Banking and finance in Venezuela

D'Empaire

The banking, finance and restructuring team at D'Empaire routinely advises international and domestic financial institutions on regulatory issues and complex transactions, including asset-backed loans, real estate transactions, syndicated loans and foreign exchange transactions. In addition, the team is experienced in bond issuances and debt restructurings. Fulvio Italiani and Carlos Omaña, who specialises in restructurings and sovereign debt matters, lead the practice. As the only Venezuelan member at the International Insolvency Institute, Roland Pettersson is also a notable contact. Associate Miguel Zajía focuses on financing transactions and sovereign debt offerings.

Practice head(s):

Fulvio Italiani; Carlos Omaña

Key clients

Barclays

BNP Paribas

Daiwa Securities Group

JP Morgan

Coca-Cola Femsa

Work highlights

  • Represented Barclays, BNP Paribas, Daiwa Securities Group and JP Morgan in connection with Corporacion Andina de Fomento’s (CAF) $1bn 1.25% notes due 2024.
  • Advised Coca-Cola Femsa in connection with the Venezuelan regulation regarding the public offering of securities.

Dentons

Dentons' banking and finance practice has experience in asset finance, debt restructuring, project finance and capital markets transactions, advising an impressive roster of international financial institutions. The team also works alongside the firm's US offices to assist international investors with the impact of US economic sanctions on ongoing deals with state-owned companies. Another key area of strength is advising on complex fintech matters, including currency conversion and innovative cryptocurrency schemes. Practice head Rubén Eduardo Luján, who splits his time between Caracas and Toronto, stands out for his expertise in cross-border financing in the oil, gas and mining industries. Natalija Vojvodic, whose practice covers project and corporate finance, and Daniela Jaimes are also key contacts.

Practice head(s):

Rubén Eduardo Luján

Key clients

Arthur J. Gallagher & Co (AJG)

AXA

Bank of Montreal (BMO)

Bank of Nova Scotia (Scotiabank)

Banesco Seguros

BUPA

Goldman Sachs

Hartford Fire Insurance Company

Oikocredit International

Lega

With a presence in four offices across Venezuela, Leĝa Abogados stands out for its strength in high-value, cross-border and domestic financing transactions. Clients include a range of international banks in the UK, the Caribbean, Japan and China. The team has a strong track record in loans to the Venezuelan government and assisting with project finance for petrochemical and industrial plants, and also advises on the negotiation of credit facilities, the securitisation of loans, setting up representative offices of foreign banks, and fintech issues. At the head of the practice, José Alberto Ramírez has experience in complex financings and capital markets transactions and Pedro Urdaneta has expertise in project and corporate finance. Other key contacts include Miguel Rivero, who specialises in financings in the oil and gas sector, Luis López-Durán and Fernando Sanquirico.

Practice head(s):

José Alberto Ramírez León; Pedro Urdaneta

Key clients

The Bank of Nova Scotia (Scotiabank)

ING Bank

Citigroup Global Markets

Amerant Bank

Bank Hapoalim

Bank of Tokyo

Bank Leumi

VIPPO

Allen & Overy (on behalf of Morgan Stanley)

Allen & Overy (on behalf of Charles Schwab & Co)

Houston Casualty Company (a subsidiary of Tokio Marine HCC)

Bloomberg

Invercapital

HCC Insurance Holdings

VENINCA Investment Bank

INVECINE

Work highlights

  • Advised VIPPO, a Venezuelan fintech company, on filing for a licence to operate as a fintech provider before the Superintendency of Financial Institutions (Sudeban).
  • Advising Scotia International, a subsidiary of Scotiabank, on an ongoing basis in its capacity as one of the main shareholders of Bancaribe.
  • Advising Venezuelan manufacturing company INVECINE on its corporate restructuring and capital markets regulatory compliance required to list the company on the Caracas Stock Exchange.

Altum Abogados, S.C.

Altum Abogados, S.C.‘ banking and finance team advises on traditional financing matters, including corporate finance, capital markets transactions and exchange control regulations. In addition, the practice specialises in automobile retail and wholesale finance (where practice co-head Álvaro Posada Sessarego stands out for his expertise), syndicated loans, securitisations and debt restructuring. The firm’s client base includes a number of major multinationals. Co-head Alfonso Porras Machado is experienced in corporate finance and other financial transactions. Associate Froila Eugenia Pimentel provides key support.

