The banking and finance group at Brigard Urrutia is ‘superior to any Colombian law firm’, according to some. Particularly praised for its ability to handle ‘sophisticated structures with international funders’, the team’s broad cross-border expertise is evidenced by its involvement in many of the market’s marquee cross-border mandates — for both Colombian and global banks and corporate borrowers. As a case in point, dual US- and Colombia-qualified banking specialists Carlos Fradique-Méndez and María Fernanda Diago joined forces to advise CFG Partners on the up-to $150m financing and acquisition of Alpha Capital’s and Vive Créditos’ assets, which involved five jurisdictions. Among its lender-side highlights, go-to expert Fradique-Méndez advised Citibank Colombia on a COP$120bn financing to a newly created debtor trust established by Bayport Colombia. The deep bench also calls upon the senior expertise of César Felipe Rodríguez, who is sought after for infrastructure and project finance-related matters, and seasoned banking, energy and natural resources specialist Carlos Urrutia. The group additionally draws on a capable pool of associates, including seniors Santiago Jaramillo Martínez, who has an emphasis on energy and infrastructure-related work, and Juan Eduardo Gómez, who combines banking and corporate experience. Associate María Fernanda Sánchez moved in house as general counsel at ADL Digital Lab in January 2023; and next generation partner Felipe Alarcón has also subsequently left the firm - effective as of September 2023.
Banking and finance in Colombia
Brigard Urrutia
Responsables de la pratique:
Carlos Fradique-Méndez; César Felipe Rodríguez; María Fernanda Diago; Felipe Alarcón; Carlos Urrutia
Les références
‘They have in-depth knowledge of financial regulation, sophisticated structures with international funders, and exchange regulations. Superior to any Colombian law firm.’
‘Lawyers demonstrate a high level of professionalism and commitment, particularly María Fernanda Diago.’
Principaux clients
Bancolombia
Caribbean Financial Group Partners
Gramercy
Citibank Colombia
Financiera de Desarrollo Nacional
Banco de Bogotá
QNT
Latam Airlines Colombia
Promigas
ZMP Fontibón
Ecopetrol
Itaú Corpbanca Colombia
AES Colombia
Grupo Lamosa
Blackrock
Elecnorte
Perimetral Oriental de Bogotá
Sumitomo Mitsui Banking Corporation
Fiduciaria Scotiabank Colpatria
Concesion Costera Cartagena Barranquilla
Principaux dossiers
- Advised LATAM Airlines Group, Aerovías de Integración Regional and Línea Aérea Carguera de Colombia (among other entities of the LATAM group), on the Colombian aspects of its $4.5bn Chapter 11 restructuring.
- Advised CFG Partners on the approximately $150m financing and acquisition of Alpha Capital’s and Vive Créditos’ assets, which was structured as a multi-jurisdictional, cross-collateralised, asset-backed financing.
- Advised Solarpack Colombia on Colombian-peso and US-dollar financings from Inter-American Investment Corporation and Bancolombia to fund two solar energy projects, valued at COP$657m and $130m.
Dentons Cardenas & Cardenas
Dentons Cardenas & Cardenas houses a full-service banking and finance practice, which stands out for its comprehensive industry coverage as well as its broad international outlook. With experience acting for lenders and corporate borrowers, the group is a popular choice to advise global and domestic clients on a wide range of financing matters, including subordinated loans, acquisition finance, project finance and structured finance. Managing partner Bernardo Cárdenas is a transactional specialist who leverages expertise in both banking and corporate deals; he recently acted as local counsel to First Abu Dhabi Bank, as lender, on two senior secured credit facilities granted to Nugil and JGDB Holding to fund the $1.3bn acquisition of Grupo Nutresa and the $780m acquisition of Grupo Sura. In another bank-side matter, Catalina Pinilla advised Banco de Desarrollo de América Latina (CAF), as lender, on $650m worth of unsecured credit facilities provided to Banco de Occidente, Bancoldex, BBVA Colombia and Davivienda. Rounding out the key partners is corporate head Eduardo Cárdenas, who recently advised the lenders (Banco de Occidente, Banco de Bogotá and Corficolombiana) on a project financing of up to COP$550bn to infrastructure concessionaire, Concesión Sabana de Occidente. Pablo Jaramillo, who has a focus on project finance, is also noted. Senior associate Felipe Molano left the firm in February 2023. Since research concluded, the practice has been further strengthened with the hire of next generation partner Felipe Alarcón from Brigard Urrutia – effective as of September 2023. Since publication, and in a notable boost to the practice, September 2024 saw the firm welcome back former senior associate Daniela Mejia Mariño (from Philippi Prietocarrizosa Ferrero DU & Uría), as a partner; effective as of September 2024.
Responsables de la pratique:
Bernardo Cárdenas; Eduardo Cárdenas; Catalina Pinilla
Les références
‘The banking and financial law team at Dentons Cárdenas & Cárdenas is comprised of a team of professionals who understand the background of the business they are dealing with. Rarely have we seen such precise, practical documentary advice that captures all the fronts of a transaction.’
‘Catalina Pinilla is a great lawyer, who understands the scope of the risks that financial institutions are willing to assume. She knows her industry and the details of what the counterparties are looking for in an operation. She is a very capable, intelligent lawyer with excellent relationships.’
‘It is a team with very high technical knowledge, which allows you to feel safe when negotiating a contract. People are always available to respond to needs in a timely manner.’
Principaux clients
First Abu Dhabi Bank
Corficolombiana
Puerto Bahía Colombia de Urabá
Puerto Antioquia Holding
Banco de Desarrollo de América Latina – CAF
Coöperatieve Rabobank
Gran Tierra Energy Colombia
Gran Tierra Colombia Inc.
Banco de Occidente
Banco de Bogotá
PIO
International Finance Corporation
MUFG Bank
Principaux dossiers
- Acted as local counsel to First Abu Dhabi Bank, as lender, in two senior secured credit facilities.
