CMS Grau advises DEG on cross-border subordinated financing of up to USD 50 million for CMAC Arequipa

CMS Grau advised DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”), as lender, on the structuring, negotiation, regulatory approval and disbursement of a subordinated loan eligible for inclusion in Tier 2 regulatory capital in favor of Caja Municipal de Ahorro y Crédito de Arequipa (“CMAC Arequipa”) for an amount of up to USD 50 million (the “Financing”).

DEG is a German development finance institution specializing in financing sustainable private-sector investments in emerging markets and developing countries. CMAC Arequipa, for its part, is a Peruvian financial institution regulated and supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones (“SBS”), and a leader in microfinance, focused on financial inclusion, SME lending and savings services.  

The Financing closed on September 4, 2026, and the loan was disbursed on September 29, 2026. 

External Legal Counsel to DEG:

• CMS Grau: Miguel Viale (Partner), Cinthia Cánepa (Senior Associate) and Juan Andrés Carrera (Associate).

Internal Legal Counsel to DEG:

• Stephanie Maria Büttgen.

External Legal Counsel to CMAC Arequipa:

• RAD: Rafael Alcazar (socio) and Maite Colmenter (socia).

Internal Legal Counsel to CMAC Arequipa:

• Rossana Chasseloup and Ana Serna.