Firms To Watch: Banking and finance

Brick Abogados continues to grow its share of finance work, with an emphasis on borrower-side mandates. It also acts for alternative lenders. Former bank in-house counsel Ximena Chaves spearheads the group.
Launched in 2021, Dret Legal acts for a mix of financial institutions, fin-techs and borrowers on banking and finance matters; practice head César Rodríguez Martínez brings to bear practical in-house experience gained during roles at Banco Santander and Corpbanca.

Banking and finance in Colombia

Brigard Urrutia

The banking and finance group at Brigard Urrutia is ‘superior to any Colombian law firm’, according to some. Particularly praised for its ability to handle ‘sophisticated structures with international funders’, the team’s broad cross-border expertise is evidenced by its involvement in many of the market’s marquee cross-border mandates — for both Colombian and global banks and corporate borrowers. As a case in point, dual US- and Colombia-qualified banking specialists Carlos Fradique-Méndez and María Fernanda Diago joined forces to advise CFG Partners on the up-to $150m financing and acquisition of Alpha Capital’s and Vive Créditos’ assets, which involved five jurisdictions. Among its lender-side highlights, go-to expert Fradique-Méndez advised Citibank Colombia on a COP$120bn financing to a newly created debtor trust established by Bayport Colombia. The deep bench also calls upon the senior expertise of César Felipe Rodríguez, who is sought after for infrastructure and project finance-related matters, and seasoned banking, energy and natural resources specialist Carlos Urrutia. The group additionally draws on a capable pool of associates, including seniors Santiago Jaramillo Martínez, who has an emphasis on energy and infrastructure-related work, and Juan Eduardo Gómez, who combines banking and corporate experience. Associate María Fernanda Sánchez moved in house as general counsel at ADL Digital Lab in January 2023; and next generation partner Felipe Alarcón has also subsequently left the firm - effective as of September 2023.

Practice head(s):

Carlos Fradique-Méndez; César Felipe Rodríguez; María Fernanda Diago; Felipe Alarcón; Carlos Urrutia


They have in-depth knowledge of financial regulation, sophisticated structures with international funders, and exchange regulations. Superior to any Colombian law firm.’

Lawyers demonstrate a high level of professionalism and commitment, particularly María Fernanda Diago.’

Key clients


Caribbean Financial Group Partners


Citibank Colombia

Financiera de Desarrollo Nacional

Banco de Bogotá


Latam Airlines Colombia


ZMP Fontibón


Itaú Corpbanca Colombia

AES Colombia

Grupo Lamosa



Perimetral Oriental de Bogotá

Sumitomo Mitsui Banking Corporation

Fiduciaria Scotiabank Colpatria

Concesion Costera Cartagena Barranquilla

Work highlights

  • Advised LATAM Airlines Group, Aerovías de Integración Regional and Línea Aérea Carguera de Colombia (among other entities of the LATAM group), on the Colombian aspects of its $4.5bn Chapter 11 restructuring.
  • Advised CFG Partners on the approximately $150m financing and acquisition of Alpha Capital’s and Vive Créditos’ assets, which was structured as a multi-jurisdictional, cross-collateralised, asset-backed financing.
  • Advised Solarpack Colombia on Colombian-peso and US-dollar financings from Inter-American Investment Corporation and Bancolombia to fund two solar energy projects, valued at COP$657m and $130m.

Dentons Cardenas & Cardenas

Dentons Cardenas & Cardenas houses a full-service banking and finance practice, which stands out for its comprehensive industry coverage as well as its broad international outlook. With experience acting for lenders and corporate borrowers, the group is a popular choice to advise global and domestic clients on a wide range of financing matters, including subordinated loans, acquisition finance, project finance and structured finance. Managing partner Bernardo Cárdenas is a transactional specialist who leverages expertise in both banking and corporate deals; he recently acted as local counsel to First Abu Dhabi Bank, as lender, on two senior secured credit facilities granted to Nugil and JGDB Holding to fund the $1.3bn acquisition of Grupo Nutresa and the $780m acquisition of Grupo Sura. In another bank-side matter, Catalina Pinilla advised Banco de Desarrollo de América Latina (CAF), as lender, on $650m worth of unsecured credit facilities provided to Banco de Occidente, Bancoldex, BBVA Colombia and Davivienda. Rounding out the key partners is corporate head Eduardo Cárdenas, who recently advised the lenders (Banco de Occidente, Banco de Bogotá and Corficolombiana) on a project financing of up to COP$550bn to infrastructure concessionaire, Concesión Sabana de Occidente. Pablo Jaramillo, who has a focus on project finance, is also noted. Senior associate Felipe Molano left the firm in February 2023. Since research concluded, the practice has been further strengthened with the hire of next generation partner Felipe Alarcón from Brigard Urrutia - effective as of September 2023.

Practice head(s):

Bernardo Cárdenas; Eduardo Cárdenas; Catalina Pinilla


The banking and financial law team at Dentons Cárdenas & Cárdenas is comprised of a team of professionals who understand the background of the business they are dealing with. Rarely have we seen such precise, practical documentary advice that captures all the fronts of a transaction.

Catalina Pinilla is a great lawyer, who understands the scope of the risks that financial institutions are willing to assume. She knows her industry and the details of what the counterparties are looking for in an operation. She is a very capable, intelligent lawyer with excellent relationships.

It is a team with very high technical knowledge, which allows you to feel safe when negotiating a contract. People are always available to respond to needs in a timely manner.

Lawyers are excellent professionals, willing to move transactions forward. Good client management. We highlight, the participation of the partners in the transactions and the quality of the team in terms of deliverables and knowledge.

Key clients

First Abu Dhabi Bank


Puerto Bahía Colombia de Urabá

Puerto Antioquia Holding

Banco de Desarrollo de América Latina – CAF

Coöperatieve Rabobank

Gran Tierra Energy Colombia

Gran Tierra Colombia Inc.

