramos Bedim.

Practice head(s):

Fabrizio de Oliveira Sasdelli; Milton Pinatti; Gustavo Silveira Cunha; Maria Costa Neves Machado; André Ramos Bedim


‘Lobo de Rizzo Advogados has a highly qualified team with a differentiated response time.’

Key clients

Hidrovias International Finance

Nova Olinda e Lapa (CGN – Brasil Energia e Participações )

CGN Santa Vitória do Palmar

MEZ 1 Energia

CGN Complexo Morrinhos

Lagoa do Barro (CGN)

Ace Capital – Rising Stars

Work highlights

  • Assisted Banco Itaú BBA, Banco Santander (Brasil) and Banco ABC Brasil in the R$800m financing to the State of Pernambuco with a guarantee from the Union.
  • Assisting Grupo Soltec Brasil in the issuance of bank guarantees by Banco Santander (Brasil) and Banco BTG Pactual, to secure the obligations of Usina de Energia Fotovoltaica Araxá and Usina de Energia Fotovoltaica Pedranópolis in favour of Banco Nacional de Desenvolvimento Econômico e Social (BNDES).
  • Assisted Itaú BBA in the issuing of bank guarantees for MEZ 5 Energia in favour of the debenture holders of MEZ 5’s 1st issuance, represented by Pentágono Distribuidora de Títulos e Valores Mobiliários.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados is noted for providing ‘excellent and high quality services’ to a wide range of clients, including major domestic and international banks, payment and financial institutions, fintech companies, and investment funds. The firm has developed an excellent reputation for high-value cross-border acquisition and project financings, and is well versed in sophisticated refinancings and structured products. Its fintech capabilities are also noteworthy; the group is seen with great regularity advising on strategic partnership agreements and product launches. Adriano Schnur leads the well-regarded team, which also includes Nei Schilling Zelmanovits, a veteran in transactional, regulatory and administrative matters involving the financial industry, and the recommended Eduardo Avila de Castro, who is deeply knowledgeable of banking and insurance regulations. Structured finance is a core area of activity for Rafael Carretero, while Bruno Racy primarily handles financings involving the infrastructure sector and regulated markets. Renato Gomes Ribeiro Maggio is also singled out for his combined ‘knowledge of credit/civil code and banking regulation’.

Practice head(s):

Adriano Schnur Ferreira


‘Machado Meyer Sendacz e Opice Advogados provides excellent and high quality services. The easy access to the firm’s partners and the agility in responding to queries, opinions and memorandums set them apart in the Brazilian market. The firm stands out for keeping up with the world’s technological development and advancement, always being up to date with the main trends and norms that define the subject.’

‘Eduardo Castro – I recommend him for excellence in service, intellectual quality, legal creativity and availability.’

‘Extremely senior partners with quick responses. Associates follow the same line. Always first on the list when we need help.’

‘Renato Maggio manages to unite knowledge of credit/civil code and banking regulations.’

‘Nei Zelmanovits, despite being extremely senior, responds with the speed of newly appointed partners. This speed and enormous knowledge of banking regulations makes us extremely confident in his work.’

Key clients

Mercado Pago / Mercado Crédito (Grupo Mercado Livre)

Banco do Brasil


C6 Bank

J.P. Morgan

BTG Pactual

Goldman Sachs


Travelex Bank / Travelex Confidence (Grupo Travelex)

IFood Benefícios


CEF – Caixa Econômica Federal

IFC – International Finance Corporation

NDB – New Development Bank

IDB – Interamerican Development Bank


Banco Inter

Banco Votorantim

Fundo Garantidor de Crédito (FGC)


Work highlights

  • Assisted J.P. Morgan, JPMorgan Chase Bank, Banco Citibank, and Citibank in a R$8.6bn loan to Cosan for the acquisition of shares issued by Vale.
  • Advised Bank J. Safra Sarasin on a multi-billion cross-border loan to Marfrig Global Foods in the context of its corporate reorganisation.
  • Advising Travelex Banco de Câmbio and Confidence Corretora de Câmbio on a debt restructuring.

