Alemán, Cordero, Galindo & Lee > Panama, Panama > Firm Profile

Alemán, Cordero, Galindo & Lee

Panama > Banking and finance Tier 1

Highlighted for its ‘technical excellence‘, Alemán, Cordero, Galindo & Lee counts some of Panama’s largest banks among its clients, as well as acting for foreign banks with operations in Panama and large corporate borrowers. The team’s wide-ranging practice spans leveraged and acquisition finance, asset finance, project finance and real estate finance, and it also has notable expertise in M&A in the banking sector and in day-to-day regulatory matters. Cross-border deals, particularly those governed by New York law, are another area of strength. During the pandemic, the team has also seen an increase in work advising on debt refinancing, particularly for clients in the retail, hospitality and real estate sectors. The ‘always availableArturo Gerbaud, who is also the firm’s managing partner, leads the practice, while Eloy Alfaro B  and experienced senior associates Patricia Cordero and Rita de la Guardia are also key contacts. Since publication, both Cordero and de la Guardia have been raised to the partnership – effective January 2022.

Practice head(s):

Arturo Gerbaud


‘The knowledge and expertise of the lawyers in banking matters is important – they can provide timely and accurate advice and contracts applying the necessary regulations. Likewise, the team is aware of the importance of time, which is essential considering that when banks approve an operation, they require immediate formalisation.’

‘Specifically, the quality of service from Arturo Gerbaud is what makes the firm stand out. He is always available for a call or meeting, answers emails immediately and provides clear and precise advice that offers an instant solution.’

‘Alcogal operates like a boutique firm, with specialised lawyers who have extensive experience. In our opinion, the firm has the best team of specialists in banking law issues. The attorneys are accessible 24/7 and the level of responsiveness is impeccable.’

‘The team stands out for its technical excellence, availability 24/7, and ability to advise on various matters required for financial institutions.’

Key clients


Grupo Aval

Banco Nacional de Panamá


Banco General

The Bank of Nova Scotia

Imperia Intercontinental


Credito Real

St George’s Bank

Work highlights

  • Advised Latin American financial group Grupo Aval, through its subsidiary Leasing Bogota, on the acquisition of 96.6% of the shares of Multi Financial Group, a shareholder of Multibank and affiliates.
  • Advised Banco Nacional de Panamá on a loan of up to $360m subscribed with Banconal Covid Relief Facility, as lenders, with a MIGA guarantee, as part of the client’s strategy to provide liquidity to the Panamanian banking system.
  • Advised Banistmo and the Bank of Nova Scotia on a $400m credit facility granted to the Republic of Panama.

Panama > Capital markets Tier 1

Alemán, Cordero, Galindo & Lee‘s ‘very knowledgeable‘ team has recently been particularly active in the debt capital markets space, advising on large domestic corporate bonds issuances and cross-border listings in Central America and the rest of Latin America. The team is also experienced in structured finance, particularly securitisations, the restructuring of international issuances, and regulatory matters. Among its clients are many domestic and international investment banks and financial institutions. ‘Excellent‘ practice head Arturo Gerbaud, who is also the firm’s managing partner, is highly experienced in advising underwriters and issuers on bond offerings. Other key members of the practice include Eloy Alfaro B, who has notable expertise in structured finance, and senior associates Rafael Marquínez and Rita de la Guardia, who are both skilled in international securities offerings. Since publication, both Marquínez and de la Guardia have been raised to the partnership – effective January 2022.

Practice head(s):

Arturo Gerbaud


‘Lots of experience in the capital markets field. Great knowledge of the applicable regulations and practical implementation.’

‘Arturo Gerbaud is an excellent professional, with unique technical knowledge and extensive experience in this area of law.’

‘The team is very knowledgeable about our business and the applicable regulations. They also have a good network.’

‘Always available when we need assistance.’

Key clients

AES Panama

AES Panama Generation Holdings


Banco General

Prival Bank

Global Bank Corporation

Citigroup Global Markets

BAC International Bank

The Bank of Nova Scotia

Aeropuerto Internacional de Tocumen

Work highlights

  • Advised AES Panama Generation Holdings on a $1.4bn bond issuance to refinance the existing indebtedness of several AES group entities.
  • Advised Banco Nacional de Panama, on its $1bn Rule 144A / Regulation S bond issuance.
  • Advised Aeropuerto Internacional de Tocumen, as issuer, in connection with the structuring and registration of an amendment to the terms and conditions of a $625m Rule 144A/Regulation S corporate bonds issuance, and a $875m Rule 144A /Regulation S corporate bonds issuance.

