SOURCE: Greenberg Traurig

June 23, 2006 10:56 ET

Greenberg Traurig Oversees Sale of Largest Costa Rican Private Bank

Scotiabank Acquires Interfin for US$293.5 Million

MIAMI, FL -- (MARKET WIRE) -- June 23, 2006 -- The International law firm Greenberg Traurig LLP served as U.S. counsel to Corporación Interfin, the holding company of Banco Interfin, Costa Rica's largest privately owned bank, in its C$330 million (US$293.5 million) sale to Scotiabank, one of Canada's largest financial institutions.

The sale, expected to be completed in August, represents only the third tender offer to be arranged in Costa Rica, and the second for a financial institution. The combined entity is expected to have nearly $1. 6 billion in assets in Costa Rica and $1 billion in deposits.

"We are happy to have reached a deal that will be beneficial for both parties, as they join forces to reach a growing customer base," said Greenberg Traurig Corporate and Securities Shareholder Mark I. Michigan of the firm's New York City office.

"Making the deal so complex was the fact that it involved not only challenging Costa Rican, Bahamian and Canadian regulatory issues, but New York corporate law issues as well," said Randy A. Bullard, a Shareholder in the firm's Miami office.

Michigan and Bullard led Greenberg Traurig's team, which included Shareholder Alan Gaynor in New York and Associate Alexandra Aguirre in Miami. Fernanda Fallas of Fallas y Fallas and Vivian Liberman of BLP Abogados represented Corporación Interfin in Costa Rica. The Scotiabank legal team consisted of Ian Arellano and Alexandra Flah of Toronto's McCarthy Tetrault law firm and David Campos and Mario Quesada of Lacle & Gutierrez in Costa Rica.

The deal represents the latest in a series of recent M&A transactions Greenberg Traurig has handled for financial intuitions in Central America.

Interfin, founded in 1979, has 24 branches and approximately 950 employees. Scotiabank has been operating in Costa Rica since 1995.

About Greenberg Traurig, LLP

Greenberg Traurig, LLP is an international, full-service law firm with 1,500 attorneys and governmental affairs professionals in the U.S., Europe and Asia. The firm is ranked seventh on The American Lawyer's Am Law 100 listing of the largest law firms in the U.S., based on number of lawyers. For additional information, please visit the firm's Web site at www.gtlaw.com.

Contact Information

  • Contact:

    Lourdes Brezo-Martinez
    Greenberg Traurig, P.A.
    305-579-0776