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High-Profile Financial
Institutions M&A
S
&C has played a leading role in developing strategies
for North American and European financial
institutions seeking to monetize their Latin American
assets. We draw on our strength as the premier financial
institutions, banking and insurance industry law firm, our
experience in handling the most highly sophisticated and
complex M&A deals in the world and our deep roots in the
Latin American region.
This unique and current expertise has led to marketleading work on the region’s most important and industryaltering acquisitions, sales and dispositions of assets across
S&C in Latin America:
multiple jurisdictions for our financial institutions clients.
Financial Institutions M&A
Contacts
Sergio J. Galvis
(New York)
1 212 558 4740
[email protected]
William D. Torchiana
(Europe)
33 1 7304 5890
[email protected]
© 2014 Sullivan & Cromwell LLP | LG4993
Attorney Advertising. Prior results do not guarantee a similar outcome.
Top-Ranked Financial Institutions
M&A Practice
“For M&A in the region it is virtually unrivalled, with an
endless stream of high-quality deals and often running
transactions out of its excellent New York hub. Sullivan &
Cromwell is a serious player in the corporate space.”
C H A M B E R S L AT I N A M E R I C A N I N V E S T M E N T, 2 0 1 1
L AT I N A M E R I C A N F I N A N C I A L I N S T I T U T I O N S M & A
(2010 – 2014)
# 1 I N T E R N AT I O N A L L A W F I R M
Representation of Principals (Ranked by Value (US$ billions)
B A N C O L O M B I A’ S R E G I O N A L E X PA N S I O N
I N G ’S AWA R D -W I N N I N G D I S P O S I T I O N S
Counsel to Bancolombia, the largest commercial bank in Colombia, in its:
Counsel to ING Groep NV (Netherlands) in the US$3.8 billion sale of
its pensions, life insurance and investment management operations in
Chile, Colombia, Mexico, Peru and Uruguay to Grupo de Inversiones
Suramericana S.A. (Colombia)
 US$2.1 billion acquisition of HSBC Bank (Panama) S.A. and its
subsidiaries, the largest-ever foreign acquisition by a Colombian
company
 US$790 million acquisition of a controlling stake in Banagrícola
(El Salvador) – the first cross-border tender offer ever completed in
Central America
 three-way US$1 billion merger with CONAVI (Colombia) and
CORFINSURA (Colombia)
B B V A ’ S L AT I N A M E R I C A N D I V E S T M E N T S
Counsel to Banco Bilbao Vizcaya Argentaria in the announced sales of its
pension and annuities businesses in Latin America, including:
 US$1.74 billion sale of its Mexican pension fund administrator,
Administradora de Fondos para el Retiro Bancomer, S.A. de C.V. (Afore
Bancomer), to Afore XXI Banorte, S.A. de C.V. (Mexico)
 US$530 million sale of its Colombian pension fund administrator, BBVA
Shearman & Sterling – $19.8
Simpson Thacher & Bartlett – $21.4
Linklaters – $23.7
Skadden Arps – $26.2
Davis Polk & Wardwell – $29.0
Sullivan & Cromwell – $29.5
Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantías,
S.A. (Horizonte), to Sociedad Administradora de Fondos de Pensiones y
Cesantías, Porvenir, S.A. and Grupo Aval Acciones y Valores S.A.
 US$2 billion sale of its approximately 64.3% interest in Chilean pension
fund administrator, Administradora de Fondos de Pensiones Provida
S.A. (AFP Provida), to MetLife, Inc.
 US$516 million sale over the Lima Stock Exchange of its Peruvian
Source: Bloomberg, February 18, 2015
L AT I N A M E R I C A N M & A D E A L S A N N O U N C E D
(2010 – 2014)
# 1 L AW F I R M
Ranked by Value ($ billions)
pension fund administrator, AFP Horizonte S.A., to AFP Integra S.A.
and Profuturo AFP S.A.
 US$645 million sale of its approximately 98.92% interest in Banco
Bilbao Vizcaya Argentaria (Panama) S.A., to Leasing Bogotá S.A.,
Panamá, a subsidiary of Grupo Aval Acciones y Valores S.A.
A L LY F I N A N C I A L’ S S A L E O F I N T E R N AT I O N A L O P E R AT I O N S
Counsel to Ally Financial Inc. (U.S.) in its strategic plan to repay the U.S.
Treasury, which included:
 US$4.2 billion sale of its operations in Brazil, Mexico, Colombia,
Cleary Gottlieb – $76.7
Pinheiro Neto – $79.7
Barbosa Mussnich – $82.1
Skadden Arps – $86.0
Souza, Cescon, Barrieu & Flesch – $88.5
Sullivan & Cromwell – $111.0
Source: Thomson Financial, January 28, 2015
Chile, Germany, the U.K., Austria, France, Italy, Switzerland, Sweden,
Belgium, the Netherlands, Luxembourg, as well as its 40 percent equity
stake in a joint venture in China, to General Motors Financial Company,
Inc. (U.S.)
 US$865 million sale of its Mexican property and casualty insurance
business conducted by ABA Seguros, S.A. de C.V. and certain related
entities to ACE Limited
Latin Lawyer M&A Deal of the Year 2012
LatinFinance Cross-Border M&A Deal of the Year 2013
B A N K I A’ S R E S T R U C T U R I N G O F N O N - C O R E A S S E T S
Counsel to Bankia S.A. (Spain), through its subsidiary Caja Madrid
Cibeles S.A.U., in its pending approximately US$883 million sale of its
subsidiary, City National Bank of Florida (U.S.), to Banco de Crédito e
Inversiones (BCI) (Chile)
Latin Lawyer Outbound Investment Deal of the Year 2013
RBS DISPOSITIONS
Counsel to The Royal Bank of Scotland (U.K.) in the sale of its non-core
operations, including the sale of:
 substantially all of the assets and liabilities of its Argentine branch to
Banco Comafi S.A.
 its Colombian bank and broker-dealer subsidiaries to The Bank of
Nova Scotia (Canada)
 its Chilean banking subsidiaries to The Bank of Nova Scotia (Canada)
A I G ’ S S T R AT E G I C S A L E S
 Counsel to AIG, through its wholly owned subsidiaries American Life
Insurance Company (ALICO) and Inversiones Interamericana S.A.
(Chile) in the US$170 million sale of its interests in El Pacífico Vida
Compañía de Seguros y Reaseguros, S.A. and El Pacífico-Peruano
Suiza Compañía de Seguros y Reaseguros, S.A. to its joint venture
partners, Credicorp Ltd. and Grupo Crédito S.A., the largest insurance
M&A transaction in the history of Peru
 Counsel to AIG in the restructuring of its joint venture operations in
Brazil with União de Bancos Brasileiros S.A. (Unibanco)
A B N A M R O L AT I N A M E R I C A N S A L E S
Counsel to ABN AMRO Bank N.V. (U.S.) in the sale of its Latin
American private banking business with operations in Brazil, Chile,
Paraguay and Uruguay, to Banco Itaú (Brazil)
CITIGROUP ’S MEXICAN ACQUISITION
Counsel to Grupo Financiero Banamex Accival S.A. de CV in its $12.5
billion acquisition by Citigroup Inc.