Mr Estif Aparicio > Arias, Fábrega & Fábrega > Panama, Panama > Lawyer Profile

Arias, Fábrega & Fábrega
PO BOX 0816-01098, PANAMA
Estif Aparicio photo

Work Department

Mr. Aparicio is member of the firm’s Executive Committee.
He is also Head of the firm’s Capital Markets & Banking Practice Group.


Mr. Aparicio is a skilled corporate lawyer used to advise clients on highly complex infrastructure finance projects, both in the private and public side, with a special focus on the energy, public transportation, roadways, airports, and health sectors.

Mr. Aparicio has outstanding deal management and broad expertise setting up a variety of structures, including syndicated and bilateral, secured and unsecured, and domestic and cross-border financing. He has represented creditors in the biggest and perhaps most complex transactions in Panama in recent years, including the expansion of the Tocumen International Airport; the construction of the first and second line of the Panama City Metro; the construction of the Cinta Costera phases I, II and III; and the implementation of the Metro Bus, Panama City new public transportation system.

He has a unique insight to the power generation industry and the Panamanian government “green energy” policy favoring wind, solar, gas, and hydroelectric generation, having represented the lenders that have provided financing to over 35% of the total generation capacity of the country.


Estif Aparicio joined the firm in 2000 and became a partner in 2011.

From 2004 to 2006, Mr. Aparicio worked for the Panamanian government as Chief Trade Negotiator of all bilateral and multilateral free trade agreements. As Chief Trade Negotiator, Mr. Aparicio coordinated Panama’s participation in the Doha Round of negotiations of the World Trade Organization and successfully negotiated free trade agreements with the United States, Singapore, and Chile.

From 2006 to 2007, Mr. Aparicio worked for the law firm of Sullivan & Cromwell LLP in New York, participating in capital markets, M&A and project finance transactions.


Spanish, English.


Senior Vice-Chair (2020-2021), Vice-Chair (2018-2019) and Secretary of the International Bar Association, Latin American Regional Forum Committee (2017–2018).
Director of Ricardo Pérez, S.A. (present).
Director and President of the Compliance Committee of Auto Trust, S.A. (present).
Director and President of the Compliance Committee of Corporación Financiera de Equipos, S.A. (present).
Director and President of the Compliance Committee of Seguros Centralizados, S.A. (present).


University of Houston, LLM (1996). Fulbright Scholar.
University of Panama, LLB, (1994).
Admitted: Panama, New York.

Lawyer Rankings

Panama > Banking and finance

(Hall of Fame)

Estif Aparicio – Arias, Fábrega & Fábrega

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.

Panama > Capital markets

(Hall of Fame)

Estif Aparicio – Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega‘s capital markets practice remains the first port of call to advise on international bond issuances, acting for a prestigious roster of foreign financial institutions and Panama’s largest banks. Its enviable list of recent mandates includes assisting the underwriters with multiple sovereign bond offerings by the Republic of Panama. In addition, the firm is commended for its longstanding experience in the IPOs of major Panamanian corporations, both locally and on the New York Stock Exchange. Thanks to its regulatory expertise, the team has also played an active role in the drafting of amendments to the Securities Law. The practice is led by the highly experienced duo of co-managing partner Ricardo Arango and Estif Aparicio, both of whom have strong profiles in international matters and are also admitted to practice in New York. Other names to note are up-and-coming partners Fernando Arias F and Javier Yap Endara, and international senior associates Cedric Kinschots and Donald Canavaggio.

Panama > Corporate and M&A

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

A heavyweight in the M&A market, Arias, Fábrega & Fábrega is commended for both the volume and the quality of its transactional work; standout recent highlights include advising on high-profile deals in the financial services sector, and the team has also played a prominent role in M&A in the technology, logistics and food industries. The firm predominantly focuses on cross-border transactions, taking advantage of the strong international backgrounds of its team members (several of whom are qualified in New York and Florida), with a client base that includes multinationals as well as large Panamanian conglomerates. Co-managing partners Ricardo Arango and Rodrigo Cardoze steer the team; the former leads the M&A practice, while the latter heads the firm’s corporate counsel and 360 legal solutions group. The enviably deep bench also includes M&A specialist Andrés Rubinoff; Estif Aparicio, who lends his expertise to finance-related matters; and up-and-coming partners Fernando Arias F and Javier Yap Endara (who were promoted in 2022 and 2023, respectively). International senior associate Donald Canavaggio, international associate Isabella de la Guardia and associate Daniela Delvalle are also key members of the practice. The firm is noted for its commitment to pro bono and CSR, overseen by the Harmodio Arias Madrid committee.

Panama > Projects and energy

(Leading individuals)

Estif Aparicio – Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega‘s active projects and energy practice strikes a balance between transactional and regulatory work. Drawing on the wider firm’s strength in the banking and finance sphere, the team is particularly well known for its prowess in project finance, advising an extensive roster of international financial institutions and multilateral development agencies. The firm’s recent workload spans the financing of projects in the transport, energy, hospitality and public infrastructure (including healthcare) sectors, as well as energy-related M&A. Estif Aparicio, who is renowned for his experience in complex, often cross-border financial transactions, takes the lead on project finance matters, while Sofía Cohen heads the regulatory side of the practice. The sizeable team also benefits from the expertise of up-and-coming partner Fernando Arias F and international associates Cedric Kinschots and Donald Canavaggio.