Clients

NUEVO BANCO COMERCIAL

After the 2002’s financial crisis the continuity of one of the most important banks seemed impossible. Our Firm helped to create a new financial entity and assisted in its sale to private investors.

Olivera Abogados advised the Uruguayan State in the creation of Nuevo Banco Comercial S.A. (NBC) and in structuring the issuance of fixed-term global certificates of deposit to purchase the credit portfolios of the Funds for the Recovery of Banking Heritage (“Fondos de Recuperación de Patrimonio Bancario”) of Banco Montevideo, Banco Comercial and Banco La Caja Obrera, by the NBC for an amount of approximately US$ 825.000.000.

The participation in this work included theincorporation of NBC, the preparation of the instruments for the purchase of the credit portfolios and other tendered assets, as well as the drafting of all documents for the issuance of publicly-offered, fixed-term global certificates of deposit for an amount of approximately US$ 825.000.000, in two series of global certificates.

The issuance of this certificates of depositwas the payment of the price by NBC for the purchase of assets from the Funds for the Recovery of Banking Heritage of the banks mentioned before.

Once this operation was accomplished, theFirm advised the Uruguayan State and the NBC in the sale of 100% of the stock to a group of foreign investment funds, for anamount of approximately US$ 173.000.000.

The sale of NBC was particularly important,since it completed the model which allowed the Uruguayan government a successful exit from the financial crisis suffered in 2002.

Olivera Abogados participated in thestructuring of the operation, in the design of the mechanism for the financed purchase of the stock, and in preparing the necessary instruments for the transfer of the shares, working along with national authorities and with the Central Bank of Uruguay in the process to approve the operation.