Banking and finance in Paraguay


Ferrere‘s banking and finance team has been involved in significant capital market deals involving Paraguayan corporations and key bond programs registered in Paraguay. The team provides a wide range of financing services to local corporations, international banks and multilateral organisations, including regulatory compliance work and advice on private banking and wealth management activities. Carlos Codas leads the practice and provides legal advice on banking, insurance and financial law; he also works on the legal structuring of all types of financial products and transactions. Néstor Loizaga represents foreign banks and multilateral organisations in a wide range of banking and finance transactions, while Carlos Vasconsellos focuses on international corporate finance, acting for financial institutions on corporate and structured finance transactions. Codas will replace Loizaga as office manging partner from January 2024 onwards, in line with the firm's policies for the development of leadership capabilities. At associate level, Claudia Arietti, Pamela Lezcano and Maurizio De Oliveira are key members of the team.

Practice head(s):

Carlos Codas


Ferrere has a great team, with a great depth of knowledge in many areas of expertise. Its advice to us covers (among others) tax, labour, regulatory, corporate, and our companies use the firm for matters related to banking, brokerage, securities, and mutual funds.’

I mainly work with Pamela Lezcano and Carlos Codas. They provide us with legal opinions and content in a very expedient manner. I have recommended their services to a number of local and foreign colleagues and expect to continue teaming up with them.

Key clients

Puente Administradora de Fondos de Inversión

Consorcio del Sur

IDB Invest



Agence Française de Développement (Proparco)

CAF (Andean Development)


Avalon Administradora de Fondos Patrimoniales de Inversión

Banco Santander Uruguay



Financiera Ueno

Solar Ahorro y Finanzas

Regional Administradora de Fondos Patrimoniales de Inversión

Punto Farma

Work highlights

  • Advising Rabobank, the major shareholder of Banco Regional, on the merger of Banco Regional with Banco Sudameris.
  • Retained by Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden (FMO) on an unsecured financing facility to Bancop for an aggregate amount of up to $30m.
  • Advising Ueno on obtaining a license from the Central Bank of Paraguay to operate as a local bank.

Estudio Jurídico Gross Brown

Estudio Jurídico Gross Brown‘s banking and finance team has a comprehensive knowledge of banking regulations, and handles significant financial deals and transactions. The firm has extensive experience in cross-border transactions and advises high-profile national and international clients, including Sudameris and Citigroup. Practice co-head Jorge Gross Brown has extensive experience in the practice area and advises clients on a full range of banking and financing matters. He heads the team alongside Sigfrido Gross Brown, who takes a lead role in many of the firm’s key cases. At the associate level, Pablo Debuchy has experience in cross-border transactions and Kamila Gimenez has an in-depth knowledge of banking regulations. Camila Basili represents lenders in financial transactions and has an intricate understanding of securitisation under Paraguayan law.

Practice head(s):

Jorge Gross Brown; Sigfrido Gross Brown


The firm has a team of professionals with in-depth knowledge of the area, constantly updating regulations and banking practice, which makes a difference compared to other firms. Jorge Gross Brown has knowledge of banking sector law and practice, as well as creativity in approaching solutions.

Pablo Debuchy is always up-to-date on the matters, offering clarity in his opinions and availability.

The firm’s strengths include efficient response times and noticeable improvement in the adoption/non-rejection process of innovative and disruptive ideas.

Key clients

Sudameris Bank

Paraguayan Bank Association (Asoban)

Multilateral Investment Guarantee Agency (Miga)


Citigroup Global Markets and Santander

Banco GNB Paraguay

Banco Itaú Paraguay

Goldman Sachs & Co

BTG Pactual


Provalor Créditos E Inversiones

Financiera Ueno


Work highlights

  • Advising Goldman Sachs & Co as the arranger and potential financing party for Paracel in a $2bn project finance for the construction and operation of a greenfield pulp mill.
  • Advising Citigroup Global Markets and Goldman Sachs & Co in the eleventh issuance of 3.849% sovereign bonds of the Republic of Paraguay.
  • Advising Sudameris as the lead arranger on a syndicated loan for $120m for Paracel Forestal.

