Estudio Jurídico Gross Brown > Asuncion, Paraguay > Firm Profile

Estudio Jurídico Gross Brown

Paraguay > Banking and finance Tier 1

Firmly established as a leading name in the field of banking and finance, Estudio Jurídico Gross Brown assists with every type of financing in the market, from bank lending and structured finance to restructuring and insolvency. The team is also noted for its expertise in capital markets matters, with a recent highlight seeing practice co-head Sigfrido Gross Brown counselling Citigroup Global Markets, Goldman Sachs, Itau BBA USA Securities and Santander Investment Securities as joint book-runners on an issuance of $1bn 4.950% bonds due 2031 by the Republic of Paraguay for the implementation of Covid-19 measures. Senior partner Jorge Rafael Gross Brown is a go-to contact for many of the firm's banking clients; and Jorge Ignacio Gross Brown, who has strong experience working on some of the country's most significant project financings, makes up the trio heading the practice. An impressive pool of associates assists the partners, with Mauricio Salgueiro, Pablo Debuchy and Sol Ávalos being very active across a range of mandates in 2020.

Practice head(s):

Jorge Rafael Gross Brown; Sigfrido Gross Brown; Jorge Ignacio Gross Brown


Speed, experience, knowledge.

They are the ones with the most experience in the financial law market. They anticipate the intentions of the regulator and adequately prepare us for the various contingencies that may occur.

Gross Brown stands out for its experience in the banking regulatory area and for its work in financing. They are managed in an organised way as a work team, which allows them to make quality deliveries with tight deadlines in complex operations.

Sigifrido Gross Brown is a professional with exceptional knowledge of the banking and finance industry. He is an excellent ally when negotiating contracts and seeking solutions to complex problems.

Pablo Debuchy stands out for making quality deliveries with short deadlines. He has a very good knowledge of the banking regulatory framework.

Mauricio Salgueiro is an excellent transactional lawyer, who stands out for having a proactive role in handling negotiations and capitalising on previous experiences to provide efficient solutions.

Key clients

Citigroup Global Markets

Goldman Sachs

Santander Investment Securities

Itaú BBA USA Securities

Sudameris Bank

Atria Logística

Innovatus Capital Partners


FIC de Finanzas


Banco BBVA Paraguay

Banco Itaú Paraguay

Paraguayan Bank Association (Asoban)

Multilateral Investment Guarantee Agency (Miga)


Citibank – US DFC

Administración Nacional de Electricidad (Ande)


Barclays Bank

HSBC Securities (USA)

JP Morgan Securities

Work highlights

  • Acting for Itaú BBA in the structuring of a $110m syndicated senior secured loan facility to Yguazu Cementos and its shareholder Itacem, for the purchase of the majority shareholders’ stake by the minority shareholder and other additional refinancing.
  • Advising Sudameris Bank as arranger and lender of a secured syndicated loan facility of $100m for the construction of a cement factory.
  • Advising Citigroup Global Markets, Itaú BBA and Santander, as joint book-runners, in the Republic of Paraguay’s $225,858,000 principal amount of a further issuance of the Republic’s 5.400% bonds due 2050.

Paraguay > Corporate and M&A Tier 1

The broad corporate and M&A practice at Estudio Jurídico Gross Brown covers the gamut of work in this area, from advising on the life-cycle of a transaction to corporate governance. Senior partner Sigfrido Gross Brown continues to head the practice and maintains an active role, leading on the majority of the team's workload, while Jorge Rafael Gross Brown is another reference in the market, and has been particularly active recently in corporate reorganisations. Both co-led recent highlight advice to BBVA regarding the sale of 100% of its share capital in BBVA Paraguay to Banco GNB Paraguay for around $270m. Jorge Ignacio Gross Brown has expertise in banking and capital markets, as well as experience in market-leading M&A. In addition to the partners, senior associate Pablo Debuchy is a key member of the team, and is especially adept in the banking and energy sectors, and both Kamila Gimenez and Mauricio Salgueiro are highlighted for their ability to 'quickly understand the client's needs.'

