Banking and finance in Mexico

Creel, García-Cuéllar, Aiza y Enríquez, S.C.

One of the market's undisputed leaders in the banking and finance realm, Creel, García-Cuéllar, Aiza y Enríquez, S.C. houses a 33-strong practice with a ‘unique level of specialization’, always willing to ‘go the extra mile’. With rainmaker Carlos Aiza at the helm, the well-rounded team advises an impressive mix of international and domestic lenders, borrowers and financing entities in connection with a broad array of transactions – frequently involving innovative structures – including: cross-border, local single-bank and syndicated loan facilities; acquisition, structured and maritime financings; secured and unsecured financings; and high-level restructurings, project finance and derivatives. Key practitioners include partners Giovanni Ramirez, Pedro Velasco and Emilio Aarun, who are praised by clients for being ‘very knowledgeable and thoughtful’; Rodrigo Castelazo, who has recently participated in the first four unsecured real estate revolving financings in Mexico; Mercedes Haddad; counsel Victor Gallegos; and ‘outstanding’ senior associate Alejandro Isaac.

Practice head(s):

Carlos Aiza


They are undoubtedly the best in the field

Their practice is unique because of the level of specialization’

A great and very thoughtful team with great knowledge of the various market sectors. They have great clients and are extremely commercial. I know if I come to them with a question, I can expect a thoughtful nuanced response

‘They always go the extra mile. I particularly find Giovanni Ramirez Garrido to be very knowledgeable and thoughtful, as well as Emilio Aarún and Pedro Velasco. Their associates are outstanding as well, including Alejandro Isaac’

They have extraordinary coordination and exceptional attention

Unparalleled service, always geared to meet customer needs

Definitely a market leader in this area. They bring an aggressive but reasonable stance and a great deal of experience in the sector

The quality of the work is exceptional. It is difficult in a firm of its size to maintain quality in work, but Giovanni Ramirez, Pedro Velasco and Emilio Aarún have managed not only to maintain that quality in their work, but also to ensure that their teams have it

Key clients

Banco Sabadell

Banco Santander

BBVA Bancomer



Credit Agricole

Credit Suisse

Goldman Sachs

Grupo Financiero Banorte


JP Morgan Chase Bank

Metropolitan Life Insurance Company and affiliated entities

Morgan Stanley





Grupo Sordo Madaleno

Merlin Energy

Prudential Real Estate Investors

Work highlights

  • Advised Citibank, JP Morgan and the lender’s syndicate on the acquisition of Johnson Controls’ power unit by Brookfield, involving a $5.2bn dollar-denominated term loan, a $3bn-equivalent euro-denominated term loan and $2bn of unsecured notes; total aggregate value $10.2bn.
  • Advised Credit Suisse on the negotiation and implementation of an amendment and restatement agreement to an existing credit agreement, for a total amount of $352m.
  • Advised OI Group on a third credit agreement that amends and restates OI Group’s prior credit agreement; it provides for up to $3bn of borrowings pursuant to term loans and revolving credit facilities.
  • Advised FIBRA Macquarie México, as borrower, on the execution of a $425m unsecured syndicated credit facility led by Citibanamex, Citigroup and JP Morgan.
  • Assisted Metropolitan Life Insurance, as lender, in connection with the execution of a loan agreement and the creation of a complex collateral package.

Galicia Abogados S.C.

Praised by clients for its ‘high-quality service’, Galicia Abogados S.C. fields a large, well-rounded team of lawyers with ‘great technical skills in the area’. Regular advisor for some of the leading banks present in Mexico, the team handles, among other areas, regulatory and compliance matters; corporate, sub-sovereign, structured, syndicated and bilateral financing transactions; and acquisition and asset-based finance. Arturo Perdomo, who actively represents domestic and international companies in the negotiation of financing operations, co-heads the area with the ‘very savvyGuillermo Pérez, considered by some as a ‘top lawyer in banking and capital markets’. Support comes from founding partner Manuel Galicia, who has wide-ranging experience in credit facilities, private and public securities, and debt offerings and co-investments, among other matters. Senior associates Lili Abascal and José Alejandro Cortés are also noted.


The quality and professionalism of its partners is very impressive. Guillermo Perez Santiago is a highly regarded advisor to us. He is very professional, focused and disciplined. His approach towards deals is always constructive. Guillermo is very savvy and definitely a top lawyer in banking and capital markets

The team has the ability to react positively and quickly to the requirements of the transaction and the customer, and they have technical knowledge in the area. They provide a high quality service’

Their lawyers have great technical skills in the area. The quality of service is its main differentiator with lawyers from other firms. They provide assertiveness and leadership in negotiations

A very strong practice. They are always available, focused on the client and have very good knowledge and experience, which allows them to find effective and tailor-made solutions

High degree of specialization and personalized attention. It is a firm in which egos are overcome and each partner is dedicated to carrying out his practice

Key clients

BBVA Bancomer


Citigroup Global Markets

Grupo Bimbo

Banco Santander

El Palacio de Hierro

Bank of America Merrill Lynch

Banco Mercantil del Norte

Banco Sabadell


Work highlights

  • Acted as Mexican counsel to the banks in a multicurrency financing to Alsea (€436.4m and MX$4,5bn), for the acquisition of Grupo Vips in Spain, and the refinancing of existing debt.
  • Advised Banco de Crédito de Perú, as lender, on a $100m cross border credit facility to Sierra Metals, Dia Bras Mexicana and Dia Bras Peru, as joint borrowers, secured by assets in Peru, Mexico and Canada.
  • Advised Minera Frisco (as borrower), several of its subsidiaries (as guarantors), and Bank of America (as administrative and collateral agent), on a dual currency financing under a Credit and Guaranty Agreement.
  • Advised the lenders on the amendment and restatement agreement (as well as in the original 2017 multicurrency financing) granted to Cemex for $4,35bn; €1,48bn and £687m for the refinancing of existing debt.

Greenberg Traurig, S.C.

