Firms To Watch: Banking and finance

Under the leadership of Jorge Cevallos Carrera, AVL Abogados' team stands out for its experience in cross-border financing transactions in regulated industries, including mining, aviation, and food and beverages.

Banking and finance in Ecuador

Bustamante Fabara

A strong performer in traditional cross-border and domestic financings, Bustamante Fabara demonstrates notable expertise in secured and unsecured corporate lending and project finance matters. On the capital markets front, the team excels in multijurisdicitonal securitisations and stands out for its strong track record in green, blue, social and sustainable bonds issuances in the Ecuadorian market. Co-head Jesús Beltrán focuses on cross-border finance, capital markets and investment banking deals, while fellow co-leader Diego Ramírez Mesec brings together experience in banking and finance, international trade, and commercial matters. José Rafael Bustamante C. handles secured and unsecured corporate loans; Juan Felipe Bustamante assists with the financing of infrastructure projects; Kirina González shines in corporate finance; and Patricio Santos is singled out for his banking regulatory expertise.

Responsables de la pratique:

Jesús Beltrán; Diego Ramírez Mesec


Les références

‘A highly specialised team that understands client’s needs and is used to working in cross-border transactions.’

‘A pro-deal attitude, with high legal knowledge.’

‘The Bustamante Fabara team shows great knowledge of the banking and financial sector, knowing how to easily convey complex issues about their jurisdiction, and quickly propose alternatives to adapt to the requirements of a transaction. It is a responsive team that is attentive to the client, following up on the issues.’

Principaux clients

IDB Invest


International Finance Corporation


PROPARCO


Japan International Cooperation Agency


Goldman Sachs


Development Finance Institute Canada (Findev Canada)


CAF – Development Bank of Latin America and the Caribbean


DEG


Banco Guayaquil


Banco del Austro


Principaux dossiers


  • Advised Credit Suisse, as lead arranger, on the largest sovereign debt-for-nature swap, enabling the Republic of Ecuador to secure perpetual funding for conservation of the marine reserve in the Galapagos.
  • Advised IDB Invest, IDB and Findev Canada as international investors on the subscription of a $80m “Blue Bonds” issued by Banco Bolivariano, which was executed as a public offering through the Guayaquil Securities Exchange.
  • Advised Banco Guayaquil in connection with its $125m cross-border securitisation of direct payment rights arising from foreign remittances, the first by the bank.

Lexvalor Abogados

Lexvalor Abogados enjoys a strong reputation in the market for its capital markets expertise. The firm is adept at assisting domestic and international lenders, arrangers and borrowers with the structuring of big-ticket transactions, including corporate bond issues, commercial paper issues, and securitisations. The group is also proficient in fintech mandates, with expertise spanning digital banking, electronic payments, cryptocurrencies and blockchain technologies.  Daniela Irigoyen Samaniego routinely advises on investment funds-related matters and is a key contact for banking institutions and multilateral organisations. Margoth Chiriboga handles equity and debt capital markets transactions, while Gabriela Guzmán advises on banking regulations and fintech issues. Other key individuals include Mariela Moreno and María Pia Rivadeneira Mosquera, the latter of whom is a name to note for DCM work.

Responsables de la pratique:

Daniela Irigoyen Samaniego; Margoth Chiriboga


Les références

‘What makes the Lexvalor team stand out in this area is their kindness in dealing with their clients and the great legal knowledge they have. Likewise, they are always willing to collaborate on any issue that helps us promote entrepreneurship and innovation, since this is what our company handles daily.’

‘Daniela Irigoyen Samaniego has always been characterised by having extensive experience that allows her to have the best criticism in the field, which makes the client trust her great legal judgment. Besides, she has always been very cordial, kind and ready to collaborate in the best way.’

‘The Lexvalor team is very professional. They have experience in the areas consulted, they fully know the sector consulted, they contribute not only with extensive knowledge but also suggest alternatives to promote the various points consulted, look for solutions and mitigate risks that may occur.’