Banco de Occidente

Banco de Bogotá


International Finance Corporation


Work highlights

  • Acted as local counsel to First Abu Dhabi Bank, as lender, in two senior secured credit facilities.
  • Acted as local counsel to Puertos, Inversiones y Obras, Puerto Bahía Colombia de Urabá, and Puerto Antioquia Holding on the financial closing of the Puerto Antioquia project.
  • Acted as local counsel to a syndicate of ten European, Asian and South American banks, led by Coöperatieve Rabobank, on a two-year sustainability-linked loan facility to multinational coffee merchant, Sucafina.

Gómez-Pinzón Abogados (GPA)

Fielding a destination banking and finance practice, Gómez-Pinzón Abogados (GPA) handles the full spectrum of matters, with particularly strong expertise in cross-border asset finance, corporate finance and regulatory issues. The team’s enviable client roster includes domestic and global lenders —including state-owned banks— as well as major corporate borrowers, which mark it is a go-to team for event-driven, multi-jurisdictional mandates. In a recent example, department head Ricardo Fandiño acted as local counsel to Patagonia Holdco and CenturyLink Colombia in the capital markets and bank financing to support the acquisition of Lumen Technologies across different Latin American jurisdictions. In another cross-border mandate, José Luis Suárez acted as local counsel to a syndicate of five lenders on a $650m financing for Nu Colombia, Nu BN Servicios México, and Nu Holdings. The deep bench also draws on the senior experience of Daniel Londoño, whose previous professional experience includes a stint at Inter-American Investment Corporation, and capital markets specialist Adriana Moreno. At the senior associate level, Jimena González is noted for project finance and structured finance; Catalina Prieto has an emphasis on corporate finance and project finance; and Daniel Flórez maintains a focus on banking and capital markets. In December 2022, senior associate Tonia Orozco left to join the Development Bank of Latin America.

Practice head(s):

Ricardo Fandiño

Key clients




Citigroup Global Markets Inc., SMBC, Scotia Bank

JPMorgan Chase Bank

The Bank of Nova Scotia


Sumitomo Mitsui Banking Corporation

Goldman Sachs Specialty Lending Group

Banco Davivienda

Itaú Corpbanca Colombia

Concesionaria Vial del Pacífico

IWL River Inc

Fondo de Capital Privado Inmobiliario Salud Compartimento 1

Bayport Colombia

Deetken Asset Management Inc

Glenfarne Group


Grupo Pegasus

Gramercy Funds Management


Banco Interamericano de Desarrollo (IADB)

Work highlights

  • Advised the Bank of Nova Scotia and SMBC, as the lenders, on a $1bn loan to Ecopetrol.
  • Acted as local counsel to a syndicate of banks (comprising Citigroup Global Markets, Citibank Colombia, Morgan Stanley Senior Funding Inc, Goldman Sachs International Bank, and HSBC) on a $650m financing for Nu Colombia, Nu BN Servicios México, and Nu Holdings.
  • Advised the Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, Citibank International Banking Facility, Banco de Sabadell, and Bank of China (Panama Branch), as the lenders, on a $509m loan to Grupo Energía Bogotá.

Philippi Prietocarrizosa Ferrero DU & Uría

A robust performer in both local and cross-border financings, Philippi Prietocarrizosa Ferrero DU & Uría added several new clients to its roster over the past year, including Banco Santander and Societé de Promotion et de Participacion pour la Cooperation Economique (Proparco). The group’s ability to draw on its top-tier projects practice is a significant differentiator and it has a strong record in project finance (particularly in the infrastructure space), as well as for corporate lending and acquisition finance. High-profile specialist Juan Fernando Gaviria excels in project finance and corporate lending; he recently spearheaded the team’s advice to International Finance Corporation (IFC) on the granting of a $150m two-tranche loan to Nu Colombia. Hernando Padilla maintains a broad transactional practice spanning banking and finance, capital markets and corporate work. Padilla recently teamed up with the projects group to handle several matters connected to the $906m refinancing of the Rumichaca-Pasto 4G toll-road project, including advising a group of international lenders on a $305m international credit facility, and also advising FDN, Bancolombia and Banco Davivienda on the provision of a $260m local credit facility. The team additionally draws on the senior experience of Claudia Barrero, whose diverse focus encompasses corporate, banking, capital markets and private client law, and corporate and finance partner Camilo Ballesteros. Impressive co-ordinating associate Daniela Mejia, is also recommended. Principal associate Paula Buriticá left the firm in May 2022.

Practice head(s):

Juan Fernando Gaviria; Hernando Padilla; Claudia Barrero


The team is capable of perfectly understanding the structure of our company, being able to negotiate any issue from our perspective as necessary, without us having to explain the business details.

The team led by Juan Fernando Gaviria is wonderful. We highly value its practicality. It is capable of being impartial in any discussion and always makes weighty arguments.

It is a very committed team, always available to the client. It is also a team with a high technical level and great abilities when negotiating.

Lawyers are very committed to business and available at all times.

Key clients

Goldman Sachs

JP Morgan


Banco Davivienda

Banco Santander

Credit Suisse, Cayman Islands Branch

Financiera de Desarrollo Nacional

Societé de Promotion et de Participacion pour la Cooperation Economique (Proparco)

QMC Telecom Group

Deutsche Bank

International Finance Corporation (IFC)

Interamerican Development Bank (IDB)

Banco de Desarrollo de América Latina (CAF)

Work highlights

  • Advised the joint bookrunners and initial purchasers (Goldman Sachs and JP Morgan), as well as the lenders (JP Morgan Chase Bank, MUFG, SMBC, Société Générale, CACIB, Siemens Financial Services, FDN, Bancolombia, and Banco Davivienda), on the $906m refinancing of the Rumichaca-Pasto 4G toll-road project.
  • Acted for Cititrust Colombia —as local administrative agent, administrative agent of the liquidity credit, and collateral agent— in the $906m refinancing of the Rumichaca-Pasto 4G toll-road project.
  • Acted as Colombian Counsel to International Finance Corporation (IFC) in the granting of a two-tranche loan to Nu Colombia, totalling approximately $150m.


