Banking and finance in Portugal


Linklaters fields a team with 'first-class capabilities', which is adept at advising on high-value loan portfolio transactions, asset disposals, refinancing and restructuring as well as regulatory matters. International alternative asset managers, distressed debt traders and hedge funds regularly seek the department's assistance on a range of issues. A particular area of recent activity includes large-scale project finance through bank lending and bond issues, particularly in the energy and infrastructure sectors. Francisco Ferraz de Carvalho leads the practice and receives key support from Gonçalo Veiga de Macedo, who regularly represents financial institutions in cross-border structured finance (including real estate and acquisition finance) as well as transactions in relation to banks deleveraging.

Practice head(s):

Francisco Ferraz de Carvalho


The dedicated team evidences a robust knowledge of the market and legal framework, while offering valuable solutions.

Linklaters is extremely experienced and has unparalleled technical skills.

Gonçalo Veiga de Macedo has an impressive client approach, provides high-quality service and is always available.

Gonçalo Veiga de Macedo is one of the most relevant team members. His leadership and compromise skills are excellent.

The team is business oriented, demonstrating not only excellent legal knowledge but also an efficient approach which makes transactions feasible.

Key clients

Novo Banco, S.A.

NoLone Star

J.P. Morgan






Oitante, S.A.

ING Bank


ECS, Sociedade de Capitalde Risco, S.A.

Caixa Geral de Depósitos,S.A.

Crédit Agricole Corporate and Investment Bank

King Street Capital Management, LP

Bank of China


Värde Partners Europe Limited

Neoen S.A.S.

Work highlights

  • Advised China Three Gorges (Europe) on the take-over offers (and the financing of the take-over) launched over EDP – Energias de Portugal and EDP Renováveis.
  • Advised Cerberus on the acquisition of a portfolio of REO properties located in Portugal and a portfolio of NPLs from Novo Banco, with a total book value of approximately €800m.
  • Acted for Novo Banco and Banco Best on the sale to a consortium formed by KKR and LX Partners of a portfolio of NPLs and other assets.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Morais Leitão, Galvão Teles, Soares da Silva & Associados has a strong track record in the banking and finance sector, and is predominantly instructed by leading Portuguese banks and international financial institutions in a range of transactions. Structured finance, derivatives, private equity and investment funds are all areas of expertise for the department, which is also well equipped to handle matters related to securitisation and covered bonds. The practice is under the joint leadership of banking and finance specialist Luís Branco and Filipe Lowndes Marques, who has extensive experience in project finance. In addition to M&A, Pedro Gorjão Henriques also specialises in project finance. André de Sousa Vieira, who brings a wealth of experience in cross-border work, recently joined the team from Clifford Chance LLP’s London office.

Practice head(s):

Luís Branco; Filipe Lowndes Marques


The team has a very hands-on approach and is always available.’

The lawyers have exquisite technical skills and maintain close working relationships with clients.’

Work highlights

  • Acted for Sonae MC, as lender, on the €55m loan granted by the European Investment Bank to finance the company’s investments aimed at reducing the environmental impact of its food retail business.
  • Advised the lender on the financing of the acquisition of a holding company of a leading international group dedicated to maritime and port operations.
  • Advised a client on the financing of the conception, construction, installation, conclusion and entry into force of a portfolio comprising 43 small production units (SPUs) of solar energy.


Specialising in complex finance transactions, restructuring, financial services regulation and debt issuances, the banking and finance team at PLMJ is also regularly instructed to advise on securitisations, portfolio acquisitions and consumer credit. Leading the department is Hugo Rosa Ferreira, whose areas of expertise include cross-border syndicated lending and structured finance transactions. André Figueiredo regularly works with financial advisors and credit facilitators, while Bruno Ferreira assists companies and credit institutions on finance and capital markets transactions. Often leading advice on cross-border transactions is Gonçalo dos Reis Martins, who has experience assisting international investment banks and funds.

