A longstanding leader in the Panamanian market, Alemán, Cordero, Galindo & Lee houses a comprehensive banking and finance practice, which spans the full range of related matters, from leveraged and acquisition finance to project finance, asset finance and real estate finance. In particular, the team is renowned for its expertise in cross-border transactions, with a particular emphasis on financings governed by New York law. The firm is predominantly focused on the lender side of deals, acting for an impressive roster of major domestic banks as well as prominent international lenders, but also advises a host of corporate borrowers, including well-known multinationals. Managing partner Arturo Gerbaud leads the practice, bringing over three decades of experience in complex financial transactions. The sizeable team also includes a trio of up-and-coming partners: Rita de la Guardia (who is also qualified in New York), Patricia Cordero and Rafael Marquínez. Experienced associates Karla Rivera and Mario Vlieg are also key contacts.

Banking and finance heavyweight Arias, Fábrega & Fábrega fields a diverse practice and stands out for its well-established expertise in multi-jurisdictional transactions. The team frequently acts for lenders, including international banks, multilateral agencies and leading Panamanian financial institutions, on cross-border syndicated loans, refinancings, acquisition finance and project finance. The firm is particularly prominent in advising on the financing of major domestic infrastructure projects, most recently assisting with the financing of Line 3 of the Panama City metro system. It also has a growing emphasis on advising fintech clients. Practice head Estif Aparicio is heavily focused on representing lenders, both local and international, most notably in relation to the financing of energy and infrastructure projects. He is supported by a sizeable team, which includes talented junior partners Fernando Arias F and Javier Yap Endara (who were elevated to the partnership in 2022 and 2023, respectively), senior international associates Cedric Kinschots (who has significant project finance experience) and Donald Canavaggio, and associate Ana Quijano. The practice can also rely on the senior expertise of co-managing partner Ricardo Arango.

Hailed by clients as ‘technical and precise‘, the banking and finance team at Alfaro, Ferrer & Ramírez handles a healthy mix of transactional and regulatory work, with a notable strength in advising international lenders, although it is also active on the borrower side. In particular, the team frequently advises on multilateral financings by foreign development agencies, assisting with the financing of energy and real estate projects and on-lending operations. The ‘very technically skilled and attentive‘ Roberto Harrington, who stands out for his advice to multilateral organisations, and Alfredo Ramírez Jr focus on the transactional side of the practice, while María Alejandra Cargiulo and Luis López Alfaro are high-profile names on the regulatory front. Annette Bárcenas also lends her extensive expertise in project finance to the practice. At the junior level, associate Alfredo Ramírez Pabón and international associate Ana Cristina Negrón provide capable support.

Galindo, Arias & López‘ banking practice attracts strong praise from clients for its ‘extensive experience in cross-border transactions‘, although it is also highly active in assisting with local loans. Advising both leading banks and large corporate borrowers, the team stands out for its expertise in transactions in highly regulated industries, including telecoms, energy and finance. The firm also shines in aviation finance, where Cristina Lewis is highlighted for her ‘great knowledge‘; the department's clients in this field include Panamanian flag carrier Copa Airlines. Practice head Roberto De Araujo López is commended for his experience in advising domestic banks, particularly on financial regulatory matters. Diego Herrera and Jose Luis Sosa are also key names in the practice, with an emphasis on international transactions with Panamanian aspects. The capable pool of junior lawyers includes consultant Daniel Sessa and associate Claudia Juárez, who focus on the aviation sector, and associate Andrés Sanjur, who is noted for his project finance experience.

Winning high praise from clients for its ‘technical capacity‘ and ‘extensive knowledge‘, Morgan & Morgan fields a broad banking and finance practice, encompassing commercial loans, real estate finance, debt refinancing and financial regulatory issues. The firm has also established an active insolvency-related practice (following the introduction of new legislation in Panama) and has growing expertise in the fintech and start-ups space. The financing of high-profile infrastructure and energy projects is another core source of mandates. The team is headed by Kharla Aizpurúa, whose wide-ranging practice takes in syndicated loans, project finance and M&A in the banking sector, and the highly experienced Inocencio Galindo. Ramon Varela and Ana Carolina Castillo, who was promoted to partner in January 2023, are key names to note on the energy and project finance front, and the team also includes Francisco Arias, Roberto Vidal, international associate Miguel Arias M and senior associate Alejandro Vasquez, who joined from Fabrega Molino in June 2022.

The Panamanian branch of leading regional firm Arias is highlighted by clients for its ‘strategic approach and ability to find innovative solutions‘, frequently joining up with the firm’s network of offices to advise on Central America-wide transactions. It also enjoys close connections with international firms in the US and UK. The team can regularly be found acting for lenders, with significant experience in advising international financial institutions, multilateral development agencies and syndicates of banks on cross-border loans to Panamanian entities. Practice head María Cristina Fábrega, who garners high praise for her ‘extensive experience and in-depth knowledge of the law‘ as well as her ‘personalised and client-oriented approach‘, is well versed in multi-jurisdictional banking and securities transactions.