- Acted as local counsel to Puertos, Inversiones y Obras, Puerto Bahía Colombia de Urabá, and Puerto Antioquia Holding on the financial closing of the Puerto Antioquia project.
- Acted as local counsel to a syndicate of ten European, Asian and South American banks, led by Coöperatieve Rabobank, on a two-year sustainability-linked loan facility to multinational coffee merchant, Sucafina.
Gómez-Pinzón Abogados (GPA)
Fielding a destination banking and finance practice, Gómez-Pinzón Abogados (GPA) handles the full spectrum of matters, with particularly strong expertise in cross-border asset finance, corporate finance and regulatory issues. The team’s enviable client roster includes domestic and global lenders —including state-owned banks— as well as major corporate borrowers, which mark it is a go-to team for event-driven, multi-jurisdictional mandates. In a recent example, department head Ricardo Fandiño acted as local counsel to Patagonia Holdco and CenturyLink Colombia in the capital markets and bank financing to support the acquisition of Lumen Technologies across different Latin American jurisdictions. In another cross-border mandate, José Luis Suárez acted as local counsel to a syndicate of five lenders on a $650m financing for Nu Colombia, Nu BN Servicios México, and Nu Holdings. The deep bench also draws on the senior experience of Daniel Londoño, whose previous professional experience includes a stint at Inter-American Investment Corporation, and capital markets specialist Adriana Moreno. At the senior associate level, Jimena González is noted for project finance and structured finance; Catalina Prieto has an emphasis on corporate finance and project finance; and Daniel Flórez maintains a focus on banking and capital markets. In December 2022, senior associate Tonia Orozco left to join the Development Bank of Latin America.
Responsables de la pratique:
Ricardo Fandiño
Principaux clients
Nugil
Avianca
IFC
Citigroup Global Markets Inc., SMBC, Scotia Bank
JPMorgan Chase Bank
The Bank of Nova Scotia
Avista
Sumitomo Mitsui Banking Corporation
Goldman Sachs Specialty Lending Group
Banco Davivienda
Itaú Corpbanca Colombia
Concesionaria Vial del Pacífico
IWL River Inc
Fondo de Capital Privado Inmobiliario Salud Compartimento 1
Bayport Colombia
Deetken Asset Management Inc
Glenfarne Group
Credicorp
Grupo Pegasus
Gramercy Funds Management
Keralty
Banco Interamericano de Desarrollo (IADB)
Principaux dossiers
- Advised the Bank of Nova Scotia and SMBC, as the lenders, on a $1bn loan to Ecopetrol.
- Acted as local counsel to a syndicate of banks (comprising Citigroup Global Markets, Citibank Colombia, Morgan Stanley Senior Funding Inc, Goldman Sachs International Bank, and HSBC) on a $650m financing for Nu Colombia, Nu BN Servicios México, and Nu Holdings.
- Advised the Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, Citibank International Banking Facility, Banco de Sabadell, and Bank of China (Panama Branch), as the lenders, on a $509m loan to Grupo Energía Bogotá.
Philippi Prietocarrizosa Ferrero DU & Uría
A robust performer in both local and cross-border financings, Philippi Prietocarrizosa Ferrero DU & Uría added several new clients to its roster over the past year, including Banco Santander and Societé de Promotion et de Participacion pour la Cooperation Economique (Proparco). The group’s ability to draw on its top-tier projects practice is a significant differentiator and it has a strong record in project finance (particularly in the infrastructure space), as well as for corporate lending and acquisition finance. High-profile specialist Juan Fernando Gaviria excels in project finance and corporate lending; he recently spearheaded the team’s advice to International Finance Corporation (IFC) on the granting of a $150m two-tranche loan to Nu Colombia. Hernando Padilla maintains a broad transactional practice spanning banking and finance, capital markets and corporate work. Padilla recently teamed up with the projects group to handle several matters connected to the $906m refinancing of the Rumichaca-Pasto 4G toll-road project, including advising a group of international lenders on a $305m international credit facility, and also advising FDN, Bancolombia and Banco Davivienda on the provision of a $260m local credit facility. The team additionally draws on the senior experience of Claudia Barrero, whose diverse focus encompasses corporate, banking, capital markets and private client law, and corporate and finance partner Camilo Ballesteros. Impressive co-ordinating associate Daniela Mejía, is also recommended. Principal associate Paula Buriticá left the firm in May 2022. Since publication, Mejía has also left the firm - effective as of September 2024.
Responsables de la pratique:
Juan Fernando Gaviria; Hernando Padilla; Claudia Barrero
Les références
‘The team is capable of perfectly understanding the structure of our company, being able to negotiate any issue from our perspective as necessary, without us having to explain the business details.’
‘The team led by Juan Fernando Gaviria is wonderful. We highly value its practicality. It is capable of being impartial in any discussion and always makes weighty arguments.’
‘It is a very committed team, always available to the client. It is also a team with a high technical level and great abilities when negotiating.’
Principaux clients
Goldman Sachs
JP Morgan
Bancolombia
Banco Davivienda
Banco Santander
Credit Suisse, Cayman Islands Branch
Financiera de Desarrollo Nacional
Societé de Promotion et de Participacion pour la Cooperation Economique (Proparco)
QMC Telecom Group
Deutsche Bank
International Finance Corporation (IFC)
Interamerican Development Bank (IDB)
Banco de Desarrollo de América Latina (CAF)
Principaux dossiers
- Advised the joint bookrunners and initial purchasers (Goldman Sachs and JP Morgan), as well as the lenders (JP Morgan Chase Bank, MUFG, SMBC, Société Générale, CACIB, Siemens Financial Services, FDN, Bancolombia, and Banco Davivienda), on the $906m refinancing of the Rumichaca-Pasto 4G toll-road project.
- Acted for Cititrust Colombia —as local administrative agent, administrative agent of the liquidity credit, and collateral agent— in the $906m refinancing of the Rumichaca-Pasto 4G toll-road project.
- Acted as Colombian Counsel to International Finance Corporation (IFC) in the granting of a two-tranche loan to Nu Colombia, totalling approximately $150m.
