Firms To Watch: Banking and finance

The August 2022 arrival of capital markets and corporate finance specialist Ignacio López De Romaña puts Dentons Peru‘ Lima office firmly on the map for finance matters in Peru; he can also call on senior associates Augusto Ibérico (banking, finance, capital markets and re/insurance), and Renzo Camaiora (who undertakes finance matters as part of his broader corporate practice).
With a strong emphasis on finance, fintech, TMT, insurance and associated regulation, Porto Legal Abogados is a boutique firm originally founded in 2018 and recently boosted by the hire of former Echecopar of counsel, finance and tech specialist Luis Ernesto Marin, in August 2022.
Led by founding partner Ljubica Vodanovic, specialist financial boutique Vodanovic Legal is best known for its strong regulatory focus as regards the banking sector, along with expertise in the fintech segment.

Banking and finance in Peru

Estudio Echecopar member firm of Baker McKenzie International

Under the leadership of Pablo Berckholtz, the 11-strong practice group at Estudio Echecopar member firm of Baker McKenzie International continues to advise large national and international financial institutions, as well as corporations, on a broad range of banking and finance activities, and associated regulatory matters. Berckholtz, who acts as sole Peruvian advisor to the International Swaps and Derivatives Association (ISDA), is well regarded for structured finance, syndicated loans and acquisition finance; while Marco Alarcón is recommended for corporate finance transactions, real estate financing and public and private securities issuances. Alonso Miranda Vargas is the name to note for capital markets work and liability management transactions, and also utilises his considerable knowledge of Peruvian securities-regulation to structure complex debt instruments. Juan Carlos de los Heros is well known in the market for project finance and is no stranger to public-private partnerships (PPPs) and energy projects; and of counsel Luis Ernesto Marin handles financial services regulatory issues, derivatives and insurance matters. Former practice head Rafael Picasso  is known for his capabilities in both corporate and banking spheres. Former of counsel Luis Ernesto Marin left the firm in July 2022 to head up the fintech regulatory practice at Porto Legal Abogados.

Practice head(s):

Pablo Berckholtz


‘Excellent knowledge of the issues requested and very timely advice’.

‘They go above and beyond by giving recommendations using their vast experience’.

‘Excellent treatment of clients and they are always available’.

‘We ahve a very good relationship  and they have a great capacity for analysis’.

‘They recognise and make changes when necessary’.

Key clients


Bank of America

Coöperatieve Rabobank

ICBC Perú Bank

IDB Invest

Banco BBVA Perú

Darby Overseas Investments

Citibank del Perú


Bancolombia Puerto Rico International

Work highlights

  • Advised BOFA Securities and BBVA Securities (as joint lead arrangers and joint bookrunners), six additional lenders, and Citibank (as administrative agent) in connection with a $350m syndicated term loan (subject to New York law), estanded to Gas Natural de Lima y Callao – Cálidda.
  • Advised Banco Internacional del Perú (Interbank), Banco BBVA Perú and Corporación Interamericana de Inversiones (BID Invest) on their $160m financing of agricultural exporters Agrícola Cerro Prieto, Qali Fruits and Cerro Prieto Colombia.
  • Advised Banco Santander and Coöperatieve Rabobank (as arrangers), and DNB Bank (as administrative agent), in connection with a $148.4m medium-term loan granted to Peruvian fishing company Pesquera Exalmar.


Garrigues fields a deep bench of experienced banking and finance practitioners, and acts for large international banks and financial institutions, as well as smaller domestic players. Its wide-ranging experience sees the practice handle deals in the energy, retail and consumer, banking services, heavy industry and mining areas. The team is led by Oscar Arrús, a finance-sector veteran with over 30 years’ experience acting for borrowers, and local and international financiers on a range of cross-border financings. Sergio Amiel and Thomas Thorndike are recommended for acquisition financings and project finance, and José Francisco Meier handles corporate finance and structured finance transactions. Diego Harman, in turn, acts for a roster of top international banks and has notable expertise in corporate and leveraged finance matters. A strong second line includes: counsel Héctor Zegarra and principal associates Jorge Fuentes and Miluska Gutierrez Vega (all three handle capital markets’ matters, along with project finance and M&A, corporate transactions, and project finance and financial-compliance matters, respectively; along with senior associate Jorge Calle, who undertakes both transactional and banking mandates.

Practice head(s):

Oscar Arrús


‘Experience in complex cases’.

‘The team is excellent as a whole’.

‘Stands out in customer service and speed of response’.

‘The legal advice they provide is of quality and they are recognized in the market’.

‘Sergio Amiel stands out and has a recognised track record in the field’.

Key clients

HPS Investment Partners

PNC Bank, National Association

Banco de Occidente (Panamá)

Investec Bank


Banco Latinoamericano de Comercio


Scotiabank Perú

Bank of America


Banco Santander

Deutsche Bank

Credicorp Capital

ATP Tower Holdings

BNP Paribas

The Bank of Nova Scotia

JP Morgan

Banco de Crédito del Perú

Gas Natural de Lima y Callao – Cálidda

Work highlights

  • Advised Credicorp Capital and Banco de Crédito del Perú (as arranger and lender, respectively) on a $22m financing provided to Espinosa Arquitectos.
  • Advised ATP Group companies (from Peru, Chile, and Colombia) as borrowers and guarantors on a revolving credit facility subject to New York law for up to $45m to finance ATP’s telecom connectivity and infrastructure plans in Latin America.
  • Advised Andean Telecom Partners Chile, Andean Tower Partners Colombia, and Andean Telecom Partners Peru on a cross-currency swap transaction (controlled by and subject to an ISDA 2002 Master Agreement), with Goldman Sachs International acting as hedging bank.

