White & Case Advises Afirme Grupo Financiero on MXN 402 Million Notes Issuance

Global law firm White & Case LLP has represented in a simultaneous and parallel offering: (i) Banca Afirme, S.A., Institución de Banca Múltiple, Afirme Grupo Financiero, a leading Mexican retail bank, on its third issuance of subordinated non-preferred capital notes under its locally registered MXN 2 billion subordinated capital notes program; and (ii) Banco de Inversión Afirme, S.A., Institución de Banca Múltiple, Afirme Grupo Financiero, the investment bank of Grupo Financiero Afirme, S.A. de C.V., on its second issuance of subordinated non-preferred capital notes under its locally registered MXN 1.25 billion subordinated capital notes program.

The amount of both issuances was MXN 201 million, from which MXN 175 worth were placed initially and MXN 26 million worth were issued per the overallotment option. Both issuances have a maturity of ten years.

The proceeds of the notes will be used to strengthen the Tier II capital of each bank and for general corporate purposes. The capital notes are listed on the Mexican Stock Exchange. Casa de Bolsa BBVA México acted as underwriter in both cases.

The White & Case Capital Markets team was led by partner Vicente Corta and included local partner María Teresa Fernández, partners Manuel Groenewold and Carlos Mainero, and associates Carlos Alonso Arellano and Viridiana Alanís (all in Mexico City).

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