Principaux clients

Mercapital Casa de Valores


Su Casa de Valores SUCAVAL


Banco Pichincha


Grupo Nobis


Grupo Futuro


Corporación Favorita


Citibank N.A. Sucursal Ecuador and Hong Kong


Banco Internacional


Fideval Administradora de Fondos y Fideicomisos


Expertfactors


Cooperativa de Ahorro y Crédito Andalucía


Fiduciaria Ecuador Fiduecuador Administradora de Fondos y Fideicomisos


Aglomerados Cotopaxi


Pago Plux


Alianza para el Emprendimiento e Innovación


Superdeporte


Effitek


Creditech


Principaux dossiers


  • Advises Pago Plux, a fintech company of Corporación Favorita, on an everyday basis on the licensing process of its fintech services.
  • Advises MERCAPITAL on bond issuances.
  • Advising Fideval on the constitution and management of its business and on the implementation and analysis of new financing mechanisms.

Pérez Bustamante & Ponce

The team at Pérez Bustamante & Ponce provides a comprehensive banking, finance and insurance-focused service covering traditional financing transactions, mortgage portfolio securitisations, derivates and the local and international issuance of bonds. The group is also well placed to assist lenders with the financing of energy projects. Practice head Bruno Pineda acts for creditors, financiers, debtors, underwriters and sellers in an array of banking, finance, capital markets, regulatory and insurance matters. Juan Francisco Simone plays a key role in big-ticket financing transactions and regulatory mandates concerning the fintech and payments industries. Ricardo Pérez is active in bond issuances and due diligence.

Responsables de la pratique:

Bruno Pineda


Les références

‘The team is multidisciplinary and when the time comes, they interact to deliver a complete response to the client. They have a lot of synergy, as well as a tracking area for service quotes.’

‘Updated knowledge and good experience. Practical advice.’

Principaux clients

International Finance Corporation, Inter-American Development Bank


Inter-American Investment Bank


OESTERREICHISCHE ENTWICKLUNGSBANK AG


Corporación Andina de Fomento


Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden N.V.


CEXIM


LATAM Airlines


International Finance Corporation


Banco Pichincha


Principaux dossiers


  • Advising Banco Diners Club del Ecuador on the first merchant voucher finance in Ecuador after the covid-19 pandemic.
  • Advised Plantabal on the evaluation of possible transactions with carbon credits originating in Ecuador in the voluntary market.
  • Acted for Goldman Sachs in a $200m structured financing to Banco Pichincha, C.A., to raise the long-term US dollar funding through a diversified payment rights securitisation.

Flor Bustamante Pizarro Hurtado Abogados

Flor Bustamante Pizarro Hurtado Abogados stands out for its focus on syndicated transactions, project finance, and cross-border deals, acting for a diverse client base that includes financial institutions, sponsors, investment funds, and multilateral organisations. The team, which is also skilled in restructuring and public financing involving sovereign guarantees is led by Mario Alejandro Flor, a notable figure in renewable energy. Alejandro Pérez Arellano and senior associate Alejandra Soriano also provide vital expertise across a wide range of financing transactions.

Principaux dossiers


Robalino

Robalino’s banking and finance team has a wealth of experience in advising domestic and international clients – both banks and corporates – on cross-border financing transactions. The group handles a combination of syndicated and bilateral secured and unsecured loans, debt restructurings and global bond offerings. Director Carol Riofrio, who acts for large private financial institutions and banks specialising in microcredits, oversees the department, where Martín Pallares is a name to note for cross-border transactions. The group was strengthened by the arrival of former Citibank legal coordinator Rafael Serrano Maldonado in July 2024, who brings over two decades of experience in the financial services market.

Responsables de la pratique:

Carol Riofrío


Les références

‘The team that has assisted us is of the highest professional level. Its concepts are precise and clear and are even complemented with additional topics that contribute to their deepening and better understanding. The permanent and timely availability of the team is a plus to highlight.’

‘The people are of the highest level both on a personal and human level. Always willing to assist us and support us promptly. Their criteria and concepts generate a very high degree of confidence in us.’

‘Excellent availability to meet the requirements. Response times.’

Principaux clients

Lowell Mineral Ecuador


Payretailers EC


SOMA SPOL


NovoPayment


CAF


Distribuidora y Comercial Automotriz  Dicomtriz


Omninvest


Coris del Ecuador


Banco ProCredit


Redes de Fibra del Perú


Kushki


Principaux dossiers


  • Played a pivotal role in structuring a comprehensive funding strategy for Lowell Mineral Exploration Ecuador S.A., securing an $80m financing package from Orion Mine Finance.
  • Advised Fintech powerhouse Payretailers EC S.A.S. through the intricate process of entering the Ecuadorian market by aiding in the qualification application as a payment system auxiliary with the Central Bank of Ecuador.
  • Assisted SOMA SPOL S.R.O with the cross-border transaction involving the export of machinery to FLOREMPAQUE in Ecuador.