Miranda & Amado

The 15-strong banking and finance team at Miranda & Amado is now led by young partner Gabriela Dañino, who has a strong track record in project finance and fintech matters, and handles both cross-border finance and capital markets transactions. The practice acts for a strong roster of international banks, multilateral lenders and other financial institutions, as well as major domestic players, and also frequently acts as local counsel for large international law firms on cross-border deals. Its broad range of expertise includes structured and project finance, loans, banking-sector M&A, and regulatory matters. Senior partner Juan Luis Avendaño Cisneros has over 20 years’ experience in the industry and handles a broad range of high-profile transactional matters; Rafael Corzo, in turn, is the name to note for regulatory work. José Miguel Puiggros brings experience in acquisition, corporate and project finance, while the January-2022 promotion of Álvaro Del Valle – who works with borrowers and lenders and also has particular experience advising investment funds – brings the team’s partner-count to five. Key associate Lisbeth Benavides undertakes financings and project finance as part of a wider practice that also takes in corporate and bankruptcy law.

Practice head(s):

Gabriela Dañino


‘The work of the Miranda & Amado team confirms its position as one of the best firms for financing in the Peruvian market’.

‘They have a highly qualified team where the most senior lawyers have international experience from prestigious firms’.

‘Gabriela Dañino has experience of the technical aspects of financial regulation and has a great negotiating capacity in financing contracts’.

‘Miranda y Amado has a spectacular, dedicated, proactive team’.

‘They provide introductions to industry proffesionals in country to help you grow your business’.

‘They have a constructive attitude and a lot of experience’.

‘Gabriela Dañino is extraordinary, has a lot of experience, attention to detail, and is capable of generating solutions’.

‘Associates have partner level knowledge, skills and gravitis’.

Key clients

JP Morgan


Bank of America

Banco Santander

BBVA / Banco BBVA Perú

Grupo Crédito, Banco de Crédito, CredicorpCapital

Bank of Nova Scotia, Scotiabank


Credit Suisse





Intercorp / Interbank

BD Capital

Work highlights

  • Acted as local counsel to several banks, with MUFG acting as the administrative agent, in a $1bn syndicated loan to Compañía Minera Antamina.
  • Advised Banco Santander, Citigroup, Bank of Nova Scotia et al in connection with a $400m syndicated credit facility extended to Volcan Compañía Minera.
  • Advised Banco de Crédito del Perú and the local branch of Scotiabank on a PEN860m ($211m) financing to cement producer Cementos Pacasmayo.

Payet, Rey, Cauvi, Pérez Abogados

At 35 lawyers strong, Payet, Rey, Cauvi, Pérez Abogados fields one of the largest banking and finance groups in the country. Well known in the market for handling the structuring and implementation of complex transactions and financial products (both domestically and internationally), the practice counts medium and long-term loan mandates (syndicated or otherwise), project finance, securitisation transactions and acquisition financing, for both borrowers and lenders, among its broad range of areas of expertise. Deeply knowledgeable founding partner José Antonio Payet co-leads the team in conjunction with the similarly experienced José Cúneo: Payet is recommended for the full range of financial transactions and related matters; Cúneo for his broad financial practice and particular experience of transactions in the mining industry. Eduardo Vega, in turn, heads the finance and capital markets practice, while Giovanna  García is the name to note for project finance and investment funds work, along with finance-related corporate matters. Recently promoted partner Alan García Nores handles both corporate and financial law (and is notably active for banks and financial institutions), Principal associate Rocio Gordillo 's practice covers banking and finance, capital markets and corporate law.

Practice head(s):

José Antonio Payet; José Cúneo

Key clients

Banco BBVA

Banco de Crédito del Perú

Algeciras Inversiones

Credicorp Capital Servicios Financieros

Itaú NoGold Fields La Cima

Copen Inversiones II (and affiliates)

Scotiabank Perú

InRetail Peru Corp

Banco Internacional del Perú

Coöperatieve Rabobank

Work highlights

  • Advised Volcan Compañía Minera on the Peruvian-law aspects related to obtaining a syndicated, senior, unsecured, term-loan facility of up to $400m.
  • Advised the Bank of America, BofA Securities and Banco Santander in connection with a $300m financing granted to Minsur to finance a tender offer to repurchase its outstanding 6.25% senior notes (due 2024).
  • Advised InRetail Perú Corporation regarding the $375m syndicated credit facility (under New York law) granted to its affiliated vehicle “Patrimonio en Fideicomiso D.S. 093-2002-EF Inretail Consumer” with the participation of JPMorgan Chase Bank (as lead arranger, bookrunner and administrative agent) and Bancode Crédito del Perú (as collateral agent).

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados stands out in the market for its focus on complex, high-value transactions requiring specialist expertise. Its client roster includes an impressive array of international commercial banks, multilateral institutions and development banks, as well as domestic banking institutions. Many of its practitioners have experience at large international firms and have practiced overseas; the firm utilizes these connections well, frequently acting as local counsel on large cross-border deals. Jean Paul Chabaneix heads the sizeable, 20-strong, practice which has an impressive track record in sovereign debt, securities, derivatives and a wide range of financing types, among other matters. Fernando Molina and Nicolás Cornejo both focus on project and corporate finance, along with M&A; while Juan Diego De Vinatea acts for national and international clients on direct and syndicated financing operations. Luis Enrique Palacios and Jorge Trelles are well versed in financing energy, infrastructure, telecommunications and mining sector projects. A healthy associate bench includes Cecilia Canepa, Efrain Salazar and Carolina Chipollini , among others, along with March-2022 hire, Victor León Chiri , formerly a senior associate at Cuatrecasas.

Practice head(s):

Jean Paul Chabaneix


‘Rodrigo is a powerhouse; Jean Paul Chabaneix is highly responsive, knowledgeable, and business-oriented’.

‘Superior to the work of other firms that I work with’.

‘Key strengths include response time, partner experience, knowledge of the market and of complex transactions’.

‘Fernando Molina is spectacular; always willing to help’.

‘Fernando Molina is always available’.

‘Good mix of experience and good negotiation skills’.

‘’Good knowledge and experience, as well as support from practitioners in other areas’.