Maintaining its upward trajectory, Cuatrecasas’ Bogotá office continues to make strides following its 2021 launch. The group enjoys a particularly prominent position for lender-side transactions, where it acts for an impressive raft of major domestic and multinational banks. Project finance is another strong suit and the team is routinely involved in many of the most high-profile transactions in the market — for both lenders and borrowers. Go-to finance expert Manuel Quinche spearheads the department and recently advised a group of international lenders (the Bank of Nova Scotia, BNP Paribas, JPMorgan Chase Bank, SMBC, and Bank of New York Mellon) on a $750m loan to Argos North America Corporation. In another headline-grabbing mandate, Quinche acted alongside the Santiago office to advise the lenders (the Bank of Nova Scotia, Deutsche Bank, JPMorgan Chase Bank and Goldman Sachs Bank USA) on amending a revolving credit facility of up to $120m granted to Andean Telecom Partners. The group also includes structured finance specialist Ana María Sánchez, who advised the lenders on a $50m loan to several of the Vitalis Group companies, and Juan Carlos Puentes, who was elevated to partner in April 2022. Natalia Arango is a capable senior associate.

Practice head(s):

Manuel Quinche


It is a fairly complete team, with a clear understanding of the technical aspects and which permanently seeks the best solution to reach agreements between the parties.

In Cuatrecasas, people respond promptly and always seek to protect the interests of the parties. Likewise, they are very rigorous in the review of the documentation.

The entire team demonstrates knowledge of the industry, which is essential to provide client-centred advice. Additionally, it makes available to the client advice from the different practices of the firm, and does not focus solely on the contracted practice. It is a team highly committed to the transaction.

The people on the team stand out for their commitment, excellence in work, and understanding of the business.

The commitment of the lawyers and the quality of its deliverables are perfect. The team is pro-business and customer focused. It maintains a good balance to mitigate legal risks without preventing the closure of a deal.

It stands out for its teamwork, the way it handles negotiations, and the quality of its work.

Key clients


Itaú Corpbanca Colombia

Banco Davivienda

Banco de Bogotá

Banco de Occidente

Banco Popular

Concesionaria Rutas del Valle

Transmisora Colombiana de Energía



Metro Línea 1

Sumitomo Mitsui Banking Corporation

The Bank of Nova Scotia

BTG Pactual Colombia

Plurall Capital Colombia

Carlyle Global Credit Investment Management

Unión para la Infraestructura


BID Invest

Work highlights

  • Advising the Bank of Nova Scotia, BNP Paribas, JPMorgan Chase Bank, SMBC, and Bank of New York Mellon on a $750m loan to Argos North America Corporation.
  • Advising the Bank of Nova Scotia, Deutsche Bank, JPMorgan Chase Bank, and Goldman Sachs Bank USA, on the amendment to a revolving credit facility of up to $120m granted to the Andean Telecom Partners group.
  • Advising The Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria New York Branch, BNP Paribas, and Sumitomo Mitsui Banking Corporation on the $700m transaction to manage the public debt of Empresas Públicas de Medellín.

DLA Piper Martinez Beltrán

Standing out for its combination of legal and commercial acumen, the team at DLA Piper Martinez Beltrán ‘always contributes ideas to improve the client’s business’. The group covers the waterfront on banking and finance matters, with robust offerings in project finance, structured finance, capital markets and regulatory-related issues. Firm managing partner Camilo Martínez, who handles a mix of banking, corporate and contentious work, co-heads the department and brings to bear broad cross-practice expertise. Martínez recently advised Banco de Bogota on the spin-off of certain of its assets in Panama and Central America before the Superintendence of Finance and the Colombian Stock Exchange — as part of the wider reorganisation process of Banco de Bogotá and Grupo Aval. Practice co-head Sebastián Lora is particularly recognised for his experience in project finance and infrastructure-related issues; he advised the lenders on a COP$1.5bn credit agreement for the the ‘Malla Vial del Valle del Cauca’ toll-road project. Corporate and finance partner Juan Manuel de la Rosa and private equity specialist Felipe Quintero are also key contacts at senior level. The team additionally draws on banking and finance-focused senior associates Carlos Guzmán and  María José Assis.

Practice head(s):

Camilo Martínez; Sebastián Lora


The team’s response times, personal service, closeness, practicality and, above all, extensive experience gives clients the certainty that they have the best lawyers always supporting them.

Sebastián Lora and associate Carlos Guzmán are very attentive lawyers and have a lot of experience and knowledge.’

We value the group for the speed of its responses; it issues advice very quickly.’

Lawyers demonstrate kindness and expressive clarity.’

The team is very professional in all interactions. It has strong knowledge and experience in transactions. It always contributes ideas to improve the client’s business. It maintains a very high level of institutional relationship.

The most important thing is how close lawyers stay to their clients. This closeness inspires trust and that allows us to develop very good relationships.

Key clients

Lenus Capital Partners

United States Development Finance Corporation – DFC

Southern Cross Group

Itaú Corpbanca Colombia

Banco Davivienda

Financiera Juriscoop

Corporación Interamericana de Inversiones – BID Invest


ACH Colombia


Patria Investments

Advent International

Haina Investment Corporation

Banco de Bogotá


Grupo Aval Acciones y Valores


Celsia Colombia ESP


ACON Investments

Work highlights

  • Advised ACON Investments on a $50m financing granted by Banco BTG Pactual, Banco de Bogotá, Banco de Occidente and Banco Santander de Negocios Colombia to several of the Vitalis Group companies.
  • Advised Grupo Aval Acciones y Valores on the spin-off/merger process of certain of its assets in Panama and Central America before the Superintendence of Finance and the Colombian Stock Exchange.
  • Advised Termoeléctrica El Tesorito ESP, as borrower, and its shareholders Celsia Colombia ESP, Celsia Colombia Inversiones, Promotora de Energía Eléctrica de Cartagena ESP and Servicios Técnicos Mamonal, on a credit agreement of up to $170m from Banco Santander and Sumitomo Mitsui Banking Corporation.


