Nuestra empresa
Our company
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.
Mission
To provide fiduciary services through management and guarantee trusts, to manage assets, and to offer comprehensive professional services for the structuring, development, and financing of projects, supporting our clients in achieving their objectives.
Vision
To be a leading company in fiduciary and professional services, integrated into the BROU Conglomerate, that develops innovative structures and generates economic, social, and environmental benefits in a sustainable manner for relevant stakeholders.
Legal Framework
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.
Our values
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Client Orientation
We understand the needs and objectives of our clients in order to design tailored, high-quality fiduciary services and solutions. We build long-term relationships based on results, proximity, and trust.
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Professional Responsibility
We exercise our professional responsibility with a vocation for service, strict confidentiality, and commitment to each fiduciary mandate. We act with diligence and independence, applying the current regulatory framework and market best practices to safeguard the interests and assets entrusted to us.
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Ethics and Transparency in Management
We act with integrity and adhere to the highest ethical standards, the regulatory framework, and internal policies and procedures. We prioritize clear, complete, and timely communication with all stakeholders.
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Teamwork
We understand that collaboration and the integration of diverse perspectives form the foundation for building a shared vision and achieving consistent results. We promote honest and timely feedback, mutual support, and individual responsibility to foster team growth.
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Initiative and Innovation
We promote proactivity and the constant search for new solutions, anticipating market changes. We implement methodologies and technologies that strengthen continuous improvement and the efficiency of our services.
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Sustainable Behaviour
In defining and developing our business and operations, we incorporate social and environmental considerations, along with best practices in corporate governance, to act responsibly within our community.
Board of directors
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He holds a degree in Public Accounting from the Universidad de la República and a Diploma in Finance, as well as a Postgraduate Degree in Financial Management from ORT Uruguay. He has served as an advisor to regional governments and organizations on sustainable development, planning, and budgeting. He was Director of the Oficina de Planeamiento y Presupuesto de Uruguay between 2015 and 2020. From 2010 to 2014, he served as Special Advisor to the President and Representative Director for the República Argentina at CAF – Banco de Desarrollo de América Latina. He was Minister of Economy and Finance of the República Oriental del Uruguay from 2008 to 2010. Between 2005 and 2008, he served as President of the Board of the Corporación Nacional para el Desarrollo. Previously, he was Planning, Management Control, Audit, and Industrial Cost Manager at Pirelli Energía de Brasil and Administration and Finance Manager at CITE S.A. Uruguay. He has been a professor at the Universidad de la República, the Universidad Católica, and the Universidad ORT in Uruguay, and has delivered over 150 lectures in Uruguay and in several countries across the Americas, Europe, and Asia. He is currently President of BROU [Banco de la República Oriental del Uruguay] and of República Negocios Fiduciarios S.A.
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S.A.
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Management Team
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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.
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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 more than 15 years’ experience in the administration of public and private Financial Trusts in various areas of activity. She joined República AFISA in 2007, serving in management positions since 2017. In 2024 she was appointed Operations Manager.
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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.
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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.
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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.
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She is a Certified Public Accountant graduated from UDELAR. She is a professor of Auditing at the University of Montevideo. She has a postgraduate degree in Corporate Finance from the University of Montevideo. She has extensive previous experience as an Audit Manager in a prestigious consulting firm providing services to local and multinational companies, mainly in the financial sector. She joined República AFISA in 2022 as a Controller and in 2024 she was appointed Manager of Administration and Finance
Supervisory committee
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Sebastián Pérez
Comptroller - Audit and Monitoring CommitteeHe 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.
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Jimena Botejara
Audit and Monitoring CommitteeShe has a degree in International Relations, graduated from UDELAR. She has studies in Foreign Trade: Operational Technique in Foreign Trade and Technician in International Marketing (School of International Business – National Chamber of Commerce and Services of Uruguay). She has various postgraduate studies: Diploma in Banking Economics and Management (FCS, UDELAR), Postgraduate in Marketing (FCEA, UDELAR), MBA-Master in Management and Administration (FCEA, UDELAR), and Postgraduate in Economics and Management for Inclusion (FCEA, UDELAR)(course). She joined Banco República in 2013, working in various areas of the Institution. She held positions of Business Executive, Branch Management and Coordination, and Product Management in the Corporate Area. She is currently Manager of BROU Conglomerate, coordinating the Group's member companies (República AFISA S.A., República Negocios Fiduciarios S.A., República Microfinanzas S.A, República AFAP S.A. and Sistarbanc S.R.L.). Since November 29, 2023, she has been a member of the Audit and Surveillance Committee and the Comprehensive Business Risk Committee of República AFISA.
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Fernando Decaux Cancela
Audit and Monitoring CommitteeHe is a Certified Public Accountant graduated from UDELAR, has a postgraduate degree from UCUDAL in Finance with an emphasis on Banking Finance and has completed a Master's Degree in Finance at UDELAR, and remains to present his final thesis. Additionally, he has a diploma in Comprehensive Risk Management issued by the Nemesis Institute of Spain and has attended various additional courses and seminars related to that topic, Auditing, Accounting, Finance and Banking Management. He has worked in banking since 1984, having joined BROU in 2015, where he has held positions of Auditor, Financial Risk Coordinator, Risk Management Manager of the Finance Area and currently as Executive Manager of the Audit Office. Mr. Decaux is a Grade 2 teacher at the Faculty of Economic Sciences and Administration (UDELAR) in the Curricular Units Accounting Concepts and General Accounting I, II and II of the Department of Accounting and Taxation.
Code of Ethics and Best Practices
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Código de Ética, Conducta y Buenas Prácticas
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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."
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Internal Audit
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Auditor Externo
Memoria y Estados Financieros
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2025
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2024
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Banco República Group
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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.
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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.
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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.
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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.
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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.