We are the first Financial Trust Company in Uruguay, created in December 2003. We are authorized by the Central Bank of Uruguay to engage in management and administration of Private and Public Financial Trusts, as well as Investment Funds.
From its inception, the Company has stood out as a leader in the fiduciary market, through the creation of innovative financial solutions. The Company is a part of the BROU Conglomerate, and its shares are 100% owned by the Bank of the Oriental Republic of Uruguay.
To provide financial services through trusts and investment funds, linked to the recovery and administration of assets and obtaining financing, assisting our clients in the design, structuring and/or management of their operations.
To be a leading Trust Company, by offering services that contribute to the development of the capital market and innovative products, generating benefits in economic, social and productive matters.
República AFISA is a corporation whose sole purpose is the management of investment funds in accordance with Law 16,774 dated 27 September 1996, the amendments and annexes thereof, and which is expressly authorized to act as a financial trusts fiduciary as provided by Article 26 of Law 17,703 dated 27 October 2003.
The company is registered with the Securities Market Registry of the Central Bank of Uruguay, in the Financial Fiduciary subcategory of the Fiduciary Section, according to Com. 2004/204 dated 2 August 2004.
For further information regarding regulations related to the structure, operation and areas of activity of República AFISA, we invite you to visit the website of the Central Bank of Uruguay, Securities Market Section.
Professional responsibility is closely linked to service vocation in the performance of our operation, to privacy and confidentiality in our actions, and to our involvement with the projects we develop, within the legal framework and the terms established by each of our clients.
Efficiency and Continuous Improvement
We are committed to efficiency and continuous improvement in all actions, seeking to offer the best quality of service to our clients, developing products and services that meet their needs, valuing the initiative and creative capacity of our staff.
Ethics and Transparency in the Operation
Our performance is characterized by the strict adherence to the legal framework and internal regulations, and transparency in management. These factors are the basis of our operation’s credibility.
Responsible Social Behavior
In the definition and development of our businesses and operations, we incorporate social and environmental aspects, as well as the best corporate governance practices, seeking to act responsibly in our community.
Board of directors
He is an economist graduated from the UDELAR [Universidad de la República], a professional finance executive with a long career in the financial system and with practical experience in structured, corporate financing and investment banking. He has held various positions at Citibank NA, Uruguay: director of corporate banking, manager of structuring and treasury sales, manager of financial institutions, among others. He is currently the president of the BROU [Banco de la República Oriental del Uruguay] and República Negocios Fiduciarios S.A.
He is a lawyer graduated from UDELAR [Universidad de la República]. Master in Tax Law from the Universidad de Montevideo and Master in Public Policy from the Fundación Iberoamericana de Administración y Políticas Públicas. Former advisor to the Dirección General Impositiva and associate professor of the Master of Tax Law applied at ORT. He is currently Vice President of the BROU [Banco de la República Oriental del Uruguay] and República Negocios Fiduciarios S.A.
He is a certified public accountant graduated from the UDELAR [Universidad de la República]. He has vast experience in public activity, having served as a member of the Financial Economic Advisory of the Ministry of Transport and Public Works, alternate member of the Board of Directors of the Retirement and Pension Fund of University Professionals, General Director of the Ministry of Tourism Secretariat, Undersecretary of the Ministry of Economy and Finance, Undersecretary of the Ministry of Tourism and Director of the Regulatory Unit for Energy and Water Services (URSEA). In October 2019, he was elected alternate Senator. He is currently 2nd Vice President of the BROU [Banco de la República Oriental del Uruguay] and of República Negocios Fiduciarios S.A.
He is a public accountant graduated from the UDELAR [Universidad de la República] and has an M.Sc. from the Massachusetts Institute of Technology (MIT). Professor of Finance of Financial Institutions and International Finance at the Universidad de la República, and of International Finance and Derivative Instruments at the University of Montevideo. He has vast experience in the financial system, having worked at Goldman Sachs & Co. (NY) and Banco Surinvest in Uruguay. He was director of Renmax Sociedad de Bolsa and president of the Bolsa de Valores de Montevideo. He is currently Director of the BROU [Banco de la República Oriental del Uruguay] and República Negocios Fiduciarios S.A.
He is a Doctor of Law graduated from UDELAR [Universidad de la República]. He is a professor at the UDELAR Law School and holds a chair in Methodology of Legal Research and Philosophy, and General Theory of Law. He has vast experience, having served as consultant to MEF and as an Advisor to the Presidency and Vice Presidency of BHU. He is currently director of the BROU [Banco de la República Oriental del Uruguay] and of República Negocios Fiduciarios S.A.
He is a Certified Public Accountant graduated from UDELAR. He holds a master’s degree in Business Administration (MBA) from the IEEM School of Business, a Postgraduate Degree in Finance from Universidad ORT, and a Diploma in International Fiduciary Training (FELABAN). He has more than 15 years' experience in structuring and managing more than fifty private and public Financial Trusts in different areas of economic activity. In 2019 he was appointed Business Manager of República AFISA and in 2022 he was appointed General Manager, a position he currently holds.
She is a Certified Public Accountant graduated from UDELAR. She holds a master’s degree in Business Administration (MBA) from Universidad Católica del Uruguay (Catholic University of Uruguay) and a Diploma on International Fiduciary Training (FELABAN). She has 14 years’ experience in the administration of public and private Financial Trusts in various areas of activity. She joined República AFISA in 2007. In 2017 she was appointed Administration Manager, responsible for the Administration, Accounting and Operations areas, where the Managed Trusts are handled.