Practice head(s):

Hugo Rosa Ferreira


PLMJ is the biggest law firm operating in Portugal. It has unparalleled market acumen and capabilities to meet tight schedules.’

The team is highly experienced in the market of distressed loans, offering knowledgeable and innovative structures.’

Gonçalo dos Reis Martins is a brilliant all-rounder that can tackle issues with ease and provide a quick response to almost any matter.’

Gonçalo is our trusted advisor for financing. He is always ready to help and support the development of innovative structures.’

Key clients

Barclays Bank PLC

Elliot Advisors LLC

Volkswagen Bank GmbH


JP Morgan


CGD (Caixa Geral de Depósitos)

BNP Paribas (Global)

CBRE Global Investment Partners

Haitong Bank

REN – Rede Energéticas Nacionais, SGPS, SA

BNP Paribas

Société Générale

Crédit Agricole

Galp Energia SGPS, S.A.

Banco Santander Consumer

Work highlights

  • Advised Caixa Geral de Depósitos on the sale of a portfolio of NPLs with an aggregate principal outstanding balance of around €800m.
  • Assisted Morgan Stanley with the acquisition of telecom towers formerly owned by Altice.
  • Acted as legal adviser to the European Investment Bank (EIB) in relation to a €300m risk sharing instrument with BPI, under which the EIB guarantees in part a credit portfolio of new loans granted to SMEs.


The large banking and finance team at VDA offers a multidisciplinary approach to sector-related matters, benefiting from close collaboration with the firm's M&A, real estate and tax practices. The team is often retained to assist with the sale of portfolios of non-performing loans (NPLs) and other financing structures, acquisition finance, senior and subordinated debt issues and regulatory capital. Fielding a historical track record in bank recapitalisations and resolutions, the department is led by Pedro Cassiano Santos, whose expertise encompasses debt and regulatory issues. Paula Gomes Freire demonstrates wide-ranging knowledge on the placement of debt and equity instruments, while asset-backed transactions and aviation finance matters are some of Hugo Moredo Santos's areas of activity. Pedro Simões Coelho heads the firm's investment funds practice. Other key practitioners include recently promoted partners Benedita Aires, who specialises in the placement of debt instruments, structured financial products as well as classic financing matters, and Tiago Correia Moreira, whose areas of expertise also include fintech.

Practice head(s):

Pedro Cassiano Santos


VdA has plenty of quality resources and lawyers to provide all-round excellent service in all areas of the law.’

They always have someone available to reach out.’

Orlando Voler Guiné and Benedita Lima Aires are outstanding lawyers with deep knowledge of banking and finance services and regulations.’

Key clients

Banco Santander Totta

Banco BNP Paribas Personal Finance,

S.A. (Cetelem)

J.P. Morgan Securities

J.P. Morgan Asset Management (UK)


Deutsche Bank


Work highlights

  • Advised Banco Santander Totta in its public synthetic securisation.
  • Advised Cetelem (the consumer credit bank of BNP Paribas) in connection with the setting up of a partnership with OPEL to provide wholesale and retail finance to OPEL’s activities.
  • Acted as transaction counsel on the first public (listed and rated) NPLs securitisation of Banco Santander Totta.

Campos Ferreira, Sá Carneiro & Associados

Campos Ferreira, Sá Carneiro & Associados predominantly acts for banks and other credit institutions in relation to transactions ranging from corporate and acquisition loans to structured finance, bond issues and EMTN programmes. The team is also experienced in providing regulatory advice in connection with recapitalisation matters and resolution of financial institutions. The practice is led by Francisco Sá Carneiro and includes key practitioner Duarte Brito de Goes.


National and foreign borrowers, lenders, issuers and dealers seek Cuatrecasas' advice on a range of transactional and regulatory matters, including single assets and real estate portfolio acquisition financing and distressed debt transactions. The team also demonstrates strength in providing assistance in relation to administrative and regulatory laws applicable to entities in the financial sector. Practice head Maria João Ricou focuses on project finance and debt restructuring as well as banking operations. Manuel Requicha Ferreira is experienced across bank resolution measures and financing transactions, while Paulo Costa Martins has particular expertise in regulatory matters.

