Banking & Finance: Argentina

THE FIRM This banking and finance practice group has long been considered one of the foremost names in the market. The firm was founded as a finance boutique and has steadily expanded into a full-service firm. It is consistently involved in a high volume of the market's largest banking transactions and stands out for its ability to provide clients with creative and diverse solutions to even the most complex of matters. The firm has a team of 29 lawyers exclusively dedicated to banking and finance. In capital markets, the firm recently assisted international and local placement agents with a USD500 million bonds issuance by Pan American Energy, as part of a USD1.2 billion global note programme. The firm also advises on high-end sovereign debt issues in Buenos Aires. Clients draw attention to the firm's comprehensive knowledge of the market and its in-depth analysis of issues.

Sources say: "This firm is an instantly recognised name internationally and is synonymous with banking and finance in Argentina. The firm has a spectacular practice in this area and offers excellent client service."

KEY INDIVIDUALS Hugo Bruzone formerly worked for the Central Bank and has an excellent understanding of public and private banking work. He is an extremely experienced senior figure who "can see both sides of the argument and resolves matters promptly and effectively," according to sources. Roberto Lizondo has dedicated his entire career to banking matters and focuses on large international transactions, with a specific emphasis on debt, structured finance and syndicated loans. He impresses clients with his ability to "keep his eyes on the prize – he knows that the deal is the most important thing and he handles any conflicts perfectly to ensure that the deal goes through." Managing partner Carlos Lombardi is an active and well-known figure in the banking market. He has been involved in some of the country's most important transactions over the past 20 years. Analía Battaglia has an impressive background in corporate finance and project finance transactions. She is praised by clients for her "excellent manner and considerable specialist knowledge." Enrique Bruchou is one of the country's most impressive corporate and banking lawyers and is an indisputable leader in the finance field. Paula González Silvestrin, Federico Salim and Lucrecia Von Petery stand out in the team of young associates for their excellent development in the area. They are just some of the firm's rising stars and are seen to have bright futures ahead of them.

Since publication, Marcelo Rafael Tavarone has joined Bazan Cambré & Orts

THE FIRM This Argentine legal powerhouse has a banking and finance team of over 60 lawyers. The firm is a dominant force in the legal market and its work in the financial sector is no exception, with a department that includes several of the market's best known and most experienced figures and also attracts new up-and-coming talent. The firm has the resources and know-how to take on cases regardless of size and complexity, and has recently undertaken market-leading work in transactions, M&As, securitisation and trusts and regulatory work. The team was recently involved in one of the market's most important deals, representing Adecoagro in its USD400 million public offering on the New York Stock Exchange. The team also represented TGLT in the listing of shares on the Buenos Aires Stock Exchange and outside Argentina, in the first IPO in Argentina since the financial crisis.

Sources say: "The lawyers are outstanding, their understanding of the market is truly impressive and they always adapt their response times to meet the needs of demanding banking clients."

KEY INDIVIDUALS Santiago Carregal is one of the country's foremost banking and finance lawyers and is an indisputable leader in the field. He has more than 25 years' experience in the sector and is one of the most active lawyers in the market, advising on a broad range of finance and capital market transactions, securitisations and trusts. He co-heads the department alongside Roberto Silva Jr, who is also held in high esteem in the market. Silva has been extremely active over the past year, handling a heavy workload of securities, bond issuances, loans, trusts, foreign exchange controls and regulatory matters. "His understanding and expertise in this area are outstanding and he is always available to participate actively in transactions," say sources. Gabriel Matarasso is involved in many international banking M&A and recently led the team advising BNP Paribas on the sale of its Buenos Aires banking branch to Banco Santander for USD256 million. Ricardo Beller divides his time between the banking, restructuring and oil & gas practice groups, and is involved in many of the firm's debt transactions. He recently advised Deutsche Bank as underwriter in a USD200 million bond issuance for Cablevisión. Cecilia Mairal has an important focus on regulatory work and financing for key multinational clients, and typically advises on complex finance litigation work. Juan Diehl Moreno is also very active in regulatory matters and bank financing. He recently advised Banco Itaú Argentina and Banco Hipotecario on syndicated mid-term financings to local agricultural producers. Hernán Slemenson splits his time between the banking and real estate departments and has extensive experience of financing for real estate projects. He recently advised JPMorgan Chase Bank as agent and lender in the restructuring of a USD41 million loan secured by a global manufacturing company. Juan Antonio Gallo is a well-known senior figure in the market with more than 40 years' experience in banking and finance. He is less active in day-to-day work, but has an of counsel role and remains an important reference point for complex matters. Associate Geraldine Trouilh handles complex public finance projects and trust finance and has additional expertise in mining projects and real estate. Martin Gonzalo Vazquez Acuña is a promising young lawyer who has an excellent future in this area and recently assisted Gabriel Matarasso with the BNP Paribas M&A. Luciano Ojea Quintana is very active in the department and advises high-profile clients such as Credit Suisse and Barclays on regulatory matters and foreign exchange controls. He also regularly assists clients such as Banco Comafi and Banco B.I. Creditanstalt with transferring bank shares. "We have been impressed by the responsiveness and quality of his advice and he gives us every confidence to leave our problem in his hands," say clients. Patricia Lopez Aufranc divides her time between the corporate and banking teams and is praised for her work in capital markets transactions. She is also active on cross-border finance projects and international trade.