Panama > Corporate and M&A Tier 1

Complex M&A, particularly in the banking and energy sectors, is a key area of expertise for the ‘very strong‘ team at Alemán, Cordero, Galindo & Lee, which regularly advises on major domestic transactions as well as cross-border matters. The practice counts both purchasers and sellers, including Panamanian corporations, financial institutions, and regional and international investors with a presence in Panama, among its clients. Arturo Gerbaud, who has significant strength in transactions in the banking sector, and Eloy Alfaro, who is highlighted for his ‘intellect and knowledge‘, lead the practice, while Raúl Borrell and Jaime Castillo bring additional expertise in the gas and energy sectors, respectively, to the team. At senior associate level, Rita de la Guardia stands out for her experience in large M&A deals, and Rafael Marquínez and Patricia Cordero are also noted. Since publication, all three seniors – de la Guardia, Marquínez and Cordero – have been raised to the partnership – effective January 2o22.

Practice head(s):

Arturo Gerbaud; Eloy Alfaro


‘A well-organised firm with a very strong team of lawyers. The personal touch and time dedicated to each task makes them special.’

‘The team stands out for its client service and availability.’

‘The firm offers a comprehensive range of services. They are very reliable, and the advice they have given us has been very effective and efficient. If they don’t know the answer, they investigate it. They are a bilingual team and we are an international firm, so there is no language barrier.’

‘Eloy Alfaro has a great approach to clients, intellect and knowledge of his field. He also has a lot of tact when dealing with delicate subjects.’

‘The Alcogal team sets itself apart from the competition through the efficiency of its service and the depth and quality of the knowledge of its lawyers. When working with Alcogal, clients have the peace of mind of knowing that they are in good hands and that their needs will be attended to as a priority and by a first-rate team.’

‘The accessibility of the lawyers is the main differentiating factor. They are always available, 24/7. The personal approach and negotiating skills of Eloy Alfaro, Rita de la Guardia and Patricia Cordero, together with the experience of Arturo Gerbaud, make the team a strong adviser to our company.’

Key clients

PTT Exploration and Production (PTTEP)

Leasing Bogota (Grupo Aval)

Banco Panamá

Itau Comisionista de Bolsa (Itau Group)

Willis Europe

Phoenix Tower International


The Bank of Nova Scotia


Cable & Wireless Panama

Work highlights

  • Advised Latin American financial group Grupo Aval, through its subsidiary Leasing Bogota, in connection with the acquisition of 96.6% of the shares of Multibank Financial, a shareholder of Multibank and affiliates.
  • Acted as local counsel to PTT Exploration and Production (PTTEP), a Thailand-based petroleum exploration and production company, in relation to a $622m share purchase agreement to acquire oil and gas company Partex Holding.
  • Advised Banco Panamá in connection with its acquisition by Banco Aliado by way of a merger between Grupo Centenario de Inversiones, the owner of 100% of the shares of Banco Panamá, with Allied Pacific, a subsidiary of Banco Aliado.

Panama > Dispute resolution Tier 1

The ‘extraordinary‘ team at Alemán, Cordero, Galindo & Lee has wide-ranging expertise in civil and commercial litigation, including breach of contract and shareholder disputes, and administrative proceedings before the tax and competition authorities. The team is particularly renowned for its strength in financial litigation, representing some of the largest banks in Panama; it also counts multinationals, from the telecoms, construction and insurance sectors, in particular, among its clients. In addition, the firm has a strong domestic and international arbitration practice, and often handles investment treaty arbitrations against the Republic of Panama. The team is led by founding partner Jorge Federico Lee, who has extensive litigation and arbitration experience, particularly in labour disputes, and Eduardo Gómez, who is noted for his expertise in high-stakes financial litigation and international arbitration. Jaime Castillo is also active in litigation in the electricity, telecoms and media sectors, among others. The strong associate team includes Doris Nieto, Anel Roach and Mónica Crespo.

