FERRERE acted as Ecuadorean counsel to Banco del Pacifico (Ecuador’s second largest bank) in connection with a cross-border securitization of direct payment rights arising from foreign remittances, to be 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 transaction’s value was USD 195 million and it had the advice of FERRERE partner Jesús Beltrán, senior associate Juan Francisco Simone and associate Juan Bernardo Guarderas.