Practice head(s):

Maria João Ricou


Cuatrecasas has a pragmatic approach and deep knowledge of the sector. It is a multidisciplinary team which is strongly committed, has a strong deadline focus and benefits from a good international network.’

Paulo Costa Martins is the go-to lawyer for regulatory work and has an extensive and proactive approach to issues and matters, hence he helps the in-house team anticipate problems and discuss solutions before they arise.’

The banking and finance practice at Cuatrecasas is top-notch quality. They understand our needs and provide a critical assessment and deliver according to it.’

Paulo Costa Martins and his team provided clear and competent legal analysis. The service level is high, so we got our answers in time and straight to the point.’

Manuel Requicha Ferreira stands out as a very hands-on practitioner. He always provides clear assessments and does not rest until the problems are completely solved.’

Key clients

Somague SGPS

Euro V Aveiro, S.A.

Novo Banco, S.A.

Deutsche Bank AG

M&G Limited

American Express

Bank of Portugal

RIVA Portugal II S.àr. L

BlueBay Asset Management and DZ Bank AG Deutsche Zentral- Genossenschaftsbank

EVO Payments, Inc

Work highlights

  • Advised Sacyr Somague Group on Portuguese law in the structuring and negotiation of the restructuring of Sacyr Somague bank debt in Portugal.
  • Advised Euro Aveiro on the revision, negotiation and execution of a term loan facility agreement, a security agreement and a mortgage public deed in relation to the acquisition of a shopping centre located in Aveiro.
  • Assisted Deutsche Bank in the bidding process for the acquisition of a portfolio of NPLs, REOs and real estate funds held by Caixa Geral de Depósitos.


Fielding a multidisciplinary team, Garrigues covers the full scope of domestic and cross-border banking and finance matters. Typical instructions include advising borrowers and funds in financing transactions pertaining to the acquisition of companies and real estate assets. Matters involving distressed debt, restructuring and NPL transactions are other areas of recent activity for the team. Practice head Diogo Leónidas Rocha has extensive experience in bond issues as well as security packages and regulatory banking matters. Vasco Rodrigues is another key practitioner, whose areas of expertise include financing arrangements and the sale of NPL portfolios.

Practice head(s):

Diogo Leónidas Rocha


In addition to having very good technical skills, Garrigues has a very proactive team. They propose solutions that are client and activity oriented and not purely legal.

Their internal communication between various departments and teams involved in the transaction enables them to fully understand the client’s needs and anticipate the potential issues that may arise.

Diogo Leónidas Rocha is very involved in the negotiations and throughout the process.

Vasco Rodrigues has a very proactive role in the department and makes banking understandable to non-professionals.

Key clients

J.P. Morgan Securities Plc

Morgan Stanley & Co. International Plc

Haitong Bank

Novo Banco

Allied Irish Bank

Bilbao Vizcaya Argentaria, S.A. (BBVA)

Banco de Sabadell, S.A.

Castlelake LP

DBRS Ratings Limited

Hipoges Portugal

Iberian Distressed Assets Fund

Waterfall Asset Management

Bain Capital

Swiss Life Asset Management

Work highlights

  • Assisted Hipoges Portugal in its role as advisor for the winning bidder (KKR) in Project Nata, the sale by Novo Banco of a NPL portfolio with an outstanding balance of approximately €2bn.
  • Acted as Portuguese counsel to Cielo Liberdade Real Estate (Swiss Life REIM SPV) in relation to a €13m credit facility agreement for the financing or refinancing of the purchase of a real estate asset.
  • Advised J.P. Morgan and Morgan Stanley as dealer managers in a tender and exchange offer considering €3.5bn notes issued by Novo Banco and certain subsidiaries.