Key clients

Credicorp Capital

Banco de Crédito del Perú


Scotiabank Peru


Banco Santander




The Bank of Nova Scotia

Work highlights

  • Acted as Peruvian counsel to Compañía Minera Antamina on a $1bn financing granted by a lenders syndicate comprising Bank of Nova Scotia, MUFG Bank, Bank of China, BBVA, ICBC, KfW IPEX-Bank, Citibank and JP Morgan.
  • Acted as Peruvian counsel to Minsur on a $300m refinancing granted by Bank of America and Banco Santander.
  • Acted as Peruvian counsel to Banco de Credito del Peru, Banco Interamericano de Finanzas and Credicorp Capital on the $53m financing (involving a credit facility and a private bond placement) granted to Cesar Vallejo University.

DLA Piper Perú

DLA Piper Perú is able to draw on expertise from its vast global network (such as the firm’s New York-based head of banking and finance in Latin America, Margarita Oliva Sainz de Aja) to handle cross-border deals with ease. Experienced in both transactional and regulatory matters, the nine-strong Lima-based group advises borrower and creditor clients across all types of financings  and associated matters, and also handles a fair amount of cross-over work in the corporate arena, including M&A and reorganisations for banks, finance entities, insurance companies and investment fund managers. With over 20 years’ experience in capital markets and banking matters, Sergio Barboza co-heads the team in conjunction with Ricardo Escobar, who handles financing transactions and projects work and is experienced in the infrastructure, telecoms, energy, mining, and oil and gas sectors, among others. A strong senior-associate bench includes Melissa Padilla (financings, refinancings and debt restructuring along with corporate and transactional matters, as well as particular expertise regarding development and multilateral-finance agencies’ processes, policies and requirements); Reyna Silva-Santiesteban (focused on projects matters, she has notable expertise in financial structuring; Farah Torres (whose practice centres on regulatory matters concerning the financial system, stock market and insurance) and transactional practitioner Juan Carlos Ramírez Malatesta.

Practice head(s):

Sergio Barboza; Ricardo Escobar


‘DLA’s financial area has an experienced team for financial transactions and another experienced team for banking regulation issues, both led by an experienced partner’.

‘It is a team that works 24/7, with a constructive vision that makes the business prevail over unnecessary legal discussions’.

‘An international firm like DLA offers visions and technological resources that local firms unfortunately do not have’.

‘Although the group is made up of 8 lawyers, I highlight Sergio Barboza, partner in charge of the team, and Farah Torres, senior associate. Sergio has the experience and vision of the business, and is a professional and academic reference in the market’.

‘The collaboration and closeness that they maintain during the transaction process with their clients, that is what allows us to move forward efficiently and achieve the objectives.’

‘Farah Torres provides technical knowledge and does not lose sight of the minimum details of the entrusted matters’.

‘DLA is on our shortlist of firms for financial transactions and is the one that receives the most orders, due to its delivery, constructive vision in negotiations, flexibility in rates and, if necessary, a regional team that we can access’.

Key clients

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Itaú Corpbanca

BTG Pactual

Belgian Investment Company for Developing Countries (BIO)

Oaktree Capital Management

WorldBusiness Capital


Finance in Motion

Banco Santander

RSK Group

Compañía de Seguridad Prosegur

Agrícola y Ganadera Chavín de Huántar

Work highlights

  • Advised multi-disciplinary environmental business, RSK Group, on obtaining a senior term, revolving facilities agreement from a group  of creditors represented by Ares Management, acting as mandated leader arranger.
  • Advised Peruvian cinema operator Cinepolis as guarantor onthe refinancing of the debt assumed by Cinepolis Mexico for the revival of the business across its different branches in Latin America.
  • Advised Oaktree (and its related investment funds), as one of the lenders on the debtor-in-possession, Tranche-B Loan of up to $750m to LATAM Airlines, in the framework of its Chapter 11 bankruptcy proceedings.

Hernández & Cía

Fielding an 18-strong team including six partners, Hernández & Cía acts for a healthy spread of domestic and international banks, investment funds and other financial entities. The group handles local and international mandates, including loans, project finance, leveraged financing, leasing arrangements, distressed debt, debt structuring, capital markets’ matters and work with investment funds. Many of its team, which is co-led by Juan Luis Hernández Gazzo, José Manuel Abastos and José Goyburu, have studied and practiced in the US, and have experience working in banks, financial institutions and trustee companies. Highly-regarded managing partner Hernandez Gazzo is well versed in high-profile finance deals; while Abasto, whose broad practice includes sovereign financing and public-private partnership (PPP) deals, acts for a roster of top banking clients, such as Goldman Sachs and Banco Santander; and younger partner Goyburu has particular expertise in leveraged financing and distressed debt. Probably best known for his projects-side work, Brendan Oviedo also acts for both lender institutions and borrowers in financing matters. Key support comes from senior associate Julien Labory-Alicq , who has become an integral figure in the firm’s banking group since his 2018-arrival from Clifford Chance (Paris), where he was an associate in the finance and capital markets practice.

Practice head(s):

Juan Luis Hernández; José Manuel Abastos; José Goyburu


‘The team stands out for its detailed knowledge of both Peruvian financial and commercial legislation, as well as business actors in the country’.

‘Hernández’s lawyers stand out for their closeness to the client, which allows them a greater understanding of the problem and high precision in their recommendations’.

‘During our work with the firm, we highlight and appreciate the excellent work of Jose Goyburu’.

‘Excellent work under pressure and without compromising quality’.

‘Ability to direct negotiations between various parties, especially in the context of syndicated financing’.

‘José Goyburu has the ability to direct/conduct negotiations efficiently and with great clarity’.

‘Juan Luis Hernández solves problems with great solvency’.

‘I believe that José Goyburu stands out for his excellent treatment, high level of knowledge of corporate financing issues and a high ability to resolve extremely complex issues quickly’.