Fabrega Molino draws upon its ‘extensive knowledge of local laws‘ to advise both local and international banks, financial institutions and trust companies on a broad range of financial transactions, including syndicated loans, project finance, acquisition finance and debt restructuring. On the regulatory side, the firm frequently assists with obtaining banking licences and setting up operations in Panama. Following the departure of Tatiana Abadía in 2022, the team is headed by senior partner Juan Pablo Fábrega and senior associate Denisse Correa, who is highlighted for her ‘efficiency, charisma, sensitivity and support‘. The department was also strengthened by the addition of associate Pablo Martinelli, whose practice includes debt restructuring and project finance, from Galindo, Arias & López in May 2022. Principal partner Ana Lorena Morales also adds senior expertise.

Icaza, González-Ruiz & Alemán‘s expertise in project finance makes it a popular choice to advise leading domestic and international banks on high-profile infrastructure developments; its recent work highlights include advising on the financing of the expansion of the Panama City metro, and it has also been highly active in transactions relating to healthcare facilities and road construction. The experienced leadership group is made up of Gabriel González-Ruiz, a standout name for advising international consortiums on project finance; Luis Chalhoub, who has a broad banking and finance practice that notably includes advising on factoring transactions; and Michelle O de de la Guardia. Alfredo Fonseca, who was elevated to the partnership in June 2023, is also a key contact for project finance in the energy and infrastructure sectors.

Arosemena Noriega & Contreras has a strong profile in international business transactions, counting a number of foreign banks and multinational corporations among its clients. As the Panamanian member of Club de Abogados Iberoamérica, a network of law firms in Europe and Latin America, it also has close links with various international firms. The team frequently advises foreign lenders on granting loans to local companies and foundations, and also assists with bank registration and licensing, refinancings, debt recovery and securities transactions. Julio César Contreras III leads the practice, supported by associate Mario Rognoni.

Lauded for its ‘knowledge, prestige, availability, efficiency and proactivity‘, the Panamanian branch of Dentons leverages the firm’s extensive global network to act as local counsel to an array of leading international banks and development finance institutions on loans granted to domestic borrowers. The team’s expertise in multi-jurisdictional financing transactions extends to the maritime sector, where it frequently advises on mortgages over Panama-flagged vessels. The practice is headed by office managing partner Gisela Álvarez de Porras, who focuses on financial regulatory matters and asset finance. Associate Angie Mei Sánchez stands out for her experience in shipping finance transactions.

LOVILL‘s ‘excellent‘ and ‘highly technically skilled‘ banking and finance team handles a steady stream of transactional and regulatory matters, advising an impressive client roster that includes banks, foreign investment funds, multilateral development agencies and multinational corporations. The team assists with syndicated loans, debt refinancing, project and acquisition finance, and compliance issues, and also has growing expertise in the fintech space. Elizabeth Heurtematte, who divides her time between Panama City and Tokyo, leads the practice and has noteworthy experience in multi-jurisdictional financial transactions and project finance. The team has also been strengthened at the senior level, with Alejandro Fung rising to the partnership ranks in July 2023.

Pardini & Asociados‘ banking and finance practice stands out for its strength in shipping, aviation and real estate finance, predominantly acting for private and corporate borrowers. The team’s growing – and increasingly international – client base ranges from family businesses to multinational corporations, including shipping, mining and aviation leasing companies. The firm also assists with the incorporation and establishment of banks, leasing and factoring transactions, and corporate and project finance. Managing partner Juan Francisco Pardini, who counts structured and asset finance among his core areas of expertise, leads the team with Juan José Espino, whose practice covers foreign investments and ship and aviation finance.

The banking and finance team at Quijano & Associates is equally adept at advising lender banks and corporate borrowers on a wide range of financial transactions, including syndicated loans, bridge loans, mortgages and acquisition finance. The firm has robust experience in domestic loans, but also assists with cross-border matters, benefitting from its close relationships with prominent international law firms. Oliver Muñoz leads the team; in addition to banking and finance and securities matters, he has notable expertise in regulatory issues relating to blockchain, cryptocurrency and digital assets. He receives capable support from senior associates Ileana Céspedes and Luis Miguel Rojer.

Clients praise the ‘excellent responsiveness and availability‘ of corporate and financial services-focused boutique SIGMA International and Global Market Attorneys, which is widely recognised for its prowess in the project finance arena. Drawing on the strong international backgrounds of its team members, the firm frequently advises on the Panamanian aspects of complex, cross-border transactions relating to the construction of energy and healthcare infrastructure projects. Practice head Cecilio Castillero, who is dual-qualified in New York and Panama, brings ‘extensive experience, knowledge and attention to detail‘ in financial transactions. Senior associate Mónica Moreno and associate Eric Carles are also key contacts.

Financial and corporate services specialist Virtù Atelier Legal wins over clients thanks to its ‘extensive experience in the financial world‘. The team places a significant emphasis on project finance in the public infrastructure, tourism and energy sectors, and is also well versed in regulatory matters, taking advantage of practice head Ana Lucrecia Tovar and Marelissa Quintero‘s vast in-house experience with the Panamanian banking and securities regulators. The growing team also includes Melissa Cortizo and new arrivals Marcia Arosemena de Paz (a specialist in the projects space) and senior associate Aixa Noriega, who joined in 2022 from independent practice and an in-house role at Grupo Verde Azul, respectively.