SRS Advogados

With an increasing presence in the domestic lending market, SRS Advogados provides legal advice in all types of financial matters, including those with a cross-border element, NPL transactions, fintech and cryptocurrency matters, restructuring and banking litigation. The department is jointly led by Alexandra Valente, who is often instructed by clients on domestic and multi-jurisdictional banking and finance transactions, and William Smithson, whose areas of expertise encompass structured finance and financial restructurings.

Practice head(s):

Pedro Rebelo Sousa; William Smithson


SRS Advogados’ level of professionalism is outstanding. The team is able to understand clients’ needs and the reality of our business.’

Alexandra Valente is an exceptional lawyer and leads a very cohesive team.’

João Santos Carvalho is responsive and good at problem solving.’

Key clients

Bain Capital Credit

M7 Real Estate Fund

Deutsche Bank AG- London Branch

FBN (UK) Bank

Respol Group

African Export Import Bank


Santander Consumer Portugal

Work highlights

  • Advised Bain Credit on the acquisition of an NPL portfolio from CGD.
  • Advising M7 Real Estate Fund as borrower on the refinancing of the acquisition of 16 properties in Portugal.
  • Advising Deutsche Bank on the Portuguese law aspects on the granting of a super senior financing to the Prisa Group.

Sérvulo & Associados

The finance and governance team at Sérvulo & Associados combines extensive and multidisciplinary experience in transactional and regulatory matters. Manuel Magalhães and Paulo Câmara jointly lead the department, which has demonstrable experience in the sale of real estate asset portfolios as well as major bank restructurings and resolution proceedings. Verónica Fernández is often involved in structured finance transactions and in matters related to the establishment of credit institutions and finance companies. The team's transactional offering was strengthened by the arrival of Francisco Barona, who previously headed the banking and finance department at SLCM | Serra Lopes, Cortes Martins & Associados.

Practice head(s):

Manuel Magalhães; Paulo Câmara


The banking and finance team of Sérvulo & Associados is very business-minded and has a strong track record in assisting credit institutions.’

They provide consistent and helpful advice on structure and strategy.’

Paulo Câmara is one of the best lawyers in banking and finance with very useful insights and approaches in regards to the regulatory environment.’

Inês Palma Ramalho is one of Sérvulo & Associados’ rising stars as she is able to provide very in-depth advice and comprehensive input.’

Maria João Santos is very responsive and helpful.’

Manuel Magalhães is a strong strategic thinker and is consistently available to clients.’

Key clients

BES – Banco Espírito Santo, S.A.

NAMA – National Asset Management Agency

BANIF – Banco Internacional do Funchal, S.A.

Bison Bank, S.A.

Proteste Crédito, Intermediário de Crédito, Sociedade Unipessoal, Lda.

Société Générale Equipment Finance Iberia EFC, S.A.

UNICRE – Instituição Financeira de Crédito, S.A.


Banco Credibom, S.A.

Deutsche Leasing SA

Oney Bank, S.A

Work highlights

  • Advised on the structuring of the sale by NAMA (National Asset Management Agency) of investment units in a closed-end property investment fund and of a relevant group of companies.
  • Provides ongoing day-to-day assistance to Banco Espírito Santo, S.A. – Em Liquidação after the withdrawal of the banking licence of BES by the European Central Bank in  2016.
  • Legal assistance to BANIF and PMO regarding the sale of all interests of the entities in BANIF Brasil, which is undergoing a voluntary liquidation, as part of a recovery plan.

Uría Menéndez – Proença Carvalho

Uría Menéndez – Proença Carvalho advises on M&A transactions involving complex cross-border and structural considerations, and is also adept at advising on a broad range of financial services regulatory matters concerning corporate governance, remuneration policies, the Mortgage Credit Directive, digital banking and money laundering, among other areas. The practice, which has also been active in the Portuguese NPLs market, is headed by retail and commercial banking specialist Pedro Ferreira Malaquias.

Practice head(s):

Pedro Ferreira Malaquias

Key clients

Liberty Seguros, S.A.

CSCEC – China Construction Portugal, S.A.

Corum Asset Management

Banco BIC Português, S.A.

