Most Highly Regarded Firms: Argentina 2008 - Banking
Recent news of the Argentine government's decision to repay $6.7 billion of defaulted debt to the Paris Club of creditor nations could help to restore the country's international economic credibility, according to its members.
The economic crisis of 2001-2, compounded by this year's ructions over tax, has left Argentina's economy almost stagnant. The government's proposal to tap its foreign exchange reserves to repay debt, and President Kirchner's agreement to cap tax on agricultural exports at 35 per cent signal a possible beginning for an economic recovery.
At present, sources say work is slow and cross-border banking activity is less common. Foreign banks can be unwilling to lend to Argentine companies owing to the current instability in the country, which is magnifying the effect of the international credit crunch, according to one contributor to the survey. Despite this, recent developments show cause for optimism as Argentina's banking community rebuilds.
Argentina's largest firm - Marval O'Farrell & Mairal - has the largest contingent in this chapter. The firm's name is well known internationally and its banking department attracts clients such as Bank of America, BNP Paribas and Banco Comafi. The "senior and very experienced" Juan Cambiaso is the firm's most highly nominated practitioner.
An "outstanding professional," Juan Antonio Gallo is strongly endorsed. With substantial experience in advising local and foreign entities in domestic and cross-border transactions, he has been involved in various debt restructurings, including the refinancing of Argentine foreign debt in the 1980s, which became the Brady Plan.
Of Santiago Carregal, one peer said, "I have the highest opinion of his work." He has previous in-house expertise as vice-president and assistant general counsel of JP Morgan, Buenos Aires branch. The "very sharp" Patricia López Aufranc has a "great reputation" for cross-border deals. She previously advised the First National Bank of Boston on banking law and foreign debt. Roberto Silva is "a big name and internationally focused," according to sources. He focuses his banking practice on foreign investments among other matters.
Bruchou Fernandez Madero & Lombardi Abogados' "prestigious" banking department receives compliments for its public and private practice. Since the 2001 financial crisis, the firm has counselled the Argentine Banks' Association (ABA) in discussions between the Ministry of the Economy and Central Bank regarding damages sustained by the banks during this period and in its filings with the Supreme Court of Justice regarding this matter. Other clients include the Buenos Aires branch of Citibank, JP Morgan Chase, Banco Bansud and Banco Buen Ayre.
Founding partner Enrique Bruchou is the permanent adviser to the ABA and has been involved on "groundbreaking legal transactions," according to sources. Peers value Carlos Lombardi's "practical and creative approach", combined with a "deep knowledge of the Argentine legal system." His regulatory advice to banks is much praised - he advised on the structuring of the Argentine Central Bank safety nets designed to provide contingency funding in liquidity shortages. Ricardo Pérez Ruiz completes the picture. He is also praised for his regulatory expertise.
Cabanellas Etchebarne Kelly & Dell'Oro Maini maintains one of the most active banking practices in difficult times, according to sources. The firm is counsel for Empresa Distribuidora de Electricidad de Mendoza and the Province of Mendoza for the exchange of around US$165 million of existing notes and bank debt. Other clients include JP Morgan Chase and Barclays Capital. Name partner Atilio Dell'Oro Maini's work with JP Morgan is noted by sources, as is his "excellent track record" for advising domestic and international banks. Pablo Aleman also appears; he is said to be "a pleasure to work with."
Cárdenas Di Ció Romero Tarsitano & Lucero's department is considered "exceptionally sound and great for regulatory advice." Eduardo Romero is a name partner at the firm. "Fabulous lawyer" Adalberto Barbosa's regulatory experience is often highlighted, and he specialises in anti-money laundering advice, and is a member of the Association of Certified Anti-Money Laundering Specialists. He has in-house experience in both Argentina and the US.
Pérez Alati Grondona Benites Arntsen & Martinez de Hoz (Jr) has counselled UBS, JP Morgan Chase and Barclays Bank among other clients in syndicated and non-syndicated loans to local borrowers. Like Bruchou Fernandez, the firm was involved in JP Morgan Chase's repo transaction into the Argentine Central Bank for US$6 billion. Jorge Pérez Alati and Mariano Florencio Grondona represent the firm.
Juan Duggan of Hope Duggan & Silva is the highest nominated banking practitioner. "A dean of the Argentine bar," he is "an intelligent practitioner who facilitates high quality transactions." "Rising star" Carlos Melhem represents Allende & Brea in this chapter. "I appreciate [the firm's] thorough approach to difficult local issues. He and his colleagues are exceptionally responsive and have an amazing ability to balance multiple tasks at once," said one impressed source. He leads a department whose representative clients include ING and Banco Safra. Damián Beccar Varela, from Estudio Beccar Varela is also highly nominated. A "seasoned member of the banking community," sources say he has "boundless experience." His firm's clients include Banco de Galicia y Buenos Aires and Bank of America. Alfredo Fernández Quiroga represents Fernández Quiroga, Ayarragaray & Ocampo Abogados in this chapter. He has worked for Visa, Banco Itau and Lloyds Bank.