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Panama, December 1, 2025. Morgan & Morgan acted as legal counsel to Banco Davivienda Panamá in the successful closing of a landmark transaction involving the integration of Scotiabank Panamá’s operations (The Bank of Nova Scotia) into Banco Davivienda Panamá.
This transaction extends beyond Panama, as Scotiabank’s operations in Costa Rica and Colombia will also be integrated into Grupo Davivienda in those countries. It is a transaction of significant regional impact, strengthening the financial position of two leading banking groups in Latin America. The integration across these three markets represents more than $60 billion in assets and a customer base exceeding 29.6 million, positioning the combined entity as one of the largest banking conglomerates in the region.
The legal team was led by partner Roberto Vidal, alongside partners Ana Carolina Castillo, Jose Rafael Reyes, and Sophia Lee; senior associate Maria Eugenia Brenes; and associates Ariana Linares, Angélica Ortiz, David Ramos, Katia Pallares, Arantxa Fernandez, and Perla Piña, who played a key role in advising Banco Davivienda Panamá throughout the transaction.
Morgan & Morgan is recognized as Pro Bono Leading Lights 2025.
Panama, December 1, 2025. For thirteen consecutive years, Morgan & Morgan has received the “Leading Lights” recognition in Latin America for the firm´s Pro Bono program.
Only Morgan & Morgan achieved this status in Panama, sharing honors with leading regional firms.
This distinction is granted annually by Latin Lawyer, who, together with the Cyrus R. Vance Center for International Justice, investigates the institutionalization of the practice within the firms and the participation of their legal team.
In 2025, Morgan & Morgan reaffirms its commitment to offer legal advice to more than 25 non-for-profit organizations (NGOs), highlighting the advice provided to Banco de Alimentos Panama and Marea Verde, two foundations that play a crucial role in their respective areas of work. Moreover, the firm continues to support adjustments to bills related to the maritime and corporate sector in Panama and provides regular advice to Trust Law, Vance Center, and Red Pro Bono, attending legal research on matters with social impact.
We are very proud of the more than 40 lawyers of the firm who participated in this program in 2025, contributing their expertise and time to pro bono legal services.
Morgan & Morgan advised Grupo Estrella on the acquisition of Cemex Panama.
Panama, October 3, 2025. Morgan & Morgan acted as legal counsel to Grupo Estrella in the acquisition of Cemex Panama’s assets, a transaction valued at over US$200 million. The deal included the Cemento Bayano plant, located in Calzada Larga, Chilibre, with two integrated production lines, as well as cement, ready-mix concrete, and aggregates operations.
Grupo Estrella, an industrial conglomerate headquartered in the Dominican Republic, has maintained a presence in Panama for over 12 years through major infrastructure and energy projects.
“We are very pleased to strengthen our presence in Panama and be part of its growth and development. This investment will allow us to offer comprehensive solutions for the local and regional markets,” said Giuseppe Maniscalco, President of Grupo Estrella’s Industrial Division and President of the Board of Directors of Cemento Bayano.
Morgan & Morgan worked with a multidisciplinary team for this complex transaction, led by partner Kharla Aizpurúa O., with the support of partners José Rafael Reyes, Milagros Caballero, José Carrizo, and Raúl Bermúdez. The team also included senior associates Mónica Moreno, María Eugenia Brenes, Rodolfo Palma and Allen Candanedo, and associates Eduardo Oteiza, Arantxa Fernández, Katia Pallares, Angélica Ortíz, María Alejandra Rodríguez, Miguel Rodríguez, Yaneth Barrera, and David Ramos.