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 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.
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.
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.
In the definition and development of our businesses and operations, we endeavour to act responsibly for our community.
Board of directors
He is an economist graduated from the “UDELAR” [University of the Oriental Republic of Uruguay], 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 [Bank of the Oriental Republic of Uruguay] and of República AFISA.
He is a certified public accountant graduated from the “Universidad de la República” [University of the Oriental Republic of Uruguay]. 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 director of the “BROU” [Bank of the Oriental Republic of Uruguay] and of República AFISA.
Es contador público egresado de la Universidad de la República y posee un M.Sc. del Massachusetts Institute of Technology (MIT). Docente de Finanzas de Instituciones Financieras y Finanzas Internacionales en la Universidad de la República, y de Finanzas Internacionales e Instrumentos Derivados en la Universidad de Montevideo. Cuenta con vasta experiencia en el sistema financiero, habiendo trabajado en Goldman Sachs & Co. (NY) y Banco Surinvest en Uruguay. Fue director de Renmax Sociedad de Bolsa y presidente de la Bolsa de Valores de Montevideo. Actualmente es Director del Banco de la República Oriental del Uruguay y de República AFISA.
Es Doctor en Derecho egresado de la UDELAR. Es docente de la Facultad de Derecho de la UDELAR en las cátedras de Metodología de la Investigación Jurídica y Filosofía y Teoría General del Derecho. Cuenta con una vasta experiencia, habiéndose desempeñado como consultor del MEF y como Asesor de la Presidencia y Vicepresidencia del BHU. Actualmente es Director Banco de la República Oriental del Uruguay y de República AFISA.
Certified Public Accountant and Bachelor of Business Administration graduated from UDELAR. He has almost 30 years’ experience, being Manager of Administration and Finance for national and multinational companies. In 2006 he was appointed Administration Manager of República AFISA and in 2015 he was appointed General Manager, a position he currently holds. He has vast experience leading the structuring and administration of more than fifty Financial Trusts with issuance of private and public offers in different areas of economic activity related to the extension of rural electrification throughout the country, the Single Collection System for Automotive Registration, financing of Departmental Government works, restructuring of municipal and healthcare debts, sales of municipal real estate, construction of social interest housing and wind farm projects, among others.
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 12 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. He also holds a Specialization in Contractual Civil Law from Universidad Católica del Uruguay and a Diploma on International Fiduciary Training (FELABAN). He is taking a master´s degree programme of Civil Law at Universidad Católica del Uruguay. He has 14 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 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 13 years' experience in structuring and managing more than fifty private and public Financial Trusts in different areas of economic activity. He is currently responsible for the company's business area.
He has managed commercial areas and portfolios in the financial system of an international bank, with direct responsibilities in business development. He was recognized with the "Service Excellence Award" as merit for his service excellence (Uruguay), and the “Retention Award”, in recognition to his progress and actions developed in the responsibility area (USA). He joined República AFISA in 2004, with responsibilities in the recovery sector, holding managerial positions since 2008. He is currently providing support to the business area of the company. He has received training in Uruguay and abroad on skill development and techniques, management and general business.
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, being responsible for the management of trusts for SUCIVE, STM, and the Technology area.
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 performing the coordination and monitoring of the structuring processes for new trusts.
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.
Ana Lorenzo FigueroaAudit and Monitoring Committee
She is a Certified Public Accountant graduated from UDELAR with a postgraduate degree in Finance. Professor at UDELAR's School of Social Sciences in the Banking Management postgraduate course. She joined the Banco República in 1985 working in various areas of the Institution such as Credits, Strategic Planning, Policies and Risk Control, and was Treasurer for the Institution from 2000 to 2012. Currently, she is the BROU Conglomerate Manager, coordinating the companies that integrate the Group (República AFISA, República Negocios Fiduciarios, Microfinanzas S.A., and República AFAP) and has been a member of the Audit and Monitoring Committee for República AFISA since May 2018.
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 2+FD(uy). This rating is a step immediately prior to the maximum score.
“An institution qualified at this level demonstrates a high level of skill and performance in the areas evaluated. Its organization, technology, as well as its operation, communication and control systems are of high 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.