Key clients

Scotiabank Perú

Banco BBVA Perú

Credicorp Capital Servicios Financieros / Banco de Crédito del Perú

BD Capital Sociedad Administradora de Fondos

Scotiabank Colpatria

Banco Santander Perú

Soltec Energías Renovables (España)

Elliott Investment Management

Banco Bilbao Vizcaya Argentaria



Banco de Crédito Social Cooperativo


Demega Desarrollo Inmobiliario

Itaú Corpbanca Colombia

SocialAlpha Investment Fund SICAV-SIF

Monarch Investment and Management Group

Bain Capital Group

Inter-American Investment Corporation

Work highlights

  • Advised several global investment firms of the Elliott Management, Bain Capital and Monarch groups, on the restructuring of major regional car-dealership, Automotores Gildemeister group, consisting inter alia of the issuance of $280m in new senior and junior New York-law notes and the capitalisation of part of Gildemeister’s existing debt for approximately $558m, all in the framework of the bankruptcy proceedings initiated by Automotores Gildemeister SpA in the State of New York (USA).
  • Advised the Inter-American Investment Corporation on the granting of a $85m loan facility to Enel Green Power Perú to finance the development, implementation and construction of a 177MW wind farm in the Ica region, Peru.
  • Advised Soltec Energías Renovables on the negotiation of a local security package in support of an existing syndicated financing of €90m and a new revolving syndicated guaranty facility of €110m in order to finance Soltec Group activities.

Philippi Prietocarrizosa Ferrero DU & Uria

The Peruvian office of regional player Philippi Prietocarrizosa Ferrero DU & Uria fields a 16-strong banking team -including four partners- that advises lenders, borrowers and agents on corporate and project finance, securities transactions, bond offerings, local and cross-border financings (including secured and unsecured financings), syndicated lending, securitisation and private equity lending. Additionally, it has developed considerable project finance expertise (particularly in the infrastructure and telecoms industries) and substantial regulatory knowledge of the entire banking sector and its distinct institutions and agents. Rafael Puiggros heads the practice and advises both domestic and international clients on M&A transactions and cross-border projects; Antonio Guarniz handles investment funds work; and well-known market figure Ronald Fernández-Dávila has a wealth of experience in project finance - particularly in the transport sector; he is also the Peruvian office’s member of the wider firm’s China desk initiative. Principal and senior associates, respectively, Luciana Carpio-Rivera handles project finance, corporate finance (direct and syndicated loans) and M&A, representing both local and international financial entities and private investors; while Fiorella Ruiz Del Campo has expertise in structuring financial facilities, an extensive background in financial regulation, and also undertakes international securities’ issuances (under Rule 144A/Reg.S), ‘JOLCO’ aircraft financings, ADRs and DIP financings, among other matters. However, capital markets and corporate finance partner Ignacio López De Romaña left the firm in August 2022.

Practice head(s):

Rafael Puiggros

Key clients

Glas Americas

Aeropuertos del Perú

Intersur Concesiones

Megacentro Lurín

Banco de Crédito del Perú and Scotiabank Perú

Inversiones Yarabamba

BBVA Banco Continental, Banco de Crédito del Perú, Scotiabank Peru, Banco Internacional del Perú – Interbank.

Megacentro Industriales Sur

Megacentro Aceros

Korea Zinc Company

The Bank of Nova Scotia, HSBC Bank Canada, Société Générale, Bank of Montreal, The Toronto-Dominion Bank, National Bank of Canada and ING Capital

Inversiones Centenario

Tren Urbano

Credit Suisse

Latam Group

Desarrollo Vial de los Andes

United Airlines

Credit Suisse

JP Morgan

Work highlights

  • Together with PPU offices in Bogotá, Colombia and Santiago, Chile, Advised Glas Americas -in conjunction with the firm’s offices in Bogotá and Santiago- on the financing of Avianca’s Chapter-11 exit, pursuant to the reorganisation plan confirmed by the Bankruptcy Court for the Southern District of New York on 2 November 2021.
  • Acted as legal counsel to Aeropuertos del Perú on a $114m financing granted by Banco de Credito del Peru and structured by Credicorp Capital.
  • Advisors to Megacentro Lurín on a $100m loan obtained from the BTG Pactual Bank (Cayman Branch).

Rebaza, Alcázar & De Las Casas

The banking and finance department at Rebaza, Alcázar & De Las Casas offers broad expertise in financings, banking, private equity, regulatory and capital markets matters. Acting for lenders and borrowers (particularly in the mining, fishing, financial services and real estate sectors), the 12-strong team is co-led by name partner Rafael Alcázar and Daniel Gonzales. Alcázar -who also leads the firm’s capital market practice- is a well-known market figure especially reputed for financial regulatory and securities matters; he primarily acts for domestic and foreign banks, and other financial institutions; Gonzales, in turn, handles financing and capital markets transactions and has particular experience in distressed financings and corporate financings in the agriculture and education sectors. Luis Miguel Elías is recommended for financing deals in the mining sector and often handles cross-border work. A capable second line is constituted by senior associates Maria del Pilar Sánchez  (banking, insurance and private pension funds regulation; data privacy, consumer protection and compliance matters) and Maite Colmenter (whose practice is centred on corporate and project finance matters).

Practice head(s):

Rafael Alcázar; Daniel Gonzales


‘As an international client, Rebaza, Alcázar & De Las Casas took our request for a regulatory analysis of the fintech industry in Peru and brought it to a simple and manageable conceptual framework’.

‘Continuous willingness to talk and clarify doubts’.

‘Knowledge and experience of financing matters’.

‘The Rebaza study team is an exceptional team, in particular because they have a very outstanding transactional experience, which allows them to be very versatile in complex financial transactions, manage time and intensity of work and are also good negotiators’.

‘They are very innovative, creative and excellent in their transactional expertise’.

‘Very focused on client service, which makes us love working with them’.

‘Their lawyers are aligned and focused on client service, on giving the client an outstanding legal service experience’.

‘Being a highly transactional and versatile team, they manage very well in stressful situations, difficult negotiations and have a lot of experience in complex financial transactions’.

