Mr Ricardo M Arango > Arias, Fábrega & Fábrega > Panama, Panama > Lawyer Profile

Arias, Fábrega & Fábrega
PO BOX 0816-01098, PANAMA
Ricardo M Arango photo

Work Department

Mr. Arango's practice focuses on securities regulations; banking and finance; mergers, acquisitions and joint ventures; and taxation.


Ricardo M. Arango joined the firm in 1987 and became a partner in 1995.
Mr. Arango is a member of the firm’s Executive Committee.
He is also Head of the firm’s Mergers and Acquisitions Practice Group, and the Taxation Practice Group.


Ricardo M. Arango joined the firm in 1987 and became a partner in 1995. Prior to joining the firm, he worked with White & Case, NY.

With deep marketplace experience, he has effectively assisted leading multinational and Panamanian companies in their most complex banking, capital markets and M&A transactions.

In the area of capital markets and banking, Mr. Arango regularly advises clients in connection with medium term note programs, commercial paper programs, syndicated term and revolving loan agreements, project and structured financing,144-A Reg-S notes, securitizations, and initial public offerings.

In the area of merger and acquisitions, he has acted as lead counsel in the largest transactions in the country and regularly advises clients in connection with stock purchase agreements, asset purchase agreements, and merger agreements.

Mr. Arango headed the Presidential Commission that drafted Panama’s current securities act. He also drafted the rules of operation of LatinClear, Panama’s clearing and settlement agency.


Spanish, English.


Director of the Panama Canal Authority (2016-2024)

Director of Banco General, Panama’s largest bank (2012-present)

Director of Banco Latinoamericano de Comercio Exterior (BLADEX), a NYSE-listed company (2002-present); and Secretay (2002-2016)

Director of Corporación La Prensa (2002-2016)

Director of The Panama Stock Exchange (1995-2016) and Chairman (2007-2011)


Yale Law School, LLM (1985)
Harvard Law School, LLM (1984)
University of Panama, LLB (1983).
Fulbright scholar.
Admitted: Panama, New York.

Lawyer Rankings

Panama > Corporate and M&A

(Leading individuals)

Ricardo ArangoArias, Fábrega & Fábrega

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.

Panama > Capital markets

(Leading individuals)

Ricardo ArangoArias, 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)

Ricardo ArangoArias, 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 > Projects and energy

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.