The banking and finance practice at Criales & Urcullo is preeminent in matters related to the capital markets, having advised on various high-profile deals. It has assisted the Bolivian Stock Exchange in drafting new legislation and developing new forms of financing. The firm’s influential client list includes a number of banks and investment funds, for which the team provides accounting, financial, technical and tax advice. Javier Urcullo focuses his practice on matters related to the stock market, investments, and sales and acquisitions. He leads the team with Adrián Barrenechea, who specialises in insurance and financing structures for both local and international clients.
Banking and finance in Bolivia
Criales & Urcullo
Responsables de la pratique:
Javier Urcullo Sologuren; Adrián Barrenechea Bazoberry
Les références
‘It’s a robust team with highly experienced lawyers. They have good contacts and knowledge of the field, which is a great benefit.’
‘Very practical advice for reasonable prices. Not bogged down in legalities.’
‘Adrian Barrenechea is excellent – gives practical advice and puts his clients interests first.’
Principaux clients
Bolsa Boliviana de Valores
Asociación Boliviana de Agentes en Valores (ABAV)
Banco Solidario (Banco Sol)
Panamerican Securities
Panamerican SAFI
OIKOCREDIT Ecumenical Development Cooperative Society
MCE Social Capital
Compañía Americana de Inversiones (CAISA)
SEBRAR SARTAWI IFD – Fundación SOLYDES
EMPRESA MINERA PAITITI (EMIPA)
Principaux dossiers
Moreno Baldivieso Estudio De Abogados
The banking and finance practice at Moreno Baldivieso Estudio De Abogados continues to see growth and can regularly be found advising on high-value loans, bond issuances and repurchasing agreements. The firm has a strong background in assisting major international banks, multilateral organisations and investment funds on cross-border financing transactions. Andrés Moreno leads the team, with extensive experience in complex banking, finance and insurance transactions. Practice co-head Teddy Mercado is an expert in financing transactions, lines of credit and outright loans for both public and private bodies. Senior associate Fernando Landa advises on transnational matters, and the group also benefits from the knowledge of founding partner Ramiro Moreno, who has an established reputation in the sector. Associate Juan Diego Cuellar is a key member of the team and specialises in banking, finance and capital markets, providing advice to local and international companies.
Responsables de la pratique:
Andres Moreno;Teddy Mercado
Autres avocats clés:
Ramiro Moreno; Fernando Landa; Diego Cuellar
Principaux clients
CAF Development Bank of Latin America
IDB Invest
The World Bank
ICBC Standard Bank PLC
Goldman Sachs
Deutsche Bank
Scotia Bank
PROPARCO
Western Union
China Development Bank
Principaux dossiers
- Providing legal analysis and structure a US$400,000,000 loan for CAF, the Latin American Development Bank, scheduled for disbursement in 2025.
- Assisting in structuring Bolivia’s first “Social Gender” bond issuance for IDB Invest, a US$30m transaction on the Bolivian Stock Market by Banco Solidario.
- Evaluate the impact of Bolivia’s severe macroeconomic crisis on its financial system alongside DLA Piper for The World Bank, which had experienced a 40% devaluation of the Bolivian currency and a USD shortage.
PPO Indacochea
Formed via merger in July 2025, PPO Indacochea's banking capabilities reach across the Bolivian debt capital markets (where it advises on bonds, promissory notes and share offerings), the insurance sector (assisting insurers and reinsurers on regulatory matters and M&A transactions), and the payment and fintech sectors (advising global payment and Bolivian fintech companies on funds and new products and services). It also excels in cross-border financing transactions and regulatory advice for an impressive client list featuring multilateral entities, local and international banks, stockbrokers, accountancy firms and fintech clients. Carlos Pinto’s practice spans structured finance and corporate financing, from syndicated loans and secured financing to acquisition finance and debt restructuring. Both Lindsay Sykes and Leonardo Azurduy (in Santa Cruz) bring extensive international financing experience to the team and regularly advise on cross-border transactions; while Salomón Eid acts for a diverse range of clients, including multilaterals, investment funds and start-ups. Alonso Indacochea is an expert in debt refinancing, capital increases, bank restructuring and loan portfolio acquisitions he also has strong knowledge of the fintech sector. At senior associate level, Maria Laura Paz's practice is centred on bond issuances and matters related to the Bolivian Stock Exchange; while the compliance-focused Andrea Lizarraga assists technology companies and investment banks on financial system regulations. Intermediate associate Fernanda Ribera is an additional name to note. Mariana Pereira and Ana Carola Muñoz left legacy firm Indacochea & Asociados to establish their own boutique (effective as of February 2025).