Key clients

HIG Capital

Edpyme Acceso Crediticio


Hudbay Minerals / Hudbay Peru

Pandion Mine Finance / RiverMet Resource Capital

First Citizens Bank

Ecopacking Cartones


Credicorp Capital Servicios Financieros and Banco de Crédito del Perú (BCP)

Scotiabank del Peru

Work highlights

  • Advised HIG Capital on a $75m facility granted by Banco Santander for the acquisition of a majority stake in Grupo Ransa.
  • Advised Edpyme Acceso Crediticio (as borrower) on the negotiation and execution of a debt restructuring common-terms agreement governed by New York law with a group of approximately 20 lenders, composed of multilaterals, export credit agencies (ECAs), commercial banks and other institutional lenders.
  • Acting as counsel to BBVA and other lenders in the €320m project financing granted to Nabiax for one of the world’s first sustainable transactions in the data technology sector.

Rubio Leguía Normand

Rubio Leguía Normand caters to a national and international client base, and has notable experience in transactions, asset-backed financing and regulatory matters. It often takes a leading role in transactions in the Peruvian agroindustry sector and acts for big players in the industry. Andrés Kuan-Veng co-leads the practice and, as a native Chilean, is well placed to service the firm’s Chilean conglomerate clients in the financial sector. Fellow co-head Carlos Arata is recommended for acquisition, corporate and project finance; he also handles M&A, and the issuance of securities in capital market transactions. Leading the second line of the practice, principal associate Janett Burga arrived at the firm in October 2021 (replacing Eliana Pelaz who left for Freshfields Bruckhaus Deringer in Berlin); in addition to her all-round finance practice that encompasses project finance and capital markets, she is also the name to note for fintech-related matters. Additional support comes from associates Sheerley Cardenas  and Germán Gómez. Since publication, the March 2023 hire of Gerardo Guzmán -formerly at BBGS Abogados– has further strengthened the firm’s corporate and financial groups; he will also head up the bankruptcy practice.

Practice head(s):

Andrés Kuan-Veng; Carlos Arata


‘Highly seasoned professionals, very client-driven and result-oriented’.

‘Carlos Arata and his team have done an excellent job, are extremely responsive and always flexible to find the best solution for our deal’.

‘It has a team where there is diversity, with good expertise in the issues they handle, very good communication through digital channels, even more so in these virtual times’.

‘Very interested in delivering a good product, having analysed all the parameters of what is best for the client and for the operation or transaction they are in charge of’.

‘Ease of contact, expertise in the issues that were handled, analysis from different perspectives, not only the legal one, which gave us a broader view of the entire operation and allowed us to make better decisions’.

‘The operation was successfully negotiated and within the stipulated terms’.

‘Communication with the firm was fluid and constant’.

‘The cost/service ratio is highly attractive in the market’.

Key clients

Banco Santander



Easy Access Trading

Bank of America

Itau Corpbanca

Bank of Tokyo



Avla Perú Compañía de Seguros


Work highlights

  • Advised Ecosac Agrícola and Eco Acuícola on obtaining a $93.5m syndicated loan from multilateral lenders Inter-American Investment Corporation, IDB Invest and DEG.
  • Advised enders Allianz EM Loans and Cordiant Agricultural Real Asset Debt (investment funds managed by Cordiant Capital), in relation to a 5-year senior secured prepayment finance agreement extended to Inversiones Yarabamba so as to continue its export operations and increase its harvests.
  • Advised Citibank del Perú, as administrative agent, in several waivers and amendments triggered by certain corporate carve-outs and spin offs involving borrower Ajeper, and related to a $125m credit agreement with Scotiabank Peru, Banco Santander Peru and Banco Santander.

CMS Grau

The seven-strong banking and finance practice at CMS Grau handles a broad range of financing types and instruments, including traditional and syndicated lending, capital markets matters, trusts and trust bonds, equity and project finance, among others, acting for a consolidated client roster which reflects a notable focus on mining, energy and renewables, oil and gas, and infrastructure projects. The team is jointly led by Juan Carlos Escudero, Diego Peschiera and Miguel Viale; managing partner Escudero acts for financial institutions and a broad range of companies on banking and corporate matters; Peschiera focuses on capital markets, M&A, and both corporate and project finance; while Viale specialises in bank lending, trusts and securitisation. Key support is provided by senior associate Carlos Calderón; the co-founder and director of a small investment fund, his practice focuses on M&A, financings, capital markets, joint ventures and cross-border transactions. Since the conclusion of research, the practice has been further strengthened with the September 2022 hire of Juan José Hopkins, formerly the founding partner (and director) of SUMARA Hub Legal.

Practice head(s):

Juan Carlos Escudero; Miguel Viale; Diego Peschiera


‘Great service, very close to the customers and the bank’.

‘They have a very good level of negotiation and interrelation with other firms that are counterparts’.

‘Very creative in solutions and a lot of experience in the issues they handle, especially Miguel Viale’.

‘The CMS Grau team shows great knowledge in the field in which we work’.

‘Highly professional and agile’.

‘As a plus, I would highlight the deep knowledge they have in the field in which we normally work with them’.

‘Provides us with an excellent service by connecting us with the correct specialists to answer the questions we have’.

Key clients



Banco Santander

CAF – Development Bank of Latin America

Banco Internacional del Perú (Interbank)

Mizuho Bank

Credicorp Capital

Scotiabank Peru

Banchile Administradora General de Fondos


Work highlights

  • Advised Boart Longyear on the restructuring of two international loans (aggregate value: $138m) granted by various senior lenders, with PNC Bank, National Association and HPS Investment Partners acting as collateral agents.
  • Advised Credicorp/BCP on a loan to Delosi, Cindel, Lasino and Telepizza Andina (all companies of Delosi Group); the proceeds of the loan were used to restructure the borrowers’ debt.
  • Advice to Scotiabank del Perú on the negotiation of the terms and conditions of a medium term loan facility granted by Scotiabank del Perú to Olympic Perú.