Practice head(s):

Sigfrido Gross Brown


The work Estudio Gross Brown gave us was really wonderful. The main characteristic of the service they provide is the speed and agility with which they work, this I consider essential, since the times we resort to the office it is because we need agile, fast and concrete answers.

I have worked with Pablo Debuchy and Kamila Gimenez, and from both of them I received a wonderful treatment, with great kindness, professionalism, speed and agility in responses, permanent availability to accompany us in meetings and advise us on various topics.

Corporate matters are advised by Kamila Gimenez and Mauricio Salgueiro, who are distinguished by the quality of the products delivered, the agility to analyse and respond to concerns and the willingness to meet the company’s needs.

The team is always available and understands the urgency of the client, offering alternatives to the problems presented by the client’s reality.

Mauricio Salgueiro and Kamila Gimenez are creative in the solutions presented and quickly understand the client’s needs in a specific problem.

Opportunity of response, quality of care, predisposition.

It is a law firm equipped with a team of highly capable legal professionals in all branches of law.

Excellent corporate attorneys. They are on call, and quickly and efficiently meet our needs.

Key clients

Cotecna Del Paraguay

Cosan Paraguay

Swiss Re

Munich Re

Partner Re

Cofco Agri

Compañía De Cervecerías Unidas


Archer Daniels Midland Company


President Energy


Banco Itaú Paraguay


Club de Ejecutivos del Paraguay

Amazon Web Services


Grupo América

Empresa Distribuidora Especializada (Edesa)

Work highlights

  • Advising Credicentro on its merger with Crediplus, Pasfin and LCR.
  • Assisted BBVA with the sale of 100% of its share capital in BBVA Paraguay to Banco GNB Paraguay for around $270m.
  • Advised Empresa Distribuidora Especializada on a corporate reorganisation, for the sale of 100% of its shares to Distribuidora Gloria, for approximately $7m.

Paraguay > Dispute resolution Tier 2

Raúl Andrada Nogués leads the dispute resolution practice at Estudio Jurídico Gross Brown and is held in high regard, the former judge having expertise in civil and commercial litigation, as well as arbitral proceedings and contentious matters in the finance sector. On that front, he has recently represented BBVA Paraguay in a judicial proceeding against Casa Popular, while associate Maria Amalia Ingolotti, praised for her 'excellent knowledge of procedural aspects', represented Banco GNB Paraguay in a claim for loan foreclosures. Rossana Fernández is another key contact at the associate level.

Practice head(s):

Raul Andrada Nogués


First-rate legal analysis and excellent access to government.

Quick response time. Good English skills.

Gross Brown represents us in a very important litigation, their work has been responsible, strategic, careful and detailed. The firm has mitigated the risks of litigation by a very high percentage. The firm constantly monitors the process and has constant contact with us to review the progress and strategy of the process.

Maria Amalia Ingolotti is a lawyer with a very high strategic level in litigation, she is integral, detailed and has an excellent knowledge of procedural aspects. She is always available to attend meetings with the client and review the status of the process. She has represented us in a responsible manner and significantly mitigated process risks.

We have received strong support from the law firm, with high knowledge of the business and the needs of the company, showing a high commitment to the client.

High knowledge of local law, and with enough experience in the matters.

Key clients

BBVA Paraguay

Banco GNB Paraguay

ADM Paraguay

Work highlights

  • Acting for ADM Paraguay in a claim against Ministerio de Industria y Comercio aiming to revoke an administrative decision.
  • Represented Banco GNB Paraguay in a judicial proceeding against Fashion Textiles and others.
  • Represented BBVA in a judicial proceeding against Casa Popular.

Paraguay > Labour and employment Tier 2

María del Pilar Callizo leads Estudio Jurídico Gross Brown's labour and employment offering, which assists with a variety of legal issues arising from labour relations and counts both companies and employees among its clients. A key focus for the team is on the implementation and enforcement of international and regional rules, but it also specialises in employment wage policies, collective bargaining, and ethics and transparency policies for companies. Callizo also stands out for her niche expertise in maternity issues. At the associate level, key support is provided by Miguel Diaz.