THE FIRM Banking and finance is one of this firm's core practice areas. The firm has four lawyers dedicated to banking and 12 on the capital markets side. The team punches above its weight and has been involved in a large number of high-figure international transactions of late. Recent highlights include advising UBS and Citibank on the issuance of debt notes to Empresa Provincial de Energía de Córdoba (EPEC) for over USD500 million. The firm also advises on sovereign debt matters and is acting as counsel to Barclays in a sovereign debt exchange offer. Clients consistently praise the dedication and flexibility of the firm's senior partners and the boutique-style service they offer.

Sources say: "The firm is small and flexible but provides quality advice on complex issues – the lawyers are highly responsive and practical and have good working relationships with local and international banks. The lawyers are some of the best for cross-border matters – they all have international experience and their language skills are excellent."

KEY INDIVIDUALS Pablo Aleman leads the banking group; he has extensive experience of IPOs and works regularly with the Central Bank. He is also heavily involved in consumer finance matters and recently advised a local bank on the provision of credit card facilities. Marcelo Etchebarne is a promising younger lawyer with experience of international debt and equity securities. Peers praise his involvement in public sector banking matters and note: "He knows how to navigate the waters and get the deals through." Alejandro Ezequiel Noblía is a standout figure in equity matters and recently advised Deutsche Bank on establishing a number of financial trusts. Since publication, Atilio Dell'Oro Maini has left this firm.

THE FIRM This boutique was founded in 2004 and is developing a strong reputation in banking and finance. The team has been particularly involved in cross-border syndicated loans for major international financial institutions such as Credit Suisse; it also has experience of working with multilateral organisations in high-profile transactions. The team represents a host of banks and issuers, including Merrill Lynch, Banco Supervielle and Bank of America. It was recently retained for advice on consumer finance issues for companies such as Mercedes Benz and Toyota in connection with the finance and purchase of automobiles.

Sources say: "The firm has been extremely active this year and provides excellent, proactive and hands-on advice for some of the most relevant market players."

KEY INDIVIDUALS Founding partners Diego Salaverri and Javier Errecondo are "pioneers in banking matters," according to sources. Salaverri is one of the country's foremost transactional lawyers and is highly experienced in corporate and banking deals. "He is one of the best banking lawyers in town and I would always go to him in any conflict case," said one source. Errecondo is a standout figure for capital markets work and is praised for his in-depth knowledge and energetic approach. Baruki Gonzalez is an excellent younger lawyer who splits his time between corporate and finance work. He is praised for his work in all areas of banking and finance, including debt issues, project finance and derivatives.

THE FIRM This full-service firm is an important name in the banking sector and has strengthened its practice following its recent merger with Fortunati & Asociados. The merger has added skills in project financing, particularly in relation to the energy market, to its existing expertise in banking regulations and capital markets. The 11-lawyer team has worked for important multinational clients such as Banco de Galicia y Buenos Aires, Citibank and Deutsche Bank. Recent highlights include advising GeoPark Chile and GeoPark Holdings on the offering of debt notes for USD133 million in a deal spanning several jurisdictions and involving five different banks.

