Boasting a varied client roster of financial institutions and household-name technology companies, Aguilar Castillo Love excels in credit agreements and is involved in high-value, multi-jurisdictional transactions across sectors ranging from telecoms to aviation. On the fintech side of banking, the team remains a leader and advises leading clients in the cryptocurrency spaces, and businesses in bitcoin custody services. At the associate level, Bryan Guevara López is a key name for such fintech matters. Flor De María Cortez is a notable figure for credit finance mandates, including credit agreements, particularly in the aviation industry, leading the team alongside firm managing partner Esteban Agüero Guier.
Banking and finance in El Salvador
Aguilar Castillo Love
Responsables de la pratique:
Esteban Agüero Guier; Flor de María Cortez
Principaux clients
Wilmington Trust
ITG Sarl
ITG3 Sarl
Torrecom
Banco Ficohsa
Paxos Trust Company
Moody’s
Banco de América Central
Principaux dossiers
- Advised the administrative agent, Wilmington Trust, on an increment to a credit agreement, now worth $790m to pay the outstanding obligations of the borrowers, MRO Holdings and Aeromantenimiento.
- Acted for ITG3 Sarl on a cross-border facilities agreement granted by a syndicate of multinational banks.
- Assisted Torrecom with an amendment to cross-border facilities agreement which increased the financing from $70m to $95m.
Arias
Arias offers both a strong regional presence and a nationwide practice, with practitioners advising on major domestic and multinational banks and financial institutions such as Citibank. A point of distinction for the group is its work in asset securitisation and in the obtainment of Digital Asset Service Provider licences, as well as large-scale banking transactions. Within capital markets, the group also stands out for sovereign debt transactions, and particularly loan and bond issuance. Its deep bench consists of Ana Mercedes López, who is a key reference for structuring within corporate refinancing. A further standout team member is senior counsel Rafael Burgos, who is key for loan financing, and debt restructuring, key areas of work for the wider group. Co-managing partner Roberta Gallardo is key for intricate financing structures with a cross-border impact. Expertise spans to fintech, and Mario Lozano specialises in the fintech and cryptocurrency fields, heading up this practice at the firm.
Responsables de la pratique:
Armando Arias; Lilian Arias; Roberta Gallardo; Ana Mercedes López; Luisa Rivas; Carolina Lazo; Mario Lozano; Fernando Montano
Principaux clients
Del Sur
Procaps
IFC
Proparco
CMI
Banco Davivienda
Citibank
Principaux dossiers
- Advised a financial services client on the acquisition refinancing by H.I.G. Capital of several entities engaged in the logistics business in Latin America pertaining to Logística Industrial Group (Loginsa).
- Advised a financial services client as administrative agents for the Lenders Credi Q and its subsidiaries in Guatemala and Costa Rica on negotiating a new loan facility for the amount of $150m.
- Advised a financial services client as administrative and collateral agent under DIFL refinancing of $1.013bn for Digicel International Finance Limited amendment to guarantees of bonds secured among others by local collaterals.
BLP
BLP counsels a range of leading financial services clients, ranging from local banks to large international development banks, on high-profile cross-border capital markets transactions. This includes a significant sovereign debt management transaction in 2024, the largest in the nation’s history. Practice head Zygmunt Brett is a versatile capital markets practitioner, who regularly engages in loan transactions and debt transactions. Director José Góchez is key for loan financing in the telecoms and aviation sectors, particularly project finance. Additionally, Mariana Nóchez is key for loan financing assistance, for which the wider group is well known, including assistance with documentation and associate Andrea Melara is a multidisciplinary practitioner who is key for regulatory matters, and due diligence of financial transactions in compliance with local regulation.
Responsables de la pratique:
Zygmunt Brett
Les références
‘They are excellent lawyers. Highly recommended.’
‘They are excellent at responding in a timely manner and providing correct advice.’
Principaux clients
BofA Securities
Bancolombia and a pool of banks
Bain Capital
FMO and IDB Invest.
Banco Agromercantil de Guatemala / Banco Agrícola
FMO
IFC
DFC
CAF
Principaux dossiers
- Advising DFC and CAF on a historic debt conversion to conserve El Salvador’s watersheds.
- Advised BofA Securities on the Republic of El Salvador’s $1bn issuance, including 9.25% notes due 2030 and variable interest notes.
Consortium Legal
Consortium Legal is at the forefront of corporate restructuring and the structuring of credit facilities, operating throughout the Latin American region in countries such as Colombia, Panama and Nicaragua, advising on a range of cross-border financings, often for international banks looking to set up operations in El Salvador. Senior associate Roberto Castro has direct experience of employment in the banking sector, and since his addition in 2023 has bolstered the group’s representation of clients in cross-border financings. Practice head Oscar Samour is experienced in multi-jurisdictional banking transactions, and acquisitions, as well as syndicated loans and loans for corporate restructuring. Felipe Aragón specialises in financing structures and regulated sector matters.
