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Javier Urcullo



Javier Urcullo S. is founding partner of Criales & Urcullo and has more than 20 years of experience advising on capital markets, structuration of mechanisms to promote, consolidate and finance local and foreign investment projects. He specializes in capital markets, banking and finance, private equity and venture capital, as well as mergers & acquisitions.

He focuses his practice on complex operations and projects that require a high level of creativity to find a legal solution according to applicable law.

Since 2015 he has been ranked in Chambers and Partners as a “top ranked lawyer” in Bolivia for “Banking and Finance” areas, as well as for “Corporate and Commercial Law” from 2007.

  • He worked as part of the drafting team of the Securities Law (Law No. 1834) from 1997 to 1998.
  • Since 2003 to present he has directly been the external legal advisor of the Bolsa Boliviana de Valores S.A., and indirectly by means of Criales & Urcullo from 1998.
  • From 2003 to 2011, he worked in the incorporation, operations and development of the Entidad de Depósito de Valores S.A., in charge of the custody and dematerialization of securities in Bolivia, as well as the compensation and liquidation of stock market operations. It has been in charge of the constitution and elaboration of its internal operating regulations, as well as the legal coordination of the beginning of its operations and respective agreements until its definitive establishment.
  • He is a pioneer in Bolivia advising on the incorporation and operation of Fondos de Inversión Cerrados (Close-End Funds), aimed at financing specific sectors of the Bolivian economy. Since 2006 he has been working in this subject, year in which the Close-End Funds started in Bolivia.
  • He has worked in the incorporation and operation of the Grupo Fortaleza and Fortaleza SAFI for the Fondos de Inversión Cerrados Fortaleza PyMe (for small and medium-sized enterprises financing); Fortaleza Factoring ( to finance exporters through international factoring); Fortaleza Microfinanzas Fondo (to finance entities related to microfinance) and Impulsor Fondo de Inversión Cerrado (to investments in cuasicapital for small and medium-sized enterprises).
  • He has also worked in the incorporation of the Panamerican Group and Panamerican SAFI of the Pyme Progreso Fund, as well as in the first Close-End Fund for real estate investment named FIBRA FIC.
  • He worked providing legal advice to other investment funds firms such as SAFI Mercantil Santa Cruz and Marca Verde SAFI
  • Mercantil Santa Cruz Bank’s Subordinated Bonds, in an issuance program for a total amount of US$ 49.000.000.- (2015-2017).
  • Mercantil Santa Cruz Bank’s Bonds, in an issuance program for a total amount of US$ 150.000.000.- (2015-2017).
  • Parque Industrial Latinoamericano (PILAT) public offer bonds, for a total amount of US$ 75.000.000.- (2015-2016).
  • AGUAI S.A.’s Bonds for total amount of US$ 280.000.000.- (2010-2011), one of Bolivia’s biggest bonds issuance.
  • FANCESA’s Bonds for total amount of US$ 60.000.000.- (2011-2013).
  • Empresa Eléctrica Valle Hermoso S.A.’s Bonds, for a total amount of US$ 15.000.000.- (2009-2010).
  • Empresa ELFEC S.A.’s Bonds, for a total amount of US$ 100.000.000.- (2003-2008). (Programs I to V)
  • NAFIBO – Sinchy Wayra’s securitization process (2006-2008).
  • La Paz Municipal Government’s Bonds, for an amount of US$ 12.000.000.- (2007-2008).
  • TRANSREDES S.A.’s Bonds for US$ 140.000.000.- (2001)
  • Providing legal advice to the shareholders for structuring the sale of their controlling interest in Sociedad Hotelera los Tajibos S.A.
  • Assisted OIKOCREDIT structuring the purchase of Banco FIE’s shares from INCOFIN, and obtaining the corresponding approval of the regulation agency.
  • Advised Fundación SOLYDES in the sale of its shares in Banco Sol, to Women World Bank and Triodos Funds.
  • Advised Emerging Energy Group in the transferring of its controlling interest in Empresa Eléctrica Valle Hermoso S.A. to the Bolivian State, due to a nationalization process.
  • Provides legal counsel to Corporación de Fomento a Iniciativas Económicas SL (CONFIE – SPAIN), regarding its position as main shareholder of Banco FIE S.A.
  • Advised Sembrar Sartawi, a Development Financial Institution (IFD for its acronyms in Spanish), in the inclusion of FMO to the entity’s private capital.
  • Advised Panamerican Group in the acquisition of the controlling interest of Empresa Eléctrica Valle Hermoso S.A.
  • Advised Unión Fenosa Internacional (Spain) in the sale of its controlling interest in Empresa Transportadora de Electricidad to Red Eléctrica Internacional de España.
  • Intructed by Panamerican Investment, assisted the Bolivian Custom Agency concessioning the customs warehouses to private investors.
  • With Panamerican Investment, advised the Bolivian government in the concessioning process of the Trade Register.
  • Securities market
  • Structuration of finance and investment projects
  • Structuration of securities issues
  • Banking and finances
  • Corporate and commercial law
  • Corporate governance
  • Hydrocarbons and energy
  • Administrative and regulatory law
  • Contracts with the State of Bolivia
  • Law Degree from the Universidad Mayor de San Andrés (UMSA). La Paz, 1994.
  • Diploma on International Economic Relationships from the Facultad Latinoamericana de Ciencias Sociales (FLACSO), 1995.
  • Bolivia National Bar Association
  • La Paz Bar Association
  • Bolivia Public Register of Lawyers
  • Spanish
  • English
  • French