Mattos Filho

Mattos Filho has an ‘extremely approachable and cordial‘ banking and finance team with experience across the full range of transactional, regulatory and contentious matters. The firm acts for an impressive mix of domestic and international banks, and has been involved in several high-profile borrower-led financings for international clients, such as Norsk Hydro and Apollo Global Management. The ‘very technical‘ group, which is commended for its ‘solid practical knowledge of matters related to the debt market and infrastructure‘, recently handled several large-cap financings in the energy sector. With a wealth of experience in all types of lending transactions, from structured finance to syndicated loans, Frederico Kerr Bullamah is widely recommended by clients for his ‘great technical competence and availability’. Other key partners include Bruno Tuca, a reference for debt transactions, special situations and securitisations, and structured finance specialist Marina Anselmo Schneider. Pablo Sorj and Bernardo Môcho are noted on the project finance side, while Flavia Magliozzi handles deals in the financial and capital markets. Paulo Brancher and Marina Procknor are noted for their in-depth knowledge of banking regulatory matters.

Practice head(s):

Bruno Tuca; Bernardo Môcho; Flavia Magliozzi; Frederico Kerr Bullamah; Marina Anselmo; Pablo Sorj; Paulo Brancher; Marina Procknor


‘The team is experienced in all types of finance, with a focus on structured finance and special situations. In addition to the very high technical knowledge, they are always able to think outside the box to make complex transactions possible. In addition, they are extremely approachable and cordial.’

‘Frederico Bullamah is the highlight; the difference to competitors lies in his ability to make complex transactions simple for clients and to provide effective and quality services promptly.’

‘Mattos Filho advises us in several areas, including financing and infrastructure. We have an excellent relationship with the firm. I partners and lawyers are very technical and have solid practical knowledge of matters related to the debt market and infrastructure – including our sector of activity.’

Key clients

Geru Sociedade De Crédito Direto

Google Brasil Internet

Mercado Livre


Stone Instituição de Pagamento

Câmara de Comercialização de Energia Elétrica – CCEE

Inter-American Development Bank – IADB

InterCement Brasil

Banco Itaú BBA

XP Corretora de Câmbio Títulos e Valores Imobiliário

Nordex Energy Brasil – Comércio e Indústria de Equipamentos


Société de Promotion et de Participation pour la Coopération Economique  – Proparco and DEG – Deutsche Investitions- Und Entwicklungsgesellschaft

GOL Linhas Aéreas Inteligentes

QATAR Airways Investments (UK)

Farallon Latin America

TAG Tecnologia para o Sistema Financeiro

Work highlights

  • Advising Norsk Hydro Brrasil on the $200m financing of its Fuel Switch Project.
  • Advised Inter-American Investment Corporation on a $250m financing to the Simpar Group.
  • Advised Apollo Global Management on the $1.51bn financing required for its investment into New Fortress Energy and the related formation of the joint venture Energos Infrastructure.

Pinheiro Guimarães

Pinheiro Guimarães acts for an impressive mix of major borrowers and lenders, including banks, development agencies, corporates and state entities. Showcasing a varied transactional expertise that covers domestic and cross-border acquisition financings, structured products, syndicated loans, refinancings and trade financings, the multifaceted practice is also singled out for its strong track record in project and asset finance. Ivie Moura Alves is a strong performer in mandates involving syndicated loans and debt capital markets. Fábio Yanitchkis Couto is a key contact for distressed debt and structured finance. The latter is a core area of practice for Paula Beatriz Carneiro Pessôa, while Roberta Giamattey Pimentel Fonseca Kelley is especially recommended for project finance. The team is led respectively out of Rio de Janeiro and São Paulo by Francisco José Pinheiro Guimarães and Plinio Pinheiro Guimarães Neto, both of whom are references in the banking and finance market. Up-and-coming partner Marcela Taquette Vaz is developing a good reputation for cross-border loans and bond offerings.

