Deal – Banco Pichincha

Several firms advise on Banco Pichincha’s credit facility

Several firms advised on the trasaction which Banco Pichincha (Colombia) negotiates and closied of a synthetic credit facility in the amount of USD63,000,000, governed under English law granted by JP Morgan Chase Co., which was used by Banco Pichincha (Colombia) to repay and fully replace an existing Intercompany loan with Banco Pichincha C.A. (Ecuador) entered into in 2023. This transaction was closed in record time and involved lawyers from several jurisdictions in Colombia, Ecuador, New York and the United Kingdom.

The agreement also involved an embedded cross currency interest rate swap, which allows the loan to be denominated in Colombian pesos, and Banco Pichincha (Colombia) to hedge its market risks and its exposure to floating exchange rates.

Mendoza Abogados advised Banco Pichincha and relied on partner Mateo Mendoza (pictured top left), associates Luis Armando Tolosa and Julio Melo.

Holland & Knight also advised Banco Pichancha (Colombia) and relied on partner Norberto Quintana, (pictured top center); associates Maria De Bedout, Cristobal Morales.

JP Morgan Securities PLC was advised by:
Mayer Brown (UK) relied on partner Ashley McDermott (pictured top right), senior associate Hugo Munsey and associate Lauren Howells.

Brigard Urrutia (Colombia) relied on partner Maria Fernanda Diago Romero (pictured bottom left), associate Nicolás Alonso.

PBP Pérez Bustamente & Ponce (Ecuador) with partner Bruno Pineda Cordero (pictured bottom right).

In-house counsel list:
Banco Pichancha (Colombia): Juana Beltrán and Juan David Lugo.
Banco Pichancha (Ecuador): Miguel Almeida Suarez.
JP Morgan: Edgar Sanchez Diaz.