Hunton & Williams Represents Promerica Financial Corp. in Acquisition of Banco de la Producción SA
April, 2014 - Miami, Florida
Hunton & Williams LLP represented Promerica Financial Corporation in its recent acquisition of shares representing 56 percent of Banco de la Producción SA, Ecuador’s third-largest publicly traded lender. Promerica Financial Corporation, a bank holding company organized under the laws of Panama, owns banks and finance companies in Central America, the Dominican Republic, Ecuador, and the United States.
“This is a visionary investment for Promerica’s portfolio and significantly expands its footprint in Ecuador,” said Fernando C. Alonso, corporate partner and chairman of the firm’s Latin American practice group. “Produbanco is a financially sound and well run bank, and has been on Promerica’s radar for years.”
The agreement was signed on October 14, 2013. After successfully navigating the regulatory approval process in Ecuador, the parties finalized the transaction on March 12, 2014. The total transaction value is confidential.
“The closing of this transaction is indicative of the Promerica’s perseverance and its confidence in the region” added David R. Yates, corporate partner and a member of the firm’s Latin American practice group.
The Hunton & Williams team was led by corporate partners Fernando C. Alonso in Miami and David R. Yates in Atlanta, and included associate Sarah Klee in Miami. The firm has an established banking and Latin America practice, consisting of lawyers and consultants with deep-rooted experience in the field and region. The team of lawyers regularly represents global financial institutions operating in the United States and Latin America.
About Hunton & Williams LLP
Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 800 lawyers serving clients in 100 countries from 19 offices around the world. Our practice has a strong industry focus on energy, financial services and life sciences, and our experience extends to practice areas including bankruptcy and creditors’ rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, real estate, regulatory law, products liability, and privacy and cybersecurity. For additional information visit our website at www.hunton.com. Follow us on Twitter, LinkedIn, and YouTube.
