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

Alemán, Cordero, Galindo & Lee

Panama > Banking and finance Tier 1

The ‘exceptional‘ banking and finance team at Alemán, Cordero, Galindo & Lee counts some of Panama’s largest banks among its clients, and routinely advises major international financial institutions on high-value, cross-border financing transactions. Besides being a go-to choice for lenders in the country, the group is regularly instructed by an impressive roster of multinationals on borrower-side mandates. Significant areas of expertise range from leveraged and acquisition finance to asset finance, project finance and lending transactions involving the real estate sector. The practice, which is particularly active in the energy, hospitality and aviation segments, is also noted for its ongoing regulatory advice to domestic banks and other financial institutions. Described as ‘one of the best lawyers in the country‘, Arturo Gerbaud leads the practice. Other notable practitioners include the highly regarded Eloy Alfaro, a key contact for financings involving multiple jurisdictions, and Rita de la Guardia, Patricia Cordero and Rafael Marquínez, all of whom were promoted to partner in January 2022.

Practice head(s):

Arturo Gerbaud


‘Efficient, agile service, high-quality ideas and advice.’

‘In banking matters, Arturo Gerbaud is 100% reliable and trustworthy – one of the best lawyers in the country. We feel fortunate to have him as a lawyer.’

‘Rafael Marquínez provides immediate responses and is available at all times through chat, call and email.’

‘ALCOGAL stands out for its personalised and extremely attentive service. Their teams are available 24/7 and the technical level is exceptional. Probably one of the firms with the best expertise in banking matters in the country.’

‘What stands out is the team’s availability, accessibility, tremendous technical strength, creativity and attention to detail. The level of support is exceptional.’

‘Highly qualified and committed to the client.’

‘Always willing to look for different legal avenues to achieve the client’s objectives.’

Key clients


JP Morgan Chase

Banco Nacional de Panamá


Banco General

The Bank of Nova Scotia


Global Bank

Grupo Aval


Banco Davivienda

Banco Ficohsa Panamá

Credit Suisse

Banco Santander Central Hispano

Julius Baer

Grupo Poll (Inversiones Vilma)

Work highlights

  • Advised JP Morgan Chase Bank, Sumitomo Mitsui Banking Corporation and Citigroup Global Markets, as arrangers, as well as the lenders, in connection with a credit facility of up to $200m to Global Bank Corporation.
  • Advised Banco General and Banistmo, as the lenders, on the restructuring of a secured syndicated loan of $165m to Costa Del Este Town Center Group.
  • Assisted the Bank of Nova Scotia, Banco Internacional de Costa Rica (BICSA), Unibank and Mercantil Banco in the restructuring of a secured $40m syndicated loan to Evolution to finance the operation of the W Hotel in Panama.

Panama > Capital markets Tier 1

Alemán, Cordero, Galindo & Lee has ‘extensive experience‘ in capital markets matters, with a particular emphasis on the debt capital markets space. Besides its strength in international Rule 144A/Regulation S transactions, the team is frequently involved in large domestic corporate bond issuances. The practice predominantly acts for leading Panamanian and international investment banks and financial institutions, although it also advises issuers on bond offerings, listings and regulatory issues. Managing partner Arturo Gerbaud, who has a wealth of experience in acting for both underwriters and issuers in significant bond offerings, oversees the practice. Other notable contacts include Eloy Alfaro, who excels in structured finance and complex securitisations, and newly promoted partners Rita de la Guardia and Rafael Marquínez, both of whom are seasoned in international securities offerings.

Practice head(s):

Arturo Gerbaud


‘They have excellent knowledge of broker-dealers, brokerage houses and the stock market in general.’

‘The lawyers have extensive experience in the field of capital markets.’

‘Alcogal has always shown an exceptional willingness to deal with our inquiries, calls and meetings. They are extremely respectful of the caps negotiated with clients, despite the fact that transactions may be delayed for any reason unrelated to the firm.’

‘A young and close-knit team with great experience and a good relationship with the stock market regulator. I have a high opinion of Rita de la Guardia and Rafael Marquinez.’

‘High degree of knowledge of the capital markets area. Strength in regulatory matters.’

‘Very committed and available.’

Key clients

Bank of America

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

Celsia/Bahía Las Minas/Alternegy

Work highlights

  • Advised BofA Securities, Citigroup Global Markets and Banco General, as initial purchasers, in connection with a Rule 144A/Reg S secured bond offering by Aeropuerto Internacional de Tocumen (AITSA) for $1.85bn.
  • Acted as Panamanian counsel to Bank of America, JP Morgan and Goldman Sachs & Co, as the initial purchasers, in connection with a Rule 144A/Reg S bond issuance by Banco General of $400m to strengthen its primary capital.
  • Advised Banco General, as arranger and administrative agent, on the structuring and registration of a $70m corporate bonds issuance by Petróleos Delta.