Vouga Abogados

Vouga Abogados advises clients on a range of banking and finance matters, including multilateral loans, project financing, security structuring and the issuance of bonds. The team works with both national and international clients, such as Paracel and Banco Santander, and has extensive experience in cross-border transactions, often assisting multilateral credit agencies with operations in Paraguay. The firm recently created a specialised venture capital department, and also has a specific team, processes and protocols for the handling of collateral in financing deals. Cynthia Fatecha specialises in trusts, mutual funds, securities markets and capital markets regulations, and heads the team alongside Carlos Vouga, who takes a lead role in many of the firm’s most complex transactions. Rodolfo Guillermo Vouga also takes the lead on some key matters, and is praised by clients. Associate Georg Birbaumer is an active member of the team, who has experience in cross-border transactions, with a particular focus on financing and capital market matters. Cecilia Vera and Andres Vera are associates to note.

Practice head(s):

Cynthia Fatecha; Carlos Vouga


It is very reactive, quick to respond and very professional. Its level is well above other law firms in the same jurisdiction.

Carlos Vouga has provided me with excellent services. He always responds on time, in a very complete and profound way.

Georg Birbaumer is very attentive and provides adequate information in a timely manner.

The team has a proven expertise in capital markets and deal structuring. As a strong point, I would like to highlight the experience of the team together with lawyers that are updated with the changes in law and regulations.

The team of lawyers at Vouga handles the structure of the loan agreements with which we work as development banks very well. It has a quick response capacity. It uses technological resources such as CRM very well to keep us informed of relevant changes in the local regulatory framework.

The team speaks English very well, which is why it facilitates quick communication when stakeholders who do not speak Spanish must be involved. The partners Carlos Vouga and Rodolfo Vouga advised as local lawyers in two OPEC fund transactions, and they provided quick results in less time than other firms in similar transactions.

The firm has knowledge of the banking and finance industry (both local and international), and is able to advise foreign banks and even propose better solutions or alternatives to those initially agreed.

Availability of the partners to deal with a case (Carlos Vouga), a very well trained team in all its lines and outstanding service quality.

Key clients

Banco De Desarrollo De America Latina (CAF)

Banco Santander

TMF Group

Bolsa De Valores Y Productos De Asunción (Asunción Stock Exchange)

BTG Pactual

WorldBusiness Capital (WBC)


Tape Pora

Banco Aliado

Itau BBA

ACWM Casa de Bolsal

Clariden Leu Bank (Credit Suisse Group)

Deutsche Investitions Und Entwicklungsgesellschaft (DEG)

Bid Invest (BID)

Banco Itau Paraguay

Latin American Agribusiness (LAAD)

Development Corporation

John Deere Financial Chile

Incofin Investment Management / Rural Impulse Fund

Towerbank International


Banco Río

Visión Banco

Santander Investment Securities

JP Morgan Securities



Cargo Line Paraguay

Work highlights

  • Advising Paracel on the development of a greenfield cellulose plant for approximately $4bn.
  • Advising the financiers to BSBIOS Paraguay, in a project finance deal for the construction and operation of a biofuel plant in the region of Villeta, Paraguay.
  • Advised Banco Santander on the financing transaction for the acquisition of the Brazilian company Vale by J&F Investimentos, which included the acquisition of a Paraguayan subsidiary Transbarge Navegación.

BKM | Berkemeyer

BKM | Berkemeyer‘s banking and finance team offers advice on the full spectrum of Paraguay’s financial market. The team has experience in both domestic and international transactions, in which the group represents all sides, from lenders to borrowers to structuring entities. The firm is actively involved in capital markets transactions and acts as the attorney to the Paraguayan stock exchange. The leasing and sales of aircrafts is another area of expertise. The team is led by Hugo Berkemeyer, the firm's figurehead; Manuel Arias, who leads the firm’s banking and capital markets practice, with extensive experience advising high-profile local and international banks; and Martín Carlevaro, who takes charge of the dedicated infrastructure and project finance practice which, alongside Arias’ banking team, has been involved in the financing of some of Paraguay’s key public infrastructure project finance deals in recent years. At the associate level, Milena Sljivich‘s experience at the attorney general’s office brings a public sector insight to finance matters. Senior associate Andres Nasser has experience and proficiency in banking regulation, and at associate level, Adriana Ocampos and Alvaro Rojas come with client recommendation. Gastón Segovia joined the team as an associate from the National Securities Commission in 2022.