International full-service giant Greenberg Traurig, S.C. has a renowned Mexican banking and finance practice, co-led by José Raz Guzmán, who also co-heads the firm's Latin America practice, and Juan Manuel González, who is particularly strong handling complex project finance transactions. The sizeable team was further reinforced in October 2019 with the absorption of Orozco Waters Abogados, bringing aboard Rodrigo Orozco Waters and a team of four associates with experience in large sub-sovereign-debt restructurings and refinancings, working with both banks and states. Other key practitioners include Miguel Moisés, who advises lenders and borrowers on structured financings, bilateral and syndicated loans, and in the financing of industrial, commercial and housing real estate projects; José Antonio Butrón, who is praised by clients for his ‘good attitude’; and Carlos Garduño, who focuses on domestic and cross-border securities offerings, as well as corporate, acquisition and project finance matters in Mexico and Latin America.


High professionalism in all the members of the team, who have a very specialized knowledge. They are a totally reliable firm, always giving an immediate and efficient response to the legal problems raised

The team formed by José Antonio Butrón and Gabriela Palomino has a very good attitude and are always willing to look for solutions

Someone from the team is always available to answer queries

One of the best firms in Mexico

Key clients

Banco Santander

Dexia Crédito Local México

Estado Libre y Soberano de Nayarit

KST Electric Power Company

Mexico Infrastructure Partners

Banco Sabadell

Win Systems

MXT Capital Partners

Bio Pappel


Plasman Group

Scotiabank Inverlat


New York Life Insurance Company

Walton Street Capital / Finsa

Red de Carreteras de Occidente

Autopistas de Vanguardia

HSBC México

Work highlights

  • Advised Banco Santander (as lender, lead arranger, administrative and collateral agent) on the negotiation of a credit facility granted under a project finance structure, with the purpose of refinancing the debt of the largest water treatment plant in Sonora.
  • Represented Dexia Crédito Local México on the re-assignment of a MX$971.5m loan it granted to the State of Michoacán in 2007 in favour of Banco del Bajío.
  • Acted as counsel to the State of Nayarit (through its Ministry of Finance) on the refinancing and restructuring of its public debt for a total amount of approximately $295m.
  • Advised KST Electric Power Company on the $400m refinancing required for the operation of a strategic 433MW power generation project located in Chihuahua.
  • Advised Mexico Infrastructure Partners on the paying-off of the acquisition financing granted by GE Financial Services and termination of the associated collateral package.

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. has a top-notch practice, with a high level of expertise in bank finance and regulatory matters; personal loans, syndicated loans and project finance transactions; complex financial and liabilities restructurings; structured finance; and corporate lending and real estate finance. It also has growing fintech expertise. The well-balanced 15-strong team includes noted members such as well-known market player Ricardo Maldonado, who has broad experience in securities regulatory matters; Manuel Echave, who is very prominent in complex financing mandates; Pilar Mata, who regularly advises both sponsors and lenders on all aspects of project, structured and corporate finance across the energy, infrastructure and other sectors; and Ignacio Armida, who focuses on cross-border and international transactions. Patricio Trad, Martín Sánchez and Francisco Ibañez are other distinguished members of the practice group. Patrick Meshoulam was promoted to partner in April 2020.

Key clients

Grupo Axo

Grupo Televisa

Banco Sabadell


Credit Suisse

Macquarie Capital

HSBC Securities (USA)

Banco Santander (México)

Red de Carreteras de Occidente

MetLife (Metropolitan Life Insurance)


Casas Javer

Advance Real Estate


Be Grand

Grupo Hermes

Grupo Viz

Deutsche Bank

China Development Bank

Work highlights

  • Represented Grupo Gondi on the execution of a  MX$7.4bn credit agreement (subject to New York law) with a syndicate of banks with Credit Suisse acting as administrative agent and arranger.
  • Acted as Mexican counsel to Grupo Televisa on the execution of a MX$10bn five-year term loan credit agreement with a syndicate of banks.
  • Represented housing developer Casas Javer in the negotiation of a secured loan granted by a syndicate of banks and institutional investors; value $165m.
  • Advised Citibanamex on a $140m loan to the State of Yucatán, Mexico to be used for the development of public infrastructure.
  • Advised Grupo Axo in securing a credit facility to complete the acquisition of e-commerce website Privalia and sport and footwear retailer Tennix.

Nader, Hayaux y Goebel, SC

Nader, Hayaux y Goebel, SC is a ‘major competitor in the banking and finance sector’, and the firm of choice for an excellent roster of global banks, financial institutions and corporate clients. The large team of 31 ‘great negotiators’, which is valued for its ‘high technical capacity’, regularly advises on securitizations and structured finance deals; leveraged buyouts, leasing and corporate lending; and real estate and project financing, as well as on regulatory matters, workouts, insolvency and restructurings. The practice, which comprises 12 partners, is led by the impressive Michell Nader Schekaiban, a market reference and an expert in project financing. Support comes from very active practitioners Hans Goebel and Julián Garza, who have strong expertise in CKDs; counsel Mónica RamosJavier Arreola, who specializes in project finance and asset-backed financing; Eduardo Villanueva, who is very solid in real estate finance; and José Humberto Rocha, who is highly experienced in handling financial transactions for domestic credit institutions and foreign and international financial organizations. Santiago Medina was promoted to partner in January 2020.

Practice head(s):

Michell Nader


The team stands out for its high technical capacity, its empathy with the customer, its immediate reaction to solve problems, for the quality/price relation and the service

Major competitor in the banking and financing sector. Eduardo Villanueva and his team have a high level of technical and business knowledge. They differentiate themselves from their competitors by their personal service, their accompaniment during the transaction, that they anticipate the circumstances and that they always propose diverse solutions to possible obstacles

They’re great negotiators. They always seek to close the deal without neglecting any legal aspect or their professionalism

Key clients

Bank of America



Wells Fargo





BNP Paribas



Bank of Montreal (BMO)

Work highlights

  • Represented Metlife and Brighthouse as lenders on a combined $314m loan facility in favour of Advance for the refinancing of its industrial property portfolio located in various jurisdictions.
  • Advised Banco Sabadell on two sub-sovereign financings granted to the state of Quintana Roo, for $210m and $76m, respectively.
  • Advised BVG World-subsidiary Murano 2000 on obtaining a $191.5m secured financing to construct and develop the Grand Island Cancun tourism project.
  • Advised HSBC Mexico, as lender, on a secured MX$430m loan for the refinancing of existing debt of the owners of the shopping center Centro Comercial Vista Norte in Mexico City.
  • Advised Sumitomo Mitsui Banking Corporation, as lender and administrative agent, on two facilities, including letter of credit facilities granted to subsidiaries of OPDEnergy in Mexico, to develop two solar plants, one in Aguascalientes (35MW), the other in Coahuila (100MW).  

