Estudio Echecopar, member firm of Baker McKenzie International, acted as legal counsel to Scotiabank Peru S.A.A., as dealer manager, in connection with the redemption of subordinated bonds issued by CrediScotia Financiera S.A. under its First Subordinated Bonds Program (First Issuance) for a total amount of PEN 130 million. The transaction had to be swiftly executed in order to fulfill conditions precedent for the exercise of the optional redemption by CrediScotia on January 31, 2024. Because the authorization from the banking regulator was issued on early January, a waiver from bondholders had to be negotiated and finally obtained on January 29, 2024 in order to exercise the optional redemption within a shorter notice than originally stated under the program's documents.
Partner Alonso Miranda and associate Adrian Tovar advised Scotiabank Perú S.A.A. throughout the process.