Davis Polk advised BBVA Banco Francés, S.A. in connection with 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. 

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.

The Davis Polk capital markets team included partner Michael J. Willisch, associate Thomas K. Wiesner II and former summer law clerk Jennifer Leather. The tax team included partner John D. Paton and associate Veronica Orecharova. Members of the Davis Polk team are based in the Madrid, London and Northern California offices. 

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