Ritch, Mueller y Nicolau, S.C.

Ritch, Mueller y Nicolau, S.C. has a sizeable and specialized banking and finance practice that is praised for its ‘excellent technical capacity’ and the ‘great quality' of its service. The team, which covers a wide range of financing transactions, is co-led by partners Jean Paul Farah, who handles financings and restructurings for numerous private and public sector entities in the energy, telecommunications, consumer and housing sectors, among others; and Pablo Perezalonso, who has noteworthy expertise in international banking and securities; derivative financial transactions; and banking regulation, as well as data protection and fintech regulatory matters. Support comes from active partners such as seasoned practitioners Luis Nicolau and Thomas Heather Gabriel del Valle, who specializes in structured loans, private and public offerings of debt, equity and structured securities, including capital notes, CKDs, CERPIs and Fibras-E; and Ricardo Calderón, who regularly advises rating agencies, primarily on structured finance transactions and regulatory matters. Since publication, the election of Gabriel Robles and Alejandra Echeverrí to the partnership has been announced, with effect from January 2021; futher support comes from key senior associate Santiago Carrillo. Since publication, Heather has moved to Creel, García-Cuéllar, Aiza y Enríquez, S.C. as of counsel, effective as of mid-January 2021.


Their lawyers are great negotiators and very skilled in dealing with the counterpart

A specialized practice with a great capacity to react

Their differentiating factor is their empathy with the business they represent

Their best qualities are definitely their excellent technical capacity and the great quality of their service

Key clients

Banco Nacional de México

Banco Ve por Más


Morgan Stanley

Altos Hornos de México

The Bank of Nova Scotia


BNP Paribas

Export Bank of Canada

BBVA Bancomer

Work highlights

  • Represented Banco Nacional de México in a $120m secured syndicated term and revolving credit facility extended to Parque Industrial Mexicali and Desarrollos HRCI.
  • Represented UBS in a $75m bridge loan to Alpha Holding, secured by financing assets originating in Colombia.  
  • Represented Morgan Stanley, as arranger, and the lenders in a MX$1.5bn structured financing to Financiera Fortaleza.
  • Advised AHMSA on a $475m advance payment facility agreement entered into by AHMSA and certain other entities, as borrowers, and Cargill Financial Services International, as lender.
  • Represented HSBC and other lenders in the refinancing of PEMEX’s debt through a $5.5bn revolving credit facility agreement and a $2.5bn term loan facility agreement, granted by 23 banks.

González Calvillo, SC

Clients who turn to González Calvillo, SC for legal advice find a business-oriented practice that brings specialization and innovation to the deal. The firm, which is particularly strong in project finance, has extensive experience in structured finance transactions, securities work, secured and asset financing, restructuring, and syndicated and commercial lending, as well as in regulatory matters. The 25-strong team, valued for providing ‘solid solutions’ to a blend of domestic and foreign companies, including financial and credit services companies and development banks, is co-led by four partners: seasoned practitioner José Victor Torres, who has led important transactions in the telecoms industry; managing partner and cross-border transactions expert José Ignacio Rivero; Jaime Cortés, who focuses on structured finance; and Juan Manuel Sancho Rodrigo, who is very active in all matters related to development banks. Key support comes from of counsel Antonio De Lisi, newly appointed counsel Alberto Bustamante and senior associate Jacinto Avalos.


Their professional ethics and teamwork provide their clients with solid solutions

The team has extensive legal knowledge, is at the forefront of changes in the law and actively participates with its clients, allowing for a smooth handling of information

Key clients




Grupo Crédito Maestro

Resuelve tu Deuda


Unicredit Bank

Grupo México


KIO Networks


HIR Casa

ING Bank

Barclays Bank

Oxy Services


Work highlights

  • Advised TAG Norte Holding and TAG Pipelines Norte, as well as the sponsors, on the restructuring of the existing $1.2bn credit facility for the Los Ramones II Norte gas pipeline project.
  • Advised IEnova on the obtainment of $200m in green loans to finance four solar power plants across Mexico, with a total capacity of 376MW.
  • Acted as counsel to BCI in a cross-border refinancing transaction; the Mexican company wanted to refinance its entire $74m debt since it had several cross-border loans.
  • Acted as deal counsel in the accession of Global Brand Management México, as guarantor and debtor, to an approximately £52m financing previously granted to HH Global by Pricoa Capital Group.

Jones Day

Jones Day's banking and finance practice in Mexico fields a ‘solid’ 14-strong team, with ‘a rapid response time and great disposition’. A regular advisor to financial groups, banks and mutual fund companies, as well as leasing, factoring and non-traditional banks, the group offers extensive experience and skills across a range of matters including: acquisition, leveraged and structured finance; real estate, project and asset finance; and distressed financing, along with derivatives and securitizations. Mexico City-office managing partner Manuel Romano heads the department. Partner Javier Martínez del Campo, who has a broad securities and finance practice with particular emphasis on advising Mexican borrowers and issuers; partner Alberto de la Parra, who has a focus on structuring infrastructure and energy generation projects in Mexico, particularly those related to the transport sector; of counsel Antonio Franck and senior associate Arturo de la Parra are all other noteworthy members of the practice.

Practice head(s):

Manuel Romano


Committed team, with a rapid response time and great disposition. Despite being a large office, they have very good customer service.’

‘Solid team with extensive knowledge. Constant participation of the managing partner

Key clients

Invex Infraestructura 4

Grupo Kuo


Work highlights

  • Represented Invex in connection with the financing of a petroleum products logistic system, including the construction of storage terminals in Tuxpan and Tula; deal value $600m.
  • Advised Grupo Kuo on a $300m multi-draw revolving loan financing comprised of twin US dollar and Mexican Peso tranches, provided by a syndicate of major financial institutions.
  • Acted for Iberdrola, as borrower, in connection with a $500m senior unsecured term loan agreement.
  • Represented Grupo Kuo in connection with a $175m senior unsecured term loan provided by Bank of America.

Santamarina y Steta

The practice at veteran full-service firm Santamarina y Steta receives sterling praise for its ‘vast knowledge’ as well as for its ‘excellent ability to solve unexpected problems’. The 16-strong team, which has broad experience advising on the full gamut of traditional financial matters, fields some outstanding lawyers including practice head Juan Carlos Machorro, who specializes in project finance; former managing partner Alberto Saavedra; Sergio Chagoya; and Ricardo Orea, who made partner in January 2020 and has a strong focus on structured finance. Support comes from senior associate Gustavo Mendoza, who has a focus on fintech.