Panama > Corporate and M&A Tier 1

The ‘excellent‘ corporate team at Alemán, Cordero, Galindo & Lee is renowned for its experience in complex, cross-border M&A, with particular strength in regulated sectors including energy, telecoms and banking. International and Panamanian corporations as well as financial institutions are at the core of the client base, which routinely turns to the practice for advice on both sell and buy-side mandates. The team is led by the highly experienced Arturo Gerbaud, a key contact for transactions in the banking segment, and Alejandro Ferrer, who recently returned to the firm after serving as Panama’s Minister of Foreign Affairs; Ferrer stands out for his expertise in M&A deals involving telecoms and energy assets. Other notable team members include Eloy Alfaro, who has a strong track record in financial services M&A, newly promoted partners Rafael Marquinez , Rita de la Guardia and Patricia Cordero, and associate Diego Anguizola.

Practice head(s):

Arturo Gerbaud; Alejandro Ferrer


‘The personalised service makes it easy to work with the ALCOGAL team. Excellent level of technical legal knowledge.’

‘The way the team deals with its clients is excellent.’

‘We have found a comprehensive value proposition where we do not need to look for other options. Alcogal has a multidisciplinary team that supports us with all our main requirements.’

‘The personal service provided by Eloy Alfaro and Diego Anguizola stands out. Each of them has given us personal attention and punctual advice, in a timely manner. They make us feel unique, they understand what is important to the client, and they give us their time and share their knowledge, giving us advice on what we should and should not do, in a very objective way. They, along with the whole team, always go the extra mile.’

Key clients

PTT Exploration and Production Public Company Limited (PTTEP)

BAC Holding (formerly Leasing Bogota)

I Squared Capital

Willis Europe

Phoenix Tower International


The Bank of Nova Scotia


Cable & Wireless Panama (Liberty Latin America)

Banco BTG Pactual

Work highlights

  • Advised I Squared Capital on the Panamanian law issues relating to its acquisition of SixSigma Networks Mexico (KIO Networks), which owns data centres throughout Latin America.
  • Advised Cable & Wireless Panamá, as well as its shareholder and operating partner Liberty Latin America, in connection with the $200m acquisition of Claro Panamá.
  • Advised Colombian holding company AI Candelaria on Panamanian law matters relating to the acquisition of an additional 5% stake in Oleoducto Central (Ocensa).

Panama > Dispute resolution Tier 1

‘With an exceptional level of technical legal knowledge’, Alemán, Cordero, Galindo & Lee is highly regarded for its expertise in complex civil and commercial litigation, with a particular emphasis on disputes in the banking, insurance, telecoms and construction industries. The firm, which is rated for its ‘vast knowledge of judicial processes‘, also has an active arbitration practice which encompasses high-profile international commercial and investment treaty cases. Jorge Federico Lee, who is renowned for labour disputes, jointly oversees the team with Alejandro Ferrer, who recently returned to the firm after serving as Panama’s Minister of Foreign Affairs. Other names to note include Eduardo Gómez, who stands out for international arbitration and construction and commercial litigation, and Jaime Castillo, a specialist in tax and antitrust litigation. Partners receive key support from a strong team of associates, which includes Anel Roach, Arcelio Vega and Doris Nieto.

Practice head(s):

Jorge Federico Lee; Alejandro Ferrer


‘A team of highly qualified and competent lawyers, available 24/7, with an exceptional level of technical legal knowledge. They are a team that works very closely and collaboratively with our company.’

‘The litigation team is exceptional, and I would particularly like to highlight Eduardo Gómez. They have a very deep understanding of the banking and finance industry, and their handling of litigation is efficient, resourceful and highly professional, with tremendous attention to detail. They are also one of the few firms with a lot of experience in administrative processes before financial regulators.’

‘Vast knowledge of judicial processes.’

‘Eduardo Gómez and Doris Nieto both provide a personalised and diligent service.’

‘ALCOGAL is a law firm that demonstrates at first glance that it has extensive knowledge and experience in litigation matters. I like that they approach the conflict from the perspective of the client’s interests, always with the aim of achieving the best possible result.’

‘Jaime Castillo, as head of strategy and procedural analysis, and Doris Nieto, who is in charge of drafting documents and legal logistics, make a great team.’

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

  • Representing four Panamanian banks – Banco General, Banistmo, Banco Aliado and Banesco – as creditors in judicial reorganisation proceedings filed by Importadora Maduro, in which the commercial and banking debt amounts to $65m.
  • Acting as Panamanian counsel to Grupo Unidos por el Canal, the contractor of the Panama Canal Third Set of Locks expansion project, in three related international arbitration proceedings under ICC rules and seated in Miami, Florida, brought against the Panama Canal Authority, as the employer.
  • Defended BNP Paribas in claims brought against the bank, seeking to annul the sale of real estate in the Colón free trade zone which was previously owned by the plaintiff.

Panama > Offshore Tier 1

The international corporate services department at Alemán, Cordero, Galindo & Lee advises multinationals, institutional investors, family-run businesses and high-net-worth individuals on the formation and administration of companies, private interest foundations and offshore trust vehicles. The firm’s worldwide trusts and estates practice also assists families and charitable organisations with estate planning and wealth management issues. Key jurisdictions where the firm has a presence include Belize, the Bahamas and the British Virgin Islands. Raúl Zúñiga and founding partner Jaime Alemán are key contacts, along with associate Cristina de Alba. The team is also supported by international associates Othmane Naim and Caroline Olivier, who are based in the firm’s office in Switzerland.

