Panama

Panama, September 11, 2025. Morgan & Morgan acted as legal advisor to Inversiones Cuscatlán Centroamérica, S.A. (Inversiones Cuscatlán), as purchaser, in the closing of the transaction for the acquisition of 100% of the shares of La Hipotecaria (Holding), Inc., the holding company of Banco La Hipotecaria, S.A. and other operations in Colombia, El Salvador, and the Turks and Caicos Islands. Inversiones Cuscatlán, parent company of Banco Cuscatlán, is a Salvadoran financial conglomerate founded in 1972 and one of the leading financial institutions in the Central American region. Banco La Hipotecaria has operated in Panama since 1997 and is one of the country’s main providers of mortgage loans for middle and lower-middle income clients. This strategic transaction strengthens Inversiones Cuscatlán’s presence in El Salvador and expands its operations in Panama and Colombia, while enhancing its ability to offer broader and more robust financial solutions to its clients. Partner Roberto Vidal, and associate Ariana Linares, participated in this transaction.

Panama, July 30, 2025. Morgan & Morgan advised Mercantil Bank (Schweiz) AG, a Swiss entity specializing in private banking and wealth management, throughout the process of obtaining its Representative Banking License from the Superintendency of Banks of Panama (SBP). This license enables the bank to establish a representative office in Panama and carry out activities authorized by the SBP in accordance with current banking regulations. Mercantil Bank (Schweiz) AG, headquartered in Zurich, is part of the international financial group of Mercantil Banco, which has a presence across the Americas and Europe. The bank operates under the supervision of the Swiss Financial Market Supervisory Authority (FINMA) and focuses on delivering tailored private banking solutions to international clients. This milestone not only marks a strategic step in the international expansion of the Mercantil Group but also reinforces Panama’s position as a premier international banking center, attracting global financial institutions seeking to operate in a robust, transparent, and competitive regulatory environment. Partner Roberto Vidal, international associate Miguel Arias M., and associate Katia Pallares, supported the client through all stages of the process—from legal structuring to the formal granting of the license.

In August 2025, we acted as legal advisors to Scotiabank, as arranger, and to a syndicated group of 14 banks, in a syndicated loan of $ 350 million granted to Naturgy Panama. This transaction supports the operations and strategic initiatives of a key player in the country's electricity distribution sector.

July 2025. Alemán, Cordero, Galindo & Lee (Alcogal) provided comprehensive advice to BAC International Bank, Inc. in the closing of a USD 500 million international syndicated financing, the most significant in its category in the history of Panamanian banking. The transaction, structured with the participation of SMBC, JPMorgan, and Wells Fargo, reaffirms the global market's confidence in BAC's strength and the economic dynamism of Central America. Alcogal's legal team, led by our partners Patricia Cordero and Rafael Marquinez, strategically accompanied BAC throughout the process, providing key advice in the structuring and legal execution of the transaction, which not only strengthens the bank's financial position but also contributes to the growth of strategic sectors in the region.