Cheyne Capital Management (UK) LLP

International Investment Bank (IIBG) (Bahrain)

Postbank – a branch of DB Privat – und Firmenkundenbank AG

Kildare European Partners II, LP

CarVal Investors UK

WIZINK BANK, S.A., acting through its branch in Portugal

Bankinter, S.A. – Sucursal em Portugal

Proteus Asset Management, Unipessoal Lda.

ICBC Financial Leasing Co., Ltd. and Irish subsidiaries of ICBCL.

Banco BPI, S.A.

Aquila Capital Holding GmbH

Carlyle Group

Bain Capital Credit

Work highlights

  • Advised Liberty Seguros in Spain and  Portugal on all regulatory, corporate, tax and labour law matters arising from the cross-border merger between Liberty Seguros Spain, Liberty Portugal and Liberty Ireland DAC.
  • Advised CSCEC – China Construction Portugal as purchaser on the acquisition of a 7.5% stake in Lusoponte from Teixeira Duarte – Engenharia e Construções.
  • Assisting IIBG in the acquisition of Banco Internacional de Cabo Verde from Novo Banco, a bridge bank resulting from the dissolution of Banco Espírito Santo in 2014.


The 'approachable and responsive team' at CARDIGOS is often retained by leading banks and financial institutions in a range of financing transactions, including acquisition, project and structured finance. Derivatives is a key area of strength for the department, which is led by banking and capital markets specialist Pedro Cardigos. Co-head Maria Almeida Fernandes focuses on sector-related regulatory matters, and is also experienced across banking debt restructuring as well as debt and equity instruments.

Practice head(s):

Pedro Cardigos; Maria Almeida Fernandes


The team has extensive knowledge in the field of regulatory law. They communicate well and deliver in time.’

The team is very knowledgable, responsive and good at meeting deadlines.’

They provide high quality of work, swift replies, and deliver within deadlines.’

Pedro Cardigos is very helpful and responsive.’

Porfírio Moreira has a deep knowledge of the market and is always ready to meet demanding deadlines which is not always a standard in this region. Other people on the team are very approachable and eager to help.’

Key clients

ISDA Determination Committee

Bank Vontobel AG

ABN AMRO Clearing Bank N.V. (AACB)

NN Investment Partners (NNIP)

NatWest Markets Plc (NWM PLC)

Barclays plc

BNP Paribas

JP Morgan

Intrum Justitia

Standard Chartered Bank


Work highlights

  • Acted as counsel, alongside an international firm, to the International Derivatives Association (ISDA) in respect to the legal consequences of the BES liquidation proceedings.
  • Advised BNP Paribas on the delivery of BES bonds.
  • Advised the ISDA Committee on a review of the clearing member reliance opinion and the collateral opinion.


Domestic and international banks, multilateral institutions and corporates seek CMS's advice on a range of finance transactions, encompassing syndicated loans, acquisition and leveraged finance, debt products as well as real estate and project financing matters.


DLA Piper ABBC provides advice on complex corporate finance, secured lending deals as well as regulatory advice in the financial sector. Leading the practice is Nuno Azevedo Neves, who is regularly instructed by domestic and international banks, funds and private equities and has a strong track record in cross-border transactions and privatisations. Another practitioner to note is Gonçalo Castro Ribeiro, who specialises in structured finance, distressed debt deals, project finance and securities market issues.

Practice head(s):

Nuno Azevedo Neves


DLA Piper ABBC provides well-rounded solutions in the banking and finance sector, and coordinates with other departments to address issues which may arise.’

Gonçalo Castro Ribeiro is an excellent lawyer and has an in-depth knowledge of the banking and finance regulation in force in Portugal.’

The team’s availability and attention to detail are second to none.’

