Ferrere assists Banco del Pacífico on direct-payment securitisation
Ferrere Abogados has acted as Ecuadorean counsel to Banco del Pacifico in connection with a cross-border securitisation of direct payment rights arising from foreign remittances.
The securitisation is underwritten by Goldman Sachs, though a Cayman Islands special purpose vehicle.
The transaction will be the first of its kind out of Ecuador and required early and critical involvement of Ferrere in both in the structuring of the transaction and for regulatory guidance, as the transaction required a change in existing regulations the law firm said.
The transaction’s value was $195 million.
Banco Pacífico is Ecuador’s second-largest bank.
Ferrere’s team was led by partner Jesús Beltrán (pictured), with senior associate Juan Francisco Simone and associate Juan Bernardo Guarderas.
