According to satisfied clients, Brigard Urrutia ‘focuses on providing a quality service‘. A longstanding heavyweight in the banking and finance arena, the firm houses one of the most comprehensive practices in the market and routinely advises on the full spread of related issues, from syndicated loans and project financings, through to fintech and regulatory-related matters. Among the names to note, infrastructure specialist César Felipe Rodríguez is commended for his ‘exceptional knowledge in project financing‘. Rodríguez also shines in acquisition finance; he notably acted as Colombian deal counsel to AT&T Services, Open Plaza Corp and the guarantor subsidiaries on a $506.1m financing from AT&T to Open Plaza, as part of the LBO of AT&T-owned Vrio Corp. High-profile name Carlos Fradique-Méndez handles a mix of transactional and regulatory matters, with strong skill sets in banking, finance, capital markets and private equity. Felipe Alarcón, a former Deputy Director at the Financial Superintendence, is particularly sought after for his expertise in financial regulation. Dual-qualified (Colombia/New York) María Fernanda Diago is well versed in advising both borrowers and lenders on cross-border transactions — as is senior partner Carlos Urrutia, who enjoys a strong international profile both due to his premier banking experience and his background as a former Ambassador of Colombia to the US. At the associate level, María Fernanda Sánchez and Juan Eduardo Gómez are recommended.

‘Always available and attentive‘, Dentons Cardenas & Cardenas‘ banking group strikes the right note with its ability to work ‘very collaboratively to achieve the client’s goals‘. Equally adept at advising lenders and borrowers, the Bogotá platform of the global firm is particularly well versed in transactions involving the energy, infrastructure, transport and financial services industries. In a recent highlight example of its transport prowess, Catalina Pinilla — who specialises in banking, finance and insolvency matters — represented multinational airline Avianca Holding on local matters related to its $1.6bn exit financing as part of its corporate reorganisation. Bogotá office managing partner Bernardo Cárdenas is a high-profile name for banking and finance deals, especially with regard to the natural resources sector, where he brings to bear strong experience in representing multinational lenders and borrowers in major financings. Corporate head Eduardo Cárdenas also has a significant banking and finance dimension to his practice; he recently advised Bancolombia (as lender) in two project financing agreements granted to infrastructure concessionaires Devimed and Devisab, worth a combined COP$971bn. Pablo Jaramillo, who is widely hailed for his projects expertise, is another senior member of the team. The group also includes talented senior associate Felipe Molano, who handles a mix of banking and M&A work. Associate Ángela Botía departed the firm to join Rio Money Transfer in October 2021, while associate Daniela Mejía left two months later.

The top-flight banking and finance practice at Gómez-Pinzón Abogados (GPA) is widely revered for the breadth and depth of its offering, with clients commending its ‘deep knowledge‘ as well as its ‘excellent service‘. A preferred choice to advise local and international lenders on Colombian finance issues, the team also leverages its premier corporate relationships to shine in borrower-side mandates. Practice head Ricardo Fandiño is a go-to specialist in banking and finance and routinely assists major international banks, and other lenders and borrowers, on financings, capital markets and derivatives matters — both transactional and regulatory. Among his high-profile mandates, Fandiño led the firm’s representation of Avianca MidCo 2 (a subsidiary of Avianca Group International) on the local aspects of a $1.6bn exit financing, as part of Avianca Holdings’ reorganisation plan. José Luis Suárez is also sought after for his senior experience and recently acted as local counsel to Banco Santander and Sumitomo Mitsui Banking Corporation in a secured financing to Proyectos y Desarrollos Viales del Pacífico, as majority shareholder of Concesionaria Vial del Pacífico, to support the construction, operation and development of the 4G Conexión Pacífico 1 toll road project. Other key names at top level include Daniel Londoño, who specialises in advising local borrowers and domestic and multinational lenders on financings and securities matters, and Adriana Moreno, who is highlighted as ‘spectacular‘ by sources and is noted for her experience in banking, securities and funds. The department also fields an enviably deep bench of up-and-coming associates including Jimena González, who is developing a strong reputation for project finance work; Catalina Prieto, who maintains a broad corporate finance practice; the prolific Tonia Orozco; and Daniel Flórez.

Philippi Prietocarrizosa Ferrero DU & Uría impresses with its strong lender-side relationships, which include major regional and multinational banks, multilateral finance organisations and alternative lenders, such as private equity funds. The team is also consistently active on the borrower front. Among its industry sweet spots, the firm’s formidable projects practice ensures that infrastructure-related financings remain a core source of mandates. In a recent example, it advised a group of structuring banks, including international and local lenders and hedge providers, on a COP$2.76bn financing granted to Autopista Río Magdalena — Juan Fernando Gaviria co-led the deal alongside the infrastructure and projects department. Gaviria also spearheaded the team’s representation of Societé de Promotion et de Participation Pour la Coopération Economique (Proparco) and Financiera de Desarrollo Nacional, as senior lenders, in a financing to Electribus Bogotá Fontibón II and Electribus Bogotá Usme I for the purchase of a fleet of 259 electric buses. Hernando Padilla, who recently advised Deutsche Bank on a $100m loan to Distrito Especial y Portuario de Barranquilla to finance infrastructure projects, and corporate and finance specialist Claudia Barrero co-head the team together with Gaviria. Senior associate Paula Buriticá provides capable support on banking and finance and capital markets matters. Additionally, the group was boosted at junior level by the arrivals of rising star Daniela Mejia, who joined from Dentons Cardenas & Cardenas in 2021, and associate Camilo Ballesteros, who joined in April 2021 and was formerly an in-house lawyer with merchant bank, Corficolombiana.

