Leading Individuals

Next Generation Partners

Rising Stars

Banking and finance in El Salvador

Aguilar Castillo Love

Aguilar Castillo Love draws from the regional bench strength of 11 offices in nine countries across Latin America to advise major financial institutions and household-name multinationals (from sectors including financial services, food and beverages, aviation, automotives, telecoms and tech) involved in high-value, multi-jurisdictional financial transactions. The team is headed by office managing partner Esteban Agüero Guier and Flor De María Cortez, who brings to the table experience in structured financings for clients in regulated industries, the financing of energy generation and distribution projects and fintech matters. Associate Bryan Guevara López, who joined from Muddock Legal in May 2022, and of counsel Silvia Nasser, who joined from Dentons in February 2022, provide key support.

Practice head(s):

Esteban Agüero Guier; Flor De María Cortez


Testimonials

They have an orderly structure to enable them to meet clients’ needs and are agile in their responses – faster than most.

The team has the ability to understand the client’s needs and adapt to them, while showing empathy. They have a good attitude to dealing with the client, going beyond market issues. Flor De María Cortez oversees matters and provides timely feedback.

Key clients

Glas Americas


Apollo Global Funding/Wilmington Trust


JP Morgan


Torrecom


Ingram Micro


Paxos Trust Company


The Coca-Cola Company


Banco Ficohsa


Banco de América Central


Diebold Nixdorf


Airbus


Dell


CPPIB Credit Investments


COSAPI


Softys


Work highlights


  • Advised Torrecom on the execution of a facility agreement for $30m granted by French development institution Proparco.
  • Advised Apollo Global Funding, as lead arranger, and Wilmington Trust, as administrative agent, on the execution of a term loan agreement worth $650m.
  • Advised JP Morgan, acting as administrative agent, on the refinancing of the super-priority debtor in-possession term loan granted to Colombian airline Avianca and its subsidiaries.

Arias

The banking and finance team at regional firm Arias continues to lead in the Salvadoran market, with significant strength in advising domestic and multinational banks and financial institutions, including Bank of America and the Bank of Nova Scotia, on high-value, often multi-jurisdictional financial transactions, including debt restructurings, asset securitisations, loan agreements and project finance. The sizeable leadership group is made up of Armando Arias, an authority in financial matters; Lilian Arias, who has over 25 years of experience in assisting multinational corporations and financial institutions with the structuring of loans and guarantees; Roberta Gallardo, who has a strong track record of advising on credit and financing deals; Ana Mercedes López, a specialist in the financing of major projects in sectors such as energy and aviation; Mario Lozano, who has expertise in the fintech and cryptocurrency fields; Luisa Rivas, who handles the financing of major infrastructure projects and transactions in regulated industries; and free trade zone regime expert Carolina Lazo. Other key figures include senior counsels Ernesto Sánchez, who assists clients with credit agreements and stock and asset purchase agreements, and Adán Araujo, whose practice covers syndicated loans, securities and venture capital agreements, and senior associate Rafael Burgos, whose clients include well-known restaurant chains.

Practice head(s):

Roberta Gallardo; Ana Mercedes López; Mario Lozano; Luisa Rivas; Lilian Arias; Armando Arias; Carolina Lazo


Testimonials

Arias’ lawyers have demonstrated professionalism, technical knowledge, experience, efficiency and professional ethics.

The lawyers at Arias act proactively in search of the most efficient solutions. In addition, they demonstrate specialised knowledge in the different procedures available and successfully implement the best option. Specifically, Lilian Arias has legal and commercial technical knowledge in relating to the execution of guarantees, as well as the management and negotiation of loans.

One quality that sets them apart is their attention to detail in the preparation of the documents, and their ability to negotiate in the client’s interests.

They are the benchmark against which other firms must be compared.

Armando Arias is a legal strategist par excellence.

Mario Lozano is dynamic and creative in coming up with solutions.

It is a clear, concise and dedicated team. To resolve our doubts they always arrive with a team specialised in the matter so as not to be left short. They are focused on the development of fintech regulation and the development of a new school of businesses.

Mario Lozano has been an excellent point of contact, always willing and able to help the team with our concerns.

Key clients

Bank of America


Banco Davivienda


Bank of Nova Scotia


MRO Holdings


Premium Restaurant Brands Global


Banco Cuscatlán


Wallenius Wilhelmsen Logistics


Lifemiles


Citibank


IFC


Work highlights


  • Advised Citibank, as administrative and collateral agent, on DIFL’s refinancing of $600m through a bond issuance.
  • Assisted with the private placement of senior notes by Procaps Group for $115m for a term of ten years, for the repayment of existing debt of the group, as well as for general corporate purposes.
  • Advised Bank of America in relation to the enforceability of pledges granted in its favour by Avianca, Taca and other related companies.