Sources say: "These lawyers were creative in their approach and were able to find alternative and more efficient structures for our debt guarantees."

KEY INDIVIDUALS Roberto Fortunati is an expert in corporate and project finance, particularly in relation to energy investments. He also has more than 25 years' experience in the sector, including working in-house at Citibank. He led on the work for GeoPark and has also been advising Standard Bank on trust issues. "His addition to the team is highly important – he has always been a leading figure in the area and he will help the firm to grow and develop," say sources. Javier Magnasco heads the banking and financial institutions team. He is an expert in capital markets, debt restructuring and project financing, and recently led the team advising Tarjeta Naranja on the international offering of debt notes for USD200 million. Pablo José Torretta is a promising young partner who is experienced in regulatory matters, particularly in foreign exchange regulations. "He communicates the advantages and the legal risks of each legal alternative," enthuse clients.

THE FIRM This prestigious full-service firm has a broad banking practice with expertise across capital markets, equity financing, debt, project finance and day-to-day advisory work. Recent highlights include representing Banco Hipotecario, BACS Banco de Crédito y Securitización, Banco Santander Rio, SBS Sociedad de Bolsa, Raymond James Argentina Sociedad de Bolsa and Nuevo Banco de Santa Fe as underwriters in the issuance of bonds of Cresud for USD150 million. Clients praise the firm's ability to provide the necessary muscle when assisting on large international capital markets cases and transactions. The firm typically represents major international banking companies, institutional investors, international financial institutions, insurance companies, credit card companies and multinational corporations.

Sources say: "The firm develops long-standing relationships with clients and is able to give thorough and precise advice on every issue. The lawyers' understanding of international financial markets is phenomenal."

KEY INDIVIDUALS Diego Serrano Redonnet is a standout figure in the market and is regularly cited by peers as a key player for banking matters. Mariano Florencio Grondona splits his time between the banking and corporate departments and works extensively with US companies. He has an excellent understanding of public law matters and brings this knowledge to his banking practice. María Gabriela Grigioni has broad experience of corporate finance, trusts, securities, corporate governance and capital markets regulations. Pablo Martín Lepiane is a promising young associate with considerable experience of banking law and M&A work.

THE FIRM This full-service firm is perhaps best known for its work in the insurance sector but also has an 11-lawyer team that is very active in banking and finance. Clients benefit from the firm's strengths in bankruptcy, competition, dispute resolution, energy and international trade. The finance department has taken on an increasingly heavy workload of trade financing and its portfolio of clients includes big names such as UniCredit, Standard Chartered Bank and Société Générale. The team acts as ongoing counsel to MasterCard, recently advising on its joint venture with Mobistar to sell consumer finance products through mobile phone services.

Sources say: "The firm does everything for our company from A-Z and its banking team is very strong."

KEY INDIVIDUALS Senior partners Claudio Cesario and Carlos María Melhem lead the department. Cesario is a former director of Banco Rio and worked as in-house counsel for Banco Santander. His experience gives him vast knowledge of the legal needs of banking institutions. Melhem has been with the firm for more than 20 years and has several long-standing clients in this area. "He has good business acumen and is a practical lawyer who likes solutions," according to clients. Santiago Sturla has studied and worked in the USA and focuses his practice on advising international banks. Jorge Mayora was promoted to partner in December 2010 and is singled out as a dynamic lawyer with an excellent future ahead of him.

THE FIRM This traditional full-service firm has a strong banking and finance practice and is active in debt issues, financial derivatives and foreign exchange controls, as well as day-to-day compliance matters. The team is also developing its expertise in trust funding and has recently gained Nación Fideicomiso as a client. It is currently representing the latter in several major public and private infrastructure projects. The firm is a top choice for cross-border work and its portfolio of clients includes many large multinationals such as Mercedes-Benz, ING Bank, Standard Chartered Bank and Grupo Insud.

Sources say: "The lawyers have the resources to work on large cross-border matters and negotiations with foreign organisations – they also have the ability to deal with unforeseen circumstances."

KEY INDIVIDUALS Department leader Alejandro Anderlic is a well-known figure in the market. He works closely with the firm's excellent corporate department to provide comprehensive advice to clients. "He follows issues closely and his service and speed of response are outstanding," affirm clients. Sebastián Luegmayer focuses on derivatives and has a promising future at the firm, according to sources.