He is a Doctor of Law and Social Sciences graduated from UDELAR, specializing in Contractual Civil Law from the Catholic University of Uruguay and his training includes the Diploma in International Fiduciary Training from FELABAN, the Management Development Program from the IEEM Business School and a certificate in Project Finance by ALIDE. He has more than 15 years’ experience on corporate counselling in commercial, civil and fiduciary matters. As Head Legal Counsel for República AFISA since 2008, and Legal Manager since 2015, he participated in the design and structuring of more than seventy trusts, providing or overviewing all necessary counselling.
He is a Certified Public Accountant graduated from UDELAR. He holds postgraduate degrees as "Expert in Accounting and Finance" and "Business Management Specialist" from Universidad Politécnica de Madrid (Polytechnic University of Madrid) and a Diploma on International Fiduciary Training (FELABAN). He has vast previous experience as Administration and Finance Manager in local and multinational companies, and in a prestigious local consultancy service. He joined República AFISA in 2016 as a Collection Systems Manager and in 2022 he was appointed Business Manager, a position he currently holds.
He is a Certified Public Accountant graduated from UDELAR. He holds a master's degree in Finance from the School of Finance in La Coruña, and a Master's Degree in Management and Administration from the Austral University of Buenos Aires. He has vast experience in the administration of Trusts with issuance of both private and public offerings in different areas of economic activity In March 2020 he was appointed as Attaché to General Management and in 2022 he was appointed Collection Systems Manager, a position he currently holds.
Sebastián PérezComptroller - Audit and Monitoring Committee
He is a Certified Public Accountant graduated from UDELAR. He holds a postgraduate degree in Financial Markets Law and a master´s degree in Integration and International Trade. He has complemented his education with courses and seminars of various business and economic subjects. Professor at the Universidad de Montevideo (University of Montevideo) in Industrial and Services Policy since 2009, he also integrates various academic evaluation tribunals. He is the Economic Advisor and Director of Economic Studies for the Chamber of Industry of Uruguay (CIU) since 2009. Previously, he was the Head of the Economic Studies Department of the CIU and Managing Partner at the company ELESÉ-Soluciones Empresariales since 2006.
Mariela RebellatoAudit and Monitoring Committee
She is a Public Accountant and has a degree in Business Administration, graduated from UDELAR, and has a PMD (Management Development Program) postgraduate degree from ORT University. He joined Banco República in 1986, working in various areas of the Institution, rising to Executive Manager in 2001, working in the Business Division, in Agriculture, in the Trust Coordination Division (connection with República Afisa), as Compliance Officer, in Building Management, in the IDB Executing Unit (link with the IDB), as Advisor to a Director. Currently she is the BROU Conglomerate Manager, coordinating the companies that make up the Group (República AFISA, República Negocios Fiduciarios, Microfinanzas S.A, República AFAP, Sistarbanc and Fundación Banco República). Since November 1, 2022, he has been a member of the Audit and Surveillance Committee and the Comprehensive Business Risk Committee of República AFISA.
Marcelo Di Bello FragaAudit and Monitoring Committee
He is a Certified Public Accountant graduated from UDELAR., has a postgraduate degree in Information Systems from the Universidad Autónoma del Sur. He holds the CRISC (issued by ISACA International) and CRMA (issued by The IIA Global) certifications. He joined Banco República in 1985, always working in the Internal Audit Area, of which he has been Executive Manager since 2002. He was President of the Latin American Internal Audit Committee of the Latin American Federation of Banks and of the Uruguayan Institute of Internal Audit. He has taught courses and conferences in various countries of Central and South America. He joined the Audit and Monitoring Committee in March 2022.
Code of Ethics and Best Practices
Risk Rating Agency
Since 2016 República AFISA has had Operational Risk Ratings undertaken by Fix Scr Uruguay - Calificadora de Riesgo S.A.
Its rating is 1FD(uy). This rating corresponds to the maximum score.
"“The institution rated at this level demonstrates the highest levels of ability and performance in most aspects evaluated. Its organization, technology, as well as its operation, communication and control systems are of the highest quality."
Memoria y Estados Financieros
Banco República Group
Founded in 1896, it is the most important bank in Uruguay. Since its creation, it has played an uninterrupted role, a decisive role in the economic development of the Country, maintaining for more than a century a solid image endorsed by the Uruguayan State, as well as for its level of heritage and its international recognition.
This Company was incorporated as a Corporation in February 2013 to participate in fiduciary businesses according to the provisions of Law 17,703 and other regulatory and complementary regulations, except for financial trusts. The company manages trusts with different objectives, such as road and housing works, machinery acquisition for Departmental governments, collection management for the Metropolitan Transportation System (STM), corporate guarantees, etc.
Banco República owns 100% of República Microfinanzas S.A. shares. It was created in 2008 to promote financial inclusion through the growth of small economic units and low-income entrepreneurial sectors in Uruguay, providing financial products and services that contribute to their economic and social development.
Banco República is shareholder of 51% of República AFAP S.A. block of shares. República AFAP is the leading Pension Fund Company in our country since being established in April 1996, sharing holdings with the Banco de Previsión Social (Social Security Bank) with 37%, and Banco de Seguros del Estado (National Insurance Bank) with 12% participation. The company is a referent, both for its performance in pension fund administration, and for its overall management quality.
Fundación Banco República began operations in October 2013 with the mission of generating, supporting, promoting and sponsoring actions of general interest in education, culture, health, sport, science, technology and the environment, with special emphasis on society groups in condition of vulnerability.