Firms To Watch: Banking and finance

Spingarn was particularly active in financings of socially and economically impactful projects in 2024, such as urban development projects. The group specialises in investment advice and is led by Andrés Narváez, Sebastián Saá Tamayo and Daniel Narváez.

Banking and finance in Ecuador

Bustamante Fabara

Bustamante Fabara often acts as local counsel to large financial institutions and well-known banks in relation to secured and unsecured loans, as well as project finance mandates, including for projects that are socially or environmentally significant. Such environmental issues are a key area of focus for Diego Ramírez, who has been involved in conservation matters as well as ESG loans and sustainable bond issuances in the Ecuadorian market, another prominent area of activity for the team. Ramírez heads up the team alongside Jesús Beltrán, an experienced M&A lawyer who is regularly involved in structured finance and securitisation matters. Juan Felipe Bustamante is key on the financing side, while Kirina González excels in corporate finance, and director Patricio Santos is who clients turn to for advice on the regulatory elements of structured finance transactions.

Responsables de la pratique:

Jesús Beltrán; Diego Ramírez


Principaux clients

The Nature Conservancy


Banco Guayaquil


Banco del Pacífico


Banco Bolivariano


Goldman Sachs


IDB Invest


International Finance Corporation (IFC)


Proparco


Bancolombia


Japan International Cooperation Agency (JICA)


United States International Development Finance Corporation (DFC)


Banco del Austro


Bank of America


Principaux dossiers


  • Advised The Nature Conservancy (TNC) and Bank of America, through separate teams, on a landmark liability-management transaction.
  • Advised Banco Bolivariano on the launch of its $100m DPR-securitisation programme based on flows derived from foreign remittances.
  • Advised IDB Invest and Banco Guayaquil on the $48m financing of Effitek for the construction of Parque Logistico Itulpark, a state-of-the-art logistics facility on the outskirts of Quito.

Lexvalor Abogados

Lexvalor Abogados is highly proficient in the gamut of capital markets matters, especially credit financing, with an ability to assist with bond issuance through to the post issuance stage. Daniela Irigoyen, Margoth Chiriboga and Gabriela Guzmán jointly lead the team and are highly active in cross-border financings and capital markets transactions. Director Mariela Moreno is often involved in real estate and infrastructure project financing, while Guzmán is key on the regulatory side. Indeed, the wider group provides clients with a broad range of regulatory advice, including advising on fintech issues, particularly since the recent enactment of fintech regulations issued by the Monetary Regulation Board and the Central Bank of Ecuador. The team's expertise also extends to banking, electronic payments, cryptocurrencies and blockchain technologies.

Responsables de la pratique:

Daniela Irigoyen; Margoth Chiriboga; Gabriela Guzmán


Les références

‘Experience and results.’

‘Lexvalor has a specialised and dynamic team of lawyers. They have extensive experience in financial and banking matters, and it is the firm with the deepest expertise in fiduciary issues and investment funds. They combine strong legal-technical knowledge with business insight, which greatly facilitates their advisory services and helps us find solutions that align with our operations. The lawyers in this area are highly skilled in designing complex structures and combining mechanisms for sophisticated transactions.’

‘Daniela Irigoyen brings extensive experience in capital markets and fiduciary matters. What makes her stand out is her strong business-oriented mindset—she focuses on finding practical and effective solutions, rather than simply identifying legal issues. She is widely recognized in the industry and has built a strong professional network, which adds significant value to the advisory process. What truly sets Daniela and her team apart from competitors is their deep understanding of both the legal framework and the business context in which we operate.’

Principaux clients

Effitek


Nestlé Ecuador


Fideval


Marcimex


Arbaro Fund


Pagadoor


Eron International


Sucaval / Value


Vaserum


Banco Pichincha


Fondo De Jubilación De La Universidad Católica


Expertfactors


Responsibility Investments


Anthem Bank


Banco Internacional


Citibank


Principaux dossiers


  • Advised Parques Logísticos Effitek on securing $33.8m in financing from BID Invest and $14.2m from Banco de Guayaquil for the expansion of a logistics park.
  • Advised Nestlé Ecuador on structuring a $20m financing operation through the securities market.
  • Advising Marcimex on structuring public offering mechanisms based on its credit portfolio.

Pérez Bustamante & Ponce

Pérez Bustamante & Ponce‘s core strengths include assisting creditors and debtors alike with the structuring of loans, including syndicated loans, as well as transactions related to mortgage portfolio securitisations, derivatives, and the local and international issuance of bonds. The group is also well placed to provide clients, which include large investment banks, with regulatory advice concerning changes to local laws and regulations. Practice head Bruno Pineda is key in this regard, particularly for stock market regulation. Elsewhere, director Juan Francisco Simone-Lasso is highly active in the fintech and payments industries, and Ricardo Pérez is experienced in bond issuances and loan structuring.