Practice head(s):

Jorge Federico Lee; Eduardo Gómez


‘The team is made up of very solid litigation lawyers. They are very well organised, and have the ability to handle high volumes of litigation with great attention to detail. Their extensive technical knowledge allows them to offer alternatives and design complex strategies for sensitive cases. They have the ability to explain complex issues very easily, which helps a lot in dealing with clients and counter-parties.’

‘The team stands out for its technical excellence, availability, reliability, responsiveness and capacity for follow-up, and ability to meet challenging deadlines. They are highly recognised lawyers in the market, which facilitates their interactions both in the courts and with local authorities. They also have extensive knowledge of trade union, which facilitates complex negotiations.’

‘They are quick and accurate in their answers. They are recommended.’

‘I would like to highlight the fact that they have a large number of professionals, which allows us to consult the firm on different topics. I would single out Anel Roach as a lawyer with a brilliant mind who is able to analyse problems and look for solutions or possible loopholes in the law or in published rulings to argue a good defence.’

‘Their strengths are their knowledge of substantive procedural rules and negotiation skills.’

‘Jaime Castillo and Doris Nieto make a very proactive team and provide a very efficient service.’

‘It is an extraordinary team, whose advice gives you a lot of confidence. I think that they have a broad commercial perspective and try to adapt legal solutions to the reality of the client’s business and to the negotiations between the parties.’

‘What stands out about the team is its rigour, extensive legal knowledge, strategic approach and adjusted fees which are good value for money, taking into account the quality of the services provided. The response times are also good. Eduardo Gómez is very experienced and thoughtful, sharp in his comments, rigorous, reliable, and puts the client’s interests before those of lengthening the process. Anel Roach has very good procedural knowledge, and comes up with creative solutions to the problems raised. Mónica Crespo is very detail-oriented and precise, with an excellent level of English.’

Key clients

Grupo Unidos por el Canal

Copa Airlines

Elektra Noreste

Cable & Wireless (Panama)


IDEAL Panamá (Grupo Carso)

The Bank of Nova Scotia

Banco General

Procter & Gamble

Cemento Bayano (Cemex)

Work highlights

  • Represented Cemento Bayano (Cemex) in a claim filed by Trituradoras de Panamá for alleged damages caused as a result of an action for the seizure of assets which Cemex had previously filed against Trituradoras.
  • Representing Industrias Lácteas and Sociedad de Alimentos de Primera in a claim for absolute monopolistic practices filed by the Consumer Protection Authority against Productos Nevada, Global Products and Logistic Services, Sociedad Panameña de Alimentos de Primera, and Industrias Lácteas relating to an alleged price agreement between the defendants in a public bid for the supply of dairy beverages to the schools of the Ministry of Education.
  • Acting as Panamanian counsel to Grupo Unidos por el Canal, the contractor of the Panama Canal expansion project to construct a third set of locks, in three international arbitration proceedings brought against the Panama Canal Authority, as  the employer, arising out of its construction contract with the client.

Panama > Offshore Tier 1

With affiliated offices in a number of key jurisdictions, including the Bahamas, Belize, the British Virgin Islands and Uruguay, Alemán, Cordero, Galindo & Lee is well placed to assist its clients – which include multinational corporations, institutional investors and high-net-worth individuals – with multi-jurisdictional matters. The experienced team advises on the structuring of asset management and investment vehicles, trust and estate planning, and the formation of companies and private interest foundations, among other issues. Practice head Raúl Zúñiga provides clients with corporate, trusts and fiduciary services, assisted by associate Cristina de Alba.

Practice head(s):

Raúl Zúñiga

Key clients

Union Bancaire Privée

Banque Privée Edmond de Rothschild


Banco Santander Central Hispano


Credit Suisse


Fidinam (Hong Kong)

BNP Paribas

PKB Banca Privada (Panama)

Work highlights

  • Represented the Karisma Group in the restructuring of its entities, resulting in a property holding company and an operating holding company.

Panama > Real estate Tier 1

Alemán, Cordero, Galindo & Lee is renowned for its experience in large-scale real estate transactions and the development of major commercial, industrial and residential projects, including the Panama Pacífico special economic area. Among its clients, the firm counts banks and other financial institutions and leading real estate developers. The team is led by Aníbal Galindo, a real estate specialist who also advises on corporate and M&A transactions in the sector; Eloy Alfaro, who acts for many of Panama’s largest real estate developers; and Lorenzo Marquínez, who has particular expertise in luxury real estate developments. Senior associate Rafael Marquínez is also experienced in financial transactions in the real estate sector. Since publication, Marquínez has been raised to the partnership – effective January 2022.