THE FIRM This full-service firm has an active banking team with nine lawyers who have long-standing expertise in financial law. The firm tends to focus its practice on representing banking clients and has advised many banks and financial institutions on new banking regulations. The firm's portfolio of prestigious international companies includes BBVA and Alliance One. Recent highlights include advising Export Development Canada on export financing loans to Industrias Metalúrgicas Pescarmona, in a case which spanned 27 different jurisdictions.

Sources say: "The firm has a presence in key global markets and works on complex matters that stand out."

KEY INDIVIDUALS Founding partner Juan Duggan is primarily known as a corporate lawyer and leads the banking team. He is a reference point for complex matters and has an excellent understanding of international law, having previously worked and studied in the USA.

THE FIRM This prominent full-service firm has a team of 14 lawyers handling banking and finance matters. The team has had a busy year in financial cases and advised companies on both day-to-day matters and financial structuring work. It recently advised Aeropuertos Argentina on the issuance of bonds and the structure of guarantees in order to comply with new banking regulations. The team also advises a number of companies on transactions involving emerging markets. It recently advised Armenia International Airports on arranging a syndicated loan with the Asian Development Bank, EBRD and DEG.

Sources say: "The lawyers are highly experienced in helping companies with international expansion." 

KEY INDIVIDUALS Department leader Nestor José Belgrano focuses on assisting multinational companies with IPOs and works with some of the firm's major clients, including Telecom Argentina and Crédit Agricole. "He stands out for his knowledge of financing companies abroad," say sources. Interviewees highlight promising young associate Fermin Caride as a lawyer with an excellent future in finance and capital markets.

THE FIRM This prestigious firm is best known for its corporate work but is also active in banking advisory work, outsourcing contracts, securities regulations and consumer credit. The team has recently been advising on the growing area of banking-related data protection issues. In capital markets, recent highlights include assisting Ternium and Techint with the USD677 million secondary public offering for American Depositary Shares in Ternium by Usiminas. Banking highlights include acting for Dutch development finance company FMO in its private sector investment in Argentina, which granted a USD20 million loan facility to Banco Galicia.

Sources say: "The lawyers are excellent in international matters and work in a hands-on and efficient manner, producing quality work in a timely manner."

KEY INDIVIDUALS Department leader Diego Parise focuses on multinational capital markets work. Source are effusive in their praise for his expertise: "He is an excellent lawyer – I would recommend him to anyone looking for Argentine counsel on capital markets or other cross-border transactions." Julio Ricardo Martínez has notable experience in banking regulatory matters and foreign exchange regulations. 

THE FIRM The finance department of this firm is well known for its work in advising local trust funds. The 11-lawyer team recently acted for the trustees in the USD1.89 million issuance of trust debt securities by Puente Hnos Inversiones and Puente Hnos Sociedad de Bolsa, jointly with Bapro Mandatos y Negocios, to finance several agriculture and construction projects. Clients also benefit from the firm's strengths across the real estate, dispute resolution, environmental, insurance, competition and corporate sectors. The firm is also developing a niche practice in advising on aircraft financing projects. Clients consistently praise the senior partners' dedication and knowledge.

Sources say: "I would wholeheartedly recommend the firm to anyone seeking counsel in Argentina for capital markets or international transactions."

KEY INDIVIDUALS Carlos Marcelo Villegas has a strong background in economics and finance law. He recently acted for national electricity company EDENOR in the debt issuance to institutional investors. Mario Oscar Kenny has substantial experience of financial trusts and negotiable options, and "shows a detailed knowledge of complex financial operations and company law," say sources.

THE FIRM This firm has offices in Buenos Aires, New York, London and Madrid and is well placed to handle banking and finance matters for multinational companies. The seven-lawyer team acts for multilateral and governmental agencies as well as banks and investment companies. It recently acted for Banco Macro, South Financial Corporation and Bank of Canada in a variety of different financial operations. The firm is developing a practice in aircraft finance and recently advised Bell Helicopter and Cessna on their sale and financial lease operations.

Sources say: "The firm offers excellent international know-how at a reasonable cost."