Cuatrecasas
Maintaining its upward trajectory, Cuatrecasas’ Bogotá office continues to make strides following its 2021 launch. The group enjoys a particularly prominent position for lender-side transactions, where it acts for an impressive raft of major domestic and multinational banks. Project finance is another strong suit and the team is routinely involved in many of the most high-profile transactions in the market — for both lenders and borrowers. Go-to finance expert Manuel Quinche spearheads the department and recently advised a group of international lenders (the Bank of Nova Scotia, BNP Paribas, JPMorgan Chase Bank, SMBC, and Bank of New York Mellon) on a $750m loan to Argos North America Corporation. In another headline-grabbing mandate, Quinche acted alongside the Santiago office to advise the lenders (the Bank of Nova Scotia, Deutsche Bank, JPMorgan Chase Bank and Goldman Sachs Bank USA) on amending a revolving credit facility of up to $120m granted to Andean Telecom Partners. The group also includes structured finance specialist Ana María Sánchez, who advised the lenders on a $50m loan to several of the Vitalis Group companies, and Juan Carlos Puentes, who was elevated to partner in April 2022. Natalia Arango is a capable senior associate.
Responsables de la pratique:
Manuel Quinche
Les références
‘It is a fairly complete team, with a clear understanding of the technical aspects and which permanently seeks the best solution to reach agreements between the parties.’
‘In Cuatrecasas, people respond promptly and always seek to protect the interests of the parties. Likewise, they are very rigorous in the review of the documentation.’
‘The entire team demonstrates knowledge of the industry, which is essential to provide client-centred advice. Additionally, it makes available to the client advice from the different practices of the firm, and does not focus solely on the contracted practice. It is a team highly committed to the transaction.’
Principaux clients
Bancolombia
Itaú Corpbanca Colombia
Banco Davivienda
Banco de Bogotá
Banco de Occidente
Banco Popular
Concesionaria Rutas del Valle
Transmisora Colombiana de Energía
ScotiaBank
MUFG Bank
Metro Línea 1
Sumitomo Mitsui Banking Corporation
The Bank of Nova Scotia
BTG Pactual Colombia
Plurall Capital Colombia
Carlyle Global Credit Investment Management
Unión para la Infraestructura
Klym
BID Invest
Principaux dossiers
- Advising the Bank of Nova Scotia, BNP Paribas, JPMorgan Chase Bank, SMBC, and Bank of New York Mellon on a $750m loan to Argos North America Corporation.
- Advising the Bank of Nova Scotia, Deutsche Bank, JPMorgan Chase Bank, and Goldman Sachs Bank USA, on the amendment to a revolving credit facility of up to $120m granted to the Andean Telecom Partners group.
- Advising The Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria New York Branch, BNP Paribas, and Sumitomo Mitsui Banking Corporation on the $700m transaction to manage the public debt of Empresas Públicas de Medellín.
Garrigues
The broad group at Garrigues combines strong skill sets across a range of banking and finance, capital markets, fintech and project finance matters, with extensive expertise in the regulatory space. Most notably, Roberto Borrás is widely considered a pioneer in the terms of the latter sphere, bringing to bear hands-on experience gained during stints as president of the Colombian securities market self-regulatory body and as Chief Financial Superintendent of Colombia, among other high-profile roles. Borrás recently advised global neobank, Nubank, on the creation of a financial institution in Colombia. On the transactional front, project finance specialist Francisco Noguera is a key contact; he recently advised JP Morgan Chase Bank on a $292m financing granted to Colombian state-owned bank, Bancoldex, in order to support micro and small companies in the country. A strong senior associate bench includes recent hires Mónica Rodríguez G (who arrived in February 2022 from Incofin Investment Management), and Lissa Parra Alarcón (who joined in July 2022 from the Colombian stock exchange); and Nicolás Angulo, who -noted for infrastructure financings- is currently a foreign associate with Mattos Filho in Sao Paulo (since March 2023). Former senior Paula Ospina Correa moved in house at Bancolombia in July 2023.
Responsables de la pratique:
Roberto Borrás; Francisco Noguera
Les références
‘The team is characterised by being extremely diligent and willing to advise its clients. It is a team of international stature that knows its practice areas and the applicable regulations well.’
‘Particularly, the associates Lissa Parra Alarcón and Paula Ospina Correa stand out as they have extensive experience in the financial sector and the constitution of financial entities. They are highly qualified professionals who stand out for their disposition when offering advice to clients.’
‘Garrigues is a law firm with which we are pleased to work. Its attention to detail and closeness during consultancy gives us confidence and solidity in what we are doing. For me, the quality of its service, its closeness to the client, and its work ethic sets it apart from other firms.’
Principaux clients
World Bank
Nu Bank
Asobancaria
Pomelo
Bancolombia
JP Morgan Chase Bank
Empresa Metro de Bogotá and Financiera de Desarrollo Nacional
Global Infrastructure Partners
Fondo de Deuda Senior para Infraestructura en Colombia CAF-AM Ashmore I
Banco Davivienda, Banco de Occidente and Banco de Bogotá
Principaux dossiers
- Advised JP Morgan Chase Bank on a $292m financing granted to Colombia’s government-held financial entity, Bancoldex.
- Advised Financiera de Desarrollo Nacional and Empresa Metro de Bogotá on a $1.5bn financing from international multilateral lenders for the development of Metro de Bogotá’s second line.
- Advised prominent neobank, Nubank, on the regulatory procedures for the creation of a financial institution in Colombia.