Practice head(s):

Álvaro Posada Sessarego; Alfonso Porras Machado

Testimonials

‘Altum is a firm made up of very professional associates and partners who know how to understand the client and their needs. They are hard workers and always look for practical and effective solutions defending the interests of their clients.’

‘We mainly have the privilege of working with Alvaro Posada. He is an extremely capable professional with a very high level of dedication to his clients. At the same time, he is an exceptional colleague.’

Araquereyna

Araquereyna's wide-ranging banking and finance has been particularly active in banking transactions, exchange control, capital markets, wealth management and cryptocurrency-related regulations in Venezuela. The team acts for a number of leading international banks and financial institutions, as well as insurance and reinsurance companies in Venezuela and abroad. Pedro Planchart is a key contact for project finance, capital markets and exchange control matters.

Practice head(s):

Pedro Planchart; Gustavo Reyna; Maripi Viso; Pedro Sosa; Carolina Cano

Key clients

JP Morgan Chase Bank

Simmons & Simmons LLP

Kennedy CMK and Kennedy LLP

Munich Re and Swiss Re

Blackstone

Bird & Bird

Debevoise & Plimpton

InterJuris Abogados

Based across the firm’s offices in Caracas, Madrid and Miami, InterJuris Abogados‘ banking and finance practice has considerable expertise in cross-border transactions. The team stands out for its expertise in blockchain and cryptocurrency, and in assisting financial institutions with establishment in the Caribbean, US and Europe. Co-managing partners María Cecilia Rachadell and Juan José Delgado lead the practice; Rachadell, who is based in Miami, has extensive experience in project finance, capital markets and financial regulatory issues, and Madrid and Miami-based Delgado has particular expertise in project finance in the oil and gas and telecoms sectors.

Practice head(s):

Juan José Delgado; María Cecilia Rachadell

Key clients

Nodus International Bank

Suniwallet

Alaluz Capital SIIG

Otepi

Inelectra

Acredita (previously Experian Soluciones V)

Vinccler

Quant BBS

Caja Caracas

Work highlights

  • Advising Alaluz Capital on an ongoing basis on the structuring of private equity funds with clients in Latin America.

Mendoza, Palacios, Acedo, Borjas, Paez Pumar & Cia.

The banking, finance and insurance practice at Mendoza, Palacios, Acedo, Borjas, Paez Pumar & Cia. has longstanding expertise in public project financings and restructurings in Venezuela, acting for clients including major international lenders, and has a significant corporate finance practice. Insurance matters are also a key area of strength, and the team is experienced in banking and insurance compliance issues. Three experienced partners co-lead the team: Carlos Eduardo Acedo, who stands out for his advice on insurance and reinsurance matters; Luisa Acedo, whose finance-side practice centres on banking and finance, corporate and banking compliance, and project financings; and Manuel Acedo Sucre, who is an expert in corporate finance. Also key to the practice, Diego Lepervanche focuses on provate equity, particularly as regards financings, structures and foreign investment; while international sanctions team co-head Luisa Lepervanche, handles complex banking and finance issues, including sensitive banking and capital markets rules, cryptocurrency matters and exchange-control regulations.

Practice head(s):

Carlos Eduardo Acedo; Manuel Acedo Sucre; Luisa Acedo

Key clients

Citibank

Banco Mercantil

Tokyo Marine

Munich Re and Munchener de Venezuela

Holman Fenwick

Real Seguros (formerly Zurich Insurance)

Banco Nacional de Crédito (BNC) and affiliates

Kennedys Latin America

Bancaribe and international affiliates

Miranda Capital Partners

Work highlights

  • Advising Citibank regarding the interaction with its clients domiciled in Venezuela, and the offer in Venezuela of banking, insurance and investment products originated abroad.
  • Advising major international insurance companies and their subsidiaries in Venezuela, including Munich Re, Tokyo Marine, AON and Munchener de Venezuela, on insurance-related issues.
  • Assisted Banco Nacional de Crédito with regard to foreign currency holdings and other banking regulations.

Baker & McKenzie, S.C.