Practice head(s):

Aníbal Galindo; Lorenzo Marquínez; Eloy Alfaro

Key clients

London & Regional (Panamá)

Grupo Verdeazul

Grupo Buenaventura

Ideal Living

Grupo Provivienda

Grupo Eleta

Desarrollos Horizontes

Desarrollos Comerciales

Marea Ventures

Constructora Urbana

Work highlights

  • Advising London & Regional (Panama) on all major aspects of its development of the Panama Pacífico Special Economic Area, including financing, real estate and regulatory matters.
  • Advising Grupo Verdeazul in connection with the master plan and development of the Buenaventura Golf & Beach Resort, a premium beachfront and golf community.
  • Advising Ideal Living on the master plan and development of a large mixed golf/residential development, Santa María Golf & Country Club, in Panama City.

Panama > Projects and energy Tier 2

The financing and construction of transport infrastructure projects is a key area of expertise for the ‘always available‘ team at Alemán, Cordero, Galindo & Lee, which also advises on public tenders and concession contracts. The team is currently advising Grupo Unidos por el Canal, the consortium responsible for the expansion of the Panama Canal, and has also advised operators and construction companies on major ports and highways projects. In the energy sector, the team is particularly active in advising major players in the electricity sub-sector and the energy generation and renewables space, assisting with the development of solar energy projects as well as corporate transactions. Eloy Alfaro, who acts for a number of developers of large-scale infrastructure projects, leads the team with Alejandro Ferrer. Jaime Castillo, who specialises in the energy sector, and Raúl Borrell, who has expertise in project finance, public tenders and concession contracts, are also noted.

Practice head(s):

Eloy Alfaro; Alejandro Ferrer


‘A great firm with good talent.’

‘Always available and have a personal touch in client relationships.’

Key clients

Empresas Públicas de Medellín, Elektra Noreste, ENSA Servicios, and Hidroecológica del Teribe (Grupo EPM)

Celsia E.S.P., Celsia Centroamérica, Alternegy, Bontex and Bahía Las Minas (Grupo Celsia)

Petroterminal (PATSA) and Sociedad Latinoamericana de Inversiones (SLI) (Grupo Liberman)

Petróleos Delta

Gas Natural Atlántico, Gas Natural Atlántico II & Costa Norte LNG Terminal, AES Panamá (Grupo AES)

Grupo Unidos por el Canal

Cable & Wireless Panamá, Sonitel (Grupo Liberty)

London & Regional

Grupo Puentes

Ideal Panamá, CILSA Panamá (Grupo CARSO)

Work highlights

  • Advising Puentes y Calzadas Infraestructuras, Sucursal Panamá, and Constructora Pirenaica, Sucursal Panamá, on various issues relating to construction projects.
  • Advising ASM (formerly SMG), a worldwide leader in venue management, on the negotiation of an agreement and all local labour, tax and commercial matters with the Panama Tourism Authority (ATP) for the management of a new trade and convention centre in Panama City that is currently under construction.
  • Assisting Cable & Wireless Panamá, the largest telecoms operator in Panama, with ongoing projects matters.

Panama > Transport: Shipping Tier 3

Alemán, Cordero, Galindo & Lee acts for a range of shipping companies, financial institutions and intermediaries, advising on the construction, acquisition and financing of ships, barges, drilling rigs, liquified natural gas tankers and other vessels. In addition, the firm has a strong port facilities practice, which advises on port-related transactions and infrastructure projects. The experienced Aníbal Galindo leads the team.

Practice head(s):

Anibal Galindo

Aleman, Cordero, Galindo & Lee (Alcogal) was founded in 1985 and has rapidly emerged as one of Panama’s leading law firms. Alcogal strives to grow alongside its clients, which include several Global Fortune 500 companies. Alcogal’s various practice groups are supported by its offices worldwide, and also by its global network of advisers and correspondents.

Main practice areas
Banking and finance: Alcogal is an acknowledged industry leader and has been involved in many of Panama’s largest, most complex financial transactions. The firm represents many leading financial institutions in both international and domestic bank financing, as well as in other forms of acquisition and project financings, including public tender offers, asset purchase financing, ship financing and mezzanine financings.

