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

Alemán, Cordero, Galindo & Lee

Banking and finance Tier 1

The well-respected team at Alemán, Cordero, Galindo & Lee is experienced in high-profile domestic and cross-border banking transactions for local banks and international financial institutions that have a presence in Panama. While it is most active on the lender side, the team also acts for borrowers, particularly local corporations. The team has expertise in regulatory issues, syndicated loans, and real estate and project finance, as well as M&A and litigation in the financial sector. Arturo Gerbaud leads the 'attentive and available' team, which also includes Eloy Alfaro, who frequently handles large-scale financial transactions, and experienced senior associates Patricia Cordero and Rita de la Guardia.

Practice head(s):


‘The team at Alcogal follows the model of a boutique firm that guarantees 24/7 client service. All of the lawyers are very attentive and accessible. They are all highly regarded for their extensive experience in banking and finance matters.’

‘The team is extremely attentive and available 24/7. In addition to the excellent support that they provide, their work is of a high technical standard and we really feel their input in our matters.’

Key clients

Citibank, N.A.

Banco General, S.A.

The Bank of Nova Scotia

Banistmo S.A.

Julius Baer

BAC International Bank Inc.

Banco Santander Central Hispano

St. Georges Bank

Caja de Ahorros

PKB Banca Privada (Panama), S.A.

Capital markets Tier 1

Highlighted for its 'knowledge, availability and negotiating skills', the team at Alemán, Cordero, Galindo & Lee regularly advises the principal domestic and international banks operating in Panama on bond issuances. The team is also experienced in acting for financial sponsors, institutional investors and multinationals on local and international capital markets transactions and regulatory matters. Arturo Gerbaud, whose client base includes a number of leading banks, heads the practice. The experienced Eloy Alfaro and senior associates Rafael Marquínez, who is praised for his 'professionalism and extensive knowledge', and Rita de la Guardia, who has expertise in local and cross-border transactions, are also key contacts.

Practice head(s):


‘In our experience, Alcogal’s assistance in capital markets transactions has been very professional. They always show a broad knowledge of the laws and procedures that are necessary for transactions of this kind.’

‘Rafael Marquinez stands out for his high level of professionalism and extensive knowledge of the subject, which allowed him to advise us accurately.’

‘A lot of experience and ability.’

‘Good client care, always available.’

‘They stand out for their knowledge of the capital markets, banking transactions and financial and market regulation.’

‘Knowledge, availability and negotiating skills.’

Key clients

AES Panama, S.R.L.

Banistmo S.A.

Banco General, S.A.

Prival Bank S.A.

Global Bank Corporation

Citigroup Global Markets Inc.


The Bank of Nova Scotia

Aeropuerto Internacional de Tocumen, S.A.

Citibank N.A. & Citivalores, S.A.

Corporate and M&A Tier 1

Alemán, Cordero, Galindo & Lee has a well-established corporate and M&A practice in Panama and is particularly active in high-profile M&A transactions in the banking sector. The team, which has experience acting on both the buy and sell sides of corporate transactions, handles domestic and cross-border matters, with a blue-chip client base that includes leading Panamanian corporations and financial institutions, as well as multinationals with operations in the country. It also advises on corporate restructurings and the sale of distressed assets. Arturo Gerbaud, who has particular strength in acting for banks in corporate transactions, leads the practice. Eloy Alfaro and senior associate Rita de la Guardia are also names to note.

Practice head(s):

Key clients

Citibank N.A.

First Quantum Minerals Ltd.

Julius Bär

Ingenieros Civiles Asociados (ICA)

The Bank of Nova Scotia


Celsia S.A., E.S.P.

Cable & Wireless Panama, S.A.

Phoenix Tower International

Banco BTG Pactual

Dispute resolution Tier 1

Praised for its 'high level of technical skill', the dispute resolution team at Alemán, Cordero, Galindo & Lee has extensive experience in complex civil and commercial litigation, and has been active in significant antitrust cases in Panama, as well as some of the first class action lawsuits filed in the country. The team also has expertise in domestic and international arbitration. Former Supreme Court justice Jorge Lee leads the team alongside Eduardo Gómez, who has particular expertise in arbitration, with clients including leading local banks and telecoms companies. Alejandro Ferrer is currently on leave while serving as Panama's Minister of Foreign Affairs.

Practice head(s):


‘The dispute resolution team are very well positioned in the country. They are highly regarded for their high level of technical skill and I would also like to highlight that they know the litigation environment very well, and use that knowledge to assist their clients.’

‘The litigators in the team have extensive past experience in the courts and in significant positions (as judges or even Supreme Court magistrates) in the country. They are very flexible, analytical and have an excellent capacity to handle high volumes of important work in a short time, without this affecting the quality of what they deliver.’

Key clients

Grupo Unidos por el Canal

Copa Airlines

Elektra Noreste, S.A.