Practice head(s):

Juan Carlos Machorro


Juan Carlos Machorro, Ricardo Orea, Margarita Casarin have great responsiveness

They have good knowledge and skills, as well as an excellent ability to solve unexpected problems

Their vast knowledge brings peace of mind when it comes to high value transactions. Their creativity in problem solving brings a lot of comfort and security to the client

Key clients

International Finance Corporation

IDB Invest

Atlantica Yield


Banco Nacional de Obras y Servicios Públicos (Banobras)

DEG – Deutsche Investitions- und Entwicklungsgesellschaft

Sumitomo Mitsui Banking Corporation

Abent 3T

Banco Sabadell

Banco Multiva



White Summit Capital

Work highlights

  • Represented Abent 3T in the execution of a $381m credit facility granted by Santander and Imbursa for the refinancing of a 220MW cogeneration plant in Tabasco, Mexico.
  • Advised Bancomext on a $150m financing to Grupo Lamosa.
  • Represented the lenders in connection with the refinancing of Huf Hülsbeck & Fürst and its subsidiaries, including Huf Mexico; deal value €214m.
  • Advised Banco Santander, as agent, in the termination of a credit agreement executed with Famosa Holdings.

White & Case S.C.

International full-service firm White & Case S.C. has a respected practice within the Mexican banking and finance arena. The ‘very complete’ team, which understands ‘the local and foreign needs of its clients’, has a solid track record acting on both the lender and the borrower side, as well as niche strength in all matters related to structured finance and securitizations, asset-backed financing, complex collateral structures and bank capitalization instruments. Senior partner Vicente Corta, who evidences high-level expertise on both the transactional and regulatory sides of the practice, co-heads the department, together with the ‘well-known’ Juan Antonio Martin, who specializes in bank finance transactions, including syndicated loans and asset-backed financings. Other noted practitioners include Maria Teresa Fernández-Labardini, Manuel Groenewold, Carlos Mainero and Andrés Mosqueira, who is developing an impressive practice in the fintech area. The group was further strengthened in February 2019 with the incorporation of partner Arcelia Olea Leyva, who joined from finance-sector regulator Comisión Nacional Bancaria de Valores (CNBV).


The team is very complete, its partners have extensive experience in the sector and understand both the local and foreign needs of its clients

Juan Antonio Martín is a well-known lawyer in the sector, offering strategic and innovative solutions and participating directly in his clients’ queries

‘Andrés Mosqueira’s level of work and responsibility is exceptional; it is not easy to find a transactional lawyer who is also an excellent regulatory lawyer and Andrés has these two qualities’

‘The partners have a great work ethic, knowledge and availability’

Certainly a reference in the industry

Juan Antonio Martín has excellent knowledge of the legal and financial aspects of the industry. Extensive understanding of customer needs. Solid ethical conduct. Manuel Groenewold has a great deal of experience in complex matters, a capacity for synthesis and a practical approach

Key clients

Grupo Financiero Banorte

Citigroup – Citibanamex


The Bank of Nova Scotia

Credit Suisse


HSBC Mexico

The Vanguard Group

Morgan Stanley

Industrias Ragasa

Banco Santander (México)

JP Morgan

LaSalle Investment Management


Fibra Shop



Work highlights

  • Advised Bayport Management, as borrower, on a MX$1.5bn secured loan from Morgan Stanley Senior Funding to Financiera Fortaleza, Bayport’s Mexican subsidiary.
  • Represented the Bank of Nova Scotia in its role as lead arranger, lender and administrative and collateral agent, on a $120m secured term loan and revolving facilities provided to borrower Ragasa Industrias.
  • Represented lenders to Global Power Generation (GPG) in the $1.5bn facilities agreement for the refinancing of the debt of GPG and Mexican subsidiary Bií Hioxo.
  • Advised Fibra Shop on the refinancing of its three-year, syndicated revolving line for up to MX$3bn, extendable for up to one additional year.

Baker McKenzie Abogados, S.C.

Established as the firm of choice for an impressive list of local and international lenders, borrowers, arrangers and guarantors, Baker McKenzie Abogados, S.C.'s Mexican office houses a ten-strong team, valued for its ‘thorough’ work and ‘excellent communication skills’. The practice, which is highly experienced in cross-border transactions, is led by experienced partners Gaspar Gutierrez, Lorenzo Ruiz de Velasco and Carlos Sagaón; Sagaón specializes in real estate finance – including syndicated credit facilities – and project finance. Key support comes from partner María Casas and senior associates Alfonso Martínez-Bejarano and Jimena Maciel, who focus on regulatory and compliance work, and are particularly solid handling fintech matters. Since publication, Martínez-Bejarano has been raised to the partnership, effective as of January 2021.


They have excellent communication skills’

‘Their work is thorough and they are available to answer questions. I would work with them before I would work with any other firm. They distinguish themselves by offering a complete, precise and timely work

Alfonso Martinez and his team are excellent

Maria Casas is commercially-minded and client-oriented

Key clients

NGE Concessions

Banco Nacional de Comercio Exterior (BANCOMEXT)

Hines Investments

Betterware de México

Korea Development Bank

International Automotive Components

Peninsula Wind Holding

Landesbank Baden-Württemberg (LBBW)

Work highlights

  • Advised Grupo Via Central consortium on the financing of $860m for the construction of the Uruguay Central Railway project.
  • Advised Bancomext, as lender, in connection with a syndicated $300m loan facility granted together with Nacional Financiera, in favor of IGS, as debtor, to finance the acquisition of industrial real estate portfolios.
  • Assisted Hines Investments, as borrower, in connection with a syndicated $95m loan facility granted in their favour by NYLife and Seguros Monterrey NYLife.

Chávez Vargas Minutti Abogados

Chávez Vargas Minutti Abogados is highly recognized within the banking and finance arena for its work with states and municipalities, and evidences a great track record advising on sub-sovereign financial matters. The practice, which is comprised of respected managing partner José Antonio Chávez, co-founding partner Brian Minutti, and senior associate Alejandro Carreño, is also known for its expertise in credit lines, public finance transactions, issues associated with the new public finance law, project finance, FIBRAs and CKDs. It also works extensively with a number of rating agencies.


