Wednesday, 16th May 2012 by Rachel Hall

US firm Proskauer Rose LLP, Colombia’s Cárdenas & Cárdenas, Paraguay’s Palacios, Prono y Talavera Abogados, Peru’s Estudio Echecopar and Uruguay’s Ferrere Abogados have helped Colombia’s Gilinski group acquire HSBC’s businesses in Colombia, Paraguay, Peru and Uruguay – the second Colombian company to benefit from HSBC’s Latin American asset sale.

Banco GNB Sudameris is the second Colombian bank to benefit from HSBC′s LatAm assets sale (Credit: DennisSylvesterHurd)

UK firm Linklaters LLP, Brazil’s Machado, Meyer, Sendacz e Opice Advogados, Colombia’sBrigard & Urrutia Abogados, Paraguay’s Estudio Jurídico Gross Brown, Peru’s Muñiz Ramírez Pérez-Taiman & Olaya and Uruguay’s Guyer & Regules advised HSBC, which announced that it had agreed to sell the assets to Gilinski subsidiary Banco GNB Sudameris for US$400 million on 11 May.

Proskauer Rose partner Carlos Martinez says that the transaction represents a “breakthrough” for his client, Banco GNB Sudameris, “because they want to establish a Latin American footprint and this extends their position to four more jurisdictions”.

He notes that the transaction began 10 months ago, as a competitive bid process with two rounds, resulting in negotiations which began last November.

The closing of the transaction, which is governed by UK law, is subject to regulatory approvals in each jurisdiction, and sales of the Colombian and Peruvian assets are expected to close in the fourth quarter of this year, while the Uruguayan and Paraguayan assets are expected to complete in the first quarter of 2013.

As the four transactions are considered separate acquisitions, if one or more are not approved, Martinez says that the others will still close. “Our expectation is that all four will close, but HSBC wanted to have a mechanism where they’re treated separately,” he says, adding “the parties put a premium on establishing that there would be a high certainty of closing”.

HSBC has been steadily selling off its Latin American assets in the past year as part of a move to cut costs by selling businesses in the bank′s less profitable regions, drawing on either Linklaters or Clifford Chance LLP for international counsel. In March, Clifford Chance, Mexico’s Galicia Abogados and Machado Meyer helped the bank sell its Mexican assets to French insurer Axa, while Clifford Chance also worked with Argentina’s Bruchou, Fernández Madero & Lombardi and Machado Meyer to sell its Argentine insurance business to Australia’s QBE Holdings.

In January, another Colombian bank – Banco Davivienda – paid US$801 million for HSBC’s assets in Costa Rica, El Salvador and Honduras. For that deal, HSBC worked with Linklaters, Arias & Muñoz’s offices in Costa Rica and El Salvador, López Rodezno & Asociados in Honduras, Berdeja Abogados SC in Mexico and Panama′s Morgan & Morgan. Machado Meyer was also involved. Banco Davivienda drew on Consortium - Centro America Abogados’ offices in Costa Rica, El Salvador and Honduras, Panama′s Arias, Fábrega & Fábrega and Dudley & Asociados and the UK′s Addleshaw Goddard LLP and US firm Hughes Hubbard & Reed LLP.

In October last year, HSBC worked with its in-house counsel to sell its retail banking business in Chile to Banco Itaú, which turned to Claro y Cía.

Counsel to the Gilinski group and Banco GNB Sudameris

In-house counsel – Oliverio Lew


Proskauer Rose LLP

Partners Carlos Martinez, Alan Parnes, Russell Carmedy and Jennifer Wheater, associates Adam Halper, Michael McCourt and Raquel Yutalis, and foreign associate Andres Winter


Cárdenas & Cárdenas

Partners Eduardo Cárdenas, Camilo Cortés and Lorena Arámbula, and associates Mauricio Borrero, Juanita Vera and Alicia Buitrago


Palacios, Prono y Talavera Abogados


Estudio Echecopar


Ferrere Abogados

Partners Andrés Cerisola, Martín Cerruti, Diego Rodríguez and Verónica Raffo, and associates Geraldine Ifrán, Julie Rothschild, Ëvelyn Harbek, Manuel Lecuona, Carla Arellano, Carlos Falco, Sofía Klot, Alberto Baroffio, Carolina Secondo, Rodrigo Gamarra, Rosina Buono and Stella Weng

Counsel to HSBC


Linklaters LLP

Partners Aedamar Comiskey, Martin Lynchehan and Conrado Tenaglia, and associates Dominic Kendal-Ward and Peter Cohen-Millstein


Machado, Meyer, Sendacz e Opice Advogados

Partner Eduardo Avila de Castro and associates Camila Borba Lefevre, Renato Maggio, Bruno Duarte Ferreira and Daniel Andrade Jacintho


Brigard & Urrutia Abogados


Estudio Jurídico Gross Brown

Partner Jorge Rafael Gross Brown and associate Jorge Ignacio Gross Brown


Muñiz Ramírez Pérez-Taiman & Olaya


Guyer & Regules

Partners Juan Manuel Mercant and Alvaro Tarabal, and associates Marcos Payssé, Federico Piano and Gastón Tarabal

(Latin Lawyer 16.05.2012)

(Notícia na Íntegra)