Greenberg Traurig counselled Banco Pichincha to aid women-owned businesses
Banco Pichincha of Ecuador, the largest bank in that nation by assets, was advised on a transaction involving $200 million
By: : Daniel
Update: 2023-01-20 07:00 GMT
Greenberg Traurig counselled Banco Pichincha to aid women-owned businesses Banco Pichincha of Ecuador, the largest bank in that nation by assets, was advised on a transaction involving $200 million in notes by the international law firm Greenberg Traurig, LLP. This transaction matched up with the third series the bank had established under its program for future flow securitization...
Greenberg Traurig counselled Banco Pichincha to aid women-owned businesses
Banco Pichincha of Ecuador, the largest bank in that nation by assets, was advised on a transaction involving $200 million in notes by the international law firm Greenberg Traurig, LLP.
This transaction matched up with the third series the bank had established under its program for future flow securitization of diversified payment rights (DPR). Ecuador DPR Funding Ltd. issued the new notes, which were backed by DPRs, to the United States International Development Finance Corp (DFC).
Banco Pichincha will utilize the proceeds of the deal to provide loans for Ecuadorian SMEs that are majority owned or created by women, or that have a minimum number of women in managerial roles, as board directors, or other key positions.
Banco Pichincha will utilize the proceeds of the deal to provide loans for Ecuadorian SMEs that are majority owned or created by women, or that have a minimum percentage of women in managerial roles, on their board of directors, or in their entire workforce. The only structuring agent and placement agent was Goldman Sachs.
Greenberg Traurig Latin America Practice Shareholder Oscar Stephens, who is basedin the company's New York office and led the transaction team, said, "We are very proud to have represented Banco Pichincha in this noteworthy transaction designed to improve the quality of life of millions of Ecuadorians and provide a boost to women-owned SMEs.
In the present market situation, it was able to plan and conclude a complicated financing by collaborating with Banco Pichincha, DFC and Goldman Sachs.
As of December 2021, Banco Pichincha, Ecuador's largest financial institution, has assets of $13.4 billion USD, or 25.6percent of the nation's banking system. It has been in business for about 116 years and has evolved from its beginning as a small local bank to a global financial organization operating in five nations.
Other members of the Greenberg Traurig team working on this transaction were the firm's New York-based Tax Practice Shareholder Erez I. Tucner, Associate Mirae Park, and Foreign Law Clerk Catalina Rodriguez Trout.