Practice head(s):

Plinio Pinheiro Guimarães; Francisco José Pinheiro Guimarães; Ivie Moura Alves


‘Pinheiro Guimarães has a broad and technical team, capable of working in the most diverse angles related to investments.’

‘Communication between the firm and the client works very fluidly, for any topic, from updating records to billing. The firm understands the bureaucracy, obstacles and deadlines of a multinational client, showing the ability to adapt and be flexible.’

‘Technical accuracy and perfect execution of documentation, in addition to proximity to clients.’

‘Fábio Couto: intelligent, dedicated, assertive, fast and very well-prepared, in addition to always being very close to the client.’

Key clients


Itaú BBA

Credit Suisse

BTG Pactual

International Finance Corporation (IFC)

JP Morgan



Banco Votorantim


Goldman Sachs


General Motors

XP Investimentos

Saxo Bank

Itaú Unibanco


B3 – Brasil, Bolsa, Balcão

Suzano Papel e Celulose

Globo Group

Andrade Gutierrez


Moneda Asset Management

Redwood Capital Management

Rimrock Capital Management

Rede D’Or

EDF Energies Nouvelles


Banco Safra

Work highlights

  • Counsel to Société Générale, as shareholder of Concessionária Linha Universidade, in connection with a R$9.6bn financing from Banco Nacional do Desenvolvimento Econômico e Social – BNDES to the university.
  • Acted for BMO Capital Markets, Citigroup Global Markets, Credit Agricole Securities (USA), MUFG Securities Americas, Scotia Capital (USA) and SMBC Nikko Securities America in a $1.3bn bond offering by Vale, Vale Overseas Limited and Vale Canada Limited.
  • Advising Andrade Gutierrez Group on a debt restructuring concerning a $200m+ notes offering due 2021 and 2024.

Pinheiro Neto Advogados

Rated for its ‘deep technical knowledge of the Brazilian banking market‘, Pinheiro Neto Advogados has established a top notch reputation for its wide range of services to the financial sector. Combining transactional and regulatory expertise, the team has been particularly active on the corporate side, advising on an impressive range of novel transactions in the fintech and crypto space, a notable example being Binance’s acquisition of the Brazilian broker-dealer Sim;Paul Investimentos. Borrowers and lenders continue to turn to the firm for assistance with the full spread of matters, including securitisations, acquisition financings, project finance and debt restructurings. Regulatory partner Bruno Balduccini has developed ‘exceptional‘ credentials for fintech and crypto-related work. Transactional specialist Jose Luiz Homem de Mello brings together a wealth of experience in financings and M&A. Partners Tatiana Mello Guazzelli and Raphael Palmieri Salomão are other names to note for fintech-related work. Yuka Ono is also well regarded.


‘Pinheiro Neto has lawyers who are highly specialised in regulatory and banking matters. Certain partners are always at the forefront of discussions with regulators and are able to provide their clients with relevant legal analyses that impact banking business.’

‘Excellent firm with extensive market knowledge and highly qualified professionals.’

‘Bruno Balduccini is exceptional. Always available, immense knowledge of the sector and regulators, and often with solutions ahead of the market.’

‘Deep technical knowledge of the Brazilian banking market, including regulation by the Central Bank of Brazil.’

‘PN has notable banking regulatory knowledge and practical sensitivity, differentiating itself from other teams. It provides agile and objective advice.’

‘Bruno Balduccini’s years of experience are incredible and add a lot of value to the service provided. Bruno knows a lot not only about regulation, but also from an operational and economic point of view. This practical knowledge and economic rationale are very important and make all the difference.’

Key clients



BTG Pactual


JP Morgan






Work highlights

  • Advising the global crypto exchange Binance on a shares purchase agreement with the current shareholders of the Brazilian broker-dealer Sim;Paul Investimentos.
  • Advised Banco Safra on a purchase and sale agreement with Administradora Fortaleza to acquire corporate control of the Conglomerado Financeiro Alfa.
  • Advising Creditas Holding Financeira as buyer and Banco Andbank as seller in the negotiation of Banco Andbank’s acquisition by Creditas, a digital platform that acts as a correspondent bank and direct credit company.