Practice head(s):

María del Pilar Callizo


Gross Brown has been providing legal services in Paraguay as a top-tier full-service firm since 1944. The firm focuses on providing comprehensive legal advice with a simple approach and a global perspective to a diverse portfolio of clients, ranging from financial institutions and corporations to non-profit organizations, government entities and individuals.

Over several decades, Gross Brown has cultivated a team of highly trained lawyers with an advanced level of expertise in several practice areas and is recognised for the quality and high standards of its professionals. As a result, the firm has been at the forefront of Paraguay’s most complex transactions, both private and public.

In 2020, Gross Brown opened the doors of its new innovation-oriented unit named “Colab”. In addition to the traditional practice areas of Gross Brown, Colab aims to increase value for its clients by combining advanced methods to Gross Brown’s proven legal practice.

Practice areas: Banking and finance; corporate/M&A; capital markets; project finance and infrastructure; antitrust; labour and employment; dispute resolution; real estate; intellectual property; estate planning.

Main areas of practice
Banking and finance: The firm provides advice on the full spectrum of financial products including bank lending, asset finance, investment financing, derivatives, restructuring, insolvency and structured finance. Recent experience involves advising:

  • Multilateral Investment Guarantee Agency (MIGA) as lender, CITIBANK N.A. as MIGA Facility Agent, Mandated Lead Arranger and MIGA Facility Lender and COMMERZBANK A.G. as Arranger and MIGA Facility Lender, on a US$100m loan to Banco Nacional de Fomento,Sudameris Bank as arranger and lender in a syndicated loan of US$100m to Cementos Concepcion SA for the construction of a concrete, cement, and lime factory.
  • Advising Atria Logistica, as debtor, in a secured credit facility for the construction of its new 3 Fronteras Port in Paraguay. The loan was secured by a collateral package consisting of real estate, machinery, cash collateral, and offtake guarantees.
  • Citibank NA and the US Development Financial Corporation (ex OPIC) in a US$125m loan to Sudameris Bank destined to support lending to small and medium women-owned and women-led businesses.

 Key clients: Citigroup; BBVA; Goldman Sachs & Co., UBS Group, Itaú BBA, Bank of America Merrill Lynch, Association of Paraguayan Banks; Rabobank; Banco Itaú Paraguay S.A.; FIC S.A. de Finanzas, IDB Invest; ING Group; The World Bank; Morgan Stanley; Corporación Andina de Fomento; the Overseas Private Investment Corporation; Bank of Tokyo-Mitsubishi; JP Morgan Chase & Co; Banco Santander.

Co-contact: Sigfrido Gross Brown and Jorge Ignacio Gross Brown
Tel: +595 21 444 426

Corporate/M&A: The firm advises a wide range of clients on mergers, acquisitions and joint ventures, leveraged and acquisition finance, private equity transactions, tax efficiency structuring, corporate governance, among other corporate matters from the negotiation process to the due diligence, structuring, and closing of transactions.

  • Credicentro S.A.E.C.A. on its merger with Crediplus, Pasfin and LCR.
  • BBVA S.A. on the sale of 100% of its share capital in BBVA Paraguay S.A. to Banco GNB Paraguay for about US$270m.
  • Advising Torrecom Partners LP in the acquisition of Innovattel’s, Torresec Paraguay S.A. and Torredevel Paraguay S.A.

Key clients: Torrecom Partner LP, Cofco International; ADM Paraguay S.R.L.; Shell Trading; Lukoil; President Energy PLC; Suez Group; UFINET Telecom Holdings; General Motors; Apple Inc.; CAT; EDESA; Millicom; Fujifilm; Sun Chemical, Grupo América; Ochsi Group.