Cuatrecasas‘ stock continues to rise in the Colombian market and its combination of international experience, together with strengthening regional expertise, finds favour with clients. The banking team’s emphasis on infrastructure, particularly transport-related, financings ensures it is a solid choice to advise lenders and borrowers on road, rail, energy and social infrastructure projects. It also has a robust record in fintech matters. The group remains in growth mode following the firm’s Bogotá launch in 2021. Most recently, Ana María Sánchez joined from Peru-based Rebaza, Alcázar & De Las Casas in February 2022 and is noted for her focus on structured and project finance. With the April-2022 promotion of up-and-coming specialist Juan Carlos Puentes to the partnership, the department now fields three partners dedicated to banking and finance work. Practice head Manuel Quinche covers the waterfront on finance matters but is arguably best known for his project finance prowess, such as his recent advice to the lenders (Bancolombia and Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I) on a $120m fourth-generation toll road concession. The group also draws on the experience of impressive senior associate Natalia Arango, who specialises in structured finance and project finance.

‘Committed, accurate and rigorous‘, DLA Piper Martinez Beltrán‘s group is a strong all-rounder in banking and finance matters, demonstrating depth in lending transactions, acquisition finance, debt capital markets and regulatory matters. Dual-qualified (Colombia/New York) corporate finance specialist Camilo Martínez co-heads the group and handles a mix of transactional and regulatory matters — he recently advised Banco Bilbao Vizcaya Argentaria (New York Branch) on a $60m financing to Sunlight, an affiliate of Alpina Productos Alimenticios. Department co-head Sebastián Lora is recognised for his background in project finance and advised Itaú Corpbanca Colombia on a financing granted to develop a telecoms project. Other senior names include Juan Manuel de la Rosa, who combines expertise in corporate and finance matters, and Felipe Quintero, who is particularly active in private equity-related finance transactions. The team also scores points for being great quality ‘from associate through to partner level‘, with talented up-and-coming names including associate director Juan Camilo Varón, who is well versed in advising lenders and borrowers; and senior associate  Carlos Guzmán, who is an ‘excellent lawyer‘. Felipe Aristizabal, whose broad practice encompasses corporate, finance, competition and litigation; and banking litigator María José Assis, are also noted. Since publication, Aristizabal has been raised to the partnership - effective as of January 2023.

A ‘top-notch firm in Colombia', Garrigues is held in high esteem by sources due to its deep regulatory knowledge, which has ‘disrupted the traditional order of advisors in this field'. The firm also packs a punch in sophisticated lending and fintech matters, ensuring that it has risen to become a ‘top-of-mind candidate for complex transactions'. Roberto Borrás is widely regarded as a go-to name for regulatory work, particularly in relation to bank incorporations, securities issues and fintech matters; he recently advised Fondo Nacional de Garantías (FNG) on implementing key financial products for the Colombian market. Newly promoted partner Francisco Noguera co-heads the department alongside Borrás and specialises in project finance transactions, such as his recent advice to Concesionaria Vial del Pacífico (as concessionaire), Prodepacífico (as borrower), and Corficolombiana (as sponsor) in a $150m toll road financing. Senior associate Paula Ospina Correa is recommended for her broad regulatory experience, while fellow senior Nicolás Angulo continues to raise his profile in the securities, banking and project finance spheres. Counsel Camilo Gantiva left the firm in February 2022. Additionally, senior associate Alejandro García Botero became a senior manager at EY Law in January 2022, while senior associate Eduardo Sanmiguel joined fintech RappiPay in March 2022.

Over the past year, Posse Herrera Ruiz acted on a slew of finance transactions for both lenders and borrowers, with a marked emphasis on the infrastructure and energy sectors. The group is also well versed in regulatory and fintech-related matters. Finance and capital markets head Mariana Posse is widely revered for her deep experience in both transactional and regulatory issues and recently reviewed Sumitomo Mitsui Banking Corporation’s $501.7m credit agreement with the Federación Nacional de Cafeteros. Following the departure of director Lina Lineros towards the end of 2021, Natalia Escobar joined the group as partner in early 2022. Escobar is particularly recommended for her track record in banking regulation, gained from previous stints at both the Bank for International Settlements as well as the Financial Superintendence. At director level, the increasingly prominent Jesús Albarrán is noted for his activity in finance and capital markets work; he recently supported Posse in the firm’s representation of Canada, as lender, on a sovereign loan to Colombia. The two-partner team also includes finance-focused associates Alejandro González and Mauricio Nieto. Since publication, Albarrán has been raised to the partnership - effective as of January 2023.