KEY INDIVIDUALS Carlos Alfaro is a well-known international figure who has dedicated his entire career to cross-border matters. "He has been involved in many important litigations in New York and has the complete trust of clients when handling any situation," according to sources. Liliana Arauz formerly worked as commercial attache to the Embassy of Argentina in Washington, DC and has standout experience of pre-export financing. She recently advised Jugos on the financing of exports of fruit juices to manufacturers in the USA. 

THE FIRM This eight-lawyer firm operates across many of the areas expected of a full-service firm, including banking, corporate, labour, tax, IP and media law. The firm makes its debut in this practice area for its growing reputation for banking work and strong feedback from market sources. The team of three lawyers works for several multinational banks and financial institutions, and regularly advises on day-to-day matters and foreign exchange regulations. The firm has also begun to expand its practice into advising companies on new Argentine money laundering regulations.

Sources say: "The firm gives a genuine 24/7 service and the team of young, dynamic, pro-active lawyers is always one step ahead on every issue."

KEY INDIVIDUALS Founding partner Adalberto Ramiro Barbosa has 12 years' experience of working for BankBoston and is an expert in international banking law. "He leads a fantastic team and sets an example with his dedication and personal treatment – he gives us confidence to make decisions," say clients.

THE FIRM This compact boutique firm was founded in April 2010 and is growing steadily in importance and visibility in the market. The team of three lawyers specialises in banking and finance and corporate matters, and has extensive experience of capital markets and transactional work. It recently advised CLISA on the issuance of debt notes. The firm is also developing an important niche in advising international companies on liability management options.

Sources say: "The firm offers an optimum service and demonstrates great experience in all areas. Whenever any issue arises, the lawyers always give us a fast and well-researched response."

KEY INDIVIDUALS Founding partner Hernán Carassai has more than 15 years' experience advising financial institutions and is a well-known name in the market. "He is absolutely dedicated to clients and he understands all of our needs and the subtleties of our operations," praise clients.

THE FIRM The banking team of this firm continues to grow and has recently hired two new associates to further reinforce it. The firm acts for several large banks and financial institutions, and is currently representing Banco Patagonia in the sale of its shares via mandatory tender offer, with Banco do Brasil as offeror. The firm also undertakes a considerable volume of heavy-weight transactional work. It is representing Repsol in the secondary public offer of Argentine subsidiary YPF, the largest international deal made by an Argentine company in recent years.

Sources say: "The lawyers provide the agility and dedication of a boutique combined with the broad expertise of a full-service firm."

KEY INDIVIDUALS Senior partners Matías Grinberg and Carlos María Tombeur lead the department. Grinberg is a "truly impressive counterparty," according to peers. Tombeur is a former director of the Central Bank and has an impressive understanding of legal and practical banking issues. Clients also praise his standout experience of arbitration proceedings.

THE FIRM This full-service firm was founded in 2011 with partners from several market-leading firms. The department is strengthened by the addition of two key banking and finance partners with proven expertise in the field. The team has recognised experience in both national and international transactions and the lawyers have previously worked on a broad range of matters including IPOs, issuance of securities, financial trusts and loan structuring. The market is eagerly waiting to see how the firm will develop over the coming year.

KEY INDIVIDUALS Alexia Rosenthal is an expert in both local and international investments, capital markets and banking regulations. She is consistently praised for her dedication to clients and proactive approach. Pedro Castro Nevares is a dynamic younger lawyer who is known for his high-profile work on behalf of international banking institutions.

THE FIRM This firm is best known for its real estate practice but has been growing over recent years and has developed a team of ten lawyers which handles banking and finance matters. The team has been involved in debt issuances, short-term loans and trust funds and consumer finance, and is also starting to branch out into pension fund investments. The firm continues to act for regular clients Cresud and IRSA in their debt issuances, and its large portfolio of multinational clients gives the firm considerable experience of international investments.

Sources say: "This firm's work for long-standing clients has given it considerable prominence in the market and its reputation in this field continues to go from strength to strength."

KEY INDIVIDUALS Senior partner Carolina Zang leads the banking and finance group and brings well-honed expertise in financial investments and corporate advisory work to her practice. "She is smart and dynamic and has an excellent working relationship with clients," according to sources.