Corporate structures, and trusts and estates: Alcogal provides its global clientele of corporations, private banks, family offices, private equity funds, hedge funds and trustees with multi-jurisdictional, tailor-made solutions. Under the guidance of some of the industry’s leading practitioners, Alcogal advises clients on the structuring of cross-border M&A transactions, asset management platforms and investment vehicles, as well as wealth and estate planning solutions.

Corporate: Alcogal has participated in many of the landmark commercial transactions in Panama. Alcogal’s skilled team of corporate attorneys and professional staff advises on both domestic and international matters concerning capital markets transactions and securities regulation, joint ventures, real estate, shipping and investment management.

Energy, mining and infrastructure: Alcogal has extensive experience in a variety of domestic infrastructure projects, including ports, canals, bridges, toll roads, tunnels, airports and mass transit. In addition, the team has advised clients in connection with some of the largest domestic transactions in the energy and mining sectors.

Litigation and arbitration: Alcogal’s litigation and arbitration practice is best known for handling its clients’ most important, complex and novel disputes. Its seasoned trial lawyers and arbitration specialists advise on administrative proceedings, appellate litigation, banking and financial services litigation, international arbitration, labor and immigration disputes, mediation and telecommunications litigation, among others.

Mergers and acquisitions: Alcogal has represented international and domestic clients in most of the country’s largest M&A transactions. Riding one of the most prolific M&A waves in recent history, Alcogal represents clients from every major industry in efficiently and effectively handling ‘bet-the-company’ transactions.

Projects and public tenders/bids: Alcogal advises both international and domestic corporations in connection with public tenders/bids, public/private partnerships, BOT, BOOT and various other types of transactions involving the government of Panama (and its various political subdivisions). The firm has recently advised clients in connection with transactions involving airports, telecommunications, toll-roads and various other projects.

Banking and finance Arturo Gerbaud E:
Corporate structures, trusts and estates Jaime Alemán H E:
Corporate structures, trusts and estates Raul Zúñiga B E:
Energy and infrastructure Carlos Cordero G
Energy and infrastructure Alejandro Ferrer L
Energy and infrastructure E:
Litigation Alejandro Ferrer L E:
Mergers and acquisitions Eloy Alfaro B
Mergers and acquisitions Arturo Gerbaud
Mergers and acquisitions E:
Mining Alejandro Ferrer L
Project finance Arturo Gerbaud
Public tenders Eloy Alfaro B
Public tenders Carlos Cordero G
Real estate Anibal Galindo N E:
Shipping Anibal Galindo N
Telecommunications Alejandro Ferrer L
Telecommunications Carlos Cordero G
Mrs Cristina de Alba photo Mrs Cristina de AlbaAssociate
Dr Jaime Aleman photo Dr Jaime AlemanPartner (Founding Partner; 1985). Areas of practice include: Corporate Law, Tax Law,…
Mr Eloy Alfaro B. photo Mr Eloy Alfaro B.Partner (2011). Areas of practice include: Banking Law, Commercial Law, Corporate Law,…
Raul Borrell A. photo Raul Borrell A.Partner
Mr Jaime Castillo photo Mr Jaime CastilloPartner 
Mrs Patricia Cordero photo Mrs Patricia CorderoPartner
Dr Alejandro Ferrer photo Dr Alejandro FerrerPartner (1998). Areas of practice include: Arbitration, Business Law, Antitrust, Energy Law,…
Mr Arturo Gerbaud photo Mr Arturo GerbaudPartner (1992). Areas of practice include: Banking Law, Corporate Law, Securities Law…
Mr Eduardo Gómez photo Mr Eduardo GómezPartner 
Mr Jorge F. Lee photo Mr Jorge F. LeePartner (Founding Parner; 1985). Areas of practice include: Banking Law, Civil Litigation…
Mrs Sophia Lee photo Mrs Sophia LeeAssociate (2007). Areas of practice include: Public Bids, Labor Law, Real Estate…
Mr Rafael Marquinez photo Mr Rafael Marquinez• Banking, finance and capital markets• Corporate and M&A• Real estate
Raul Zuñiga photo Raul ZuñigaOffshore services, Trust and estate planning, Corporate and M&A
Mrs Rita de la Guardia photo Mrs Rita de la GuardiaPartner
Other fee-earners : 18
Partners : 12
Other fee-earners : 21