Carmigniani Pérez, Abogados advises Banco Solidario
in its merger process with Banco D-Miro
Banco Solidario and Banco D-Miro, leading specialized banks in the microfinance segment, have begun a process to join their operations. The transaction will be implemented through a merger procedure, in which Banco Solidario will become united with Banco D-Miro. This process will take 180 days, approximately, according to a public announcement made on Friday, December 13 by Ruth Arregui, Superintendent of Banks.
The combination of the two institutions will result in a single entity with a base of almost 600.000 clients, a + USD 750 million loan portfolio, with about 60% of microcredit portfolio and a national coverage including 68 offices and agencies in 30 cities, spread over 14 provinces of the country.
Both banks are specialized in microfinance, each with a long and acknowledged business development and impeccable indicators; they merge in order to attend to more Ecuadorians, offering a larger and more diverse portfolio of products and services, and a greater number and variety of service channels.
In this transaction, Carmigniani Pérez renders counsel to Banco Solidario. The Carmigniani Pérez team is led by its partners, Eduardo Carmigniani and Pedro Manuel Pérez, and assisted by Daniel Dziouba, senior associate of the Guayaquil office, as well as Esteban Pérez of the Quito office.