BLP

The powerhouse practice at BLP remains at the forefront of banking and finance matters in El Salvador, providing a comprehensive service to major regional and international commercial banks, financial institutions, multilateral agencies (including key market players such as IDB Invest), private equity sponsors and corporate borrowers from sectors including life sciences, building materials, real estate and energy. The practice assists with securitisations, credit restructurings, loan agreements, bond issuances, regulatory compliance, and banking litigation and arbitration proceedings. Respected finance expert Zygmunt Brett heads the team, standing out for his strong suit in complex capital markets matters. Other names to note are Mariana Nóchez, who is active in high-value, multi-jurisdictional transactions, director Luis Vega, a specialist in financial disputes, and associate José Góchez, who advises on syndicated loans, project finance (including in the energy sector) and buy-outs.

Practice head(s):

Zygmunt Brett


Testimonials

They have an in-depth understanding of the transaction and the risks, with solutions to mitigate them. At all times they maintain a practical outlook on the transaction.

BLP’s banking and finance team is unmatched in El Salvador. Their expertise and proactiveness is simply outstanding.

Zygmunt Brett is a fantastic lawyer and counsel – he guided us with tremendous ease throughout the most difficult times in the transaction. José Góchez is also a very committed and expert lawyer, who attended to all our needs as clients.

A very experienced team. They have a lot of knowledge on capital market transactions. They worked very efficiently. Zygmunt Brett and José Góchez are outstanding lawyers.

The firm has a well-prepared team which studies in depth the needs of the client’s business. This, along with the involvement of the partners, gives them an advantage over the rest of the firms in the market.

Zygmunt Brett and José Góchez did an amazing job. They were very responsive and accurate in their advice. It was a real pleasure working with them.

BLP demonstrated good knowledge of international transactions and their implications from the point of view of local law. They were resourceful and creative and responded quickly to numerous questions regarding the functioning of the legal and judicial system in El Salvador that were fundamental to completing the transaction. They distinguished themselves by their availability and speed in completing their analyses.

Zygmunt Brett was exceptionally creative and flexible in resolving obstacles encountered in the transaction. He knew how to respond to the client’s commercial needs, while always maintaining clear adherence to the law.

Key clients

IDB Invest


Banca de Inversión Bancolombia


Banco Agrícola


Grupo Unicomer


Barentz International


Cementos Progreso Holdings


Avianca/Taca


The Prudential Insurance Company of America


Cigna


Inversiones Financieras Grupo Azul


Banco Azul


Grupo Ransa


Tigo


Work highlights


  • Assisted IDB Invest and Banco Promerica with the issuance of sustainability bonds to finance green and social projects.
  • Advised Banca de Inversión Bancolombia, Banco Agrícola, and other local and international banks on a syndicated loan for up to $348m for the AES group, a power distributor in El Salvador.
  • Assisted TACA International Airlines, a subsidiary of Avianca, with Grupo Aval’s structuring of a future flow securitisation of credit card receivables worth $140m to refinance certain lines of credit.

Consortium Legal

With offices in Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua, the team at Consortium Legal is supported by a strong platform in the region when advising government agencies and major multinational banks and financial institutions, including Credit Suisse, Citibank and the Bank of Nova Scotia, on high-value, cross-border financial transactions. The team is headed by El Salvador office managing partner Oscar Samour, an authority in the financial sector with over 18 years of experience. He is supported by a capable junior team, including senior associate Felipe Aragón, who handles complex financing structures and financial matters in heavily regulated sectors, and associates Annette Herrera, who manages the negotiation of guaranty trusts and local and international loan agreements, and Daniel Leiva, a specialist in fintech who was appointed director of the firm’s fintech and cryptoassets practice in April 2023. Since publication, Annette Herrera has left the firm.

Practice head(s):

Oscar Samour


Testimonials

This team is very well-rounded and you can tell they have a lot of experience in the industry. They have excellent response times. The team is robust so there is always someone available for any emergency.

Annette Herrera’s work in particular has been outstanding and she has become a true ally to our team; she is always going the extra mile.

Key clients

Banco Agricola (Bancolombia)


Credit Suisse


DEG Invest


Bladex


The Bank of Nova Scotia


Banco Internacional de Costa Rica (BICSA)


Oikocredit, Ecumenical Development Cooperative Society (Oikocredit)


Banco Atlantida


Banco Davivienda


Banco General


CABEI


Banco de América Central (Grupo Aval)


Corporación Andina de Fomento


Citibank


First Citizens Bank


Banco Cuscatlán


Banco Santander


Work highlights


  • Assisted the Bank of Nova Scotia in the negotiation of a loan agreement and bond issuance by the local entities of Exell Group.
  • Assisted the Central American Bank for Economic Integration (CABEI) with the analysis of local law and the possible impact regarding the change of the Libor interest rate to the SOFR interest rate in the credit agreements and promissory notes signed by the public sector.
  • Acted as local counsel for Bancolombia (Sucursal Panamá) and Bancolombia, acting as lenders, on a loan facility provided to CMI Group.

