© Ahmad Ardity
Guerrero Olivos, through its partner Roberto Guerrero, senior counsel Miguel Coddou and senior associate Tomás Kubick, has advised Caja de Compensación de Asignación Familiar de los Andes, a private social security entity, in the incorporation and registration of a special corporation whose exclusive purpose will be to issue prepaid debit cards. The transaction closed December 18th.
The deal required prior approval and authorization of the Superintendency of Banks allowing a large portion of consumers, who are not clients of any bank or credit card companies to access to e-payment devices. Representation included assisting Caja Los Andes with the contractual framework necessary to operate the business of non-banking prepaid cards.
This was a ground-breaking deal, since it is among the first incorporations and registrations of special companies in the business of issuing prepaid debit cards in the history of the country.