The broad group at Garrigues combines strong skill sets across a range of banking and finance, capital markets, fintech and project finance matters, with extensive expertise in the regulatory space. Most notably, Roberto Borrás is widely considered a pioneer in the terms of the latter sphere, bringing to bear hands-on experience gained during stints as president of the Colombian securities market self-regulatory body and as Chief Financial Superintendent of Colombia, among other high-profile roles. Borrás recently advised global neobank, Nubank, on the creation of a financial institution in Colombia. On the transactional front, project finance specialist Francisco Noguera is a key contact; he recently advised JP Morgan Chase Bank on a $292m financing granted to Colombian state-owned bank, Bancoldex, in order to support micro and small companies in the country. A strong senior associate bench includes recent hires Mónica Rodríguez G (who arrived in February 2022 from Incofin Investment Management), and Lissa Parra Alarcón (who joined in July 2022 from the Colombian stock exchange); and Nicolás Angulo, who -noted for infrastructure financings- is currently a foreign associate with Mattos Filho in Sao Paulo (since March 2023). Former senior Paula Ospina Correa moved in house at Bancolombia in July 2023.

Practice head(s):

Roberto Borrás; Francisco Noguera


The team is characterised by being extremely diligent and willing to advise its clients. It is a team of international stature that knows its practice areas and the applicable regulations well.

Particularly, the associates Lissa Parra Alarcón and Paula Ospina Correa stand out as they have extensive experience in the financial sector and the constitution of financial entities. They are highly qualified professionals who stand out for their disposition when offering advice to clients.

Garrigues is a law firm with which we are pleased to work. Its attention to detail and closeness during consultancy gives us confidence and solidity in what we are doing. For me, the quality of its service, its closeness to the client, and its work ethic sets it apart from other firms.

The lawyers in this firm are always very friendly, close, diligent. They are our number 1 allies in different markets. In Colombia, Francisco Noguera and associate Nicolás Angulo are wonderful.

Roberto Borrás has extensive experience in financial regulation and knows very well how financial institutions and the relevant authorities work. His service is impeccable and he is always willing to help in a timely manner in whatever is required.

Key clients

World Bank

Nu Bank




JP Morgan Chase Bank

Empresa Metro de Bogotá and Financiera de Desarrollo Nacional

Global Infrastructure Partners

Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I

Banco Davivienda, Banco de Occidente and Banco de Bogotá

Work highlights

  • Advised JP Morgan Chase Bank on a $292m financing granted to Colombia’s government-held financial entity, Bancoldex.
  • Advised Financiera de Desarrollo Nacional and Empresa Metro de Bogotá on a $1.5bn financing from international multilateral lenders for the development of Metro de Bogotá’s second line.
  • Advised prominent neobank, Nubank, on the regulatory procedures for the creation of a financial institution in Colombia.

Posse Herrera Ruiz

Noted for its consistent involvement in cross-border transactions, Posse Herrera Ruiz advises a mix of local and international borrowers and lenders on a wide range of banking, finance and capital markets-related deals. The group also houses significant regulatory expertise, with department co-head Natalia Escobar, who is a former Deputy Superintendent of the Financial Superintendence of Colombia, particularly sought after in this space. Among Escobar’s recent mandates, she advised China Development Bank, Shenzhen Branch on a $200m financing granted to Partners Telecom Colombia and Avantel. Seasoned finance and capital markets specialist Mariana Posse has an impressive record in highly structured work and recently teamed up with newly promoted partner Jesús Albarrán and the infrastructure practice to represent Concesión La Pintada (and its sponsors Odinsa and West Valley JL Holdco), in the $278m refinancing of the Autopista Conexión Pacífico 2 toll-road concession project. At associate level, Medellín-based Julián Aguirre is focused on fintech and investment funds, while Catalina Posada has an emphasis on structured finance and project finance. Associate Mauricio Nieto departed in July 2022 for the New York office of Cleary Gottlieb Steen & Hamilton. Associate Alejandro González left in December 2022 to join CAF.

Practice head(s):

Mariana Posse; Natalia Escobar

Key clients


China Development Bank

Fondo de Inversión Colectiva Inmobiliario Visum Rentas

Fundación WWB Colombia

American International Group


Banco JP Morgan Colombia

Puerto Bahía Colombia de Uraba; Puerto Antioquia Holdings; Agrícola Santamaría; CMA-CGM; CI Tropical ; CI Unión de Bananeros de Urabá; Eiffage; Pio; Puertos Inversiones y Obras; Sociedad de Comercialización Internacional Banafrut and Termotecnica Coindustrial

Banco Internacional del Perú (Interbank)

Banco de Crédito de Perú

Concesión La Pintada

Parque Solar Planeta Rica

Akuo Energy Colombia

MPC Energy Solutions Latin America Holdings

Work highlights

  • Advised Enerflex, and its Colombian subsidiary Enerflex Colombian Compression Services Colombia, on the former’s $625m private notes offering.
  • Advised China Development Bank Shenzhen Branch on a financing granted to Partners Telecom Colombia and Avantel.
  • Advised BBVA Perú on structuring a personal warranty agreement between Promigas and Banco BBVA Perú.

Baker McKenzie S.A.S.

Much more nimble than other firms’, Baker McKenzie S.A.S. strikes the right note with sources for its ability to take into account ‘the negotiating position of both the client and the counterparty’. Traditionally known for its work in the acquisition finance sphere, the team additionally continues to expand its project finance and regulatory expertise — it also brings to bear comprehensive fund management capability. Department co-head Ricardo Trejos Robledo has a focus on structured credit transactions, M&A and private equity fund formation; he recently advised project sponsor, Unión para la Infraestructura (a private equity fund of Sura and Credicorp), on the $524m project financing of the Puerto Antioquia project. Senior partner and transactional specialist Jaime Trujillo also has a significant banking and finance dimension to his practice. At associate level, senior Mónica Cubillos Iregui is a respected name and leverages significant in-house experience gained during her former role at Itaú Corpbanca Colombia. In December 2022, Carolina Duque left to establish her own firm, while senior associate Sebastián Boada departed for the Development Bank of Latin America (CAF).