They are very knowledgeable about intercompany credit agreements

They keep an eye on any pending aspect of the matter at all times

Key clients

Banco Santander Mexico

Construcciones MS

Tierra y Armonía

Banco Multiva

Renewable Resources

Municipality of Zinancantepec

Rancho Coyolito MD2

Grupo Habiqo

Hospital Tláhuac

Industrias Norm

Work highlights

  • Advised the Municipality of Zinancantepec on the obtaining of short term credit intended to cover operative necessities of the municipality.
  • Advised Multiva on the modification of a previous financing for the construction and operation of Arkansas State University in Queretaro; value, $30m.
  • Advising Banco Santander on the financing of a real estate project in Los Cabos, Baja California Sur, Mexico, including a St. Regis Hotel, vacation villas, and amenities.


Garrigues offers a solid and ever-growing banking and finance practice, which has considerable expertise in project and structured financing, commercial bank lending and regulatory matters as well as ongoing operational advice to banks and multilaterals. The department is led by established market player Mario Juárez, who stands out for his skills on infrastructure projects, as well as on secured and unsecured loans. Other noted names from the 15-strong team include Gabriela Pérez Sierra, who has vast expertise in energy and infrastructure finance; PPP-finance expert David Jimenez; and principal associates Daniel González and Miguel Ángel de la Fuente.

Practice head(s):

Mario Juárez


Cohesive team, always available and offering solutions and not marking the problems

Clarity, availability, skills, knowledge and experience

Key clients

Avenger Flight Group

International Finance Corporation (IFC)

Banco Monex

Banco Nacional de Comercio Exterior (BANCOMEXT)

Inter-American Development Bank (IDB)

Wärtsilä Corporation

Goldman Sachs International

Taylor Wessing Partnerschaftsgesellschaft

IKB Deutsche Industriebank

Corporación Andina de Fomento (CAF)

23 Capital

Work highlights

  • Advised IFC, Bancomext and Banco Monex on the $160m loan to pharmaceutical company Siegfried Rhein and two of its Mexican affiliates to finance the acquisition of two medicine brands from Bayer.
  • Advised Avenger Flight Group and its Mexican subsidiaries on an $8m term loan facility granted by Export Development Canada to finance the acquisitions of an A320 flight simulator.
  • Advised subsidiaries of Grupo El Fuerte with a senior loan for $102m granted by Banco Sabadell and Caixabank for financing the construction of a new Breathless Hotel and Resort in Cancun.

Holland & Knight

The ten-strong practice at Holland & Knight has a significant presence within the Mexican banking and finance market, particularly for its expertise in sub-sovereign, real estate and infrastructure finance, frequently showing its admirable cross-border capabilities. Practice head, the talented Alejandro Landa, focuses his practice on energy, bank and corporate finance; he and the team also have broad experience representing foreign and local companies and financial institutions in financial transactions, project finance, asset-backed and future-flow securitisations, aircraft and transportation financing, and leveraged leasing. Other key practice figures include Guillermo Uribe, an expert in Mexican FIBRAs, and senior counsels Adrián Gay and Selene Espinosa.

Practice head(s):

Alejandro Landa


They have experience, skills, relationships and a willingness to deal with the circumstances that arise in the shortest possible time

Key clients

Banco Santander México

Banco Multiva

Banco Nacional de Comercio Exterior (Bancomext)

North American Development Bank

New Island Capital

Work highlights

  • Advised Banco Santander México on the $157m financing for the construction of a “Planet Hollywood” tourism hotel in Isla Mujeres, Quintana Roo.
  • Advised Banco Multiva on a loan of approximately $62.3m required as part of a $1.47bn financial reorganization of the State of Chihuahua.
  • Represented North American Development Bank in all regulatory and financing aspects of a PPP infrastructure project for a desalination plant located in San Quintin, Ensenada.

Kuri Breña, Sánchez Ugarte y Aznar

Best known for its robust regulatory practice, the 18-strong team at Kuri Breña, Sánchez Ugarte y Aznar has significant expertise handling both local and international transactional work, assisting with securitization and asset-backed structured finance; corporate finance; real estate, shipping and aviation financing; and debt restructuring plans, as well as in compliance issues. Noted practitioners of the team, which is praised for always seeking ‘the greatest benefit for the client’, include department heads Guillermo Garay, Daniel Kuri Breña and Bernardo Luna; Luna is particularly strong in project finance and infrastructure. Other noted practitioners are Rodrigo López, who has specific expertise in representing Mexican development banks; Luis Octavio Núñez; Álvaro Sarmiento; and Alejandro Sobarzo. Support comes from senior associates Silvia Roldán and Sandra Solís, who rejoined the firm from GE Capital in April 2019.


They have a wide knowledge and a lot of experience related to financing types and products, stock financing processes and are good negotiators

They always seek the greatest benefit for the client instead of trying to maximize the economic benefit for their firm

Regarding Luis Octavio Núñez, Rodrigo López: they always show great availability to attend our needs, propose efficient and innovative financing strategies and have the necessary preparation to carry out all processes in compliance with the legal framework.’

Mastery of technical and operational knowledge, in our case, for the structuring of stock exchange issues and bank loans

Excellent level of service and involvement in the projects

They respond immediately to queries and support the negotiation in an efficient manner. Bernardo Luna is a great negotiator and has a lot of experience in the banking sector

Key clients


Monroe Capital Management Advisors

Huf International


AB&C Leasing


Scotiabank Inverlat

Banco Nacional de Comercio Exterior (Bancomext)


Work highlights

  • Represented Credijusto in connection with the negotiation of a $50m loan granted by Goldman Sachs backed with accounts receivable originated by Credijusto.
  • Represented the lender on the amendment to the credit agreement entered into by and between Monroe Capital and AN Global, as borrower, to increase the loan amount up to $50m.
  • Acted as Mexican legal counsel of Huf International on the negotiation of a full restructure of its global debt; value €250m.

Bello, Gallardo, Bonequi y García, S.C.

Bello, Gallardo, Bonequi y García, S.C. is a popular choice among many international and local clients, and is well-known for its high specialization in compliance, banking regulatory issues and financings in Mexico. The 19-strong team, which has also developed a significant fintech practice, is led by Miguel Gallardo Guerra, a frequent advisor to big-name financial institutions on both regulatory and compliance matters. Other highlighted names of the department include partner Juan Carlos Morales, who is also prominent in handling corporate mandates; and senior associate Javier Pérez.

