Work Area: Finance

Cleary Gottlieb, Davis Polk and Santamarina y Steta in financial services transaction

The firms are advising in a transaction between Aetna International Inc and Grupo Financiero BBVA Bancomer (GFBB) that was announced on September 19, 2000.

19 September 2000

Banco General SA completes merger with Bancomer

On June 30 the integration of Banco Comercial de Panamá (Bancomer) and Banco General was completed, creating Central America's largest bank.

30 June 2000

Grupo Financiero Bancomer SA chooses BBVA over Banacci

The June 12 approval by Bancomer of the merger and capitalisation proposal from Spain's Banco Bilbao Vizcaya Argentaria SA will create Mexico's largest banking entity.

12 June 2000

New rules for establishment of Brazilian financial institutions abroad

The National Monetary Council (CMN) issued Resolution No. 2723 on May 31, 2000, which established the rules, conditions and procedures for financial institutions planning to open branches and representative office abroad.

31 May 2000

Banco Union announces merger with Banesco - May 17, 2000

The merger of Banco Unión with Banesco's savings and loan unit, Caja Familia, will create the country's second largest bank.

17 May 2000

Banco Bisel acquires Banco Suquia

The acquisition on May 15, 2000 leaves Banco Bisel SA and Banco Suquía SA as the largest regional bank group of the country.

15 May 2000

New Pledge System

A new law (No 17.228) of April 2000 puts an end to an outdated security system which highly restricted access to credit.

01 April 2000

Last day for foreign banks to file for registry renewal - March 31

For foreign banks doing business in Mexico, March 31 is the last day to file for registry renewal in the Foreign Bank Registry of the Mexican Tax Administration Service (SAT).

31 March 2000

Congress considers "Economic Reactivation Law"

The government has sent to Congress a draft "Economic Reactivation Law" for prompt consideration and approval. The law is part of a reactivation program which contemplates the enactment of other regulations as well.

03 March 2000

Latin American investment company acquires Paraguayan financial institution

Vouga & Olmedo advised Grupo Vélox in its acquisition of 100 per cent of the shares of Financiera Parapití SAECA, which closed on January 8.

08 January 2000

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