WINNER: Broseta

Spanish firm Broseta takes home this award in its first year for its work on the restructuring of Banco de Valencia (BVA). The restructuring was the first administration of a Spanish listed non-savings bank since the start of the financial crisis in 2008.

After failing to meet adequate capital ratios, the bank was taken over in November 2011 by the Bank of Spain, which appointed the state-run Fund for Orderly Bank Restructuring (Frob) as interim administrator. Frob appointed a Broseta team led by finance partner Antonio Navarro to advise BVA on all legal issues, while corporate partner Carmen March and senior associate Catalina de Pablos were seconded to Frob to assist the organisation and BVA’s executives.

Broseta worked on the restructuring for 18 months, up to BVA’s final sale to Caixabank in February 2013. The work included advising BVA on its €1.5bn issue of covered bonds and a €4.5bn share capital increase, and tested new legislation with a number of ‘firsts’ in the market. The deal is noteworthy in many aspects, but particularly because of the innovation displayed by a team from the small, but high-quality, firm.


  • Ashurst
  • Gómez-Acebo & Pombo