CMS Rodríguez-Azuero's banking clients highlight the team’s ‘impeccable professionalism and specialisation in financial matters'. Active across a wide spectrum of banking and finance law, the group is particularly recognised for its strength in regulation, including new products and fintech structures. Firm founder Sergio Rodríguez-Azuero has an illustrious record in the regulatory field and advised the potential shareholders of Colombian fintech Bold Compañía de Financiamiento on its ongoing establishment. Daniel Rodríguez, who co-heads the group alongside Rodríguez Azuero, provides ‘extraordinary client service'. Senior associate María Lucía Amador is also noted for her ‘efficient responses'.

Durán & Osorio Abogados Asociados's firm-wide focus on projects and public law ensures that it demonstrates ‘extensive experience in banking and finance law pertaining to public entities'. Sources attest to its specialisation in the financing of transport infrastructure projects, recently evidenced by its involvement in a raft of road and rail projects. Department co-head Álvaro Gasca, noted for his ‘strong leadership skills', advised Empresa Férrea Regional on a securitisation programme to finance the construction of the $420m Regiotram de Occidente railway project. Senior group co-head Gabriel Taboada and talented senior associate Sebastián Duque are also recommended.

Banking and finance is a sweet spot at Mosquera Abogados, S.A.S. and the firm handles a comprehensive scope of related matters, from regulatory and compliance issues, through to project finance and syndicated loans. Dual-qualified (Colombia/New York) department head, Juan Pablo Mosquera, advises on a range of banking, corporate finance and foreign investment matters — for both borrowers and lenders. The group also leans on the senior expertise of seasoned corporate specialist Cristian Mosquera, who brings to bear broad regulatory experience honed during stints at the Financial Superintendence and the Ministry of Finance. Former senior associate Nathalie Medina moved to Dentons Cardenas & Cardenas in January 2022.

Ustáriz & Abogados Estudio Jurídico‘s signature financial-regulation practice handles a significant volume of compliance, banking responsibility and electronic fraud-related matters. Notably, the group handled a string of consumer protection mandates over the past year, with partners frequently appointed to act as a Financial Consumer Ombudsman to support conciliation processes between financial institutions and consumers. Luis Humberto Ustáriz and Jose Federico Ustáriz co-head the department and are highlighted together as ‘true experts in banking, financial litigation and financial regulation‘. Experienced counsel Pablo Valencia is noted for corporate finance, while senior associate Andrés Pineda — who joined the firm in November 2021 from the Ministry of Finance and Public Credit — specialises in financial compliance and capital markets. Senior associate Adriana Rivera left in October 2021 for an in-house position at Trii.

Lloreda Camacho & Co.'s banking practice has a significant regulatory bent and is routinely engaged to advise on financial product development and the incorporation of new financial entities. Santiago Gutiérrez, who combines diverse skill sets in the finance, corporate and capital markets spheres, handles a balance of transactional and regulatory finance matters. Department co-head Carlos Carvajal was elevated to the partnership in December 2021 and is noted for his emphasis on public and commercial law.

Financial services boutique Muñoz Aya Legal is highlighted for its ‘great knowledge of regulation‘. Under the leadership of ‘outstanding attorney‘ and managing partner Edgar Muñoz, the practice is additionally focused on advising a strong stable of financial institutions, funds and infrastructure clients on a mix of investment and corporate finance matters. The two-partner group includes new arrival Lina Lineros, who joined in January 2022 from Posse Herrera Ruiz and provides ‘effective advice‘. Associates Alejandra Restrepo (‘always committed to the client‘) and Gabriela Villamizar are also noted.

A ‘go-to firm in Colombia' for aviation finance, Parra Rodríguez Abogados specialises in advising aircraft companies, lessors and lenders on leasing, lending and debt capital markets transactions. Banking and finance head Bernardo Rodríguez Ossa has established an impressive reputation for his expertise in cross-border matters and has recently undertaken work for US-based Aircastle, Kuwait-headquartered ALAFCO and Ireland-headquartered Nordic Aviation Capital. The group also benefits from the experience of Augusto Figueroa Sierra, who covers a range of energy, investment and infrastructure-related matters, and senior associate César Barajas Ruiz, who ‘can anticipate cross-border issues'.

Over the past year, mid-size firm Muñoz Tamayo & Asociados handled a range of regulatory matters for a mix of e-payment companies, corporate borrowers and private equity funds. Firm founder Diego Muñoz Tamayo and senior corporate and finance partner Felipe Trías jointly lead a practice that demonstrates ‘very good collaboration'. Associates Amparo Montes and Alonso de Reyes provide capable support.