Aguilar Castillo Love leverages the bench strength of 11 offices in nine countries across Latin America to advise a client roster of financial institutions and household-name multinationals (including Amazon, Meta and JP Morgan) involved in high-value, multi-jurisdictional transactions, across sectors ranging from tech and telecoms to cryptocurrency and financial services. The practice is headed by office managing partner Esteban Agüero Guier and Flor De María Cortez, who brings expertise to fintech and structuring financing for clients in regulated industries, including for energy generation projects. Key support is provided by of counsel Lorena Madrid, who draws on experience in corporate, finance and compliance matters, and associate Bryan Guevara López.
Banking and finance in El Salvador
Aguilar Castillo Love
Responsables de la pratique:
Esteban Agüero Guier; Flor de María Cortez
Principaux clients
Torrecom
Paxos Trust Company
Banco Ficohsa
Banco de América Central
Glas Americas
JP Morgan
Softys
Meta Platforms
Amazon Web Services
Digital Asset Services Limited (Coincover)
Principaux dossiers
- Advised Torrecom on the execution of the facilities agreements for a total of $70m granted by Proparco, DEG and IDB Invest to finance a new development plan.
- Advising US company Paxos in relation to the legal framework to provide Bitcoin services, according to the new Bitcoin regulations in El Salvador.
Arias
The banking and finance team at regional firm Arias continues to be a leader in the Salvadoran marketplace, leveraging deep bench strength to advise major domestic and multinational banks and financial institutions (including Scotiabank, IDB Invest and Bank of America) involved in high-value, cross-border transactions. Displaying expertise in sectors ranging from food, banking, and oil and gas to logistics, cryptocurrency and energy, the practice’s comprehensive service covers asset securitisations, debt restructurings, loan agreements and project finance. The sizeable leadership group is made up of banking and finance authority Armando Arias; Lilian Arias, who draws on over 25 years of experience advising multinationals and financial institutions on the structuring of loans and guarantees; Roberta Gallardo, who brings extensive expertise to advising on credit and financing deals; Ana Mercedes López, a specialist in major project financings in sectors such as energy and aviation; Mario Lozano, a specialist in the fintech and cryptocurrency fields; Luisa Rivas, who handles the financing of major infrastructure projects and transactions in regulated industries; and free trade zone regime expert Carolina Lazo. Other key figures include senior counsels Ernesto Sánchez, who assists clients with credit agreements and stock and asset purchase agreements, and Adán Araujo, whose practice covers syndicated loans, securities and venture capital agreements, and senior associates Rafael Burgos, whose clients include major restaurant chains, and Julissa Castro, who displays strength in multi-jurisdictional financing operations.
Responsables de la pratique:
Roberta Gallardo; Ana Mercedes López; Mario Lozano; Luisa Rivas; Lilian Arias; Armando Arias; Carolina Lazo
Les références
‘The firm has a very deep knowledge of the banking industry and a very collaborative approach with clients.’
‘We had the chance to work with Mario Lozano, Ana Mercedes López and Julissa Castro. They’ve all shown an exceptional collaborative spirit that helped us move forward on our project.’
‘They really help the day-to-day of the business with solutions that fit the market.’
Principaux clients
Procaps
Del Sur
Citibank
La Hipotecaria Scotiabank
IFC
IDB Invest
Proparco
Bank of America
CMI
Principaux dossiers
- Advised the Inter-American Investment Corporation (IDB Invest) on a $250m loan secured for food industry company Corporación Multi-Inversiones (CMI) to boost its operational capacity, working capital and environmental footprint.
- Acted as local counsel for GLAS Trust Corporation in a deal for $140m which facilitates the restoration of a restructured debt by B2B business Atento El Salvador.
- Represented Banco Santander in a transaction involving a loan for up to over $54m for H.I.G. Capital’s acquisition of regional logistics businesses.
BLP
The powerhouse banking and finance team at BLP remains a market leader, providing comprehensive transactional advice to major regional and international commercial banks and financial institutions (including IDB Invest and Deutsche Bank), multilateral agencies, private equity sponsors and multinational corporates across sectors ranging from manufacturing, retail and real estate to aviation and energy. The team’s full offering extends to credit restructurings, securitisations, loan agreements, bond issuances, regulatory compliance, and banking litigation and arbitration. The practice is headed by practice area expert Zygmunt Brett, who brings strength to capital markets matters. Mariana Nóchez, who displays expertise in complex, cross-border transactions, is another notable name at top level. Key support is provided by director José Góchez, who specialises in bond issuances, syndicated loans, project finance and buy-outs.
Responsables de la pratique:
Zygmunt Brett
Principaux clients
IDB Invest
Bancolombia
Grupo Unicomer
Banco Agricola
Global Partnership
Avianca/Taca
Inversiones Financieras Grupo Azul y Banco Azul
Deutsche Bank
WBC
Proparco
Principaux dossiers
- Advised Grupo Unicomer on a $350m loan granted by a pool of syndicated banks.
- Advised Banca de Inversión Bancolombia, Banco Agrícola and a group of banks on a syndicated loan granted to CAESS, DEUSEM, EEO and AES CLESA, subsidiaries of Grupo AES, a Salvadoran energy distributor, to repay bonds traded in international markets.
- Acted as counsel to Deutsche Bank Securities, as dealer manager, in respect of tender offers made by the Republic of El Salvador to repurchase in cash sovereign bonds due in 2023 and 2025, for an aggregate of up to $360m in the first round, and up to $74m in the second round.