Responsables de la pratique:

Bruno Pineda


Principaux clients

International Finance Corporation


Inter-American Development Bank


Inter-American Investment Bank


OESTERREICHISCHE ENTWICKLUNGSBANK


Corporación Andina de Fomento


Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden


CEXIM


LATAM Airlines


International Finance Corporation


Banco Pichincha


Principaux dossiers


  • Advised International Finance Corporation on the loan granted by the International Finance Corporation to Maquinarias y Vehiculos Mavesa through a synthetic securitisation of Mavesa’s loan portfolio originated from the provision of heavy-weight vehicle financing to its customers.
  • Advised Banco Santander on the $90m diversified payment rights (DPR) programme financing by Banco Pichincha.
  • Assisted LATAM Airlines with issuing bonds due in 2030 for an amount of $1.4bn, whose proceeds will help refinance obligations arising from previous notes due in 2027 and a $1bn term financing also due in 2027.

Flor Bustamante Pizarro Hurtado Abogados

Flor Bustamante Pizarro Hurtado Abogados is particularly knowledgeable in energy and construction financing, and acts in a high volume of financings, from public financing and loan transactions to project finance and cross-border securitisation transactions, often on behalf of multinational companies. This is epitomised by practice group head Mario Flor, who is often involved in renewable energy financing transactions and structurings, for which the wider group stands out. Senior associate Alejandro Pérez also stands out for a variety of financing transactions. At the associate level, Claudia Bustamante is regularly engaged in natural resources financing transactions.

Responsables de la pratique:

Mario Flor


Les références

‘Mario Flor has a very good team with experience in international project financing in Ecuador.’

‘Mario is very willing and available to answer our questions and provides quick and accurate answers. His team understands our business and needs very well, providing efficient, value-added service, both in due diligence and in the negotiation of financing documents.’

‘An exceptional firm with specialised knowledge of tax matters that sets it apart from other local firms.’

Principaux clients

IDB Invest


World-business Capital


China Development Bank


Wheaton Precious Metals


DFC (Development Finance Corporation of the United States)


Principaux dossiers


  • Advised a bank on a potential $80m funding for the construction of a hospital.
  • Advised IDB Invest on a $15m financing granted to Banco de Machala to support agribusiness and food sustainability projects.
  • Advised Wheaton Precious Metals on a definitive Precious Metals Purchase Agreement with a subsidiary of Adventus Mining Corporation, regarding the Curipamba copper project in central Ecuador, with a total upfront cash consideration of $175m.

Robalino

Robalino provides a broad range of financial institutions and corporates with sophisticaed compliance advice regarding regulatory matters as well as handling the full range of financing types. A trio of experienced practitioners co-head the group managing partner Javier Robalino, Martín Pallares and Rafael Serrano Maldonado. Senior figure, Robalino is a "go-to" figure for complex matters not only as regards finance but also for corporate transactions and arbitration. Pallares regularly handles cross-border transactions - a particular forte of the team - ranging from derivatives transactions to debt restructurings. Maldonado, in turn, has several years financial services' market experience, advising large global banks which continue to feature among the group’s diverse client base. Daniel Robalino brings further partner-level finance expertise to the group. In 2025 the group also acted as local counsel in a high-value secured lending mandate in the aviation industry, demonstrating strength in large-scale financing. Former associate practice director Carol Riofrio left the firm in October 2025.

Responsables de la pratique:

Martín Pallares; Javier Robalino; Rafael Serrano


Les références

‘Professional treatment and availability towards the client.’

‘The direct attention of the partner, who is present in the matter, either directly or by providing excellent guidance to his team. Javier Robalino, for his impeccable customer service.’

‘The team is highly skilled, very responsive and provides high-quality, reasonable, practical advice.’

Principaux clients

Kushki


Inswitch


Qubika


Credimatic


Kamina


Novopayment


Caf


Omninvest


Banco Procredit


DFC


Principaux dossiers


  • Acted as local advisor to DFC during the most important ‘debt-for-nature’ bond swap, in Ecuador, valued at more than $1.5bn.
  • Advised Deutsche Bank Securities, Citigroup Global Markets and J.P. Morgan Securities on a security exchanged for company Avianca; the securities are $1100m globally.
  • Advised Omnives on the issuance and legalisation of a corporate guarantee before BBVA Perú for loans granted to SIME PERÚ for a total amount of $5,120,000.00.

AVL Abogados

The banking and finance practice at AVL Abogados is recognised for handling complex financing transactions, including syndicated loans and cross-border guarantees, across regulated sectors like mining, aviation, and food and beverages. Led by Jorge Cevallos, who specialises in M&A, blockchain and corporate finance compliance, the team provides strategic advice on regulatory and corporate matters. Co-head Rodrigo Borjas Callisto brings extensive expertise in large-scale project finance, and senior associate Andrea Lara supports clients with corporate governance, contract structuring and negotiation. Associate Renata Medina focuses on incorporations, M&A due diligence and financing agreements.

Responsables de la pratique:

Jorge Cevallos Carrera; Rodrigo Borjaa Calisto


Les références

‘AVL provided very good legal and tailor-made legal services, with easy to access partners and professional associates.’