Practice head(s):

Miguel Gallardo


The people who attended us from Bello, Gallardo, Bonequi y García are incomparable and surpass expectations. They are excellent professionals and unique human beings with an unbeatable sense of service.

We had a lot of contact with Miguel Gallardo, he was always attentive to the evolution of the work, always ready to help in the best possible way, directing his team in the best way to achieve the desired objective with concrete, quick answers, unbeatable attention and always with the best service attitude.

Faced with a very tight schedule to complete the requested operation and multiple comments from the counterparts and the reviewing authority, the firm gave prompt and professional attention to any request for information.’

Miguel Gallardo Guerra, as a partner, was personally involved in every requirement. Not only in the entire process of the operation but also in the face of additional requirements from intermediaries and external auditors, providing the necessary information and supporting documents. Unlike other firms, he put the relationship with the client first and understood the possibility of a long-term relationship instead of each requirement involving an additional payment – that is only achieved with a lawyer who understands the stages and complications that a delicate operation in the capital market brings in a volatile environment.’

Key clients


Alternativa Financiera Prosesa

Amicorp México

Banco Inmobiliario Mexicano


Banco Sabadell

Banco Santander

Banco Mercantil del Norte


Bloom Emprendedores

Braskem México Proyectos

Capital Vertical Promotora Empresarial

Crecer Solución Inmediata

Credisocial México

Credit Suisse

Crédito Especializado Stándar

Crédito Real

Daimler Financial Services

Deutsche Bank México

Deutsche Securities


Engenium Capital




Grupo Capital Vertical

Impulso Crédito Empresarial

Industrial and Commercial Bank of China Mexico (ICBC)

Mercado Libre

Morgan Stanley México

Multi-Apoyos de Capital

Mutua Altiplano

Palace Resorts Capital


Servicios Liquick

Structura Capital Management

Toyota Financial Services

UBS Asesores México

Vinta Capital

Vision F México

Evo Payments

Banco Multiva

Volkswagen Leasing

Nu Bank


Work highlights

  • Advised Pemex on the issuance of MX$100bn debt securities.
  • Providing compliance and banking services on an ongoing basis for Citibanamex.

CMS Woodhouse Lorente Ludlow

The banking and finance department at CMS Woodhouse Lorente Ludlow has experienced substantial growth thanks to the January 2020 hire of Raúl Zepeda (formerly managing partner at ONTIER México), who boosts the practice particularly regarding financial regulatory issues. Considered by some clients as ‘true business partners’, the team, which specializes in public-private partnerships, advises lenders and borrowers, including federal and local governments, private developers, national and international banks and other financial institutions, on obtaining all types of loans necessary to implement projects, especially in the infrastructure segment. Other noted members of the practice include partner César Lechuga, who focuses on real estate financing.

Practice head(s):

Raúl Zepeda


The best team we’ve seen and worked with

They are true business partners, with direct and daily contact in order to establish achievable milestones

We have the fortune not only to have excellent legal advisors, but to also call them our friends; such is the case with Enrique Llorente, César Lechuga, Marcia Santome, Giancarlo Schievenni, María José Estrada and Ernesto Castañeda. Each and every one of them is empathetic, they know how to listen, they accept criticism, they have a sense of commitment, are enthusiastic and accept responsibilities.

Work highlights

  • Assisted a pool of shareholders of Unión de Crédito Progreso in the acquisition of Bankaool, Institución de Banca Múltiple. The estimated aggregate value of this transaction was approximately $310m.
  • Assisted Ocean Desk on the regulatory frame, as well as banking and fintech legal assistance, for the establishment of cryptocurrency ATMs located in Cancun in terms of Mexican regulations.

Cuesta Campos y Asociados S.C.

Operating from its three offices across the country (Mexico City, Guadalajara and León), Cuesta Campos y Asociados S.C.'s banking and finance practice has notable expertise advising international banks on asset-based lending transactions. Founding partner Hugo Cuesta and partner Azucena Marín co-head the team, which also provides top-notch legal counsel on corporate finance, restructuring, syndicated loans, project finance, secured credit transactions, industrial mortgages, guarantee trusts, bridge loans, letters of credit, and public and private debt securities offerings. The department was further reinforced in 2019 with the incorporation of senior associate Andrés Urquidi, formerly at White & Case S.C., who has significantly bolstered the team’s fintech expertise.

Key clients




Twin Brook Capital Partners

Goldberg Kohn

Redwood Ventures

JP Morgan

Bank of America

LBC Credit Partners

Work highlights

  • Represented JP Morgan in the execution of a revolving credit agreement and implementation of security interest by several of Adient’s affiliates in Mexico; value $1.2bn.
  • Advised Bank of America on the implementation of a secured, asset-based lending credit agreement, between the client and LABL Incorporated, among other borrowers, as part of a transaction to purchase Multi-Color Corporation.

Hogan Lovells

Hogan Lovells' banking and finance team is recommended for its expertise in regulatory and transactional work, with a particular emphasis on sub-sovereign finance. Backed by the firm's international network, the practice –which operates from its offices in Mexico City and Monterrey – regularly advises foreign banks; states and municipalities; and non-traditional lenders such as funds and SOFOMs, and has reinforced its presence in the fintech sector. The 14-strong department includes René Arce, who is highly reputed for his skills in sub-sovereign finance; Federico de Noriega, who focuses on cross-border financing, project finance and asset-backed loans; and Aldonza Sakar, who was promoted to counsel in January 2021.


They have extensive experience in highly complex financing issues. They are fast and practical when working. It undoubtedly compares with any top-notch office.

They have personalized attention and are business oriented. They differ in being flexible, having a lot of availability and the speed and quality of their work and attention.’

Federico de Noriega stands out for his knowledge and proactivity.’

Key clients

Banco Santander

Alloy Merchant Finance

MexCat Ad Hoc Bondholders Group

Tala Mobile

IPF Digital

Estación de Compresión Soto La Marina

Mercado Libre / Mercado Lending

State of Nuevo León

Consulting Group

Work highlights

  • Advised Mercado Lending in one of the first fintech loans in Mexico: a $50m warehousing loans facility granted through its web platform and arranged by Goldman Sachs.  
  • Advised the State of Nuevo León on obtaining credit facilities of $70m and $45m for a new train line in Monterrey, following a five-year process.