Responsables de la pratique:
Oscar Samour
Principaux clients
DFC
Corporación Andina de Fomento
Lemon cash
Banco Cuscatlán
First Citizens Bank
DFC
Citibank
Corporación Andina de Fomento
Banco de América Central (Grupo Aval)
CABEI
Banco General
Banco Davivienda
Banco Atlantida
Oikocredit, Ecumenical Development Cooperative Society U.A. (Oikocredit)
The Bank of Nova Scotia
DEG Invest
Credit Suisse
Banco Agricola (Bancolombia)
Banco Cuscatlán
First Citizens Bank
Principaux dossiers
- Advised Grupo Calleja in the design and structure of the transaction from a tax and corporate perspective and in the financing of the acquisition.
- Advised the Republic of El Salvador through the Ministry of Finance on a bond issuance aimed at repurchasing existing debt, marking the country’s first foray into international capital markets in over four years.
- Advised the Republic of Honduras through the Ministry of Finance on a bond issuance aimed to reinforce the 2024 budget needs.
Lexincorp
Consulted by a varied client base of technology, financial services and cryptocurrency companies, Lexincorp is a go-to firm for local and international financial institutions requiring banking regulation advice stemming from international transactions. Practice head Enrique Escobar is significant in this regard due to a strength in loan agreements, and is knowledgeable in local banking regulation, having acted as local counsel for local banking entities previously in his career. Adriana Portillo and Erick Huezo also spearhead the team, the latter of whom joined the team in December 2024. Antonio Guirola departed from the firm in September 2024.
Responsables de la pratique:
Enrique Escobar; Adriana Portillo; Erick Huezo
Principaux clients
BlueOrchard
Banco Industrial
Ficohsa
Principaux dossiers
- Led Banco Industrial’s contract and loan negotiation and execution support totalling $5m.
- Provided and continue to provide legal advice to cryptocurrency companies such as Coinspaid and Paxful.
Mayora & Mayora, S.C.
Showcasing a strength in credit operations and local guarantees advice, Mayora & Mayora, S.C. leverages its office locations in Guatemala and Honduras to represent clients in multi-jurisdictional matters in these countries, often acting in cross-border transactions between El Salvador and Panama. The group’s client base is formed of local financial services institutions, as well as international financiers and corporate borrowers. Manuel Telles is at the helm, a seasoned banking and capital markets lawyer who often handles securitisations and local guarantees, a strength of the wider group. Telles is supported at senior associate level by Jennifer Rodríguez, who is skilled in credit agreements.
Responsables de la pratique:
Manuel Telles
Principaux clients
Neoen (Capella Solar/Providencia Solar)
Norfund
Torres Legal
Torres Legal, a group which stands out for a dedicated fintech offering and new-technologies expertise, is a popular contact for multinational corporates, cryptocurrency exchanges, banks, stock exchanges and insurance companies. Among those clients are cryptocurrency exchange Binance and similar companies looking to access a variety of cryptocurrency advice, such as blockchain technology and digital assets regulatory advice. Additionally, the group provides capital markets advice, relating to the structure of the syndicated loans, with the practice also extending to acquisition finance advice and advice on equity and debt securities. Daniel Leiva leads the team jointly with Héctor Torres and Annette Herrera. The pair often lead the group’s structured finance matters. Elsewhere, associate Paola Ávila is key for the preparation of financing documents.
Responsables de la pratique:
Héctor Torres; Daniel Leiva; Annette Herrera
Les références
‘Torres Legal’s tax practice stands out for its strategic, technical and proactive approach. It is unique for its ability to combine deep regulatory knowledge with a commercial and financial understanding of the business, enabling it to offer practical, innovative solutions aligned with client objectives.’
‘The Torres Legal tax team is distinguished by its innovative approach, international vision and deep technical expertise, enabling it to offer tax solutions that transcend the conventional solutions. Unlike other firms, it combines solid handling of local regulations with a strategic approach focused on international structures, global estate planning and multi-jurisdictional solutions, especially in dynamic sectors such as digital assets and financial technology. Héctor Torres stands out for his experience in complex tax structuring, cross-border transactions and his leadership in the tax analysis of digital asset issuances and new technologies. Adalicia Torres, a senior associate, also stands out for her technical precision, up-to-date regulatory knowledge and practical approach in advising on both compliance and the strategic design of tax structures.’
Principaux clients
Bitso
Binance
Grupo Bancolombia
Banco Atlántida
Banco Integral
Banco Agrícola
PrestaFácil
40 Acres
Osmo
DitoBanx
Banco Davivienda
Roxon Markets
Monetae
Principaux dossiers
- Advised Bancolombia, the structurer, and the creditor banks—Banco Agrícola, Banco Cuscatlán, Banco Davivienda and Banco Industrial, on a $57.5m syndicated loan to finance NNeo Nejapa, a logistics park in El Salvador.
- Advised Binance on restructuring its operations and establishing its Latin America headquarters in El Salvador.
- Advised Torres Legal on a $5m loan facility extended to Banco Integral, aimed at supporting on-lending, microloans, and consumer loans for housing, education, water, sanitation and healthcare initiatives.