Dentons Paz Horowitz

Dentons Paz Horowitz handles a host of banking and finance mandates, ranging from corporate finance to project finance in the real estate sector, judicial debt recoveries and banking matters. Gabriel Solís Vinueza, who excels in corporate banking issues, oversees the practice alongside Rocio Cordova, who acts for a diverse roster of banking clients. and María del Mar Hereda is a key contact for European, North American and Asian players.

Responsables de la pratique:

Rocío Córdova; Gabriel Solís Vinueza


Principaux clients

Truist bank


Aka ausfuhrkredit – gesellschaft mbh / european export and trade bank


Blueorchard


Enabling EQ


Gawa capital partners


Banesco


Amibank


Aring construcciones


Oikocredit


Principaux dossiers


  • Advising AKA AUSFUHRKREDIT– GESELLSCHAFT MBH and EUROPEAN EXPORT AND TRADE BANK on two loan facilities for the construction of a hydroelectric power plant.
  • Provided legal advice to GAWA CAPITAL PARTNERS regarding the loan agreement between MAGALLANES IMPACTO FIL (lender) and Fundación de Apoyo Comunitario y Social del Ecuador – FACES.
  • Advising Banesco on the launch of operations in Ecuador.

Heka Law Firm

Heka Law Firm is well placed to assist banking and financial institutions with lending transactions, judicial recoveries and proceedings before the regulator. Santiago Albán often acts for banks, credit unions and banking services companies in regulatory issues, while Andrés Terán advises on the intersection of banking and tech. Daniel Fernández – Salvador is active in project finance, debt restructuring and securities matters, and Mauricio Subía is a key name for financings in the real estate sector.

Responsables de la pratique:

Santiago Albán; Mauricio Subía; Andres Terán; Daniel Fernandez-Salvador


Les références

‘Excellent service and knowledge. Committed and good attitude. Always available to help us.’

‘Very responsive, which sets them apart from other firms.’

‘The professional and human quality of the partners is excellent.’

Principaux clients

Banco General Rumiñahui


Banco Pichincha


SICCEC


LoopPay


Principaux dossiers


  • Providing ongoing legal support to Banco General Rumiñahui on 400+ real estate transactions.
  • Advising Banco Pichincha and its end clients on the establishment of real guarantees for housing loans.
  • Providing advisory services to Loopay, including facilitating market entry and addressing regulatory concerns, offering legal opinions and representation.

Rodríguez | Rodríguez

Established in 2021, boutique firm Rodríguez | Rodríguez focuses on advising clients on trade finance, project finance, syndicated lending and uncommitted revolving credit agreements. Boanerges Rodríguez Freire has over two decades of experience in the Ecuadorian banking and finance sector, enjoying 'an excellent reputation' among local control entities. He jointly oversees the group with Boanerges Rodríguez Velásquez, a key contact for banks and private wealth funds who is noted for his expertise in structured cross-border transactions.

Responsables de la pratique:

Boanerges Rodríguez Freire; Boanerges Rodríguez Velásquez


Les références

‘The team is reliable and knows all the participants in our industry. The team provides up-to-date legal advice and is proactive.’

‘Extremely knowledgeable team that is able to work on complex cross-border structures.’

‘Boanerges Rodríguez Velásquez is always available to assist and extremely knowledgeable about the types of structured cross-border transactions we are involved in.’

Principaux clients

Development Finance Institute Canada (DFIC) Inc.


Fondo Latinoamericano de Reservas – FLAR


Corporación Interamericana para el Financiamiento de Infraestructura, S.A.


Cordiant Capital Inc


Banco Internacional de Costa Rica S.A.


Incofin Investment Management


Advance Global Capital Limited


Capital Bank


Leader Global Solutions


Corrum Capital Management LLC


Principaux dossiers


  • Advised Banco Internacional de Costa Rica (BICSA) on extending more than 10 credit lines to Ecuadorian companies.
  • Advised Fondo Latinoamericano de Reservas – FLAR on structuring financial operations with the Republic of Ecuador.
  • Advised Cordiant Capital Inc., sole lead arranger, syndication agent and collateral agent, on a syndicated loan involving several financial institutions to Ecuadorian companies of the cardboard industry.