Practice head(s):

Hugo Berkemeyer; Manuel Arias; Martín Carlevaro


It has extensive experience in project finance, with an interdisciplinary team, in national and international transactions.

Martín Carlevaro has extensive experience in project finance, including international experience. He is not only involved in projects in Paraguay, but also in other countries, which means that he contributes international practices in financing structuring. Adriana Ocampos has extensive experience in administrative procedures, with precise knowledge of applicable local law. Alvaro Rojas stands out in the drafting of international financing contracts, having knowledge of practices in other countries.

A team of lawyers always up-to-date on the various legislations, giving a global vision.

We recommend Martín Carlevaro and Milena Sljivich.

Key clients


Banco Continental

Banco Itaú Paraguay

NeoGreen Hydrogen

FCE Bank

ING Capital


Consorcio Corredor Vial Bioceanico

Rutas del Este

GLT Funding

Prosegur Paraguay


Wilmington Trust

Puente Casa de Bolsa

Gletir Casa de Bolsa

Cadiem Casa de Bolsa

Investor Casa de Bolsa

Bolsa de Valores de Asunción

Firstlink Network

Telefonica Celular del Paraguay

Mango Payment

Avalon Casa de Bolsa

Work highlights

  • Advised BSBIOS on the development of the Omega Green Project.
  • Advised Rutas del Este in a new bank loan for $29m with local bank Sudameris, under Paraguayan law, used for financing for the Variante the Itacurubi of the PY 02 Road Project in Paraguay.
  • Acting for Centro Médico Jerovia, a hospital complex, in association with Mount Sinai Hospital in New York, on seeking accreditation by the Joint Commission International.

Moreno Ruffinelli & Asociados

Local banks in Paraguay continue to rely on the banking and finance team at Moreno Ruffinelli & Asociados for advice on all legal aspects within the practice area. The firm counts Sudameris, Bancop and Agencia Financiera de Desarrollo (AFD) among its banking and finance clients, offering advice on both cross-border matters, and transactions aimed at increasing economic growth in Paraguay. With extensive experience in the legal market, José Moreno Ruffinelli leads the team. He is supported by Maria Esmeralda Moreno and Roberto Moreno. Mercedes Gimenez comes with client recommendation as 'efficient in corporate and banking matters'.

Practice head(s):

José Moreno Ruffinelli


It has recognised professionals in different fields of law, with a wide trajectory and providing comprehensive advice.

Mercedes Gimenez is efficient in corporate and banking matters.

Key clients

Agencia Financiera de Desarrollo (AFD)


Sudameris Bank

Gical Almacenes Generales de Depósito

Work highlights

  • Advised Sudameris Bank on a senior loan with DEG, FMO, and Proparco.
  • Advised Iso on the legal structure of a real estate trust.
  • Advising AFD on the negotiation process of an uncommitted and non-revolving line of credit to be granted by Corporacion Andina de Fomento.

Olmedo Abogados

Olmedo Abogados is retained by major banks in Paraguay to structure and close complex transactions, as well as by financial institutions to provide day-to-day advice. The team offers advice on a wide range of banking matters, including fiduciary issues, debt structuring, syndicated project finance and credit facilities. The banking and finance practice has a strong trust department, led by practice co-head Graciela Royg, that works on creating new types of trusts in order to expand clients’ businesses. Royg leads the wider banking and finance team alongside Gustavo Olmedo, an expert in foreign investment and public bidding, and Ana Peña who has extensive experience in litigation and contributes to the firm’s strong litigation team. Alejandra Olmedo and Jose Vargas Peña participate in some of the firm’s key transactions, and Carolina Lebrón is a further name to note.

Practice head(s):

Gustavo Olmedo; Ana Peña; Graciela Royg


We note the agility and complete assistance, with the permanent presence of Gustavo Olmedo.

The predisposition to informal consultations with immediate and accurate responses.

Graciela Royg stands out for her great knowledge, clarity and predisposition.