ECIJA

With offices in 17 countries spanning Central America, Europe and Asia, the experienced team at ECIJA leverages the firm's global presence to advise local and international clients. The firm’s comprehensive service covers asset and corporate financing, debt restructuring, capital markets matters, bank contracting, due diligence and regulatory compliance. Key contacts include office founder and managing partner Alfredo Navas and Carlos Gil, a specialist in banking sector M&A. The practice was reinforced by the March 2023 arrival of Esmeralda Torres – formerly the managing partner at Torres Lopez y Asociados – and Nathania García-Prieto, the newly appointed chief growth officer for the firm’s Central American operations.

LatamLex | Guandique Segovia Quintanilla (GSQ)

The finance team at LatamLex | Guandique Segovia Quintanilla (GSQ) advises local and international banks and financial institutions on a wide spectrum of matters. These include procedures before governmental authorities, special bank contracting, leasing, syndicated loans, restructurings, securitisations, derivatives, project finance, trust funds and real and personal guarantees. Ana Patricia Portillo, Carlos Quintanilla and Oscar Hurtado are key contacts.

LatinAlliance El Salvador

Coordinating with its partner firms in Nicaragua, Guatemala and Costa Rica, the banking and finance team at LatinAlliance El Salvador advises insurance companies, local and regional banks, and other financial institutions on securitisations, syndicated loans, and anti-money laundering and compliance issues, in addition to representing clients before regulatory bodies. The practice is led by firm co-founder and managing partner José Adolfo Torres, who provides expertise in such matters as the purchase of stock brokerage houses and regulatory authorisations, and corporate regional director Michelle Sutter, who frequently assists with regional banking matters. Senior associates Mario Costa (who also heads the corporate practice in El Salvador) and Norma Villalobos, who assists with high-value credit line operations.

Practice head(s):

José Adolfo Torres; Michelle Sutter


Testimonials

They are advanced in the use of technology and they already handle digital billing here in El Salvador. They also provide very close and timely communication both online and in person.

It is important to highlight the sense of commitment and responsibility, as well as the efforts to provide highly personalised services and empathy with the client’s situation, from both José Adolfo Torres and Michelle Sutter and their team.

Lexincorp

The Salvadoran team at Lexincorp harnesses the bench strength of additional locations in Guatemala, Honduras, Nicaragua and Costa Rica to advise domestic and multinational corporations and financial institutions (including banks and investment firms) on a diverse range of matters across the practice area. The firm’s client portfolio spans such sectors as manufacturing, tech, telecoms and energy, in addition to an expanded offering in the cryptocurrency space. Antonio Guirola, whose practice spans the coordination, negotiation, structuring and execution of multi-jurisdictional financial transactions, leads the team, along with Adriana Portillo and managing partner Enrique Escobar, who draws on his background as legal counsel for local banking entities.

Practice head(s):

Antonio Guirola; Adriana Portillo; Enrique Escobar


Testimonials

They are all excellent, very punctual and quickly carry out what is requested. They provide personalised management of our matters that protects our interests.

They are highly trained and up to date with current trends, and they work well as a team. Adriana Portillo and Enrique Escobar stand out.

Key clients

RAF


Supertex


Pettenati


Banco Industrial


Banco General


Ficohsa


Paxful


Work highlights


  • Assisted tech product company RAF with obtaining a commercial loan granted by Banco Atlantida El Salvador for $7.5m.
  • Advised sportswear manufacturer Supertex on a $3m revolving loan with Banco Agrícola.
  • Advising textile manufacturing company Pettenati on an $8m commercial loan granted by the Industrial Bank of El Salvador.

Mayora & Mayora, S.C.

Mayora & Mayora, S.C.'s Salvadoran banking and finance team works closely with the firm's offices in Honduras and Guatemala to provide a comprehensive service in the 'Northern Triangle' region to financial institutions, government bodies, individual investors, funds and multinational corporations from such sectors as energy, infrastructure, security and real estate. The practice ranges from advice on day-to-day operations and financial regulatory issues to the financing of major projects, securities and derivatives transactions, credit facilities and trust matters. Senior partner and El Salvador office head Manuel Telles, who brings to bear decades of experience in leasing, guarantees, factoring, securitisations and the structuring of individual and syndicated loans, oversees the team. Other key figures include senior associates Jennifer Rodríguez, who benefits from a background as in-house counsel to a major financial institution when handling complex transactions, and Andrea Cuellar, who acts for companies in the real estate, retail and life sciences sectors.

Practice head(s):

Manuel Telles


Key clients

Neoen (Capella Solar/Providencia Solar)


Norfund


Work highlights


  • Assisted with the formalisation of $44m credit facilities for Norfund.