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Mission
To provide fiduciary services through management and guarantee trusts and to manage assets, advising our clients on the planning and/or management of operations.
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Vision
To be a leading trust company capable of generating innovative structures, with a service offer that, integrated into the BROU Group, contributes to the generation of economic, social and productive benefits.
Our values
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Professional Responsibility
Professional responsibility is closely linked to the vocation of service in the performance of our activity, to the confidentiality in our actions and to the involvement with the project we develop, applying the best practices within the regulatory framework and pursuant to the requests of each of our clients.
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Initiative and Teamwork
We believe in proactivity as a driver of change, of innovative proposals and improvement of the experience we provide to our clients, addressing challenges with team spirit, collaboration and empathy.
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Efficiency and Continuous Improvement
We are committed to efficiency and continuous improvement in all actions, seeking to offer an optimal quality of service to our clients, developing products and services that respond to their needs.
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Transparency and Ethics in Management
Our actions are characterized by transparency in management and strict compliance with the regulatory framework, internal policies and procedures, and our Code of Ethics. These factors are the basis of the credibility of our activity.
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Social responsibility behavior
In the definition and development of our business and operations we incorporate social and environmental aspects, as well as the best corporate governance practices, seeking to act responsibly in our community.
Legal aspects
República Negocios Fiduciarios is a public limited company that operates in accordance with the provisions of Law 17,703 and other regulatory and complementary rules, with the exception of financial trusts.
Board of Directors
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President Álvaro García Rodríguez
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 Uruguay’s Office of Planning and Budget between 2015 and 2020. From 2010 to 2014, he served as Special Advisor to the President and Representative Director for the Argentine Republic at CAF – Banco de Desarrollo de América Latina. He was Uruguay’s Minister of Economy and Finance from 2008 to 2010. Between 2005 and 2008, he served as Chairman of the Board of the National Development Corporation. Previously, he was Planning, Management Control, Audit, and Industrial Cost Manager at Pirelli Energia in Brazil and Administration and Finance Manager at CITE S.A. in Uruguay. He has been a professor at the University of the Republic, the Catholic University, and ORT University 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 the BROU [Banco de la República Oriental del Uruguay] and of República AFISA.
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Vice President Alejandro Lafluf
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 AFISA.
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2nd Vice President Max Sapolinski
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 AFISA.
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Director Pablo Sitjar Pizzorno
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 AFISA.
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Director Leandro Francolino
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 AFISA.
Authorities
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Person in charge of business Cr. Jonathan Crokker
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. He is currently responsible for the company's business area.
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Person in charge of management and finance Cra. Lucía Chiarizia
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. In 2024 she was appointed as head of management and finance.
Supervisory committee
Comptroller - Audit and Monitoring Committee Cr. Sebastián Pérez
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.
Risk Rating Agency
Since 2019, República Negocios Fiduciarios has had an Operational Risk Rating 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."
Auditors
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Internal Audit Kpmg
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External Audit Grant Thornton
Report and Financial Statements
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.
República AFISA is the first Financial Trust Company in Uruguay, created in December 2003. Is authorized by the Central Bank of Uruguay to engage in management and administration of Private and Public Financial Trusts, as well as Investment Funds.
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.
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.
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.