Robles Miaja, SC

Corporate-finance boutique Robles Miaja, SC has a small but very able banking and finance practice, led by Rafael Robles, a renowned figure in the market, especially praised for his finance and securities work. The team has considerable cross-border capabilities and expertise developed through working with a handful of core clients and a number of important financial institutions. María Luisa Petricioli Castellón is a key practice group lawyer.

Von Wobeser y Sierra, SC

The practice at full-service firm Von Wobeser y Sierra, SC is a strong choice for regulatory matters, issues related to financial operations, credit and debt restructurings, and project finance, among other areas of expertise. A frequent advisor to debtors, lenders and guarantors, both domestic and foreign, the team is led by senior partner Luis Burgueño  and finance specialist Alberto Córdoba, who made partner in January 2020; both of them have particular experience in the energy sector. Associate Eugenio Chinchillas, whose practice includes banking and finance; corporate, structured and project finance;  and fintech (along with securities and capital markets), is also noted. However, former practice head Andrés Nieto exited to Creel Abogados, SC in May 2020.  

Practice head(s):

Luis Burgueño; Alberto Córdoba


Their strengths are customer service, quality of service, proximity and price

Eugenio Chinchillas is an excellent lawyer. He is approachable and always willing to serve us.

Key clients

Accendo Banco

BAC Florida Bank


China Construction Bank

Daimler Financial Services



Evo Payments


Faurecia Sistemas Automotrices de Mexico

Grupo Modelo

JP Morgan Chase

Landesbank Baden-Württemberg (LBBW)



Orlegi Sports

The Coca-Cola Export Corporation



Work highlights

  • Advised Daimler Financial Services on assessing the legal and regulatory requirements and structuring required to migrate their onboarding procedures and execution of key financial contracts to a digital platform.
  • Advised Enerflex on the negotiation and execution of a second amendment to an existing highly complex credit facility between the company and several international banks.

Basham, Ringe y Correa, S.C.

Full-service firm Basham, Ringe y Correa, S.C. takes pride in its 'home-grown' banking and finance team, led by seasoned expert Miguel Angel Peralta, who is frequently sought out by clients for his experience assisting on lease financing, syndicated loans and project finance. Support comes from partner Pedro Said, who focuses on national and international transactions, including structuring and reorganization financings, guarantees and securities, stock exchange securities, bonds, and other corporate and banking transactions.

Practice head(s):

Miguel Angel Peralta

Key clients

Crown Holdings

Crown Cork & Seal

Mexican subsidiaries of Crown Cork & Seal

Bank Leumi le-Israel


HSBC Corporate Trustee Company (UK)

JP Morgan Grupo Financiero

Work highlights

  • Represented ten of Crown Holdings’ subsidiaries in a restructuring of a public offering made by Crown Holdings, specifically in connection to the guarantees provided by its Mexican subsidiaries; value €835m.

Curtis, Mallet-Prevost, Colt & Mosle S.C.

Curtis, Mallet-Prevost, Colt & Mosle S.C.'s practice has experienced some growth in recent years thanks to the group's focus on private sector clients, although its core strength remains advising state-owned entities on infrastructure and project financings, with a particular focus on the oil and gas sector. The ‘outstanding’ seven-strong team is led by Rodrigo Valverde, who is praised by clients for his ‘great knowledge of the industry and its players’ and for his ‘astonishingly fast’ response time.

Practice head(s):

Rodrigo Valverde


Very complete team and always well prepared

Rodrigo Valverde has a great knowledge of the industry and its players. His response time is also astonishingly fast

The team is outstanding

They are always on top of us and ahead of our needs. They are deeply involved in the matters and understand very well the position, objectives and concerns of their client. They take great care of the client’s interests

Key clients

PNC Bank

Grupo Posadas

Banco Nacional de Obras y Servicios Públicos (Banobras)

Banco Nacional de Comercio Exterior (Bancomext)

Nacional Financiera, SNC (Nafin)

Deloitte Legal Mexico

Head of legal for the LatAm region and global head of corporate Ramón Bravo heads the respected banking and finance practice at Deloitte Legal Mexico, which acts on both the lender and borrower side. The team, including senior manager Héctor Cuevas; and March 2019 arrival senior associate Martín Cortina (formerly at Galicia Abogados S.C.), covers the full range of  financing matters. Notably, corporate, acquisition and structured finance; restructuring procedures and leveraged buyouts; and regulatory work and project finance across an array of sectors including energy, renewables, mining, and oil and gas.

Practice head(s):

Ramón Bravo

Key clients


Iniciativa Climatica de Mexico

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

Valvulas Worcester de Mexico

Smiths Group

Secretaria de Comunicaciones y Transporte

GlobalSantaFe Drilling

Inter-American Development Bank (IDB)

International Finance Corporation (IFC)

Work highlights

  • Advised Iniciativa Climatica de Mexico on the legal and regulatory design for the implementation of a Mexico City pilot project consisting of the acquisition, installation and leasing of 15,000 solar panels for distributed energy.  

DLA Piper Gallastegui y Lozano

Bolstered by the firm's large international network, the team at DLA Piper Gallastegui y Lozano acts for lenders, underwriters, issuers and investors on inbound, outbound and domestic matters, including syndicated lending facilities and Rule 144A/Reg S bond offerings, complex structured financing and securitization transactions, as well as for companies, creditors and financial advisors in debt restructuring and liability management transactions. Partners Edgar Romo, Diego Martinez and Jorge Benejam and managing partner Eduardo Gallastegui stand out as active members of the practice.


‘Highly specialized team, with great speed in response and anticipation to customer needs’

‘Very experienced lawyers with deep technical knowledge in the area. Edgar Romo is an excellent advisor in the area of financing’

The team led by Edgar Romo stands out for its knowledge of the subject, its negotiating skills and its effectiveness in implementing operations. Without a doubt, it is one of the best teams in this sector

Edgar Romo masters the theoretical and practical part of this type of operation, which provides great peace of mind in the preparation and negotiation of contracts, but without a doubt, his empathy with the client and his exceptional treatment are difficult to achieve by partners of other firms

Key clients

Mantenimiento Express Marítimo

Arrendadora Aeronautica


Banco Nacional de Comercio Exterior (Bancomext)

Acciona Energía / Bio Fields

Samsung Electronics Mexico

Crédito Real


Work highlights

  • Represented Alsea in the €110m senior secured term loan facility granted by Coöperatieve Rabobank to Britania Investments in connection with the extension of certain put and call options-rights between Alsea and Britania for the ownership of Grupo Vips in Spain.