Practice head(s):

Ricardo Trejos; Jaime Trujillo


Baker’s team is much more nimble than other firms, and lawyers do a better job of thinking about the negotiating position of both the client and the counterparty.’

Ricardo Trejos stays closer to the transaction than partners at other firms. Mónica Cubillos Iregui does an exceptional job of constantly communicating with the client.’

Key clients

Itaú Corpbanca


Sura Investment Management

The Bank of Nova Scotia

Banco Davivienda

Brookfield Asset Management

J.P. Morgan


Transportadora de Gas Internacional


Fondo de Capital Privado Inmobiliario en Salud

Aeropuertos del Oriente


Bonus Banca de Inversión

Palermo Sociedad Portuaria

Work highlights

  • Advised Aeropuertos del Oriente on the COP$235bn syndicated refinancing of an airports concession.
  • Advised UPLI (Union Para la Infrastructure), as sponsor, on the Puerto Antioquia project and also in securing $524m financing for the project in the form of both mezzanine and senior facilities.
  • Advised AkzoNobel on the COP$1tn financing for the acquisition of Grupo Orbis through a tender offer.

CMS Rodríguez-Azuero

CMS Rodríguez-Azuero scores highly with sources for its ‘personalised approach to each solution’. The group possesses notable strength in the banking regulation and capital markets spheres, while its ability to plug into its extensive international network marks it as a key contender for cross-border transactions. Founding partner Sergio Rodríguez-Azuero is recommended for his deep expertise in the regulatory, securities and fiduciary law areas and co-heads the practice. Fellow department co-head Daniel Rodríguez is recognised for his record in project finance and infrastructure-related matters; he advised a string of multilateral finance organisations on lending transactions over the past year. Senior associate María Lucia Amador left the firm July 2022. In February 2023, the team was boosted by the arrival of new associate director of the M&A and corporate team Felipe Molano, who also brings to bear significant banking and finance experience.

Practice head(s):

Sergio Rodríguez Azuero; Daniel Rodríguez


The CMS Rodríguez-Azuero team is highly up-to-date on current issues. Lawyers are always willing to understand the problem and apply their best skills.

We recommend the team for the experience we have had, the personalised approach to each solution, as well as the depth with which it faces each issue.

Partner Daniel Rodríguez is totally involved in the work undertaken and is willing to support the client beyond their expectations. He demonstrates in-depth knowledge of financing and local practices.

Key clients

IDB Invest

Agence Francaise de Developpment (AFD)

Bogotá, Distrito Capital

Banco Santander

BBVA Colombia

Banchile Inversiones

Citizens Bank

DEG- Deutsche Investitions- und Entwicklungsgesellschaft

Alloy Finance

Banco de Chile

Work highlights

  • Advised IDB and IDB Invest on an A/B loan valued up to $65m provided to Colombian non-regulated financial institution, Finanzauto.
  • Advised Agence Française de Développement (AFD) on a €200m budgetary loan to the Republic of Colombia for the financing of governmental initiatives.
  • Acted for BBVA Colombia on a $200m loan to Akzo Nobel Coatings, and its Colombian SPV, for the acquisition of Grupo Orbis.

Holland & Knight

Climbing a tier for 2024, Holland & Knight finds favour for its ‘hands-on team, partner availability and disruptive solutions’. Combining strength in both regulatory and transactional work, the firm acts for an increasingly prominent list of domestic and international lenders and borrowers, including Banco Santander, Banco Davivienda and new client, KMA Construcciones. Department co-head Camilo Gantiva is equipped to advise on transactional and regulatory matters, fintech and capital markets issues; he recently acted alongside the New York office to advise Bancoldex on the NY and Colombian law aspects of a $300m credit agreement with JP Morgan Chase. Juliana Saa, who recently advised Bancolombia on a COP$235bn financing to private equity fund Terranum, co-heads the group and has an emphasis on energy and infrastructure. The practice also draws on seasoned finance specialist Enrique Gómez Pinzón, who splits his time between Bogotá and Washington DC. Associate Juan Felipe Fontecha provides additional support on capital markets transactions, as well as securities and financial regulation. In February 2023, associate Alberto Vergara left to join the IFC.

Practice head(s):

Camilo Gantiva; Juliana Saa


We value the team for its knowledge, prestige, availability, efficiency and proactive approach.

The firm provides in-depth analysis on unregulated aspects of fintech markets.

We recommend Holland & Knight for its hands-on team, partner availability and disruptive solutions for new problems in mature markets.

Key clients

Financiera de Desarrollo Nacional

Banco Santander

Banco Davivienda


Itaú Corpbanca Colombia

JP Morgan

Allianz Global Investors US

Banco de Comercio Exterior de Colombia – Bancoldex

KMA Construcciones

Quálitas Seguros

Cámara de Comercio Electrónico de Colombia

PayU Colombia


Ripio Colombia


Scania Colombia


Work highlights

  • Advised Bancoldex —under NY and Colombian law— on a $300m credit agreement with JP Morgan Chase.
  • Advised FCP Deuda Infraestructura II Sura-Credicorp Capital (a private equity fund managed by Unión para la Infraestructura) as the liquidity lender on the Rumichaca-Pasto toll road project financing.
  • Advised Bancolombia, as lender, on a COP$235bn financing deal in favour of private equity fund, Terranum.

Mendoza Abogados

Always available with concrete answers’, corporate, projects and finance boutique Mendoza Abogados continues to stand out for its record in fintech and heavily structured finance transactions. Name partner Mateo Mendoza has ‘strong understanding of business needs’ and recently advised Holding RappiPay —a joint venture between Banco Davivienda and Rappi— on the first syndicated revolving loan facility to fund digital receivables originated by RappiPay. Former senior associate, and department co-head, Clara Robledo-Sanchez left the firm in June 2022 to become senior legal counsel at fintech, KLYM, while intermediate associate Paula Knudson departed in August 2022. However, in July 2022 the group hired new counsel María Lucia Amador from CMS Rodríguez-Azuero and, two months later, added senior associate Lina María Londoño from the Ministry of Finance. Additionally, Christina Burn was promoted to senior associate in 2022 and, together with associate Luis Tolosa, is highlighted by sources for providing ‘excellent support’.

