Practice Highlight: Latin America

Practice Highlight: Latin America

Teams of S&C lawyers in Paris, London and New York execute billions of dollars of transactions in Latin America for BBVA and other leading international financial institutions.

Following the financial crisis, a number of leading North American and European financial institutions have sought to dispose of various Latin American assets in light of regulatory, strategic and other considerations, and in many cases they have turned to Sullivan & Cromwell to find creative and effective ways to execute the transactions.
 
S&C’s strengths are uniquely suited to these transactions, which require global coordination, deep experience in multiple Latin American jurisdictions, strong relationships with leading local firms and a multidisciplinary approach combining the Firm’s Latin American and M&A capabilities with its financial institutions, banking and insurance expertise.
 
For BBVA, teams of S&C lawyers in Paris, London and New York executed transactions valued at more than $4 billion in 2013, including:
 

  • the $2 billion sale of its interest in Chilean pension fund administrator Administradora de Fondos de Pensiones Provida to MetLife;
  • the $516 million sale of its stake in AFP Horizonte (Peru) to AFP Integra, a subsidiary of Grupo Sura (Colombia) and Profuturo AFP, a subsidiary of The Bank of Nova Scotia (Canada);
  • the $1.73 billion sale of its Mexican pension fund administrator, Administradora de Fondos para el Retiro Bancomer, to Afore XXI Banorte, creating the largest retirement savings manager in Mexico;
  • the $490 million sale of its operations in Panama to Grupo Aval (Colombia); and
  • the $530 million sale of its Colombian pension fund administrator, BBVA Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantías (Horizonte), to Sociedad Administradora de Fondos de Pensiones y Cesantías, Porvenir (2013)
     
S&C lawyers completed a string of successful M&A deals in Latin America for other major financial institutions such as Ally Financial, Bancolombia, AIG, ING and the Royal Bank of Scotland.