Co-contact: Sigfrido Gross Brown and Jorge Ignacio Gross Brown
Tel: +595 21 444 426

Capital markets: The firm’s capital market practice has advised the underwriters on all eleven of the Paraguay sovereign bond US Dollar denominated issuances under NY law (Reg. S and Rule 144A) between 2013 and 2021. Gross Brown remains a leader in capital markets and Reg S/R144A securities transactions in Paraguay, having represented major financial institutions on the issuance of over US$5,856,350,000. The firm has also acted as legal counsel to BBVA and Millicom from the private sector as issuers in Reg. S/Rule 144 bond offerings.

Key clients: Citibank N.A.; Bank of America Merrill Lynch; JPMorgan Chase & Co.; Goldman Sachs & Co.; Morgan Stanley; UBS; Santander Investment Securities Inc., and Itaú BBA.

Co-contact: Sigfrido Gross Brown and Jorge Ignacio Gross Brown
Tel: +595 21 444 426

Project finance and infrastructure: Gross Brown advises international and local companies on both regulatory and financing aspects of some of the largest and most complex infrastructure projects in Paraguay. The firm’s infrastructure team puts together a combination of industry insight and public law knowledge, providing its clients creative solutions to successfully overcome their challenges.

  • Advised Goldman Sachs & Co., Itaú BBA Securities, Banco Itaú Paraguay S.A. and IDB Invest, on the financing structure for the first Public-Private Partnership Project in Paraguay, for the construction, maintenance and operation of National Routes 2 and 7;
  • Advised UBS Group Inc. on the financing of the Carmelo Peralta-Loma Plata Route (Corredor Bioceanico) for the sum of US$440m.

Key clients: UBS, Bank of America Merrill Lynch; JP Morgan Chase & Co.; IDB Invest; Goldman Sachs & Co; Itaú BBA Securities.

Co-contact: Sigfrido Gross Brown and Jorge Ignacio Gross Brown
Tel: +595 21 444 426

Labour and employment: The firm is distinguished for rendering legal advice in labour matters to prevent legal pitfalls attending the particular needs of its clients, by giving permanent assistance to clients prior to key decision making.

Key clients: Petrobras Paraguay; Cofco Agri; Banco Do Brasil S.A.; MARDESA S.A.; Caja Mutual de Cooperativistas del Paraguay; Bancard S.A.

Contact: Pilar Callizo
Tel: +595 21 444 426

Dispute resolution: The firm’s dispute resolution practice focuses on mediation, arbitration and mainly civil and commercial law litigation for all local and international clients.

  • Represented Ericsson on a US$8,203,089 breach of contract damages claim
  • Represented Consorcio Agualogy (SUEZ GROUP) on a US$9m arbitration against Empresa de Servicios Sanitarios del Paraguay (ESSAP) for breach of contract and compensatory damages.
  • Represented Inversiones Hoteleras del Paraguay S.A. in a US$2.5m arbitration for breach of contract and compensation for damages.

Key clients: Cofco Group; Banco Itaú Paraguay S.A., Ericsson AB; Consorcio Aqualogy (SUEZ GROUP), Corporation of The President of The Church of Jesus Christ of Latter-day Saints; ADM PARAGUAY S.R.L., Inversiones Hoteleras del Paraguay S.A. (IHP).

Contact: Raul Andrada
Tel: +595 21 444 426

Asunción: Benjamin Constant 624, Asunción
Tel: +595 21 444 426 Fax: +595 21 498 169

Managing partner Sigfrido Gross
Banking and finance, restructuring, bankruptcy Sigfrido Gross Brown E:
Corporate and mergers and acquisitions (M&A) Sigfrido Gross
Dispute resolution Raúl
Labor and employment Pilar
Estate Planning Sigfrido Gross
Administrative Sigfrido Gross
Capital markets Jorge Ignacio Gross
Intellectual property Claudia
Insurance Teresa Gross
Antitrust Sigfrido Gross
Other fee-earners : 28
Total staff : 34
All main business languages
World Law Group (WLG)
Chambers & Partners
Partners : 6