Santos Neto Advogados

Santos Neto Advogados handles a broad range of financing transactions on behalf of domestic and international banks. The firm’s strong reputation in trade finance is built upon its solid understanding of the agribusiness and commodities sectors. The team has been involved in several significant debt restructurings, serving as creditor’s counsel, and is experienced in syndicated loans, debt capital markets, and high-value trade finance deals. Domicio Dos Santos Neto leads the team which was bolstered by the recruitment of new partner Nicolau Nardo from the Brazilian branch of Dutch investment bank ABN Amro in October 2022.

Practice head(s):

Domicio dos Santos Neto

Key clients

Corporacion Andina de Fomento – CAF

ING Bank N.V. São Paulo Branch


Banco C6



Crédit Agricole Corporate Investment Bank




Work highlights

  • Advised Sucden on a DIP financing granted to Moreno Group to help conclude its judicial reorganisation proceeding.
  • Advised Caramuru on its $150m international export securitisation programme.
  • Assisted Rabobank in a senior uncommitted secured and sustainability-linked pre-facility to Sucafina.

Stocche Forbes Advogados

Stocche Forbes Advogados handles a variety of debt transactions, ranging from complex acquisition financings and structured products to project finance and debenture offerings. The firm fields a strong selection of highly experienced and specialist banking and finance partners, including Marcos Ribeiro, an expert in debt capital markets, Guilherme Forbes, a key contact for oil and gas clients, Henrique Filizzola, who is knowledgeable of structured finance, and Bruno Gandolfo, who often handles project finance matters. Other key partners on the project finance and infrastructure side include Frederico Moura and Marco Aurélio Saliba, the latter of whom is particularly noted for his energy sector expertise.

Practice head(s):

Guilherme Forbes; Henrique Filizzola; Marcos Ribeiro; Frederico Moura; Bruno Gandolfo; Marco Saliba

Key clients

Engie Brasil Energia

Banco Itau BBA

Patria Investimentos

Banco BTG Pactual

Banco Bradesco

Banco Santander

Equatorial Energia




Credit Suisse

Vinci Partners

V2I Energia

Forbes Resources

Sumitomo Mitsui

Banco de Desenvolvimento Social e Econômico – BNDES

Work highlights

  • Advising the NGO Alliance to End Plastic Waste on a cross-border ESG financing to a subsidiary within the Valoren Recuperadora de Resíduos group.
  • Acted as legal counsel to Monte Pascoal Holding and Banco Itaú BBA for a R$164m restricted public offering of promissory notes by Monte Pascoal Holding.
  • Assisting V2I Energia in a R$120m commercial notes offering.

Tauil & Chequer Advogados

With a solid track record in cross-border financing transactions, Tauil & Chequer Advogados provides regular support to major financial institutions, Brazilian and multinational companies, and institutional investors. Showcasing extensive experience in borrower and lender-side mandates, the firm is well positioned to advise on syndicated loans, securitisations, project finance, and debt restructuring. In addition to its solid transactional capabilities, the group also assists financial institutions in the analysis, revision and restructuring of compliance policies. Clients benefit from the firm’s association with Mayer Brown and the team’s ‘excellent international relations’. Practice head Eduardo Lima handles a mix of regulatory and transactional matters, including project finance, asset-based loans and structure trade finance. Luis Montes, a ‘skilled negotiator‘, stands out for his experience in the financing of energy and infrastructure projects. Priscilla Santos is also well regarded, especially for her work for investment funds and fintech companies.

Practice head(s):

Eduardo Lima


‘Complete firm with excellent international relations.’

‘The firm helped us with several debt renegotiations and restructurings. Complex cases that were very well managed by the team.’

‘Eduardo Lima is knowledgeable of different structures and forms of financing, and has been working in financial and capital markets transactions for a long time. He is quick to respond.’

‘Luis Montes played a leading role in one of our recent several deals. He stands out in the infrastructure sector in Brazil. Very technical profile and skilled negotiator.’

