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 ARIFA's capital markets and banking team, and taxation team.


Mr. Aparicio is a real specialist in banking and financial transactions. His practice focuses on securities regulation; banking and finance; mergers, acquisitions and joint ventures; antitrust, trade and competition; and taxation.


Estif Aparicio joined the firm in 2000 and became a partner in 2011. From 2004 to 2006, the firm granted Mr. Aparicio a leave of absence to work 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.


Mr. Aparicio is member of the IBA Latin American Regional Forum Committee


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

Lawyer Rankings

Panama > Projects and energy

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Project finance is a key area of expertise for Arias, Fábrega & Fábrega, which regularly assists with the financing of major traditional and renewable energy projects, predominantly acting for lenders on international financings. It also has experience advising on high-profile public and private infrastructure developments in the transport and healthcare sectors. The multi-disciplinary team is led by Estif Aparicio, who has extensive experience in the financing of energy, transport, health and other public infrastructure projects; banking and capital markets specialist Ricardo Arango; head of government contracts and licences Rosa Restrepo; and Sofía Cohen, who specialises in regulatory issues in the energy sector.

Panama > Capital markets

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Arias, Fábrega & Fábrega acts on both debt and equity capital markets transactions, where its clients include leading domestic and international banks and financial institutions. The team is noted for its expertise in IPOs, regularly advising Panamanian companies on the listing of shares on the New York Stock Exchange. It also has experience advising on international bond offerings by the Republic of Panama, Rule 144A/Reg S offerings and securities regulation. The team is jointly led by the highly regarded Ricardo Arango and Estif Aparicio, who has extensive experience in securities regulation. Senior associates Cedric Kinshots and Donald Canavaggio, who both have expertise in international matters, are also noted.

Panama > Banking and finance

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Arias, Fábrega & Fábrega has a strong client base of leading local and international financial institutions, which benefit from the firm’s vast experience in lender-side work. Of particular note is the firm’s expertise in cross-border loans to Panamanian borrowers and in the financing of M&A transactions in Panama and the rest of Central America. The team also frequently advises on the financing of infrastructure and energy projects, and has additional expertise in the aviation and telecoms sectors. Estif Aparicio, who was promoted to practice head in January 2020, is noted for his strength in complex project financings and cross-border transactions. Ricardo Arango and senior associates Cedric Kinschots and Fernando Arias are also key contacts.