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 > Projects and energy

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Arias, Fábrega & Fábrega has a wide range of experience in projects and energy matters, advising on government contracts and concessions for ports, telecoms and energy projects, as well as the financing of major infrastructure projects. The team also has considerable strength in the mining, oil and gas sectors, and in corporate transactions and regulatory matters in the energy sector. The team is led by Estif Aparicio, who has expertise in the financing of major public infrastructure projects; Ricardo Arango, who specialises in financial and capital markets transactions; Rosa Restrepo, the head of the government contracts practice; and regulatory practice head Sofía Cohen.

Panama > Capital markets

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Arias, Fábrega & Fábrega stands out for its extensive experience in advising on IPOs, both locally and on the New York Stock Exchange. In addition, the team regularly advises on international Rule 144A/Regulation S bond offerings, including by the Republic of Panama, as well as securitisations and regulatory matters; in a recent highlight, the firm advised the underwriters on the first emerging market sovereign bond issuance since the beginning of the Covid-19 pandemic. The team is led by Ricardo Arango, who is experienced in both debt and equity capital markets transactions. Among the other notable members of the team are Estif Aparicio, who has particular expertise in offerings on the NYSE, and international senior associates Cedric Kinshots and Donald Canavaggio.

Panama > Banking and finance

(Leading individuals)

Estif AparicioArias, Fábrega & Fábrega

Arias, Fábrega & Fábrega‘s market-leading practice covers complex banking regulation, cross-border loans (particularly from foreign financial institutions in favour of Panamanian banks), and the financing of M&A in the financial services sector, both in Panama and in the Central American region. The team’s extensive client roster includes many of the largest domestic banks, and it also acts for numerous major international financial institutions. The firm’s membership of the Lex Mundi, Interlaw and Pacific Rim Advisory Council networks gives it additional international reach, and several members of the team are admitted to practise in New York and Florida. Practice head Estif Aparicio is particularly noted for his strength in project finance, while Ricardo Arango has significant expertise in regulatory matters. Other notable team members include Roy Durling and Rodrigo Cardoze and, at junior level, international senior associate Cedric Kinshots, who has particular project finance expertise, and senior associate Fernando Arias F. Since publication, the team has been joined by international associate Isabella de la Guardia from Baker McKenzie LLP‘s Miami office.

Panama > Corporate and M&A

Arias, Fábrega & Fábrega is highly experienced in both domestic and cross-border transactions, with several of its lawyers also admitted to practise in New York and Florida. Recently, the team has been particularly active in high-value M&A involving Latin America companies consolidating their positions in the region, in addition to transactions in the banking sector and restructurings resulting from the pandemic. It acts for public and private companies, local corporations and the Panamanian subsidiaries of foreign businesses. Ricardo Arango leads the firm’s M&A practice, while Roy Durling heads the business and corporate law group. Among the other key contacts in the team, Estif Aparicio, Andrés Rubinoff and Rodrigo Cardoze all have extensive experience in local and international M&A. Senior associates Fernando Arias F and Javier Yap Endera are also names to note. Since publication, the team has been joined by international associate Isabella de la Guardia from Baker McKenzie LLP‘s Miami office.