Gap Consultares overcomes Uruguay's capital market constraints
Operating a structured products business in a country where there is no capital market brings certain difficulties but Uruguayan financial services company Gap Consultares has risen to the challenge and developed a business for institutional and private banking clients. Clare Dickinson reports
Most companies and banks based in Uruguay have their financing needs covered, so there is no equity market to speak of in Uruguay and the bond market is in its early stages of development. The absence of funding requirements makes it difficult to persuade banks to issue structured products, but Gap Consultares has done deals with local banks and multilaterals and has a strong partnership with BNP Paribas.
The emergence of a pensions market in Uruguay will provide more scope for issuances, as
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