Key clients

Banco Regional

Compañia Administradora De Riesgos (Carsa)

Cater Piller Financial Services

Financiera Paraguayo Japonesa


Amtrust Gestion Paraguay

Work highlights

  • Advising Banco Regional on its merger by absorption by Sudameris Bank.
  • Assisting Compañia Administradora de Riesgos with the review and negotiation of agreements for the purchase of credit portfolios, restructuring client debts, financing contracts with third parties and credit granting.
  • Advising Caterpillar Financial Services on the negotiation with its clients for the restructuring of debts.


Having entered the market in November 2021, Colab continues to grow as a firm. The banking and finance team benefits from the extensive experience of founding partner Jorge Gross Brown, and offers advice on complex financial transactions, project finance, capital markets, banking regulations and cross-border finance. The firm has recently taken on significant new clients, such as Atome Energy. At the associate level, Mauricio Salgueiro comes with client recommendation for his 'great expertise in financing', handling negotiations and advising key clients including IDB Invest. Juan Pablo Zaputovich and Paola Sapienza also play active roles in the team.

Practice head(s):

Jorge Gross Brown


Colab is knowledgeable about clients’ industries and the market practices, and its effective application to the needs of the transactions in which their advice was required is noted. On the other hand, it stands out in proactivity and problem solving. The cost of its services is competitive, which complements the quality of its service and makes it a highly efficient provider.

The firm’s lawyers demonstrate excellent technical skills and knowledge. They are also extremely proactive and predisposed, always in pursuit of the satisfactory execution of transactions. In a short time of working together, they quickly earned our trust. We have worked with Juan Pablo Zaputovich, an excellent lawyer and colleague who also promotes the generation of new businesses and labour relations that exceed our expectations.

It is a team of lawyers with a much higher expertise in the area of financing and, at the same time, that is flexible and contributes innovative ideas in the application of law.

Key clients

IDB Invest


Atria Logistica

FIC Finanzas

US International Development Finance

Corporación Andina de Fomento Holding

Atome Energy


Fundación Moisés Bertoni

Salum & Wenz

Torrecom Partners

Work highlights

  • Advising IDBA, IDB Invest, US DFC, CAF, and JICA as lenders in the Paracel project for the construction of an integrated greenfield sustainable pulp mill located in Paraguay.
  • Advising Atome Paraguay on a project financing of a 420MW world-scale green hydrogen and ammonia plant to supply Paraguay and the region’s agricultural and fertiliser markets with sustainable alternatives.
  • Advising IDB and IDB Invest in a secured project financing for the design, development, construction, and operation of a new tertiary hospital in Asuncion, Paraguay in affiliation with Mount Sinai International.

Palacios, Prono & Talavera

Palacios, Prono & Talavera advises key banks in Paraguay, such as Banco Basa and Banco GNB. The banking and financing team also advises corporate clients on various financing structures, such as loan facilities and bond issuances. The group is led by Carlos Palacios and Raúl Prono, who each have more than 4o years of experience in banking and finance matters. Leticia Prono has also taken a lead role in some of the firm’s key transactions. Raúl Prono Zelaya leads the firm’s Ciudad del Este office, handling a number of banking and finance transactions, with a particular focus on the agribusiness industry.

Practice head(s):

Carlos Palacios; Raúl Prono

Key clients

Banco Basa

Banco Sudameris

Banco GNB Paraguay

Banco Nacional de Fomento


Royal & Sun Alliance





Trafigura PTE




Glymax Paraguay

Somax Agro Paraguay

Bunge Paraguay

Stoller Paraguay

Distribuidora del Paraguay

Bebidas del Paraguay

Agropecuaria Campos Nuevos

Work highlights

  • Advised Banco GNB Paraguay on its merger by absorption of BBVA Paraguay before the Central Bank of Paraguay and the National Competition Commission.
  • Assisted Cecon with a $27.5m corporate bond issuance as part of the financing for the construction of a cement and lime plant.
  • Advised Banco Basa on the opening of an insurance company to operate in the Paraguayan market.

Altra Legal

The banking and finance team at Altra Legal continues to provide comprehensive advice to long-standing client Finlatina de Finanzas and its fiduciary. The team has also been expanding into the fintech sector, advising clients on the creation of companies related to digital wallets and cryptocurrencies. Practice co-head José Antonio Moreno Rodríguez specialises in corporate, banking, capital markets, foreign investment, and international contracting. He leads the team alongside Adriana Sánchez Mussi, who focuses on banking, finance and investment. Associates Gabriela Melgarejo Allen and Larissa Lacout Podestá are also active members of the team.

