Sumitomo Mitsui Banking Corporation. Caja Los Andes. Social loans funding
1. Deal Description
Guerrero Olivos advised Sumitomo Mitsui Banking Corporation (“SMBC”), a multinational banking financial services institution owned by SMBC group, a top-tier global financial group, in the local aspects associated with the financing granted to Caja Los Andes in order to provide funds to finance social loan transactions granted by Caja Los Andes in Chile.
The transaction was the materialization of the financing granted to the Borrower in order to provide funding to finance social loan transactions granted by the Borrower. Among the complexities of this operation, it stands out that the Borrower has the particularity of being a family allowance compensation fund, social security entities, established as private non- profit entity, whose exclusive purpose is to administer the social security regimes established by law, among which are those corresponding to social welfare benefits. Therefore, it was necessary to comply with all legal and regulatory requirements related to the financing of these types of entities.
2. Counsel list
Counsel to SMBC:
Local counsel: Guerrero Olivos
Lead partner: Miguel Coddou
Associates: Ignacio Chomalí
International counsel: White & Case:
Counsel to Caja Los Andes:
International counsel: Davis Polk & Wardwell LLP
Local counsel: Garrigues Chile
Date of closing
28/02/2024
3. Deal Value
USD62,000,000
4. Jurisdictions involved
Chile and New York