Practice head(s):

Mateo Mendoza; María Lucía Amador; Lina Londoño; Christina Burn


I have more than 25 years of experience and I have worked with many law firms. Mendoza Abogados has excellent depth and responsiveness and, at the same time, provides practical solutions to problems. Always available with concrete answers.’

Mateo Mendoza has strong understanding of business needs and provides the client with legal solutions to innovative challenges.

Christina Burn and Luis Tolosa provide excellent support due to their deep knowledge and strong dispositions.’

Key clients

Holding RappiPay


Greenyellow Energía de Colombia

Financiera de Desarrollo Nacional

Trami Inversiones

Canadian Solar Energy Colombia

Nuevo Cauca (as counsels to SMBC, Bancolombia, Blackrock and FDN)

Celsia Colombia ESP

Agence Francaise de Development

Distrito de Barranquilla

Work highlights

  • Advised Holding RappiPay on the first syndicated revolving loan facility to fund digital receivables originated by RappiPay.
  • Acted for ExcelCredit in a syndicated revolving loan facility granted by four Colombian banks, to fund payroll deductible loan receivables in Colombia and pay certain financial liabilities.
  • Advised the District of Barranquilla on a €50m external loan agreement with Agence Française de Développement (AFD) and a $100m long-term loan with Deutsche Bank.

Ustáriz & Abogados Estudio Jurídico

Standing out for its ‘specialism and depth in financial matters’, Ustáriz & Abogados Estudio Jurídico is widely admired for is regulatory capability. Among its core strengths, the group shines in work involving banking responsibility, electronic fraud, fintech and International Swaps and Derivatives Association (ISDA) master agreements. However, the firm is arguably best known for its prominent consumer protection practice, with its key partners routinely appointed to serve as a Financial Consumer Ombudsman to promote conciliation processes between financial institutions and consumers. High-profile department co-head Luis Humberto Ustáriz is held up by sources as a ‘leader in the financial industry’; he recently advised the Agricultural Bank of Colombia on several ISDA master agreements. Jose Federico Ustáriz, who formerly served as in-house counsel at Corporación Financiera Colombiana, co-heads the group. Other key contacts include counsel Pablo Valencia, who is well versed in both corporate and finance matters, and Andrés Pineda, who is associate director of the capital markets unit.

Practice head(s):

Luis Humberto Ustáriz; José Federico Ustáriz


Ustáriz & Abogados Estudio Jurídico has many advantages over others due to its specialism and depth in financial matters. It has always been at the forefront of legislative developments.’

The team has become a specialist in handling financial litigation and in anticipating jurisprudential rulings. It is a true leader in the financial industry.’

‘The firm meets all the needs of a multinational client. It has a highly specialised team, with a lot of response capacity, its response times are excellent, and it has a highly competitive price/quality balance.’

‘It has a very good understanding of all the risks that affect a financial institution and its portfolio of services is super broad, including transactions in the stock market, financing, regulatory affairs, financial litigation, financial fraud, financial regulatory compliance and any matter you may need.’

Without a doubt, Luis Humberto Ustáriz is a leader in the financial industry, with the ability to contact regulators and with a reputation for being very serious and sharp in his opinions.’

Key clients

Banco Agrario de Colombia

Itaú Corpbanca Colombia

Banco GNB Sudameris

Caja de Auxilios y de Prestaciones de la Asociación Colombiana de Aviadores Civiles

Lulo Bank

Banco Mundo Mujer

Almacenes Generales de Depósito – Almaviva


Work highlights

  • Advised the Agricultural Bank of Colombia on several International Swaps and Derivatives Association (ISDA) master agreements.
  • Jose Federico Ustáriz was appointed as the Financial Consumer Ombudsman to support Itaú Corpbanca Colombia’s conciliation process with consumers.
  • Advised Caja de Auxilios y de Prestaciones de la Asociación Colombiana de Aviadores Civiles on negotiating an ISDA master agreement with Goldman Sachs International.

Durán & Osorio Abogados Asociados

Durán & Osorio Abogados Asociados’ premier projects offerings is reflected in its banking and finance practice, which specialises in representing sponsors and lenders — particularly multilaterals — in project finance transactions. Álvaro Gasca co-heads the practice and has an emphasis on infrastructure-related matters, with significant expertise in the transport sectors. Managing partner Gabriel Taboada co-heads the department and is recognised for his extensive public sector experience; he formerly served as head of the banks and financial institutions unit at Superintendencia de Valores, among other roles. Senior associate Sebastián Duque provides capable support.

Practice head(s):

Álvaro Gasca; Gabriel Taboada


The Duran & Osorio team constantly learns about the best cutting-edge market practices, which leads to a fast and close relationship with its clients with innovative and efficient approaches and solutions to problems.

We recommend the group for the quality of its lawyers, who demonstrate wide and deep knowledge of the sector.

D&O partners are directly involved in the mandates, bringing specific expertise as a mechanism to achieve agile processes and effective solutions. The team has a solid and in-depth knowledge not only of the applicable legal framework, but also of market conditions, key success factors, and risk factors in projects.

Álvaro Gasca stands out for his attention to detail, timeliness, compliance, and commitment to the client’s needs and project objectives. He manages to effectively incorporate the experience and strategy required for the successful execution of projects.

Durán & Osorio is characterised by having a group of excellent professionals with a capacity to creatively solve highly complex problems. The attention it provides to its clients comes directly from its senior partners and associates (the direct channel is never a junior).

The most prominent partner, and a benchmark in the sector, is Álvaro Gasca who maintains an excellent position to meet the needs of clients. Without being investment bankers, the team always has extensive financial knowledge which allows them to fully understand transaction and business structures.

