FERRERE Paraguay advised Solar Ahorro y Finanzas S.A.E.C.A., a financial entity with over 40 years in the Paraguayan market, on the full process of its transformation into a bank, as well as its change from being an S.A.E.C.A. (a publicly traded corporation) to an S.A.E. (a privately held corporation).
On August 10 the Central Bank of Paraguay (BCP), in Resolution No. 21, Minutes No. 45, approved Solar’s corporate transformation and authorized startup of its operations as a bank, in a process launched in November 2020, following a decision by a Solar special shareholders meeting to take the steps necessary for the transformation.
FERRERE advised Solar on the entire process, including structuring of the arrangements for obtaining the necessary authorizations from both the BCP and the National Securities Commission (CNV), and compiling, preparing and organizing the documentation required for those authorizations.
FERRERE’s work was led by partner Carlos Codas, along with a team of practitioners including associates Claudia Arietti, Pamela Lezcano and Melissa Rojas.