‘Partners Rodrigo Borja and Renata Medina are exceptional legal professionals, having very good understanding of the market and the industry.’

Principaux clients

Adventus Mining Corporation


Lundin Gold


Working Capital Associates


Osisko Gold Royalties


responsAbilitySICAV


Principaux dossiers


  • Advising on the project finance of $235.5m to develop and build the El Domo mining project in Ecuador.
  • Assisting a client with the financing process to obtain a credit of up to $1000m to develop and build the Fruta del Norte mining project in Ecuador.
  • Advised Osisko during 2024 in the financing of SolGold’s mining project Cascabel in Ecuador which has now included Franco Nevada Corporation (FNC) as a new financier.

Dentons Paz Horowitz

The work undertaken by the group at Dentons Paz Horowitz spans from project finance, such as financing in the automotive sector, to judicial debt recoveries and banking finance matters, as well as corporate finance assistance. The latter is an area of strength for Gabriel Solís Vinueza, who offers clients strategic and corporate finance expertise, often for regulatory matters, having gained such expertise from a past role at the Superintendency of Banks. Solís Vinueza leads the team alongside Rocio Cordova, who is a standout practitioner in the fintech sector and is noted for assisting financial services clients with day-to-day credit operations. Agustín Ormaza is a key contact in the team at the associate level.

Responsables de la pratique:

Rocío Córdova; Gabriel Solís Vinueza


Les références

‘What sets this firm apart from the rest is that they come back with innovative solutions.’

‘It is a highly recognised firm in the country for its professionalism and good practice.’

‘Rocio Cordova is highly knowledgeable in the financial and legal field.’

Principaux clients

Hyundai Ecuador


CIS Latam Ecuador


Star Roses


Raúl Coka Barriga – Asesores De Seguros


Upfield Ecuador


International Finance Corporation (IFC)


Blueorchard Impact Investment Manager


Enabling Gapital


Thoughtmachine


Oiko Credit


Principaux dossiers


  • Advised Bank of America on a $59m loan to AC Bebidas Ecuador, addressing legal challenges in its transition from a foreign branch to an independent Ecuadorian entity.
  • Advised Hyundai Ecuador on the legal analysis of its proposed revolving bond issuance programme on the Panama Stock Exchange (Latinex).
  • Advised International Finance Corporation on a loan agreement involving Laboratorios Siegfried and its guarantors in Colombia, Panama, Peru, Ecuador and Spain, with IFC as the lender.

Heka Law Firm

Heka Law Firm is adept at handling lending transactions, judicial recoveries and regulatory challenges within the banking and finance sphere, as well as acting in the structuring and negotiating of financing transactions for projects, particularly in the real estate sector. The group is led by technology law expert Andrés Terán and Santiago Albán, who stands out for assisting payment platforms with regulatory matters. More widely, the group often engages in novel mandates in the fintech industry, particularly on the regulatory side since the introduction of new fintech regulations in Ecuador related to the control of financial and technological services in the country. This work often includes cryptocurrency regulation and a range of assistance to online payment platforms.

Responsables de la pratique:

Andrés Terán; Santiago Albán


Les références

‘Their level of subject matter expertise complements their current high level of service.’

Principaux clients

PlayGreen


JP Morgan


Goldmann Sachs


Citigroup


Banco Pichincha


Banco General Rumiñahui (BGR)


Exness


PayMon


Principaux dossiers


  • Advised PlayGreen on its soft-landing in Ecuador, including its incorporation and helping it become a BIN sponsor with debt cards and issuing the first digital wallet for the online sports betting industry.
  • Acted as local counsel to lenders JP Morgan, Goldman Sachs and Citigroup as LATAM airlines expanded and extended its Revolving Credit Facility and completed a refinancing of notes.
  • Advised Banco Pichincha on structuring and negotiating mortgage loans, real estate sales, and secured transactions worth $30m.

Rodríguez | Rodríguez

Rodríguez | Rodríguez is a boutique law firm focused on advising clients, often international banks, on trade finance facilities. Seasoned banking and finance lawyers Boanerges Rodríguez Freire and Boanerges Rodríguez Velásquez, who are regularly involved in cross-border transactions and are able to act in complex regulatory and structured finance matters, head the team. The group is also skilled in project finance, syndicated loans, debt restructuring and financial regulatory compliance.

Responsables de la pratique:

Boanerges Rodríguez Freire; Boanerges Rodríguez Velásquez


Les références

‘The team is very knowledgeable in matters related to financing and securitisation in Ecuador.’

‘Boanerges Rodríguez Freire is a very sharp and responsive lawyer.’

‘Boanerges Rodríguez Freire is a professional of the highest standards who offers high-quality, specialised advice.’

Principaux clients

Development Finance Institute Canada (DFIC)


Fondo Latinoamericano de Reservas – FLAR


Corporación Interamericana para el Financiamiento de Infraestructura


Cordiant Capital


Banco Internacional de Costa Rica


Advance Global Capital Limited


Capital Bank


Leader Global Solutions


Corrum Capital Management


Principaux dossiers


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