Key clients

Financiera de Desarrollo Nacional

Empresa Férrea Regional

Empresa de Transporte Masivo del Valle de Aburrá – Metro de Medellín

Instituto de Infraestructura y Concesiones de Cundinamarca

Inter-American Development Bank

Ministerio de Hacienda y Crédito Público


Work highlights

  • Advised Empresa de Transporte Masivo del Valle de Aburrá – Metro de Medellín and Financiera de Desarrollo Nacional on a $500m syndicated loan agreement between Metro de Medellín (as borrower) and Banco Davivienda, Financiera de Desarrollo Nacional and Bancolombia (as lenders).
  • Advised Empresa Férrea Regional on the renegotiation of a $98m syndicated loan agreement with Itaú CorpBanca Colombia, Bancolombia and Financiera de Desarrollo Nacional.
  • Advised Instituto de Infraestructura y Concesiones de Cundinamarca on a $100m loan agreement with Bancolombia to fund the Plan 500 project for the construction and improvement of highway and roadways in the Cundinamarca Department.

Lloreda Camacho & Co.

Demonstrating a marked focus on regulatory work, Lloreda Camacho & Co.’s banking practice is mainly active in product development, the incorporation of new financial entities, and fintech. The group also handles financing transactions for lenders, including alternative lenders, and borrowers. Department head Santiago Gutiérrez brings significant in-house experience to his role honed during a stint as director of the legal department at Regional Bogotá de Conavi. Government contracting and infrastructure partner Carlos Carvajal is also a key contact. Associate Santiago Garzón is noted for fintech-related issues.

Practice head(s):

Santiago Gutiérrez; Carlos Carvajal


It is a law firm that can clearly compare favourably with any other firm in Latin America. It boasts highly trained and experienced staff in their fields.

It provides personalised attention in a timely manner that makes a difference when compared to other firms.

Key clients

American Express

Appriza Pay

Bulltick Capital Markets

Mercer Colombia

City National Bank


Mutuo Capital

John Deere Latin America

Mercado Bitcoin Servicos Digitais

Palisades Acquisition XIX Colombia

Work highlights

  • Advised Lendable on structuring the applicable guarantee scheme for a facility that would allow a fintech to operate in Colombia.
  • Advised Appriza Pay, a fintech providing downstream payment processing services, on the main requirements to incorporate a branch in Colombia.
  • Advised Bulltick Capital on various regulatory issues.

Mosquera Abogados, S.A.S.

Mosquera Abogados, S.A.S. fields a compact financial, banking and capital markets practice that counts local and foreign financial institutions, investment funds, and insurance companies among its longstanding clients. Dual-qualified (Colombia/New York) Juan Pablo Mosquera handles a mix of corporate and finance work and is noted for his broad international experience. The team also includes senior partner Cristian Mosquera, who is widely recognised for his illustrious regulatory background, which includes roles at the Financial Superintendence and the Ministry of Finance.

Practice head(s):

Juan Pablo Mosquera

Muñoz Aya Legal

Muñoz Aya Legal’s team is distinguished by its ability to provide ‘very assertive and applicable suggestions’. As a finance and infrastructure-focused boutique, banking and finance is a practice sweet spot and the firm advises a mix of financial institutions, investment funds and infrastructure companies on corporate lending and regulatory matters. Managing partner Edgar Muñoz oversees a group that also includes up-and-coming specialist Lina Lineros. At associate level, senior Daniel Molano, who joined in October 2022 from Philippi Prietocarrizosa Ferrero DU & UríaAlejandra Restrepo, and Nicolás Pérez are names to note.

Practice head(s):

Edgar Muñoz; Lina Lineros


The team has concrete knowledge and experience. Lawyers understand the business environment.’

‘We appreciate the team for its proximity, availability, friendliness, simplicity and service.’

The team has two important characteristics: its multidisciplinary composition and its agile response times. There is always ease of communication and great understanding of the line of consultation or advice required.’

Key clients

Activar Valores

Alianza Fiduciaria


Antioquia Gold

Avista Colombia

Banco de Crédito del Perú

Banco Credifinanciera

Banco Davivienda

BNP Paribas Colombia Corporación Financiera

BNP Paribas Securities Services Colombia

BTG Pactual, Comisionista de Bolsa

Créditos Orbe

Citibank Colombia

Cititrust Colombia

Citivalores Colombia

Colfondos AFP Pensiones y Cesantías.

Corredores Davivienda

CrediCorp Capital Colombia

Credivalores – Crediservicios

Banco Ficohsa (Panamá)

Itaú CorpBanca Colombia



Mercado Pago Colombia

Mercantil Colpatria

Micro, Small & Medium Enterprises Bonds

Mis Propias Finanzas

Seguros Bolívar

Symbiotics UK

Torres Latinoamérica

Tudor Securities


Zulu Lab

Work highlights

  • Advised Credivalores-Crediservicios on the structuring of a $100m credit facility granted by UBS O’Connor and Gramercy.
  • Advised Banco Davivienda on the structuring of a $275m sustainability-linked facility provided by various local and international lenders.
  • Advised Finanza Inversiones on the structuring of a syndicated loan agreement entered into with GCS Colombia Finance, Acon Colombia Finance II, and GDA Luma Special Opportunities Warehouse (as lenders) as well as Credivalores-Crediservicios (as guarantor).

Muñoz Tamayo & Asociados

Over the past year, Muñoz Tamayo & Asociados added eight new clients to its roster, including Brazilian development bank, BNDES, and payment technology platform, epag. Demonstrating a significant focus on regulatory matters, with growing expertise in fintech, the group also provides transactional support to banks, financial services companies and corporate borrowers. Felipe Trías and Diego Muñoz Tamayo co-head the department; both maintain broad banking, finance and corporate practices. The team also includes senior associate Daniel Cardona-Aranda, who sits in the banking, corporate and sports law groups; and corporate-focused junior associate, Melanie Gómez. Associate Amparo Montes left in October 2022 to become legal counsel at EssilorLuxottica, while associate Alonso de Reyes joined Baker McKenzie in London in May 2022.