Martínez Quintero Mendoza González Laguado & de la Rosa
Standing out for its combination of legal and commercial acumen, the team at Martínez Quintero Mendoza González Laguado & de la Rosa ‘always contributes ideas to improve the client’s business’. The group covers the waterfront on banking and finance matters, with robust offerings in project finance, structured finance, capital markets and regulatory-related issues. Firm managing partner Camilo Martínez, who handles a mix of banking, corporate and contentious work, co-heads the department and brings to bear broad cross-practice expertise. Martínez recently advised Banco de Bogota on the spin-off of certain of its assets in Panama and Central America before the Superintendence of Finance and the Colombian Stock Exchange — as part of the wider reorganisation process of Banco de Bogotá and Grupo Aval. Practice co-head Sebastián Lora is particularly recognised for his experience in project finance and infrastructure-related issues; he advised the lenders on a COP$1.5bn credit agreement for the the ‘Malla Vial del Valle del Cauca’ toll-road project. Corporate and finance partner Juan Manuel de la Rosa and private equity specialist Felipe Quintero are also key contacts at senior level. The team additionally draws on banking and finance-focused senior associates Carlos Guzmán and María José Assis. Since publication, the firm has left the DLA Piper network to which it previously belonged - effective as of May 2024.
Responsables de la pratique:
Camilo Martínez; Sebastián Lora
Les références
‘The team’s response times, personal service, closeness, practicality and, above all, extensive experience gives clients the certainty that they have the best lawyers always supporting them.’
‘Sebastián Lora and associate Carlos Guzmán are very attentive lawyers and have a lot of experience and knowledge.’
‘We value the group for the speed of its responses; it issues advice very quickly.’
Principaux clients
Lenus Capital Partners
United States Development Finance Corporation – DFC
Southern Cross Group
Itaú Corpbanca Colombia
Banco Davivienda
Financiera Juriscoop
Corporación Interamericana de Inversiones – BID Invest
Credibanco
ACH Colombia
Redeban
Patria Investments
Advent International
Haina Investment Corporation
Banco de Bogotá
Bancolombia
Grupo Aval Acciones y Valores
Mineros
Celsia Colombia ESP
Nequi
ACON Investments
Principaux dossiers
- Advised ACON Investments on a $50m financing granted by Banco BTG Pactual, Banco de Bogotá, Banco de Occidente and Banco Santander de Negocios Colombia to several of the Vitalis Group companies.
- Advised Grupo Aval Acciones y Valores on the spin-off/merger process of certain of its assets in Panama and Central America before the Superintendence of Finance and the Colombian Stock Exchange.
- Advised Termoeléctrica El Tesorito ESP, as borrower, and its shareholders Celsia Colombia ESP, Celsia Colombia Inversiones, Promotora de Energía Eléctrica de Cartagena ESP and Servicios Técnicos Mamonal, on a credit agreement of up to $170m from Banco Santander and Sumitomo Mitsui Banking Corporation.
Posse Herrera Ruiz
Noted for its consistent involvement in cross-border transactions, Posse Herrera Ruiz advises a mix of local and international borrowers and lenders on a wide range of banking, finance and capital markets-related deals. The group also houses significant regulatory expertise, with department co-head Natalia Escobar, who is a former Deputy Superintendent of the Financial Superintendence of Colombia, particularly sought after in this space. Among Escobar’s recent mandates, she advised China Development Bank, Shenzhen Branch on a $200m financing granted to Partners Telecom Colombia and Avantel. Seasoned finance and capital markets specialist Mariana Posse has an impressive record in highly structured work and recently teamed up with newly promoted partner Jesús Albarrán and the infrastructure practice to represent Concesión La Pintada (and its sponsors Odinsa and West Valley JL Holdco), in the $278m refinancing of the Autopista Conexión Pacífico 2 toll-road concession project. At associate level, Medellín-based Julián Aguirre is focused on fintech and investment funds, while Catalina Posada has an emphasis on structured finance and project finance. Associate Mauricio Nieto departed in July 2022 for the New York office of Cleary Gottlieb Steen & Hamilton. Associate Alejandro González left in December 2022 to join CAF.
Responsables de la pratique:
Mariana Posse; Natalia Escobar
Principaux clients
Enerflex
China Development Bank
Fondo de Inversión Colectiva Inmobiliario Visum Rentas
Fundación WWB Colombia
American International Group
BBVA Perú
Banco JP Morgan Colombia
Puerto Bahía Colombia de Uraba; Puerto Antioquia Holdings; Agrícola Santamaría; CMA-CGM; CI Tropical ; CI Unión de Bananeros de Urabá; Eiffage; Pio; Puertos Inversiones y Obras; Sociedad de Comercialización Internacional Banafrut and Termotecnica Coindustrial
Banco Internacional del Perú (Interbank)
Banco de Crédito de Perú
Concesión La Pintada
Parque Solar Planeta Rica
Akuo Energy Colombia
MPC Energy Solutions Latin America Holdings
Principaux dossiers
- Advised Enerflex, and its Colombian subsidiary Enerflex Colombian Compression Services Colombia, on the former’s $625m private notes offering.
- Advised China Development Bank Shenzhen Branch on a financing granted to Partners Telecom Colombia and Avantel.
- Advised BBVA Perú on structuring a personal warranty agreement between Promigas and Banco BBVA Perú.
Baker McKenzie S.A.S.
‘Much more nimble than other firms’, Baker McKenzie S.A.S. strikes the right note with sources for its ability to take into account ‘the negotiating position of both the client and the counterparty’. Traditionally known for its work in the acquisition finance sphere, the team additionally continues to expand its project finance and regulatory expertise — it also brings to bear comprehensive fund management capability. Department co-head Ricardo Trejos Robledo has a focus on structured credit transactions, M&A and private equity fund formation; he recently advised project sponsor, Unión para la Infraestructura (a private equity fund of Sura and Credicorp), on the $524m project financing of the Puerto Antioquia project. Senior partner and transactional specialist Jaime Trujillo also has a significant banking and finance dimension to his practice. At associate level, senior Mónica Cubillos Iregui is a respected name and leverages significant in-house experience gained during her former role at Itaú Corpbanca Colombia. In December 2022, Carolina Duque left to establish her own firm, while senior associate Sebastián Boada departed for the Development Bank of Latin America (CAF).
Responsables de la pratique:
Ricardo Trejos; Jaime Trujillo
Les références
‘Baker’s team is much more nimble than other firms, and lawyers do a better job of thinking about the negotiating position of both the client and the counterparty.’