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo provides legal support in a variety of financing matters. Advising on syndicated loans and the acquisition of credit portfolios are areas of particular activity for the department, which is also adept at handling restructuring operations and other forms of acquisition finance. Co-head Mafalda Barreto is regularly instructed by key players in the sector, namely hedge funds, which seek her assistance in relation to distressed investments in the Portuguese market. Miguel Castro Pereira co-leads the team, and is an expert in the banking and financial legislation of Angola, Mozambique and Cape Verde. The department also offers cross-practice expertise in insurance matters, for which Filipe Santos Barata is the name to note.

Practice head(s):

Mafalda Barreto; Miguel Castro Pereira

Key clients


Work highlights

  • Advising Cubico Spain, a subsidiary of Cubico Sustainable Investments, on the project finance arranged by Deka Girozentrale relating to the refinancing of its recently acquired subsidiary CEF.
  • Ongoing advice to several foreign hedge and investment funds in relation to the resolution measures applied to Banco Espírito Santo by the Bank of Portugal.

Macedo Vitorino & Associados

Macedo Vitorino & Associados acts for lenders and borrowers, while boasting expertise across public and private finance matters, acquisition and real estate finance as well as complex structured transactions. The team is under the joint leadership of António de Macedo Vitorino, who has a particular focus on project finance, corporate restructuring and securities law, and André Vasques Dias, whose multidisciplinary expertise includes cross-border transactions and tax matters.

Practice head(s):

António Macedo Vitorino; André Vasques Dias


The team is knowledgeable and available; lawyers always have a solution to every problem.’

André Vasques Dias is always prepared to thoroughly study the matters. He has an excelent knowledge of the issues related with banking and finance.’

Key clients


Alcatel Submarine Networks

Work highlights

  • Advising Natixis in connection with a refinancing of several solar parks acquired by Reden Solar in Portugal and Spain.
  • Advising Caixa Central in connection with a refinancing of an office park ownership.
  • Advising Caixa Central on the financing of the acquisition of a real estate asset for an office park.

Abreu Advogados

The finance team at Abreu Advogados covers a wide range of sector-related work, including acquisition and project finance, OTC derivatives, the issue of structured debt and the listing of securities and insurance products. Practice co-head Ana Sofia Batista regularly advises local and foreign clients on project finance matters, while co-leader José Maria Corrêa de Sampaio has a proven track record in both domestic and cross-border financing transactions, notably in jurisdictions such as Angola and Mozambique. Rodrigo Formigal, who stands out for his extensive knowledge of debt restructuring and distressed assets transactions, recently joined the team from PLMJ.

Practice head(s):

Ana Sofia Batista; José Maria Corrêa de Sampaio


Ana Sofia Batista provides an excellent legal service. She is very responsive and practical in her approach to legal advice.’

The team is very responsive, and presents a high level of knowledge.’

Rodrigo Formigal is very professional, has a great level of knowledge, is always available and responsive.’

Key clients


Banco Económico, S.A.


Deposit Solutions GmbH

UniCredit Bank AG


Economico Fundo de Investimento SGFI

Grupo JJW

Caixa Geral de Depósitos

Work highlights

  • Assisted Biosurfit with an equity fund raising process and corresponding security package involving new shareholders and the European Investment Bank.
  • Represented UniCredit Bank as bank agent and security agent under the restructuring release and discharge of the syndicated €71.5m in the context of the acquisition of 100% of AEB Group by Apax Partners.
  • Assisted Ceetrus in the negotiation of a €180m loan agreement with a syndicate of banks for the refinancing of two shopping centres.

Raposo Bernardo

Raposo Bernardo's team handles a broad range of banking and finance matters, but particularly excels in acquisition, aircraft and real estate financing, revolving credit transactions as well as refinancing and debt restructuring. The practice is led by managing partner Nelson Raposo Bernardo, who has a deep knowledge of project finance, private equity and sector-related regulatory issues. Co-head Joana Andrade Correia brings to the table her extensive expertise in corporate restructuring and M&A matters.

Practice head(s):

Nelson Raposo Bernardo; Joana Andrade Correia

Work highlights

  • Advised a bank on the negotiation process and preparation of a bank financing agreement relating to the acquisition of commercial aircraft.
  • Advised a bank on the financing and refinancing of part of the acquisition of a portfolio involving 50 aircraft.
  • Advising a financial institution on the structuring of financing operations of infrastructure projects.