Practice head(s):

Felipe Trias; Diego Muñoz Tamayo

Key clients

Quinn Emanuel Urquhart & Sullivan

Deva Capital

Banco Nacional de Desarrollo Económico y Social (BNDES)


Talanx Reinsurance Broker

HDI Global Network


Epag (Payment Service Provider)

Work highlights

  • Advised Quinn Emanuel Urquhart & Sullivan LLP on Colombian law matters connected to the US firm’s representation of Mayagüez in a $100m dispute against Citibank —and its Colombian subsidiary— concerning foreign exchange derivatives transactions.
  • Advised epag —a payment service provider with offices in Brazil, Portugal and the Netherlands— on its expansion process and seeking new markets in Latin America.
  • Advised the National Bank for Economic and Social Development (BNDES), on the general legal framework regulating the lending and guarantee/collateral structures in Colombia for public credit operations.

Parra Rodríguez Abogados

Widely recognised for its niche focus on aviation finance, Parra Rodríguez Abogados is a destination firm in its specialist field. The four-lawyer group is equipped to advise on the full range of related matters —from aircraft operation leases through to secured loans and securities offerings— and acts for a mix of commercial and cargo airlines, leasing companies and financial entities. Bernardo Rodríguez Ossa spearheads the team and is noted for his adept handling of cross-border transactions. Other key contacts include Augusto Figueroa Sierra, whose practice spans corporate, litigation and finance; and César Barajas Ruiz, who is the associate director of the banking and finance area.

Practice head(s):

Bernardo Rodríguez Ossa; Cesar Barajas Ruiz

Key clients



CDB Aviation

Fuyo General Lease Co

Nordic Aviation Capital

Work highlights

  • Advised a leading US bank on the restructuring of a $100m credit and guaranty agreement with a major Colombian airline.
  • Advised a leading export credit agency on the restructuring of the financing of two aircraft on lease to a Colombian airline.
  • Advised a major global aircraft leasing company on the transfer of two aircraft between two of the largest airlines in Colombia.


Advocat is roundly praised by clients for its ‘extensive experience in different contract and transaction structures’. From its platforms in Bogotá and Cali, the team strikes a balance between regulatory and transactional matters, with a focus on the private lending and fintech spheres. Founding partner Nicolás Fernández De Soto is noted for his growing reputation in the fintech field, while he also has significant experience in representing private non-licensed lenders on commercial and consumer loans. Associate Mariana Salvatierra provides capable support.

Practice head(s):

Nicolás Fernández de Soto


Advocat’s finance team has extensive experience in different contract and transaction structures. The team is very diligent and responds to the defined commitments on time. Additionally, it is always willing to take extra meetings with counterparts to advance discussions.’

Nicolás Fernández de Soto has a total focus on the business. He always seeks out viable legal structures to allow new operations to be carried out by our company.

It is a highly specialised practice in financial and credit law. The team is amazing at vehicle credit, which is not easy to find. Lawyers are quick to respond and get to the point to help you find solutions in an appropriate and cost-efficient manner.’

Key clients


Financiación Amiga

Suramerica Comercial (Dollarcity)

Financiera de Desarrollo Nacional

CFG Colombia

Bitubi Colombia

Pomelo Tecnología


Inverlink Inversiones Alterlativas



Genera Sueños

Insights Investments

Tu Respaldo Seguro

Originadora de Seguros

Finesa Seguros

Magna Kapital


Pagsmile Colombia

Payjoy Colombia

Dimel Ingeniería

Bergé Vigía

Work highlights

  • Advised Inverlink Inversiones Alternativas on the negotiation of a shared-risk collaboration agreement for the acquisition, management and collection of non-performing obligations.
  • Advised Finesa Servicios on the structuring, drafting, negotiation and closing of a loan origination process outsourcing agreement.
  • Advised Financiación Amiga on the negotiation and execution of a subordinated credit facility.

Esguerra Asesores Jurídicos

Esguerra Asesores Jurídicos houses a multidisciplinary banking and finance practice that routine advises financial institutions, insurance entities and funds on regulatory and transactional matters. As a former executive vice president of the Colombian Stock Exchange, group head Juan Pablo González is well versed across the gamut of finance, securities and corporate law. The group also includes Verónica Arango Lux, who has a focus on banking, finance and capital markets transactions. Since publication, the firm has merged with tax specialist firm Jiménez, Higuita, Rodríguez & Asociados (Tax & customs) to become Esguerra JHR - effective as of February 2024.

Practice head(s):

Juan Pablo González


Committed, organised and disciplined team. They complement their positions with the knowledge of other experts within the office. They have a tool that allows you to monitor the different stages of the project.

Recommended for their level of preparation, their quality in treatment and their practicality: Juan Pablo Gonzalez and Veronica Arango.

Key clients

Itaú Corpbanca (Chile)

Protección AFP

Troop Team

Distribuidora Rayco

Itaú Corpbanca Colombia

Scotia Capital Inc

Work highlights

  • Advised Itaú Corpbanca on the structuring of a subordinated loan agreement.
  • Advised Protección AFP on a spin-off process, which involved the incorporation of insurance company Asulado Seguros de Vida.
  • Acted for Distribuidora Rayco on the structuring of credit financing, through the sale of portfolios originated by Rayco and third parties.


The banking and finance unit at Goh is now overseen by tax, energy and trade specialist Juan Pablo Godoy, following the departure of former group head Jaime Moya in February 2023. The compact team consistently acts alongside the wider firm’s corporate, energy and foreign investment practices to specialise in corporate finance, project finance and investment matters – it is also equipped to handle regulatory issues. Senior associate Steffany Serebrenik left the firm in March 2023.

Practice head(s):

Juan Pablo Godoy

Key clients

Fondo de Capital Privado Armilla Capital

Concesionaria Desarrollo Vial al Mar (Devimar)

OHLA Progress Enablers

Tower One Wireless Colombia

Work highlights

  • Advised OHLA Progress Enablers on the refinancing of bond issues, the refinancing of its bank debt and the capital increase of its parent company, totalling approximately €1bn.
  • Advised Fondo de Capital Privado Armilla Capital on day-to-day matters, including regulatory issues.
  • Advised Concesionaria Desarrollo Vial al Mar on various finance matters connected to the highway infrastructure project, Autopista al Mar 1.