Banking and finance in Costa Rica


BLP represents a wide variety of clients in cutting-edge financing transactions. The practice headed by Vivian Liberman and Andrés López has extensive expertise in credit restructuring and bankruptcy as well as complex litigation, and has recently added anti-money laundering advice to its range of services. The team regularly handles complex transactions for Credit Suisse, for instance acting as local counsel to the client and Citigroup Global Markets, as initial purchasers, in an offering under Rule 144A/Regulation S by Investment Energy Resources. Liberman and Julio Castellanos -who was made partner in Janaury 2020- also represented Fondo Latinoamericano de Reservas in a $1bn loan agreement under New York law with the Costa Rican Central Bank. The department also assists Scotiabank, DEG-Deutsche Investitions- und Entwicklungsgesellschaft and Millicom, among other international entities. Other key figures in the team are David Gutiérrez and Luis Hernández.

Consortium Legal

Mario Quesada-BianchiniRandall BarqueroDavid Campos and Andrés Chamberlain are the four key figures jointly leading the banking and finance department at Consortium Legal. The team advises on credit facilities, syndicated loans, corporate bond issuances, regulatory and compliance matters, and mergers and acquisitions in the financial sector; in addition, the firm recently launched a fintech practice. The firm acts for international banks and investors, as well as regional financial institutions, and governmental and multilateral entities with a presence in Central America.

Latamlex / Gómez y Galindo Abogados, S.A

Highlights for Latamlex / Gómez y Galindo Abogados, S.A's San José office included managing partner Adriana Ramos and associate Marianne Pál-Hegedüs advising BID Invest on granting a $5m loan to Financiera Desyfin for the financing of SMEs in Costa Rica. The firm’s banking and finance team, which further consists of Daniel Guillén, José Antonio Hidalgo and Mario Gómez Pacheco, advises local, regional and international financial institutions on a range of matters, including financial derivatives, bond issuances, project financing and syndicated loans.

Aguilar Castillo Love

Aguilar Castillo Love's client roster in banking and finance includes international heavyweights such as Bank of America, Barclays, HSBC and Goldman Sachs, as well as leading regional financial institutions. Marco Solano and John Aguilar-Quesada are joint leaders of the department, which frequently handles cross-border matters and also advises on syndicated loan facilities, acquisition financings, structured financings and portfolio acquisitions. Associate Stephanie Howard Peña re-joined the firm in autumn 2018 after completing a foreign associate programme at Shearman & Sterling LLP in New York.


The two-partner team at Arias is led by Andrey Dorado and M&A specialist Vicente Lines, and advises on structured and corporate finance, financial regulatory issues and project finance, including for government projects. Among other recent highlights, associate and key account manager Diego Gallegos, who re-joined the firm after working abroad, supported Lines in a number of matters including the representation of Bank of America as administrative agent and lead arranger in a syndicated senior secured-term loan to Evertec Group. The department's client list also includes Citibank, Cargill and Dutch development bank FMO.

Vector Legal

Vector Legal provides highly regarded national and international clients, including Davivienda Seguros, Assa Compañía de Seguros and Banco Promerica, with specialised advice on the financial, banking and securities markets. The team includes the trio of firm founding partners - Roberto Bolaños Fonseca, Roberto León and Jessica Salas - and regularly assists with debt and securities issuances, credit agreements, equity investments and restructurings.

Zürcher, Odio & Raven

The banking and finance practice at Zürcher, Odio & Raven is noted for its experience in acquisition finance, independent and syndicated loans, cross-border loans, project finance, and contractual and regulatory matters. Team head Douglas Soto and senior associate Miguel Elizondo assist a large number of regional and international banking institutions.

Dentons Muñoz

Under the leadership of Daniel ArayaDentons Muñoz' six-strong banking and finance team frequently advises on local Costa Rican financial regulations and loan agreements. In a recent work highlight, the firm advised Standard Chartered Bank on several legal and financial regulatory issues regarding a receivables financing product. The International Finance Corporation, Advance Global Capital and DEG-Deutsche Investitions- und Entwicklungsgesellschaft are also part of the practice's client list.

EY Law Central America

EY Law Central America provides assistance to banks, financial institutions, and domestic and multinational corporate clients with syndicated loans, credit facilities, project finance, investment vehicles and regulatory issues. Arturo Apéstegui heads the two-partner team, which recently acted as local counsel to Liberty Global in the negotiation of its acquisition of 80% of Costa Rican cable company Cabletica. Other clients of the practice are Inchcape and Florida Ice and Farm Company, as well as Panamanian banks Multibank and Capital Bank.