Lazo, De Romaña & CMB Abogados

Lazo, De Romaña & CMB Abogados has a particular focus on the insurance sector, handling work which is accompanied by analysis of relevant regulatory issues. The firm takes on matters such as advising insurance companies directly on master agreements with international banks, as well as advising investment management clients on financial structures to allow insurance companies to fund construction and real estate projects. The nine-strong team, led by Jorge Lazo (banking, finance, capital markets), Fátima De Romaña (complex syndicated loans, cross border financings, bank lending – both secured and unsecured, and regulatory matters), Freddy Escobar (equity and debt offerings, banking and finance) and Daniel Lovon (banking and finance, capital markets, M&A and corporate compliance), also act for microfinance clients, providing advice on administrative sanctioning procedures, financial regulations and admission of new shareholders. On the more traditional side, work for financial institutions includes notes issuances and the structuring and negotiation of loans and guarantees.

Practice head(s):

Jorge Lazo; Fatima De Romaña; Freddy Escobar; Daniel Lovon


‘The team is first class and with strong international connections’.

‘They manage very well in local financing matters’.

‘The team has a comprehensive vision of the financial market and is permanently up to date regarding the situation of the main market players, which is very enriching for the analysis of the legal structures that we carry out’.

‘Fatima de Romaña is an exceptional attorney with a comprehensive perspective of the financial business in Peru’.

Key clients

Pacífico Compañía de Seguros y Reaseguros

La Positiva Seguros y Reaseguros

Banco Internacional del Perú (Interbank)

Edpyme Santander Consumo

Capia Asset Management

CCLA Group

Edpyme Micasita

Frío Alimentos y Logística

Advance Global Capital

Mavila & Elmkies Factoring

Banco de Crédito del Perú (BCP)

Work highlights

  • Advised Pacífico Compañía de Seguros y Reaseguros on the negotiation of a pair of ISDA master agreements with two international banks, including analysis of regulatory matters.
  • Advised Banco Internacional del Perú (Interbank) on the structuring and negotiation of a loan granted to La Tinka, handling the due diligence process and drafting of documentation as well as the negotiations.
  • Acting as advisers to Edpyme Santander Consumo Perú in an administrative sanctioning procedure initiated by the Superintendencia de Banca, Seguros y AFP for the alleged commission of two infractions of the Peruvian Banking Act; the advice related to the development of a defence strategy and accompaniment of the client throughout the process.


Banking and finance is a core area of practice for the Peruvian office of mid-market regional player BBGS Abogados, which recently became part of the international Elba Global law firm  alliance; the firm also offers services from offices in Chile, Colombia and Mexico offices. The seven-strong Lima-based team advises the full range of banking institutions, trusts, funds, sponsors and borrowers on complex financing transactions, acquisition finance, bridge loans, asset-based facilities, trade finance, margin loans, sovereign loans and structured finance transactions. Standout work for senior partner Carlos Saco-Vertiz and fellow practice co-head Gerardo Guzman includes a number of multimillion-dollar transactions for Banco de Credito del Peru over the last few years, but the pair also act for borrower clients from a range of industries, such as food services, sports betting and education. Eduardo Landerer completes the trio of co-heads; his practice covers financings and financial contracts, corporate M&A and restructuring - he is also the key contact for Banco de Comercio for trust agreements regarding public works.

Practice head(s):

Carlos Saco-Vertiz; Eduardo Landerer; Gerardo Guzmán

Key clients

Banco de Credito del Peru (BCP)

Nexus Group (Private Equity of Intercorp Group)

Colegios Peruanos (Innova Schools / Intercorp Group)

Banco de Comercio

Credicorp Capital

Interseguro Compañía de Seguros

Cineplex (Cineplanet)

Morgan Stanley

San Miguel Industrias PET (Intercorp Group)

Work highlights

  • Advised Banco de Credito del Peru (BCP), as collateral and administrative agent in the $68.7m refinancing granted to Latina Media, involving modifications of the medium-term loan agreement between the company and BCP, and the associated trust agreements and corporate guarantee contract.
  • Advised Banco de Credito del Peru on a $190m senior secured loan facility between Inmuebles Limatambo, Inversiones San Borja and Urbanizadora Jardín (as borrowers), Banco de Crédito del Perú (as administrative agent), a group of international banks (as lenders) and Banco Santander (as sole lead arranger and sole bookrunner).
  • Advised NGR Group and Intercorp Group’s private equity fund, Nexus, on a financing operation whereby Interbank and Scotiabank Peru granted a P$107m (approx $30m) loan in favor of Bembos and other NGR companies.


Cuatrecasas‘ Peru office has perhaps been a little over-looked with the recent expansion of the firm’s offices in Chile and -particularly in terms of finance- Colombia; nevertheless the Lima operation continues to consolidate its presence, most recently with the hire of corporate, structured and project financing specialist Ana María Sánchez from Rebaza, Alcázar & De Las Casas in February 2022, extending the team’s infrastructure-finance capabilities. She joins a team that seeks to provide comprehensive advisory in the sector, from acquisition, corporate and project finance, to direct lending, refinancing and restructuring, and the incorporation of public investment funds. The team is led by office managing partner Aldo Reggiardo who also has extensive project finance experience; his recent mandates include advising on the structuring of a microfinance program. Primarily involved with in-bound investment, fellow partner and finance specialist Carlos Lasarte handles debt assignments, restructuring, refinancing, and acquisition and corporate finance. Recently promoted partner Kiomi Osorio‘s practice centres on financings and corporate M&A; former fellow senior Victor León Chiri left the firm in March 2022.

Practice head(s):

Aldo Reggiardo

Key clients

Ad hoc group of bondholders

Corporación Financiera de Desarrollo (COFIDE)

Canadian Imperial Bank of Commerce


San Martin Contratistas Generales

Work highlights

  • Advising an ad hoc group of bondholders on the multi-jurisdictional restructuring of OHL’s group debt and corporate structure; value: €1bn.
  • Advising Corporación Financiera De Desarrollo (COFIDE) on the structuring and implementation of the program for the strengtening of the patrimony of speciailst microfinancing institutions (Programa de Fortalecimiento Patrimonial de las Instituciones Especializadas en Microfinanzas), which provides for the acquisition of shares in several such Peruvian financial institutions, as well as the development of their corporate reorganisation; value: $420m.
  • Advising the Canadian Imperial Bank of Commerce on refinancing a credit facility for Hudbay Minerals for its mining projects in both Peru and Canada.

