BBVA Banco Francés’ $400 Million Common Stock Offering


Davis Polk & Wardwell, Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz, Cleary Gottlieb Steen & Hamilton and Errecondo, González & Funes advised on the transaction

Banco Francés, S.A. finalized its $400 million SEC-registered follow-on offering of 75,781,788 ordinary shares of Banco Francés, including ordinary shares sold pursuant to exercise of the underwriters’ over-allotment option. The global offering comprised a rights offering in Argentina and public offerings in the United States and Argentina. Banco Francés’ ordinary shares are listed on the Argentine Stock Exchange and the Madrid-based Latibex, and its ADSs are listed on the New York Stock Exchange.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. acted as Global Coodinators, Credit Suisse Securities (USA) LLC and BBVA Securities Inc. acted as Initial Purchasers.

Banco Francés is an Argentine banking institution that is a subsidiary of the BBVA Group, a global financial group with a presence in South America, Europe, the United States, Mexico and Turkey. Banco Francés is the third-largest Argentine private bank in terms of total deposits and the fourth-largest in terms of private loans. Banco Francés maintains a geographic presence in all 23 provinces in Argentina and the City of Buenos Aires and serves 2.4 million customers.

Davis Polk advised Banco Francés S.A. with Michael J. Willisch (Picture), Thomas K. Wiesner II, Jennifer Leather, John D. Paton and Veronica Orecharova.

In Buenos Aires, Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (h) advised Banco Francés with Federico Wilensky (Picture), Diego Serrano Redonnet, Sofía Leggiero and Agustina Houlin.

Cleary Gottlieb Steen & Hamilton advised Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and BBVA Securities Inc. with Andrés de la Cruz, Asociados Manuel Silva and Janeth López.

Errecondo, González & Funes advised Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and BBVA Securities Inc. with Javier Errecondo, Delfina Lynch, Mario Segers and Delfina Aira.

Involved fees earner: Javier Errecondo – Errecondo, Gonzalez & Funes ; Delfina Lynch – Errecondo, Gonzalez & Funes ; Mario Segers – Errecondo, Gonzalez & Funes ; Michael Willisch – Davis Polk & Wardwell; Thomas Wiesner – Davis Polk & Wardwell; John Paton – Davis Polk & Wardwell; Veronica Orecharova – Davis Polk & Wardwell; Diego Serrano Redonnet – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Federico Wilensky – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Sofía Leggiero – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Agustina Houlin – Pérez Alati, Grondona, Benites, Arntsen & Martínez; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Janeth Lopez – Cleary Gottlieb Steen & Hamilton;

Law Firms: Errecondo, Gonzalez & Funes ; Davis Polk & Wardwell; Pérez Alati, Grondona, Benites, Arntsen & Martínez; Cleary Gottlieb Steen & Hamilton;

Clients: Citigroup Global Markets Ltd; Morgan Stanley; Banco Bilbao Vizcaya Argentaria (Bbva); Credit Suisse Securities Limited; BBVA Banco Francés;