Cable & Wireless (Panama)

Servicios Latinoamericanos de Inversiones (SLI)

Crimson Logic

Panama Canal Railway Company

IDEAL Panamá

Hyundai Heavy Industries

Banco General

Offshore Tier 1

Alemán, Cordero, Galindo & Lee has a strong international client base of corporations, private banks, investment funds and high-net-worth individuals, including many Latin American companies using Panama as a hub for their operations. With 11 affiliated offices in Europe, Latin America, the Middle East and Asia, the team is experienced in advising on multi-jurisdictional corporate, fund, trust and fiduciary issues. It assists with the creation and structuring of foundations and trusts, asset management platforms, and estate planning, and is increasingly active advising family offices on succession planning. The highly regarded Raúl Zúñiga and Jaime Aleman lead the team, while associate Cristina de Alba is noted for her experience advising family offices.

Practice head(s):


‘Well-organised staff who are always ready to answer your questions and to solve your issues in a quick and competent way. The fees are reasonable.’

‘I appreciate Raúl Zúñiga’s work in corporate and tax matters.’

Key clients

Union Bancaire Privée

Banque Privée Edmond de Rothschild


Banco Santander Central Hispano


Credit Suisse


Fidinam (Hong Kong) Limited

BNP Paribas

PKB Banca Privada (Panama), S.A.

Real estate Tier 1

Leading real estate developers in Panama turn to Alemán, Cordero, Galindo & Lee for advice on large-scale residential, industrial and commercial projects; other clients include banks and institutional investors. The team assists with planning, zoning laws and environmental regulation, as well as the financing and development of projects, and is able to draw on the full-service firm's strength in litigation to handle construction and real estate disputes. The highly regarded Anibal Galindo, who has expertise in real estate and finance; Lorenzo Marquinez, whose clients include many of the largest luxury developers in Panama; and Eloy Alfaro, who has project finance expertise, lead the team. Senior associate Rafael Marquinez is noted for his experience in real estate transactions.

Key clients

London & Regional (Panamá), S.A.

Grupo Verdeazul

Grupo Buenaventura

Ideal Living, Corp.

Grupo Provivienda

Grupo Eleta

Desarrollos Horizontes, S.A.

Desarrollos Comerciales S.A

Marea Ventures Corp.

Constructora Urbana

Projects and energy Tier 2

Alemán, Cordero, Galindo & Lee has experience advising on high-profile domestic projects in a range of sectors, with particular expertise in hydroelectric and other energy projects, major public infrastructure developments, and high-end real estate projects. The team acts for local and international companies, financial institutions and investors, including leading energy distributors and generators. The multi-disciplinary team advises on the structuring, financing and operation of projects, as well as labour and commercial matters following construction. Eloy Alfaro, who is highly experienced in project finance and development, leads the team, while Jaime Castillo, who has expertise in energy and infrastructure matters, is also a key contact.

Practice head(s):

Key clients

Grupo EPM

Grupo Celsia

Petroterminal S.A. (PATSA)

Sociedad Latinoamericana De Inversiones (SlI)

Petroleos Delta

Grupo AES

Grupo Unidos Por El Canal 

Constructora Urbana

London & Regional (Panamá), S.A.

Consorcio Loma Cová

Grupo Carso

Shipping Tier 3

Alemán, Cordero, Galindo & Lee's practice spans a range of shipping and maritime transportation matters. The team advises on the construction, acquisition, registration, operation and financing of ships, drilling rigs and other vessels, and also has a strong port facilities practice, which assists with the construction and operation of port projects and handles port-related transactions. Clients include states, domestic and multinational companies, and financial institutions. The practice is led by the experienced Anibal Galindo.

Practice head(s):

Key clients

Evergreen Marine International (Taiwan) Ltd.

Hubel Marine B.V.

Baker & McKenzie

Transocean Maritime Co.

Milbank, New York

Allens – Linklaters, Australia

Shearman & Sterling (London) LLP, London

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.

Department Name Email Telephone
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
Photo Name Position Profile
Dr Jaime Aleman  photo Dr Jaime Aleman Partner (Founding Partner; 1985). Areas of practice include: Corporate Law, Tax Law,…
Mr Eloy Alfaro  photo Mr Eloy Alfaro Partner (2011). Areas of practice include: Banking Law, Commercial Law, Corporate Law,…
Mr Jaime Castillo  photo Mr Jaime Castillo Partner (2018). Associate (2004). Areas of practice include: Electricity Law, General Practice,…
Dra Patricia Cordero  photo Dra Patricia Cordero Senior Associate
Dr Alejandro Ferrer  photo Dr Alejandro Ferrer Partner (1998). Areas of practice include: Arbitration, Business Law, Antitrust, Energy Law,…
Mr Arturo Gerbaud  photo Mr Arturo Gerbaud Partner (1992). Areas of practice include: Banking Law, Corporate Law, Securities Law…
 Eduardo Gómez photo Eduardo Gómez Partner (2018). Associate (2002). Areas of practice include: Arbitration, Civil Litigation, Corporate…
Mr Jorge Lee  photo Mr Jorge Lee Partner (Founding Parner; 1985). Areas of practice include: Banking Law, Civil Litigation…
Mrs Sophia Lee  photo Mrs Sophia Lee Associate (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
 Raúl Zúñiga photo Raúl Zúñiga Offshore services, Trust and estate planning, Corporate and M&A
Mrs Cristina de Alba  photo Mrs Cristina de Alba Associate
Dra Rita de la Guardia  photo Dra Rita de la Guardia Senior Associate
Other fee-earners : 18
Partners : 12
Other fee-earners : 21