De Bracamonte - Haaker - Castellares

Recent work by De Bracamonte - Haaker - Castellares has predominately involved acting for agents, lenders and borrowers on loans ensured by trust agreements, – such as practice co-head Christian Castellares Alfaro‘s advice to Coöperatieve Rabobank – in its capacity as lender – on loans to agricultural, mining, food and manufacturing companies, work on which he is frequently assisted by experienced senior associate Luis Fernando Edwards. Fellow co-head Ricardo Manuel Haaker acts for borrowers and lenders on corporate finance matters and has notable experience advising real estate clients on credit facilities and refinancings. Both Alfaro and Haaker can also draw on in-house experience, at Interbank and La Fiduciaria, respectively. Associates Luis Andrés Ponce-Mendoza and Héctor Vargas Antonio provide key support to the team, which also handles agricultural financing, such as its advice to Corporación Agrolatina on loans to restructure debt and repay working capital.

Practice head(s):

Ricardo Manuel Haaker Yori; Christian Castellares Alfaro


‘Strengths and skills: knowledge and speed in responding with innovative solutions’.

‘Compares favorably with the services of other firms, as other firms do not maintain the quality of work offered’.

‘Among the most notable novelties I can mention the knowledge for the structuring of credits and solutions tailored to the client and business’.

‘The firm has top-quality professionals, always willing to actively resolve the legal challenges we have as clients’.

The matters that we have submitted have been highly complex, which has required meticulous planning and action by the firm, for the benefit of its client’.

‘Communication with professionals is direct and fluid, and of quality, which gives security and confidence to the client’.

‘A highly recognised and experienced firm’.

‘Led by lawyer Ricardo Haaker, the firm has a shrewd and strategic adviser who understands and adjusts to each sector of the economy, for the benefit of his clients, and who thinks of all possible scenarios aimed at mitigating legal and reputational risks’.

Key clients

Corporación Financiera de Desarrollo (COFIDE)

D&C Inmobiliaria

Hoteles Estelar del Perú

Allianz Em Loans / Cordiant VIII Agricultural Real Asset Debt

TMF Perú


Coöperatieve Rabobank

Corporación Agrolatina

Banco Internacional de Costa Rica

Work highlights

  • Advised TMF Perú on its role as trustee and collateral agent regarding an addendum to a trust agreement dated 22 February 2016; the purpose of said addendum being to ensure (i) a newly issued senior indenture up to $32m, and (ii) a newly issued junior indenture up to $248m.
  • Advised Coöperatieve Rabobank on the granting of long-term loans to several agriculture companies in the Republic of Peru.
  • Advised Allianz Em Loans and Cordiant VIII Agricultural Real Asset Debt on the negotiation and execution of the guarantees granted in relation to the long-term loans made to two agriculture companies in the Republic of Peru.


Mining and the extractive industries is the cornerstone of GSA  banking and finance expertise, with the firm advising clients such as Compañía de Minas Buenaventura and Compañía Minera Condestable Southern Peaks Mining on issues such as the restructuring of financing agreements, issuance and placement of notes, streaming agreements and bridge loans. The practice group’s clients also includes a number of multilateral lenders and development agencies; other recent mandates include a cross-border debt restructuring for a German investment management firm. Experienced figures Luis Gastañeta (corporate law, finance and transactions – particularly in relation to inbound investment) and Alfonso Tola (banking and finance, corporate M&A, projects and stock market and investment regulation-related matters) co-head the team; sophisticated support comes from consultant lawyer Mario Ferrari, who can draw on over 25 years’ experience at financial institutions including BBVA, Banco de Crédito (BCP) and Credicorp.

Practice head(s):

Luis Gastañeta; Alfonso Tola

Key clients

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Agence Francaise de Developpment (AFD)

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO)

The Investment Fund for Developing Countries (IFU)

Compañía Minera Condestable

Volcan Compañía Minera

Empresa de Generación Huanza

Proveedora de Productos Marinos (PRODUMAR)

Work highlights

  • Advised BVN on the second tranche of the financial operation “Sindicado de Carta Fianza Garantía de Pago” for an amount of up to (approx.) $615m with a syndicate of local and foreign financial entities with the purpose of executing the Creditors Framework Agreement and Security Framework Agreement; the purpose was to adapt the legal structure and security package so that the creditors from the previous syndicated loan agreement can share the securities under the new financing arrangement.
  • Advised BVN and its subsidiaries on an international issuance and placement of $550m in senior notes under Rule 144A/Reg.S on the Singapore Exchange; guaranteed by several Buenaventura subsidiaries, the proceeds from the placement were used to prepay Buenaventura’s tax debt of some $541.5m.
  • Advised DEG on the restructuring of the outstanding debt of Virú (approximately $40m), arising from loadn agreements entered into in years 2013, 2016 and 2019; each of such loans has been amended and restated with new promissory notes and an agreement to restructure the security package.

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados operates a combined, 10-strong banking, finance and capital markets practice which is led by veteran practitioner and financial regulation specialist Sergio Oquendo. Firm founding partner Jorge Muniz is also an integral practice-group member, while younger partners Guillermo Flores and Rocío Izquierdo oversee the banking and finance component, and capital markets area, respectively. Flores’ recent mandates including credit agreements for engineering projects along with leasing and leaseback arrangements; on the latter, he was assisted by senior associate Fátima Villavicencio, a specialist in leasing transactions. The team often advises borrowers, such as acting for Banco BBVA Perú on obtaining multi-jurisdictional financing facilities and loan agreements; most recently this includes a $150m financing facility by Spanish lender Instituto de Crédito Oficial, led by Oquendo with assistance from senior associate Alesandra Azcárate, who focuses on cross-border acquisitions and financings. Fellow senior Alfredo Lau-Tam  led on matters regarding the negotiation of term loan facility agreements and  also as regards debt restructuring mandates. However, February-2021 hire Jeanette Aliaga subsequently left the firm at year’s end; (she has since moved to Benites, Vargas & Ugaz).