Responsables de la pratique:
Carlos Pinto; Salomón Eid; Lindsay Sykes; Alonso Indacochea
Principaux clients
Moody’s
Goldman Sachs
Atradius Reinsurance DAC
FONPLATA
Nomura
Impaqto Capital
Ufund
Mobi
Cassa Depositi e Prestitti
Tienda Amiga
Impact Investments Group
Inversiones Vaka
Banco Nacional De Bolivia
Principaux dossiers
- Provided legal counsel to Cassa Depositi e Prestiti regarding a $30m financing agreement with the Financial Fund for the Development of the River Plate Basin (FONPLATA).
- Acted as legal counsel to FONPLATA in the issuance and placement of MXN20bn of FONPLATA’s certificates, providing legal support throughout the process.
- Advised Impaqto Capital on Bolivia’s first revenue-based financing operation.
Bufete Aguirre, Quintanilla, Soria & Nishizawa Sociedad Civil – (BAQSN)
Bufete Aguirre Soc Civ is regularly sought out by international banks and financial institutions for advice on the drafting and review of loan and securities agreements. Possessing in-depth knowledge of regulatory and legal issues, the group often advises on conflicts of law, creditor rights and bankruptcy. The firm also supports clients in project finance, due diligence procedures, and the use and regulation of online multi-asset platforms. Specialising in banking and stock market law, Eduardo Quintanilla has extensive experience advising on foreign investment in Bolivia. He leads the team with Santiago Nishizawa, an expert in loan structuring, drafting and negotiating contracts, and greenfield projects, and Ignacio Aguirre, who focuses his practice on financing, securities and restructuring. Associate Franco Piñero is also active on the department's key mandates.
Responsables de la pratique:
Eduardo Quintanilla; Santiago Nishizawa; Ignacio Aguirre
Autres avocats clés:
Franco Piñero
Principaux dossiers
Dentons Guevara & Gutierrez
The banking and finance department at Dentons Guevara & Gutierrez possesses strong knowledge in the financing of infrastructure projects and foreign direct investments in Bolivia. It has expanded its expertise to advise on structured financing and capital markets. Jorge Inchauste focuses his practice on project finance and investments, supporting mining companies and foreign corporations on their operations in Bolivia. The group benefits from the knowledge of Ramiro Guevara, an expert in debt and securities with experience advising one of the largest private Bolivian banks. Guevara and Inchauste lead the team with Enrique Barrios, who has developed a niche in financing projects in the energy sectors. Senior associate Alejandra Guevara advises on high-stakes international financing operations, and is a key advisor in due diligence processes. Associate Emil Jung is also an active member of the team.
Responsables de la pratique:
Ramiro Guevara; Enrique Barrios; Jorge Inchauste
Les références
‘Good knowledge of the Bolivian market.’
‘Extremely solid team with extensive knowledge of the reality of practice in Bolivia.’
‘The team stands out in its knowledge of the legal market and its availability and time invested in the cases presented.’
Principaux clients
Industrias de Aceite
Alicorp
Santacruz Silver Mining
Trafigura
Strategic and Precious Metals Processing (FZC)
Grupo Financiero BISA
Visa
Principaux dossiers
- Advised a client on the successful placement of bonds in the Bolivian Stock Market.
- Provided strategic legal advice to Alicorp regarding the financial intricacies of selling its crushing business in Bolivia, managed by its local SPV.
- Advises Trafigura on numerous due diligence processes of its Bolivian counterparties’ operations, and in the negotiation and reaction of several financing agreements, including financing terms subject to international standards and the granting of collaterals.
Ferrere
Clients seek out the banking and finance practice at Ferrere for its regulatory prowess and strong experience in advising clients on interactions with the Bolivian government. The group also excels at assisting international financial institutions and multilateral organisations on structuring operations with local companies. In response to the economic situation in Bolivia, the firm has worked to optimise costs for international payments, and designed debt restructuring with innovative alternatives such as crypto assets. Diego Villarroel leads the team, specialising in project finance, regulatory banking matters and capital markets. Raised to the partnership in September 2025, Santiago Rodríguez has in-depth knowledge of infrastructure financing, bond issuances in the US market, and crypto regulations. Associate José Rivero is a key member of the team, and advises on fintech, private equity, and insurance and reinsurance matters.
Responsables de la pratique:
Diego Villarroel
Autres avocats clés:
Santiago Rodriguez; José Rivero
Principaux clients
ADP International Services
AIRTM
Balanz UBS Business Solutions (UBS)
Banco Ganadero
Banco Santander Perú
Bank of America
Bank of Montreal (BMO)
Bunge AVLA Seguros de Crédito y Garantía
Cargill Americas
Cargill Financial Services International
CIS Latam
CNH Industrial Blackstone
Colchester Global
Commerzbank AGJP Morgan
Deutschland Bank
Eureka Reinsurers
Giros More
Howden Corredores de Reaseguro
JP Morgan & Chase
Lockton Specialties
Macquire Goldman Sachs
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO)SMBC Capital Markets
New Development Bank
PaySafe
TuGerente BlackRock
Zurich ReRenaissanceRe Europe
Principaux dossiers
- Advised Cargill Americas on twenty-three transactions related to loan arrangements with relevant clients and players in Bolivia.