‘Ricardo Trejos stays closer to the transaction than partners at other firms. Mónica Cubillos Iregui does an exceptional job of constantly communicating with the client.’
Principaux clients
Itaú Corpbanca
Klym
Sura Investment Management
The Bank of Nova Scotia
Banco Davivienda
Brookfield Asset Management
J.P. Morgan
Bonus
Transportadora de Gas Internacional
Trafigura
Fondo de Capital Privado Inmobiliario en Salud
Aeropuertos del Oriente
Ontop
Bonus Banca de Inversión
Palermo Sociedad Portuaria
Principaux dossiers
- Advised Aeropuertos del Oriente on the COP$235bn syndicated refinancing of an airports concession.
- Advised UPLI (Union Para la Infrastructure), as sponsor, on the Puerto Antioquia project and also in securing $524m financing for the project in the form of both mezzanine and senior facilities.
- Advised AkzoNobel on the COP$1tn financing for the acquisition of Grupo Orbis through a tender offer.
CMS Rodríguez-Azuero
CMS Rodríguez-Azuero scores highly with sources for its ‘personalised approach to each solution’. The group possesses notable strength in the banking regulation and capital markets spheres, while its ability to plug into its extensive international network marks it as a key contender for cross-border transactions. Founding partner Sergio Rodríguez-Azuero is recommended for his deep expertise in the regulatory, securities and fiduciary law areas and co-heads the practice. Fellow department co-head Daniel Rodríguez is recognised for his record in project finance and infrastructure-related matters; he advised a string of multilateral finance organisations on lending transactions over the past year. Senior associate María Lucia Amador left the firm July 2022. In February 2023, the team was boosted by the arrival of new associate director of the M&A and corporate team Felipe Molano, who also brings to bear significant banking and finance experience.
Responsables de la pratique:
Sergio Rodríguez Azuero; Daniel Rodríguez
Les références
‘The CMS Rodríguez-Azuero team is highly up-to-date on current issues. Lawyers are always willing to understand the problem and apply their best skills.’
‘We recommend the team for the experience we have had, the personalised approach to each solution, as well as the depth with which it faces each issue.’
‘Partner Daniel Rodríguez is totally involved in the work undertaken and is willing to support the client beyond their expectations. He demonstrates in-depth knowledge of financing and local practices.’
Principaux clients
IDB Invest
Agence Francaise de Developpment (AFD)
Bogotá, Distrito Capital
Banco Santander
BBVA Colombia
Banchile Inversiones
Citizens Bank
DEG- Deutsche Investitions- und Entwicklungsgesellschaft
Alloy Finance
Banco de Chile
Principaux dossiers
- Advised IDB and IDB Invest on an A/B loan valued up to $65m provided to Colombian non-regulated financial institution, Finanzauto.
- Advised Agence Française de Développement (AFD) on a €200m budgetary loan to the Republic of Colombia for the financing of governmental initiatives.
- Acted for BBVA Colombia on a $200m loan to Akzo Nobel Coatings, and its Colombian SPV, for the acquisition of Grupo Orbis.
Holland & Knight
Climbing a tier for 2024, Holland & Knight finds favour for its ‘hands-on team, partner availability and disruptive solutions’. Combining strength in both regulatory and transactional work, the firm acts for an increasingly prominent list of domestic and international lenders and borrowers, including Banco Santander, Banco Davivienda and new client, KMA Construcciones. Department co-head Camilo Gantiva is equipped to advise on transactional and regulatory matters, fintech and capital markets issues; he recently acted alongside the New York office to advise Bancoldex on the NY and Colombian law aspects of a $300m credit agreement with JP Morgan Chase. Juliana Saa, who recently advised Bancolombia on a COP$235bn financing to private equity fund Terranum, co-heads the group and has an emphasis on energy and infrastructure. The practice also draws on seasoned finance specialist Enrique Gómez Pinzón, who splits his time between Bogotá and Washington DC. Associate Juan Felipe Fontecha provides additional support on capital markets transactions, as well as securities and financial regulation. In February 2023, associate Alberto Vergara left to join the IFC.
Responsables de la pratique:
Camilo Gantiva; Juliana Saa
Les références
‘We value the team for its knowledge, prestige, availability, efficiency and proactive approach.’
‘The firm provides in-depth analysis on unregulated aspects of fintech markets.’
‘We recommend Holland & Knight for its hands-on team, partner availability and disruptive solutions for new problems in mature markets.’
Principaux clients
Financiera de Desarrollo Nacional
Banco Santander
Banco Davivienda
Bancolombia
Itaú Corpbanca Colombia
JP Morgan
Allianz Global Investors US
Banco de Comercio Exterior de Colombia – Bancoldex
KMA Construcciones
Quálitas Seguros
Cámara de Comercio Electrónico de Colombia
PayU Colombia
Littio
Ripio Colombia
Ressolve
Scania Colombia
TMF
Principaux dossiers
- Advised Bancoldex —under NY and Colombian law— on a $300m credit agreement with JP Morgan Chase.
- Advised FCP Deuda Infraestructura II Sura-Credicorp Capital (a private equity fund managed by Unión para la Infraestructura) as the liquidity lender on the Rumichaca-Pasto toll road project financing.
- Advised Bancolombia, as lender, on a COP$235bn financing deal in favour of private equity fund, Terranum.
Mendoza Abogados
‘Always available with concrete answers’, corporate, projects and finance boutique Mendoza Abogados continues to stand out for its record in fintech and heavily structured finance transactions. Name partner Mateo Mendoza has ‘strong understanding of business needs’ and recently advised Holding RappiPay —a joint venture between Banco Davivienda and Rappi— on the first syndicated revolving loan facility to fund digital receivables originated by RappiPay. Former senior associate, and department co-head, Clara Robledo-Sanchez left the firm in June 2022 to become senior legal counsel at fintech, KLYM, while intermediate associate Paula Knudson departed in August 2022. However, in July 2022 the group hired new counsel María Lucia Amador from CMS Rodríguez-Azuero and, two months later, added senior associate Lina María Londoño from the Ministry of Finance. Additionally, Christina Burn was promoted to senior associate in 2022 and, together with associate Luis Tolosa, is highlighted by sources for providing ‘excellent support’.