Consortium Legal
The banking and finance group at Consortium Legal harnesses the bench strength of offices in Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua to assist a diverse client base of government agencies, major multinational businesses, banks and financial institutions (including Credit Suisse, Citibank and the Bank of Nova Scotia) involved in high-value, cross-border transactions. In addition, the practice provides comprehensive advisory services for regional crypto exchanges and fintech payment platforms on the structuring of their businesses. The practice is headed by Salvadoran office managing partner Oscar Samour, who brings over 20 years of experience to the team and is noted for his expertise in multi-jurisdictional deals. Felipe Aragón, who was promoted to partner in September 2023, specialises in financing structures and regulated sector matters. Key support is provided by senior associate Roberto Castro, who arrived in December 2023 from an in-house role at Banco Cuscatlán.
Responsables de la pratique:
Oscar Samour
Principaux clients
Banco Agricola (Bancolombia)
Credit Suisse
DEG Invest
The Bank of Nova Scotia
Oikocredit, Ecumenical Development Cooperative Society
Banco Atlantida
Banco Davivienda
Banco General
CABEI
Banco de América Central (Grupo Aval)
Corporación Andina de Fomento
Citibank
DFC
First Citizens Bank
Banco Cuscatlán
Lemon Cash
Bitso
Volcan Processing
Strike
Cabal App
Monifai
Principaux dossiers
- Advised the Bank of Nova Scotia on a $60m loan to Exell Business, a holding entity for a vehicle dealership with operations throughout the region and the Caribbean.
- Advised Bitso, a Mexican fintech crypto exchange and payment platform, on the creation of its corporate structure to operate in El Salvador.
- Advised Digicel Group on a bridge loan for up to $75m granted by Citibank to be used as part of its corporate debt restructuring.
Lexincorp
The Salvadoran team at Lexincorp coordinates with locations in Guatemala, Honduras, Nicaragua and Costa Rica to advise domestic and multinational corporations and financial institutions (including banks and investment firms) on a diverse spectrum of matters across the practice area. The practice’s active client base spans the tech, financial services and cryptocurrency spaces. The team is led by managing partner Enrique Escobar, who draws on his background as a legal counsel for local banking entities, and junior partners Antonio Guirola, who manages the structuring and execution of international transactions, and Adriana Portillo, who specialises in tax incentives.
Responsables de la pratique:
Enrique Escobar; Antonio Guirola; Adriana Portillo
Principaux clients
BlueOrchard
Banco Industrial
Ficohsa
Principaux dossiers
- Assisted Banco Industrial with the negotiation and execution of a loan totalling $5m.
- Advised Ficohsa during the execution of a $6.5m loan and structured guarantees for Triorca.
- Advised BlueOrchard on the execution of a $4m loan agreement for Banco Promerica and a $4m loan agreement for Banco Azul.
Mayora & Mayora, S.C.
The Salvadoran banking and finance team at Mayora & Mayora, S.C. coordinates with the firm’s offices in Honduras and Guatemala to provide a comprehensive service to financial institutions, individual investors, funds and multinational corporations. With a client base spanning such sectors as banking, retail, energy and medical devices, the practice’s full offering covers matters involving foreign investment loans, derivatives, project finance, trusts, securities, day-to-day operations, and banking and finance regulatory compliance. Senior partner and El Salvador office head Manuel Telles leads the team, drawing on decades of experience in leasing, securitisations, factoring, guarantees and the structuring of capital for individual and syndicated loans. Senior associate Jennifer Rodríguez brings strength to Rule 144A issuances, project finance, senior loan structures and banking regulations.
Responsables de la pratique:
Manuel Telles
Les références
‘The Mayora team has a very broad understanding of the regulatory implications of any transaction.’
Principaux clients
Neoen (Capella Solar/Providencia Solar)
Norfund
Banco Lafise
Banco Internacional de Costa Rica (Bicsa)
Banco Promerica
Prosegur Exchange (Grupo Proval)
Banco General
Banco Cuscatlán
Banco Davivienda
Principaux dossiers
- Advised Norfund on a $20m senior loan with Banco de America Central (BAC).
Torres Legal
With its dedicated fintech practice and experienced team, Torres Legal provides domestic and multinational corporates, cryptocurrency exchanges, banks, stock exchanges and insurance companies with a full range of cryptocurrency-related services. The practice is headed by managing partner Héctor Torres, who brings expertise to securitisations, tokenisations and ICOs, alongside two new partners who joined in October 2023 from Consortium Legal - digital assets specialist Daniel Leiva and Annette Herrera, who draws on a background advising international businesses, financial institutions and corporate borrowers on matters ranging from syndicated lending and acquisition finance to equity and debt securities. Senior associate Andrea Gómez, who arrived in September 2023 from a government role, utilises experience in new technologies, advising on matters involving data protection, AI and blockchain. Key support is provided by associate Adalicia Torres, who heads the firm’s tax and compliance department.
Responsables de la pratique:
Héctor Torres; Daniel Leiva; Annette Herrera
Les références
‘Experts in topics related to startups, blockchain technologies and fintech.’
‘The primary individual we work with at the Torres Legal is Daniel Leiva. His versatility, rapport with government bodies and agility in providing direct responses make him an incredibly valuable asset to our team.’
‘Torres Legal’s fintech team is distinguished by its multidisciplinary approach, combining legal experience in areas such as banking, finance, technology and regulation.’
Principaux clients
Enor Securities (IB Maker)
e-Grains
Cubo Pago
Binance
Osmo
DitoBanx
Naka
Bitso
PASD
Bitcoin Licenses
SPDE
El Dorado
Principaux dossiers
- Advised eGrains on launching a security token issuance of commodities for a value of $100m.
- Provided Binance with comprehensive guidance across various facets of its endeavours in El Salvador, encompassing corporate structuring, operational management and active participation in regulatory discussions.