Mr Eloy Alfaro B. > Alemán, Cordero, Galindo & Lee > Panama, Panama > Lawyer Profile

Alemán, Cordero, Galindo & Lee
Eloy Alfaro B. photo


Partner (2011). Areas of practice include: Banking Law, Commercial Law, Corporate Law, Mergers and Acquisitions, Public Bids, Real Estate Law.


Partner – Alemán, Cordero, Galindo (2011-Present); Associate – Alemán, Cordero, Galindo & Lee (2004-2011).


Spanish and English.


  • Secretary of the Board, London & Regional (Panama), S.A.
  • Director, GNB Sudameris Bank, S.A.
  • Director and Secretary of the Board, Panama Chamber of Commerce, Industry and Agriculture (2016 – present)
  • Director, Cemento Chagres, S.A.


University of Pennsylvania, J.D. (2004); Columbia University, B.A. (2001).

Lawyer Rankings

Panama > Banking and finance

(Leading individuals)

Eloy AlfaroAlemán, Cordero, Galindo & Lee

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.

Panama > Capital markets

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.

Panama > Corporate and M&A

(Leading individuals)

Eloy AlfaroAlemán, Cordero, Galindo & Lee

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.

Panama > Real estate

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.

Panama > Projects and energy

(Leading individuals)

Eloy AlfaroAlemán, Cordero, Galindo & Lee

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.