Key clients

Banco Santander (Brasil)

Banco Bradesco and Banco Bradesco BBI

Goldman Sachs

Banco BTG Pactual

Banco Itau BBA

Banco ABC Brasil

ING Bank

Banco do Brasil

Bando Credit Agricole

Transportadora de Gas (TAG)

UBS Brasil Corretora de Câmbio, Titles and Securities

EDP São Paulo Distribuição de Energia

Companhia de Água e Esgoto do Ceará – CAGECE

Breitener Holding e Participações

Work highlights

  • Advising Transportadora Associada de Gás – TAG on all financial matters in Brazil, including the management of over $2bn in loan facilities.
  • Advising Concessionária Ecovias do Araguaia, part of the EcoRodovias Group, on a R$4.2bn long-term financing.
  • Advised Gerdau, Gerdau Açominas and Gerdau Aços Longos  in connection with a $875m global credit facility governed by New York law, and managed by Bank of New York Mellon.

TozziniFreire Advogados

Noted for its 'excellent expertise in banking, investment and insurance products’, the banking and finance practice at TozziniFreire Advogados offers transactional and regulatory support to a varied client roster comprising banks, fintech companies and payment institutions. Practitioners boast extensive experience advising international clients on corporate and project finance, including cross-border syndicated credit facilities and complex debt restructurings. These are all core areas of activity for Alexei Bonamin, who leads the team praised for its ‘ability to create solutions in untested scenarios’. Pedro Eroles, who joined from Mattos Filho in August 2022, is a key contact for fintech and regulatory issues. Also noted, Gustavo Rabello excels in syndicated loans, and Marcus Fonseca handles structured products and fintech-related mandates.

Practice head(s):

Alexei Bonamin


‘Good allocation of lawyer hours combined with great and fast client service, with excellent expertise in banking, investment and insurance products.’

‘Their ability to create solutions in untested scenarios is important to us.’


Key clients

Wells Fargo

Haitong Bank

Kinross Brasil Mineração

Adufértil Fertilizantes

K2 Partnering Solutions Holding



Alume Tecnologia E Serviços Financeiros

Work highlights

  • Acted as special Brazilian counsel to Wells Fargo as a collateral agent for itself and the lenders in an ABL credit agreement.
  • Acted as Brazilian counsel to Kinross Brasil Mineração (Guarantor) in the preparation and negotiation of a letter of guarantee governed by Brazilian law.
  • Advised Adufértil as borrower on a cross-border financing deal with a syndicate of Asian banks, for the purpose of importing raw materials, guaranteed by the Indorama Corporation.

Trench Rossi Watanabe

The banking team at Trench Rossi Watanabe, led by Luís Ambrósio, provides assistance to a diverse range of domestic and international borrowers and lenders. The firm has notable experience in cross-border financings, debt capital markets, project finance, and debt restructurings, with a particular focus on deals involving export credit guarantees. The team also excels in regulatory matters, including bank launches and exits, and often advises technology companies on payments, fintech, and foreign exchange matters.

Practice head(s):

Luis Alberto Ambrosio

Key clients



GTM Holdings

ABN Amro

GE Capital

Bank Of America


Australia And New Zealand Banking Group Limited In India

China Construction Bank (Asia) Corporation Limited



Credit Suisse

EDF Bank

ING BANK N.V., Amsterdam, Lancy/Geneva Branch

Zürcher Kantonalban

Work highlights

  • Advised Bank of America as administrative and collateral agent for the lenders in the negotiation, from a Brazilian perspective, of a $610m credit agreement.
  • Advised China Construction Bank (Asia) Corporation Limited, acting as administrative and security agent for the Pre-Export Facility Lenders.
  • Advised Banco ABN Amro on the bank’s branch exit from Brazil, and in the negotiation of credit assignments for more than seven parties.