Practice head(s):

José Antonio Moreno Rodríguez; Adriana Sánchez Mussi

Key clients

Finlatina de Finanzas

Fiduciaria de Finlatina de Finanzas

Banco Itaú Paraguay





Crediminuto Smartphones

Work highlights

  • Advising fintech company Mutech on its daily operations.
  • Advising Finlatina de Finanzas on specific regulatory issues.
  • Advising Finlatina de Finanzas on the structuring of its financial operations with its clients.

Fiorio, Cardozo & Alvarado, Attorneys at Law

Fiorio, Cardozo & Alvarado, Attorneys at Law fields a team that specialises in capital markets and the domestic banking market. The firm counts domestic banks amongst its long-term clients, having advised such clients for over 20 years. The team is led by Juan Bautista Fiorio and Marcelo Alvarado. José María Cardozo and Jorge Angulo are other names to note.

Work highlights

Mersán Abogados

The banking and finance team at Mersán Abogados has experience in structured finance transactions, bond issuance and project finance. The firm offers advice on capital markets, and the development of new banking products. The team advises a number of national and international banks, such as Banco Itaú and Banco do Brasil. Pablo Cheng Lu leads the team, supported by associate Romina Cardozo León.

Practice head(s):

Pablo Cheng Lu


Excellent – Pablo Cheng Lu is brilliant, with great knowledge of the customs of the country.

Key clients

Banco Itaú Paraguay


Banco do Brasil

Bolsa de Valores y Productos de Asunción

Corporación Interamericana de Inversiones

San Francisco (Puerto de Caacupemí)

Itaú BB Brasil

United Nations

Verbank Securities Casa de Bolsa

Sudameris Bank

Sudameris Leasing

NB Casa de Bolsa

Work highlights

Parquet & Asociados

Capital markets transactions are a particular focus of the banking and finance team at Parquet & Asociados, which also advises national and international clients on a range of other matters in the area. Creation of trusts, bond issues and banking regulations are among its other fields of strength. Practice head Javier Parquet Villagra has extensive experience advising the Paraguayan state and public entities, including the National Development Bank, and has participated in the drafting of several statues and laws in the practice area. At the associate level, Daniel Artaza has experience in banking regulations, and provides support across a range of transactions. David Dominguez assists with PPP projects and works with the anti money laundering team. Blas dos Santos joined as a senior associate from private practice in September 2022.

Practice head(s):

Javier Parquet Villagra.

Key clients

Ministry of Finance

National Development Bank (BNF)

Oppenheimer & Co.

Altamira Group

La Perseverancia, Pedro Zuccolillo

Paraguayan Chamber of Real Estate Developers (Capadei)

Work highlights

  • Advising La Perseverancia on a guarantee trust in order to expand the funding of a large-scale real estate development project in Paraguay.
  • Advised Capadei on compliance with money laundering prevention regulations pertaining to its role in the real estate market.
  • Providing legal counsel to the Republic of Paraguay in the sovereign bond emission of January 2022 of $500m and in the repurchase of the 2023 bond for $212.9m and the 2026 bond for $72.9m.

Peroni Sosa Tellechea Burt & Narvaja

The banking and finance team at Peroni Sosa Tellechea Burt & Narvaja advises foreign financial institutions, including investment banks and credit institutions, on the establishment of operations in Paraguay. Practice head José Luis Vega Meza has extensive experience in the insurance sector, assisting insurance and reinsurance companies with authorisations, compliance matters and potential disputes. Graciela Narvaja's range of clients includes private equity firms, multilateral institutions, and national and international corporate clients.

Practice head(s):

José Luis Vega Meza

Key clients


Banco Itaú Unipersonal


Lloyd Bank

Macquarie Group

Sancor Seguros

UBS Bank


Zurich ReInsurance

Work highlights

  • Advising Lawen Resources and IGC Group of Guatemala on the acquisition of Azucarera Iturbe.
  • Advising Penguin Infrastructure on the construction of a data centre in Paraguay to provide hosting services to bitcoin mining companies and cloud companies.