Responsables de la pratique:
Mateo Mendoza; María Lucía Amador; Lina Londoño; Christina Burn
Les références
‘I have more than 25 years of experience and I have worked with many law firms. Mendoza Abogados has excellent depth and responsiveness and, at the same time, provides practical solutions to problems. Always available with concrete answers.’
‘Mateo Mendoza has strong understanding of business needs and provides the client with legal solutions to innovative challenges.’
‘Christina Burn and Luis Tolosa provide excellent support due to their deep knowledge and strong dispositions.’
Principaux clients
Holding RappiPay
ExcelCredit
Greenyellow Energía de Colombia
Financiera de Desarrollo Nacional
Trami Inversiones
Canadian Solar Energy Colombia
Nuevo Cauca (as counsels to SMBC, Bancolombia, Blackrock and FDN)
Celsia Colombia ESP
Agence Francaise de Development
Distrito de Barranquilla
Principaux dossiers
- Advised Holding RappiPay on the first syndicated revolving loan facility to fund digital receivables originated by RappiPay.
- Acted for ExcelCredit in a syndicated revolving loan facility granted by four Colombian banks, to fund payroll deductible loan receivables in Colombia and pay certain financial liabilities.
- Advised the District of Barranquilla on a €50m external loan agreement with Agence Française de Développement (AFD) and a $100m long-term loan with Deutsche Bank.
Ustáriz & Abogados Estudio Jurídico
Standing out for its ‘specialism and depth in financial matters’, Ustáriz & Abogados Estudio Jurídico is widely admired for is regulatory capability. Among its core strengths, the group shines in work involving banking responsibility, electronic fraud, fintech and International Swaps and Derivatives Association (ISDA) master agreements. However, the firm is arguably best known for its prominent consumer protection practice, with its key partners routinely appointed to serve as a Financial Consumer Ombudsman to promote conciliation processes between financial institutions and consumers. High-profile department co-head Luis Humberto Ustáriz is held up by sources as a ‘leader in the financial industry’; he recently advised the Agricultural Bank of Colombia on several ISDA master agreements. Jose Federico Ustáriz, who formerly served as in-house counsel at Corporación Financiera Colombiana, co-heads the group. Other key contacts include counsel Pablo Valencia, who is well versed in both corporate and finance matters, and Andrés Pineda, who is associate director of the capital markets unit.
Responsables de la pratique:
Luis Humberto Ustáriz; José Federico Ustáriz
Les références
‘Ustáriz & Abogados Estudio Jurídico has many advantages over others due to its specialism and depth in financial matters. It has always been at the forefront of legislative developments.’
‘The team has become a specialist in handling financial litigation and in anticipating jurisprudential rulings. It is a true leader in the financial industry.’
‘The firm meets all the needs of a multinational client. It has a highly specialised team, with a lot of response capacity, its response times are excellent, and it has a highly competitive price/quality balance.’
Principaux clients
Banco Agrario de Colombia
Itaú Corpbanca Colombia
Banco GNB Sudameris
Caja de Auxilios y de Prestaciones de la Asociación Colombiana de Aviadores Civiles
Lulo Bank
Banco Mundo Mujer
Almacenes Generales de Depósito – Almaviva
Bancoldex
Principaux dossiers
- Advised the Agricultural Bank of Colombia on several International Swaps and Derivatives Association (ISDA) master agreements.
- Jose Federico Ustáriz was appointed as the Financial Consumer Ombudsman to support Itaú Corpbanca Colombia’s conciliation process with consumers.
- Advised Caja de Auxilios y de Prestaciones de la Asociación Colombiana de Aviadores Civiles on negotiating an ISDA master agreement with Goldman Sachs International.
Durán & Osorio Abogados Asociados
Durán & Osorio Abogados Asociados’ premier projects offerings is reflected in its banking and finance practice, which specialises in representing sponsors and lenders — particularly multilaterals — in project finance transactions. Álvaro Gasca co-heads the practice and has an emphasis on infrastructure-related matters, with significant expertise in the transport sectors. Managing partner Gabriel Taboada co-heads the department and is recognised for his extensive public sector experience; he formerly served as head of the banks and financial institutions unit at Superintendencia de Valores, among other roles. Senior associate Sebastián Duque provides capable support.
Responsables de la pratique:
Álvaro Gasca; Gabriel Taboada
Les références
‘The Duran & Osorio team constantly learns about the best cutting-edge market practices, which leads to a fast and close relationship with its clients with innovative and efficient approaches and solutions to problems.’
‘We recommend the group for the quality of its lawyers, who demonstrate wide and deep knowledge of the sector.’
‘D&O partners are directly involved in the mandates, bringing specific expertise as a mechanism to achieve agile processes and effective solutions. The team has a solid and in-depth knowledge not only of the applicable legal framework, but also of market conditions, key success factors, and risk factors in projects.’
Principaux clients
Financiera de Desarrollo Nacional
Empresa Férrea Regional
Empresa de Transporte Masivo del Valle de Aburrá – Metro de Medellín
Instituto de Infraestructura y Concesiones de Cundinamarca
Inter-American Development Bank
Ministerio de Hacienda y Crédito Público
Fitch
Principaux dossiers
- Advised Empresa de Transporte Masivo del Valle de Aburrá – Metro de Medellín and Financiera de Desarrollo Nacional on a $500m syndicated loan agreement between Metro de Medellín (as borrower) and Banco Davivienda, Financiera de Desarrollo Nacional and Bancolombia (as lenders).
- Advised Empresa Férrea Regional on the renegotiation of a $98m syndicated loan agreement with Itaú CorpBanca Colombia, Bancolombia and Financiera de Desarrollo Nacional.
