Patrick O’Brien and Matias Sueldo represented DEG and PROPARCO, two of our European Development Finance Institution clients, in a $$7070,000,000 financing of Produbanco in Ecuador. Produbanco is the 3rd largest player in Ecuador’s banking sector, and a member of the Promerica banking group (based in Panama and present in 9 Latin American countries). The financing involved a Tier 2 subordinated credit line, intended to allow the bank to bolster its regulatory capital, and a senior credit line. The senior portion is earmarked to finance Small and Medium Sized Enterprises (SMEs). SMEs are the main drivers of employment and growth in Ecuador, but are also the entities which find it hardest to obtain bank financing. This transaction closed in December, 2018.