FLAG (Finance Law Advisory Group)

In just over a year, boutique firm FLAG (Finance Law Advisory Group) has managed to carve out a name for itself in the banking and finance market. Led by respected structured finance expert Boris Otto, formerly at Holland & Knight, the practice also has deep experience in all types of sub-sovereign financing representing both financial institutions and arrangers as well as the states and municipalities themselves. Adrián Cabrero is another noted partner on the team, which advises a growing list of clients ranging from more traditional banks to younger and more innovative companies.

Key clients

Goldman Sachs (USA)

Grupo Financiero Intercam 

MXC Capital 

Work highlights

  • Assisted Goldman Sachs with an amendment to the security package of a foreign exchange transaction granted to a transnational Latam private equity fund resulting from the corporate restructure of a Mexican transportation company.

Haynes and Boone, SC

The five-strong practice at Haynes and Boone, SC handles all types of transactional and regulatory matters, including finance transactions, commercial lending, and syndication and guarantee structures. In recent work, a team led by counsel Eduardo Corzo advised Bancomext on a MX$250m loan to a Mexican consortium as part of a build, own and operate project finance for the new aquarium of Mazatlán, Sinaloa. This was a government project, which included public funding and a PPP arrangement.

Practice head(s):

Eduardo Corzo

Key clients

Banco Nacional de Comercio Exterior (Bancomext)

Work highlights

  • Represented Bancomext on a $7.5m loan for an onshore oil exploration block.

Jáuregui y Del Valle, S.C.

The banking and finance practice at Jáuregui y Del Valle, S.C., led by Alberto Balderas and Fernando Alonso-de-Florida, keeps growing on the fintech front, assisting companies like PayU Latam with all its regulatory matters regarding payment networks. Clients can also benefit from the ten-strong team's expertise in securitizations; secured and project finance; real estate finance; leasing and structurally enhanced products, along with corporate lending, distressed financial assets, derivatives and trading.


They go the extra mile to fit tight and time critical deadlines

They provide sound, commercial advice and are responsive to client needs

Key clients

PayU Latum

Aseguradora Patrimonial Vida

Bank of Montreal

Stenn International


Optal Financial


Work highlights

  • Advised Bank of Montreal on a $41.2m financing granted to Jonathan Manufacturing Corporation.

Müggenburg, Gorches y Peñalosa, S.C. (MGPS)

Pablo Gómez Sáinz and Luis Gerardo Ramírez head the small but solid banking and finance practice at Müggenburg, Gorches y Peñalosa, S.C. (MGPS). The group uses its broad expertise to advise on all aspects of financing, particularly corporate finance (including acquisition and leveraged finance), asset and project finance, and regulatory matters. The department also handles cross-border financing and advises clients requiring financings and the implementation of associated security packages in Mexico.


Immediate responsiveness, knowledge, attention over the years. Excellent interaction and results with Luis Gerardo Ramírez Villela

Key clients

Banco Actinver

Haitong Bank & Novo Banco

UBS Grupo Financiero

ING Corporate Investments Mezzanine Funds

Banco Santander, Caixabank & Bankia

Tecnicas Reunidas

Work highlights

  • Represented Haitong Bank and Novo Banco, as lenders, in the negotiation of the termination and cancellation of a loan agreement and associated security documents granted in Mexico.

Pérez Correa González

The banking and finance capability of the former SOLCARGO moved to successor firm Pérez Correa González following the former's dissolution in December 2020. The practice group had already been reinforced back in August 2019 with the arrival of noted sector-specialist Jorge Labastida (from Thompson & Knight LLP) adding profile in the sector. His incorporation has increased the department's capabilities, especially regarding asset-backed and structured finance; the group also handles project finance, real estate finance, securitizations, multi-jurisdictional tax-advantaged finance transactions, and structured leasing. Labastida co-heads the team in conjunction with Fernando Eraña, who has solid, cross-border finance transaction credentials. The department regularly advises major local and international clients from the financial, technology, consumer goods, energy, fintech and infrastructure sectors, among others.

Key clients

United States International Development

Finance Corporation

BMO Harris Bank

Credit Suisse Mexico, Asset Management Division

BlueOrchard Microfinance Fund

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advised United States International Development Finance Corporation in the negotiations and structuring of a secured loan for Mexican SOFOM Bien para Bien. The deal value was $20m.

Sánchez Devanny

Three partners lead the practice at Sánchez Devanny; Monterrey-based Ernesto Silvas-Medina, who focuses on mergers and acquisition financing and restructuring; Francisco Andres Gamez-Garza, who primarily handles commercial lending for the industrial sector; and real estate financing expert Diego Gómez-Haro Katznelson, who operates from Mexico City. Key support comes from senior associates Jaime Moreno-Treviño and Debby McKey, both from the Monterrey office. The eight-strong team, which also acts for private equity clients on debt financing acquisitions, remains a popular choice for banks, borrowers and investors due to its experience in cross-border loans, securities, syndicated multi-jurisdictional loans, bonds issues and fund formation.

Key clients

Constantia Flexibles Holding (Wendel)

Barclays Bank

JP Morgan Chase Bank

KeyBank National Bank


Akbank TAS

Banque Pictet


Work highlights

  • Advised Bancomext on a MX$350m financing for Mexican real estate developer Carrera Corporation.

Vázquez Aldana, Hernández Gómez & Asociados

Based in Guadalajara, from where it has developed a substantial client roster particularly in western Mexico, Vázquez Aldana, Hernández Gómez & Asociados has considerable expertise in financial and banking matters. Seasoned partners Felipe Vazquez Aldana and Fernando Hernandez co-head the 12-strong practice, which advises clients on a range of loan and financial transactions, including securitised credits involving mortgages and trust securities, with a particular profile in the construction, real estate, industrial, automotive and commercial sectors. Key support comes from senior associate Guadalupe Llamas López, who is noted for her capabilities in loan transactions and the incorporation of collateral securities with different financial institutions.


It is a highly professional and very well qualified office. They offer a quality service

They have outstanding lawyers such as Felipe Vazquez Aldana, Fernando Hernandez Gomez and Guadalupe Llamas