Global firm Baker & McKenzie, S.C.‘s Venezuelan practice handles both transactional and regulatory issues for banks and insurance companies. Areas of strength include exchange controls, the drafting of financial structures within corporate reorganisation procedures, and banking and insurance compliance. At the head of the practice are the experienced Jesús Dávila and Eugenio Hernández-Bretón, who also leads the energy, mining and infrastructure group.

Practice head(s):

Jesús Dávila; Eugenio Hernández-Bretón; María de los Ángeles Celis

LEC Abogados

LEC Abogados handles financings and quasi-sovereign and sovereign transactions, with clients including major financial institutions and multilateral agencies. In addition, the team has a strong track record of advising on debt restructuring and refinancing transactions with state-owned oil and natural gas company PDVSA. Practice head Leopoldo Cadenas has longstanding experience in lending operations, project financing and international financing for Venezuelan business groups. Rodolfo Belloso advises on restructuring and Gastón Lazzari has expertise in transactions in the oil and gas sector.

Practice head(s):

Leopoldo Cadenas

Testimonials

‘The LEC team is deeply experienced and adept at handling complex and challenging transactions, and they bring a high level of sophistication, creativity, and pragmatism to their work. They excel in analysing complex legal situations and in giving thoughtful, incisive, and practical advice. They are highly knowledgeable about many different areas of corporate, banking, and insolvency law, and they bring a valuable interdisciplinary perspective to everything they do. One of their great strengths is their ability to communicate their advice and counsel in a very clear and direct fashion, and this serves them very well in dealing with their foreign clients. They are able to very successfully integrate foreign law concerns and analysis with their Venezuelan law analysis of relevant issues.’

Key clients

Toyota Tsusho

Japan Bank For International Cooperation (JBIC)

Shanghai International Energy Exchange

OTEPI

Work highlights

  • Assisting a group of Venezuelan companies seeking to raise private funding in Europe (either through private lending or private equity), by promoting the process of technical listing in European capital markets.
  • Advised Toyota Tsusho on the documentation and implementation of financing structures for the operation of its local Venezuelan subsidiary.
  • Acted as part of a cross-border team of firms led by Clifford Chance assisting JBIC with a credit facility for Corporación Andina de Fomento (CAF).

Raffalli de Lemos Halvorssen Ortega y Ortiz

Raffalli de Lemos Halvorssen Ortega y Ortiz advises major banks and financial institutions on regulatory issues, the establishment of representative offices in Venezuela, and consumer credit, credit card, leasing and factoring transactions. Jose Manuel Ortega Sosa and Rafael De Lemos Matheus are the key contacts.

Work highlights

    Rodner, Martínez & Asociados

    Jaime Martínez Estévez and James-Otis Rodner are leading figures in the banking practice at Rodner, Martínez & Asociados, which handles local and international financial matters, including loans, swaps and leasing transactions. The team assists with the structuring of international banking activities in the Venezuelan market as well as advising local branches on domestic regulatory issues.

    Rodríguez & Mendoza

    The banking, finance and capital markets practice at Rodríguez & Mendoza advises local and international financial institutions on loans and debt restructuring. The team also assists foreign entities with establishing representative offices in Venezuela. Miguel Velutini  and Reinaldo Hellmund , who have expertise in oil and gas project financing, are key contacts, along with Carlos Martinez .

    Tinoco, Travieso, Planchart & Núñez

    Tinoco, Travieso, Planchart & Núñez advises Venezuelan and foreign banks on transactions including loans, leasing and project financing, and also stands out for its capital markets expertise, assisting with the public offering and private placements of shares and securitisations. Key contacts in the practice include Jose Santiago Núñez Gómez, Gustavo Planchart Pocaterra and Alfredo Travieso.

    Travieso Evans Arria Rengel & Paz

    Travieso Evans Arria Rengel & Paz is particularly active in fintech-related matters, including advising on fintech regulations issued by the Superintendence of Banks. The team also has experience in advising banks on the collection of debts and on banking regulation. Pedro Rengel Nuñez, who is experienced in banking, insurance and capital markets law, leads the practice with Olga Nass De Massiani, who also heads the corporate team.

    Practice head(s):

    Pedro Rengel Núñez; Olga Nass de Massiani