AAA Advogados

AAA Advogados advises on a range of financing transactions, including those related to projects in the energy sector. Vitor Pereira das Neves, whose areas of interest encompass capital markets and corporate finance, leads the team alongside Gabriela Rodrigues Martins, who has experience in privatisations and private equity matters.

Practice head(s):

Vítor Pereira das Neves; Gabriela Rodrigues Martins


This law firm stands out for providing personalised services of the highest level, by always taking into account the clients’ best interests.’

AAA has wide-ranging sectorial and technical knowledge. They have advised us on several complex banking and finance matters, sticking to strict deadlines.’

Vítor Pereira das Neves is an extraordinary lawyer who provides simplified solutions to complex problems.’

Key clients

Cesl Asia


Dia Portugal

PREOF SPV S.à.r.l.

Work highlights

  • Advised Cesl Asia on the acquisition of the Monte do Pasto Group and related financial arrangements.
  • Advised a real estate company on the financing and acquisition of a property.
  • Represented PREOF SPV in the execution of the facility and security agreement with ING Bank.

Caiado Guerreiro

Caiado Guerreiro undertakes both contentious and transactional work in the banking and finance sector. The department offers comprehensive advice pertaining to structured finance, securitisation and derivatives, and provides ongoing regulatory assistance to financial and banking entities. João Caiado Guerreiro, who is experienced in cross-border transactions, coordinates the practice alongside Joana Gomes dos Santos, whose areas of practice include banking and insurance law.

Practice head(s):

João Caiado Guerreiro; Joana Gomes dos Santos

Key clients

KBL European Private Bankers, S.A.

Work highlights

  • Advising KLB European Private Bankers, a Luxembourg-headquartered private banking group, on the requirements for carrying out financial activities in Portugal.
  • Advised, a start-up company, on the negotiation of a €150m credit facility granted by Goldman Sachs International.

Espanha e Associados

With a focus on consumer credit and private banking, Espanha e Associados also has notable experience providing full assistance to insurance undertakings and intermediaries on their day-to-day business activities. João Espanha heads the department, which is also regularly instructed to advise on anti-money laundering legislation and general compliance systems in the insurance and banking sectors. Leonor Futscher de Deus is a key member of the team.

Practice head(s):

João Espanha; Leonor Futscher de Deus


They are alway available and are very efficient in their answers. The answers to legal questions is alway precise and accurate.

João Espanha and Leonor Futscher de Deus are available when in need. Both of them have a large experience in the corresponding area and they always answer in a very precise and accurate way.’

Key clients

Banco BNP PARIBAS Personal Finance, S.A.

ABANCA Servicios Financieros, E.F.C., S.A.

CATERPILLAR FINANCIAL Corporación Financiera, E.F.C., S.A.


BNI – Banco de Negócios Internacional (Europe), S.A

Allianz Life Luxembourg, S.A.

Arval Service Lease, S.A.

Bâloise Vie Luxembourg, S.A.

Building Block Insurance PCC Limited

Cardif Assurance Vie and Cardif Assurances Risques Divers

Cardif Luxembourg Vie, S.A.

Generali Luxembourg, S.A.

Generali PanEurope Designated Activity Company

Greenval Insurance Designated Activity Company

Hansard Europe Designated Activity Company

João Mata, Lda.

Lombard International Assurance, S.A.

Lusitania, Companhia de Seguros, S.A.

PSA Europe Insurance and PSA Europe Life Insurance

Santander Totta Seguros, Companhia de Seguros de Vida, SA

Swiss Life Global Solutions

The OneLife Company Luxembourg, S.A.

Utmost PanEurope DAC

Wealins, S.A.