Practice head(s):

Sergio H Oquendo

Key clients

China Yangtze Power Company / China Three Gorges Corporation

Banco BBVA Perú

Banco de Crédito del Perú

Insigneo Securities

US Bank

Wilmington Trust


Marsh Rehder

Credit Suisse

Morgan Stanley

Goldman Sachs

ICBC Perú Bank

JP Morgan Chase

Petróleos del Peru (PetroPerú)

Banco Internacional del Perú (Interbank)

Banco Santander

Inversiones Nacionales de Turismo (Breca Group)

MAJ Invest

Bank of China

Work highlights

  • Advised Banco BBVA Perú on the granting of a $150m financing facility by Spain’s Instituto de Crédito Oficial.
  • Advised Banco BBVA Perú on a $60m loan agreement (including A and B loans) to be granted by the International Finance Corporation to Banco BBVA Perú.
  • Advised Inversiones Hefei, Inversiones Mosqueta, and Inversiones Pirona on a $35m facility granted by Coöperatieve Rabobank.

SUMARA Hub Legal

Lauded for its ‘know-how in the world of start-ups and fintech in Peru‘ and ‘high knowledge of crypto and blockchain‘, SUMARA Hub Legal has a close focus on start-ups and venture capital, fintech and blockchain / cryptocurrencies, capital markets, and banking and finance, along with all associated regulatory matters. The practice is led by firm directors Alvaro Castro, a noted fintech specialist and capital markets practitioner who aslo has experience in mre traditional banking matters; and Gabriela Cuadros, whose pratice is centred on financial advisory (to both instituions and borrowers), capital markets and venture capital. Associate practice coordinator Alma Jiménez (banking and insurance regulation; capital market transactions) is also noted. Mariano Camere joined as a counsel in December 2021, but former co-director Juan Jose Hopkins left the firm in September 2022.

Practice head(s):

Gabriela Cuadros; Álvaro Castro


They know the figure of the trust exceptionally well and their knowledge has served us well to attend to various contingencies. Sumara Hub Legal stands out among the firms regarding its experience in trust agreements and their negotiation.

We know that Sumara has experience as a team and individually in financing issues. We internally compare the experience of several firms, their commitment, availability, speed of response as well as taking the opportunity to detect any possible problems. In this sense, Sumara gives us the security and confidence that it will be detailed and we will have timely intervention; it is also an office that is not too expensive but is very effective and has a lot of expertise in the matter. The whole team is managed in a very modern way, being up-to-date in every way, technology, news, legal tools, etc.

The Sumara team always works hand-in-hand with us on what we request. They are always attentive to our needs, especially commercial and not only legal. The partners are quite affordable people and always seek to give us a result with excellence.

Direct treatment, agile, sincere with their knowledge. Direct attention with the partners, they give quick answers.

It has a team with a lot of knowledge about the banking and financing market. They have innovative ideas and experience in advising on different negotiations that makes it a different type of firm. The combination they have of knowledge of start-ups and experience in the corporate world helps considerably when they advise you. Finally, they continue to add new elements to the team who stand out for being great professionals. They are no longer just Teresa, Alvaro, Juan Jose or Elizabeth. Now, for example, Mariano has joined with a lot of experience in financing through trusts.

I think it is the combination of modern practices with a lot of experience in banking, financing and stock market transactions that makes the difference.

It is difficult to find experience in start-ups and fintech in conjunction with experience in more “traditional” topics such as financing operations and banking requirements, among others. This makes them unique. Finally, it can be seen that internally there is good chemistry and it makes the services flow in a very successful way.

Enormously sophisticated team but with a pragmatic approach and a close relationship with customers. The firm’s “boutique” structure allows greater flexibility and a closer relationship with the client.’

A lot of experience in the world of start-ups and fintech. They are aware of all current regulations and those that are to come. For this reason they give very good advice. They know all the representatives of the different entities in this world, and that makes the job a lot easier. Alvaro and Juan Jose are excellent people, willing to devise a business from scratch and do everything necessary to make it work. Alma is an extraordinary team leader who seeks to solve each problem and meet each goal.’

Their know-how in the world of start-ups and fintech in Peru. In many cases these business models do not have clear regulations, so thinking a little beyond what is written is essential. They do it. You approach with a business idea, and after an evaluation to discover whether or not it is viable, together they make it a reality.’

High knowledge of crypto and blockchain. Knowledge of the banking / regulated markets and changes in regulation.’

Alvaro is connected to the ecosystem, and he is genuinely interested in the space. His professional network has been helpful.

Sumara is a reference for Fintech in Peru. Since my first conversation with Álvaro it was evident how well he knew the industry, how to operate, and what were the steps to achieve this.

Álvaro: well rounded professional, with excellent communication and persuasions skills, a reference in the fintech industry. Alma: very diligent and available to support us.

The Sumara team has proven to be up to the task, showing adaptability, closeness with regular contact and timely reporting of any changes that have occurred. Highlighting the experience of the team is fundamental, since any of the people who have attended us have shown that they are at the right level for advice.

Key clients

Capia Sociedad Administradora de Fondos de Inversión

La Fiduciaria

Challenger Management

SNR Ventures



Adelantos Capital Corp

Kuskhi Group Holdings

Proyecto Crowd


Work highlights

  • Advised La Fiduciaria on the structuring of a guarantee granted regarding the acquisition of a group of companies of the Romero Group (Ransa Comercial, Agencias Ransa, Almacenera del Perú, Inversiones Logicorp, Ransa Operador Logístico Bolivia and Operadores Logísticos de Centro América) by Nueva Saturno and Talesden Investments (subsidiaries of HIG Capital fund); value: $75m.
  • Legal advisory to Challenger Management on the financing granted by South Africa Alpha SPC to Peruvian company Blue Azul, involving the review of a credit agreement and an assignment agreement over cashflow rights, as well as the drafting and review of two securities which were granted by companies (related to the borrower) in Peru and the Cayman Islands.
  • Advice to Ecuatorian fintech company Kushki Group Holdings involving a due diligence procedure on the company’s Peruvian subsidiary in the context of a $86m Series B investment.