Veirano Advogados

Covering both domestic and cross-border matters, Veirano Advogados is a popular choice for major banks and multilateral lenders in asset and project finance transactions in the energy, infrastructure and transport sectors. Rated for its ‘excellent ability to work with other international firms‘, the firm is highly active in structured products, debt capital markets, and acquisition finance, and well placed to handle deals with a multijurisdictional dimension. Leading the team is  projects head Ana Carolina Barretto, who works out of the São Paulo office. Other noteworthy practitioners include Lior Pinsky, who focuses on capital markets, and the ‘competent and available’ counsel Elisa Rezende, who regularly acts for financial institutions, multilateral agencies and international financial institutions. Former co-head Marcelo Mattos and partner Rogério Campos left the firm in September and July 2023, respectively.

Practice head(s):

Ana Carolina Barretto


‘The firm demonstrates an excellent ability to work with other international firms, good understanding of matters and an excellent response time. It acts as a true partner.’

‘Elisa Rezende is a professional above the market average: very polite, competent, available. She spares no effort to explain, clarify, create solutions and serve any client.’

‘The firm has a specialised team fluent in other languages and the most modern technology tools to support throughout the negotiations. It is certainly among the best in the area.’

‘Elisa Rezende supported the negotiation and was always available to discuss the topic and propose alternatives.’

Key clients

Sociedade Beneficente Israelita Brasileira Hospital Albert Einstein

Eletronuclear and Centrais Elétricas Brasileiras

The Brazilian Development Bank (BNDES) and other banks

DNB Bank

Thermal Management Solutions Brazil

Promotora de Informaciones, and other group companies, including subsidiary Editora Moderna

Excelerate Energy Limited Partnership

The Hongkong and Shanghai Banking Corporation Limited and other finance parties

Equinox Gold

Torres do Brasil

Weatherford Indústria e Comércio

Work highlights

  • Advised Torres do Brasil on the review and negotiation of a $515m credit agreement from a Brazilian law perspective.
  • Assisted Sociedade Israelita Brasileira Hospital Albert Einstein in a $100m non-recourse loan agreement for the construction of a new oncological hospital in the City and State of São Paulo.
  • Advised Eletronuclear and Centrais Elétricas Brasileiras on the review and negotiation of a credit agreement in which the lenders agreed to extend financing guaranteed by EXIM Bank.

Vella Pugliese Buosi e Guidoni Advogados

Vella Pugliese Buosi e Guidoni Advogados advises a wide range of domestic and international borrowers and lenders who benefit from the firm’s access to Dentons' global network for cross-border deals. The team is increasingly active in regulatory matters, regularly advising banks, payment providers and fintech companies on payment products, credit cards, joint venture agreements, and banking services. On the transactional side, the team is well positioned to handle acquisition and project financings, syndicated loans, and sector-specific corporate matters. Gabriella Maranesi Najjar is a key contact for financing transactions involving the energy and infrastructure sectors, while Denise Chachamovitz Leão de Salles is a go-to adviser to financial institutions, payment services and fintech companies. Founding partner Rodrigo Vilardo Vella is also active in project finance and capital markets matters.

Practice head(s):

Gabriella Maranesi Najjar; Denise Chachamovitz Leão de Salles; Rodrigo Vella

Key clients

Banco BTG Pactual

Banco Santander (Brazil and Spain)

Banco Votorantim


Barclays PLC Bank


Diamond Offshore Drilling

EQI Agentes Autonomos de Investimentos

First Abu Dahbi Bank – FAB

Flextronics Internacional Tecnologia

HBO – Warner

Huf Hülsbeck & Fürst (Huf)


National Bank of Canada

Oiko Credit



Starstone Specialty Insurance Company

State Bank of India

Work highlights

  • Advising Banco Votorantim on the conversion of a loan to S3 and the acquisition of its remaining shares in issue.
  • Advising EQI AAI, the independent investment agents company, on the termination of its relationship with XP Investimentos and the formation of a joint venture with BTG Pactual to form one of the largest brokers in Brazil.
  • Assisting StarStone US in regulatory banking issues related to mandatory foreign currency deposits and bank accounts in Brazil.