- Advised Instituto de Infraestructura y Concesiones de Cundinamarca on a $100m loan agreement with Bancolombia to fund the Plan 500 project for the construction and improvement of highway and roadways in the Cundinamarca Department.
Lloreda Camacho & Co.
Demonstrating a marked focus on regulatory work, Lloreda Camacho & Co.’s banking practice is mainly active in product development, the incorporation of new financial entities, and fintech. The group also handles financing transactions for lenders, including alternative lenders, and borrowers. Department head Santiago Gutiérrez brings significant in-house experience to his role honed during a stint as director of the legal department at Regional Bogotá de Conavi. Government contracting and infrastructure partner Carlos Carvajal is also a key contact. Associate Santiago Garzón is noted for fintech-related issues.
Responsables de la pratique:
Santiago Gutiérrez; Carlos Carvajal
Les références
‘It is a law firm that can clearly compare favourably with any other firm in Latin America. It boasts highly trained and experienced staff in their fields.’
‘It provides personalised attention in a timely manner that makes a difference when compared to other firms.’
Principaux clients
American Express
Appriza Pay
Bulltick Capital Markets
Mercer Colombia
City National Bank
Goodyear
Mutuo Capital
John Deere Latin America
Mercado Bitcoin Servicos Digitais
Palisades Acquisition XIX Colombia
Principaux dossiers
- Advised Lendable on structuring the applicable guarantee scheme for a facility that would allow a fintech to operate in Colombia.
- Advised Appriza Pay, a fintech providing downstream payment processing services, on the main requirements to incorporate a branch in Colombia.
- Advised Bulltick Capital on various regulatory issues.
Mosquera Abogados, S.A.S.
Mosquera Abogados, S.A.S. fields a compact financial, banking and capital markets practice that counts local and foreign financial institutions, investment funds, and insurance companies among its longstanding clients. Dual-qualified (Colombia/New York) Juan Pablo Mosquera handles a mix of corporate and finance work and is noted for his broad international experience. The team also includes senior partner Cristian Mosquera, who is widely recognised for his illustrious regulatory background, which includes roles at the Financial Superintendence and the Ministry of Finance.
Responsables de la pratique:
Juan Pablo Mosquera
Muñoz Aya Legal
Muñoz Aya Legal’s team is distinguished by its ability to provide ‘very assertive and applicable suggestions’. As a finance and infrastructure-focused boutique, banking and finance is a practice sweet spot and the firm advises a mix of financial institutions, investment funds and infrastructure companies on corporate lending and regulatory matters. Managing partner Edgar Muñoz oversees a group that also includes up-and-coming specialist Lina Lineros. At associate level, senior Daniel Molano, who joined in October 2022 from Philippi Prietocarrizosa Ferrero DU & Uría, Alejandra Restrepo, and Nicolás Pérez are names to note.
Responsables de la pratique:
Edgar Muñoz; Lina Lineros
Les références
‘The team has concrete knowledge and experience. Lawyers understand the business environment.’
‘We appreciate the team for its proximity, availability, friendliness, simplicity and service.’
‘The team has two important characteristics: its multidisciplinary composition and its agile response times. There is always ease of communication and great understanding of the line of consultation or advice required.’
Principaux clients
Activar Valores
Alianza Fiduciaria
Altic
Antioquia Gold
Avista Colombia
Banco de Crédito del Perú
Banco Credifinanciera
Banco Davivienda
BNP Paribas Colombia Corporación Financiera
BNP Paribas Securities Services Colombia
BTG Pactual, Comisionista de Bolsa
Créditos Orbe
Citibank Colombia
Cititrust Colombia
Citivalores Colombia
Colfondos AFP Pensiones y Cesantías.
Corredores Davivienda
CrediCorp Capital Colombia
Credivalores – Crediservicios
Banco Ficohsa (Panamá)
Itaú CorpBanca Colombia
Jugasa
Koywe
Mercado Pago Colombia
Mercantil Colpatria
Micro, Small & Medium Enterprises Bonds
Mis Propias Finanzas
Seguros Bolívar
Symbiotics UK
Torres Latinoamérica
Tudor Securities
Yuno
Zulu Lab
Principaux dossiers
- Advised Credivalores-Crediservicios on the structuring of a $100m credit facility granted by UBS O’Connor and Gramercy.
- Advised Banco Davivienda on the structuring of a $275m sustainability-linked facility provided by various local and international lenders.
- Advised Finanza Inversiones on the structuring of a syndicated loan agreement entered into with GCS Colombia Finance, Acon Colombia Finance II, and GDA Luma Special Opportunities Warehouse (as lenders) as well as Credivalores-Crediservicios (as guarantor).
Muñoz Tamayo & Asociados
Over the past year, Muñoz Tamayo & Asociados added eight new clients to its roster, including Brazilian development bank, BNDES, and payment technology platform, epag. Demonstrating a significant focus on regulatory matters, with growing expertise in fintech, the group also provides transactional support to banks, financial services companies and corporate borrowers. Felipe Trías and Diego Muñoz Tamayo co-head the department; both maintain broad banking, finance and corporate practices. The team also includes senior associate Daniel Cardona-Aranda, who sits in the banking, corporate and sports law groups; and corporate-focused junior associate, Melanie Gómez. Associate Amparo Montes left in October 2022 to become legal counsel at EssilorLuxottica, while associate Alonso de Reyes joined Baker McKenzie in London in May 2022.
Responsables de la pratique:
Felipe Trias; Diego Muñoz Tamayo
Principaux clients
Quinn Emanuel Urquhart & Sullivan
Deva Capital
Banco Nacional de Desarrollo Económico y Social (BNDES)
Talanx
Talanx Reinsurance Broker
HDI Global Network
Kushki
Epag (Payment Service Provider)
Principaux dossiers
- Advised Quinn Emanuel Urquhart & Sullivan LLP on Colombian law matters connected to the US firm’s representation of Mayagüez in a $100m dispute against Citibank —and its Colombian subsidiary— concerning foreign exchange derivatives transactions.