Panama > Projects and energy Tier 1

Alemán, Cordero, Galindo & Lee stands out for its expertise in the financing and development of large-scale transport infrastructure projects, including the construction and expansion of ports and highways and, most significantly, projects relating to the Panama Canal. The team is also adept at handling the development of renewable and conventional energy projects, and fields further strength in corporate transactions involving the energy and natural resources sector, most notably mining assets. Eloy Alfaro is recurrently retained by developers in major infrastructure projects; he oversees the department alongside Alejandro Ferrer, a specialist in energy, natural resources and infrastructure matters, who recently returned to the firm after serving as Panama’s Minister of Foreign Affairs. Mandates in the energy sector are a core area of focus for Jaime Castillo. Raúl Borrell has a strong track record in public tenders, concessions and project finance.

Practice head(s):

Eloy Alfaro; Alejandro Ferrer

Key clients

Empresas Públicas de Medellín (Elektra Noreste, Ensa Servicios and Hidroecológica del Teribe)

Puentes y Calzadas Infraestructuras (Grupo Puentes)

Constructora Pirenaica (Grupo Copisa)

Celsia, Celsia Centroamérica, Alternegy, Bontex and Bahia las Mismas (Grupo Celsia)

ASM Global

Petroterminal and Sociedad Latinoamericana de Inversiones (Grupo Liberman)

Petróleos Delta

Gas Natural Atlántico, Gas Natural Atlántico II, Costa Norte LNG Terminal and AES Panama (Grupo AES)

Grupo Unidos Por El Canal

Consorcio Loma Cova (Acciona Construcción and Constructora Meco)

Work highlights

  • Advising Puentes y Calzadas Infraestructuras on the design, construction and restoration of the Atalaya-Mariato-Quebro-Las Flores highway and the improvement of the branch of road between Ramal and Varedero.
  • Advising ASM Global on the negotiation of an agreement with the Panama Tourism Authority (ATP) for the management of the newly developed Panama Convention Centre.
  • Assisting Cable & Wireless Panamá in all of its projects and operations in the country.

Panama > Real estate Tier 1

The real estate team at Alemán, Cordero, Galindo & Lee advises a wide range of domestic and international clients, including financial institutions and developers, on high-value real estate projects and transactions. The team provides regular assistance in the development of residential, commercial and industrial projects, with a particular emphasis on the planning for high-end resorts. Eloy Alfaro, who is currently advising on a high-profile development in the Panama Pacifico area, leads the team with the highly experienced Aníbal Galindo, who excels in M&A involving real estate assets, and Lorenzo Marquinez, who counts a number of luxury real estate developers among his clients. Rafael Marquínez, who was welcomed to the partnership in January 2022, is a name to note for financing transactions in this space.

Practice head(s):

Aníbal Galindo; Lorenzo Marquinez; Eloy Alfaro

Key clients

London & Regional

Grupo Verdeazul

Grupo Buenaventura

Ideal Living

Grupo Provivienda

Grupo Eleta

Desarrollos Horizontes

Desarrollos Comerciales

Marea Ventures

Constructora Urbana

Work highlights

  • Advising London & Regional on the financing, real estate and regulatory aspects of its master development of the Panama Pacífico Special Economic Area.
  • Advising Grupo Verdeazul on its 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 Panama City’s largest mixed golf/residential development, Santa María Golf & Country Club.

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
Cristina de Alba photoMrs Cristina de AlbaAssociate
Jaime Aleman photoDr Jaime AlemanPartner (Founding Partner; 1985). Areas of practice include: Corporate Law, Tax Law,…
Eloy Alfaro B. photoMr Eloy Alfaro B.Partner (2011). Areas of practice include: Banking Law, Commercial Law, Corporate Law,…
Raul Borrell A. photo Raul Borrell A.Partner
Jaime Castillo photoMr Jaime CastilloPartner 
Patricia Cordero photoMrs Patricia CorderoPartner
Alejandro Ferrer photoDr Alejandro FerrerPartner (1998). Areas of practice include: Arbitration, Business Law, Antitrust, Energy Law,…
Arturo Gerbaud photoMr Arturo GerbaudPartner (1992). Areas of practice include: Banking Law, Corporate Law, Securities Law…
Eduardo Gómez photoMr Eduardo GómezPartner 
Jorge F. Lee photoMr Jorge F. LeePartner (Founding Parner; 1985). Areas of practice include: Banking Law, Civil Litigation…
Sophia Lee photoMrs Sophia LeeAssociate (2007). Areas of practice include: Public Bids, Labor Law, Real Estate…
Rafael Marquinez photoMr 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
Rita de la Guardia photoMrs Rita de la GuardiaPartner
Other fee-earners : 18
Partners : 12
Other fee-earners : 21