- Advised Giros More on its corporate reorganisation process and regulatory legal audit.
- Advised SmartFastPay on its expansion process in Bolivia, which involved several rounds of regulatory assessments regarding the local payment system, gateways legal framework, crypto assets management, and other matters.
Aguilar Castillo Love
The growing banking and finance team at Aguilar Castillo Love stands out for its expertise in matters related to the stock market, including the regulation of brokerage firms, fund administrators and financial groups. The group works on complex financial operations, regulatory compliance and fintech projects. José Carlos Bernal leads the team in Santa Cruz, specialising in domestic and cross-border financing, securities offerings, investment funds and regulatory banking. Ismael Franco heads the practice in La Paz, having developed a niche for his work supporting technology companies with regulatory matters, such as gaining authorisations and licenses for their business and financial products.
Responsables de la pratique:
Jose Carlos Bernal; Ismael Franco
Principaux clients
AV Securities
GanaValores Agencia de Bolsa
GanaSafi
Fábrica La Estrella
Gerona Power
Veritran Bolivia Servicios Informáticos
Yango
Principaux dossiers
- Advised GanaSafi on obtaining authorisations from the Bolivian securities authority for the launch of its second closed-end fund in the country (GanAnticipo FIC).
- Advised AV Securities on a financing involving US and Bolivian entities, and assets located in Bolivia.
- Advised GanaValores Agencia de Bolsa as placement agent on the structuring and issuing of promissory notes of Industria Textil, worth US$25m.
Orienta Legal
Possessing in-depth regulatory knowledge, the recently established Orienta Legal draws on its lawyers’ experience in advising local and international banks, investment firms and fintech companies on compliance. It demonstrates expertise in debt capital markets, advising on both public and private bond listings in Bolivia. The group also has a successful track record in project finance and cross-border financing transactions. Mariana Pereira leads the team, with extensive experience in structuring complex financial transactions, regulatory compliance matters, and negotiating credit agreements. Ana Carola Muñoz specialises in corporate finance, contractual structuring and banking regulations, advising corporate clients as well as financial institutions.
Responsables de la pratique:
Mariana Pereira
Principaux clients
Banco Ganadero
Royal Bank Of Canada
KPMG Switzerland
Unigraf
El Deber
Starboard
Tag
Becerra de la Roca Donoso & Asociados S.R.L.
Preeminent in the energy, natural resources and agribusiness sectors, Becerra de la Roca Donoso & Asociados S.R.L.’s banking and finance practice has strong experience in securing high-value loans for clients. The firm also stands out for its work in debt recovery services and its advice on the liquidation and dissolution of companies. Possessing expertise in the management of crypto assets, the group excels at assessing risks and recommending good practices. The team is led by Mauricio Becerra de la Roca, who has strong knowledge of company structures, equity and debt capital market transactions, as well as regulatory matters. Manfred Arauz Olavarria is a key member of the team, specialising in corporate law, energy matters and litigation.
Responsables de la pratique:
Mauricio Becerra de la Roca
Principaux clients
Coface
Root Capital
Guabira Energia
Fortaleza Seguros
Industrial Hilanderia
Admirals
IMS Internet Media Services
Elpidos
Principaux dossiers
- Advised ELPIDOS on various international transactions, especially in money loans and in the transactional and corporate management of cryptoassets.
- Advised a client on a series of claims and procedures against the bankrupt Banco Fassil.
- Carrying out a study of the assets of Coface’s debtors and sending collection letters to them.
C.R. & F. Rojas – Abogados
Clients from the aviation, maritime and agricultural machinery sectors seek out C.R. & F. Rojas – Abogados for advice in complex and high-value transactions, particularly asset financing. María Del Carmen Ballivián is an expert in aviation and maritime financing, and Sandra Salinas specialises in financing transactions involving heavy machinery and industrial equipment, industrial asset acquisitions, and regulatory audits. They lead the team with Elizabeth Landivar, who advises on cross-border financings, syndicated loans and regulatory compliance. Practice co-head Cesar Gonzalez advises multinational corporations, financial institutions and private equity funds on mergers and acquisitions, capital markets and foreign direct investment structuring.
Responsables de la pratique:
María del Carmen Ballivian; Sandra Salinas; Elizabeth Landivar; Cesar Gonzalez
Principaux clients
Finning Bolivia
Volvo (VTF Latin America)
John Deere
Mitsui & Co
Stiffel Bank
Grupo Ceibos
Interbarge de Paraguay
VITOL ENERGÍA AMÉRICAS
Air Tractor Inc.
Jet Engine Investors II
Global Access Fund (Waterequity)
Elevate Export Finance Corporation
Chicago Bridge Servicios Petroleros
Ilender Bolivia
Alberta Aviation Capital Corporation
Yuchan agropecuaria
PAKKARIN TURISMO