- Advised epag —a payment service provider with offices in Brazil, Portugal and the Netherlands— on its expansion process and seeking new markets in Latin America.
- Advised the National Bank for Economic and Social Development (BNDES), on the general legal framework regulating the lending and guarantee/collateral structures in Colombia for public credit operations.
Parra Rodríguez Abogados
Widely recognised for its niche focus on aviation finance, Parra Rodríguez Abogados is a destination firm in its specialist field. The four-lawyer group is equipped to advise on the full range of related matters —from aircraft operation leases through to secured loans and securities offerings— and acts for a mix of commercial and cargo airlines, leasing companies and financial entities. Bernardo Rodríguez Ossa spearheads the team and is noted for his adept handling of cross-border transactions. Other key contacts include Augusto Figueroa Sierra, whose practice spans corporate, litigation and finance; and César Barajas Ruiz, who is the associate director of the banking and finance area.
Responsables de la pratique:
Bernardo Rodríguez Ossa; Cesar Barajas Ruiz
Principaux clients
Aircastle
ALAFCO
CDB Aviation
Fuyo General Lease Co
Nordic Aviation Capital
Principaux dossiers
- Advised a leading US bank on the restructuring of a $100m credit and guaranty agreement with a major Colombian airline.
- Advised a leading export credit agency on the restructuring of the financing of two aircraft on lease to a Colombian airline.
- Advised a major global aircraft leasing company on the transfer of two aircraft between two of the largest airlines in Colombia.
Advocat
Advocat is roundly praised by clients for its ‘extensive experience in different contract and transaction structures’. From its platforms in Bogotá and Cali, the team strikes a balance between regulatory and transactional matters, with a focus on the private lending and fintech spheres. Founding partner Nicolás Fernández De Soto is noted for his growing reputation in the fintech field, while he also has significant experience in representing private non-licensed lenders on commercial and consumer loans. Associate Mariana Salvatierra provides capable support.
Responsables de la pratique:
Nicolás Fernández de Soto
Les références
‘Advocat’s finance team has extensive experience in different contract and transaction structures. The team is very diligent and responds to the defined commitments on time. Additionally, it is always willing to take extra meetings with counterparts to advance discussions.’
‘Nicolás Fernández de Soto has a total focus on the business. He always seeks out viable legal structures to allow new operations to be carried out by our company.’
‘It is a highly specialised practice in financial and credit law. The team is amazing at vehicle credit, which is not easy to find. Lawyers are quick to respond and get to the point to help you find solutions in an appropriate and cost-efficient manner.’
Principaux clients
Finesa
Financiación Amiga
Suramerica Comercial (Dollarcity)
Financiera de Desarrollo Nacional
CFG Colombia
Bitubi Colombia
Pomelo Tecnología
Paygo
Inverlink Inversiones Alterlativas
Colfinanzas
Julia-RD
Genera Sueños
Insights Investments
Tu Respaldo Seguro
Originadora de Seguros
Finesa Seguros
Magna Kapital
Movile
Pagsmile Colombia
Payjoy Colombia
Dimel Ingeniería
Bergé Vigía
Principaux dossiers
- Advised Inverlink Inversiones Alternativas on the negotiation of a shared-risk collaboration agreement for the acquisition, management and collection of non-performing obligations.
- Advised Finesa Servicios on the structuring, drafting, negotiation and closing of a loan origination process outsourcing agreement.
- Advised Financiación Amiga on the negotiation and execution of a subordinated credit facility.
Esguerra JHR
Esguerra JHR houses a multidisciplinary banking and finance practice that routine advises financial institutions, insurance entities and funds on regulatory and transactional matters. As a former executive vice president of the Colombian Stock Exchange, group head Juan Pablo González is well versed across the gamut of finance, securities and corporate law. The group also includes Verónica Arango Lux, who has a focus on banking, finance and capital markets transactions. Since publication, the firm has merged with tax specialist firm Jiménez, Higuita, Rodríguez & Asociados (Tax & customs) to become Esguerra JHR – effective as of February 2024.
Responsables de la pratique:
Juan Pablo González
Les références
‘Committed, organised and disciplined team. They complement their positions with the knowledge of other experts within the office. They have a tool that allows you to monitor the different stages of the project.‘
‘Recommended for their level of preparation, their quality in treatment and their practicality: Juan Pablo Gonzalez and Veronica Arango.‘
Principaux clients
Itaú Corpbanca (Chile)
Protección AFP
Troop Team
Distribuidora Rayco
Itaú Corpbanca Colombia
Scotia Capital Inc
Principaux dossiers
- Advised Itaú Corpbanca on the structuring of a subordinated loan agreement.
- Advised Protección AFP on a spin-off process, which involved the incorporation of insurance company Asulado Seguros de Vida.
- Acted for Distribuidora Rayco on the structuring of credit financing, through the sale of portfolios originated by Rayco and third parties.
Goh
The banking and finance unit at Goh is now overseen by tax, energy and trade specialist Juan Pablo Godoy, following the departure of former group head Jaime Moya in February 2023. The compact team consistently acts alongside the wider firm’s corporate, energy and foreign investment practices to specialise in corporate finance, project finance and investment matters – it is also equipped to handle regulatory issues. Senior associate Steffany Serebrenik left the firm in March 2023.
Responsables de la pratique:
Juan Pablo Godoy
Principaux clients
Fondo de Capital Privado Armilla Capital
Concesionaria Desarrollo Vial al Mar (Devimar)
OHLA Progress Enablers
Tower One Wireless Colombia
Principaux dossiers
- Advised OHLA Progress Enablers on the refinancing of bond issues, the refinancing of its bank debt and the capital increase of its parent company, totalling approximately €1bn.
- Advised Fondo de Capital Privado Armilla Capital on day-to-day matters, including regulatory issues.
- Advised Concesionaria Desarrollo Vial al Mar on various finance matters connected to the highway infrastructure project, Autopista al Mar 1.