Work highlights

  • Assisted BNP Paribas Personal Finance on the implementation of a new payment system.
  • Assisted Caterpillar in the adaptation of its anti-money laundering compliance and prevention system in line with the new anti-money laundering law and corresponding regulations from Bank of Portugal.
  • Assisted Abanca in the migration process of all its credit card contracts to credit line contracts.

pbbr - Sociedade de Advogados RL

Having developed a solid reputation for acting for Spanish banks in connection with their undertakings in Portugal, pbbr - Sociedade de Advogados RL handles transactional and regulatory work. Alexandre Jardim leads the practice group, whose key areas of strength include acquisition finance, securities issues and credit restructuring operations, in which the department is adept at representing both financial institutions and corporations.

Practice head(s):

Alexandre Jardim

Key clients

ECS Capital Sociedade de Capital de Risco, S.A.


Frankfurt AG (namedbefore Euhohypo)


ABANCA Corporacion Bancaria (formerly NCG Bank)

Sogevinus SGPS, S.A.

Stone Capital

Aegon Spain

Groupe Terresens

Louvre Capital

ECS Capital

Work highlights

  • Assisting ABANCA on a daily basis in the context of restructuring agreements, facilities agreements and constitution of guarantees.
  • Legal assistance to Abanca on the loan syndicate led by Santander to support the corporate restructuring of a Portuguese group of companies engaged in the maritime industry.

RRP Advogados

RRP Advogados is adept at assisting both lenders and borrowers in a variety of financing transactions, namely acquisition, project, real estate, asset and syndicated financing matters. The practice is proficient in the structuring and negotiation of loans and security packages related to restructuring and acquisition of loan portfolios. Head of department Carlos Vaz de Almeida combines a strong background in administrative law with expertise in banking and finance matters.

Practice head(s):

Carlos Vaz de Almeida


Hands-on team with vast knowledge in different fields (including real estate, corporate and tax).’

Ricardo Reigada Pereira has excellent knowledge of the law and is easily accessible.’

Manuel Cordeiro is experienced and very easy to deal with; he has a hands-on approach which facilitates our day-to-day work.’

Carlos Almeida showed good negotiations skills, was always available, and had a practical approach to the problems.’

Key clients

Olimpo Real Estate, S.A. (ORES)

Mitiska REIM

Miya Water Group

NovEnergia Group

Zeno Partners

European Investment Bank / Hungarian Development Bank

CaixaBank Group

Work highlights

  • Acted for ORES and its Portuguese subsidiaries in the context of the credit facilities agreement entered into with both ING Bank (ING), under which ING granted €140m credit facilities to ORES.
  • Advised Mitiska REIM on the refinancing by Novo Banco of two retail parks in Portugal, which were acquired by First Retail International 2 NV, Mitiska REIM’s institutional fund.

SLCM | Serra Lopes, Cortes Martins & Associados

SLCM | Serra Lopes, Cortes Martins & Associados handles a wide array of banking and finance matters. The broad service offering covers financing transactions, debt restructuring, portfolio acquisitions and bond issues. With an increasing involvement in the NPL sector, the team also assists with the structuring and monitoring of collective investment schemes, investment funds and private equity structures. Former practice head Francisco Barona left for Sérvulo & Associados in 2019. Ana Guedes Teixeira is a key contact.


The team is very client oriented and has a deep knowledge of the legal framework.’

SLCM has a very practical and pragmatic way of approaching problems. The team is very accessible and clear in terms of communication, which is beneficial for non-lawyers.’

Key clients

Banco Comercial Português, S.A.

Novo Banco, S.A

Haitong Bank, S.A.

Caixa Geral de Depósitos, S.A.

Controlinveste Group

Sovena Group

Elaias Group

Millennium Fundo de Capitalização, FCR

Work highlights

  • Advised Controlinveste Group in the global restructuring of its banking debt.
  • Advised Banco Comercial Português on the structuring, drafting and negotiation of a financial lease agreement with the Estevão Neves Group.
  • Advised Banco Comercial Português on the debt restructuring operation in the context of the acquisition of Grupo Elevo by Nacala Holding.