Mr Arturo Gerbaud > Alemán, Cordero, Galindo & Lee > Panama, Panama > Lawyer Profile

Alemán, Cordero, Galindo & Lee

Work Department

Areas of practice include: Banking & Finance, Capital Markets, Corporate and M&A


Managing Partner




  • Managing partner at Aleman, Cordero, Galindo & Lee (present)
  • Partner at Aleman, Cordero, Galindo & Lee (1992-present)
  • Associate at Aleman, Cordero, Galindo & Lee (1990-1992)
  • Partner at Grimaldo, Tejeira & Gerbaud (1988-1990)


Spanish and English.


  • Presidential High Level Commission for the Modernization of the Capital Markets
  • Drafter, Securities Law of Panama
  • Director, Superintendency of Banks of Panama
  • Director and President, Central Latinoamericana de Valores, S.A.
  • Director and President, Latinex Holdings, Inc.
  • Director and President, Bolsa de Valores de Panamá, S.A.
  • Panama Bar Association
  • Director, Soluciones de Microfinanzas S.A. (Microserfín)


  • Master of Laws (LL.M), Duke University, Durham, North Carolina (1987)
  • Bachelor of Law and Political Sciences, Universidad Santa Maria la Antigua, Panama City, Panama (1986)

Lawyer Rankings

Panama > Banking and finance

(Hall of Fame)

Arturo Gerbaud – Alemán, Cordero, Galindo & Lee

A longstanding leader in the Panamanian market, Alemán, Cordero, Galindo & Lee houses a comprehensive banking and finance practice, which spans the full range of related matters, from leveraged and acquisition finance to project finance, asset finance and real estate finance. In particular, the team is renowned for its expertise in cross-border transactions, with a particular emphasis on financings governed by New York law. The firm is predominantly focused on the lender side of deals, acting for an impressive roster of major domestic banks as well as prominent international lenders, but also advises a host of corporate borrowers, including well-known multinationals. Managing partner Arturo Gerbaud leads the practice, bringing over three decades of experience in complex financial transactions. The sizeable team also includes a trio of up-and-coming partners: Rita de la Guardia (who is also qualified in New York), Patricia Cordero and Rafael Marquínez. Experienced associates Karla Rivera and Mario Vlieg are also key contacts.

Panama > Capital markets

(Hall of Fame)

Arturo Gerbaud – Alemán, Cordero, Galindo & Lee

Alemán, Cordero, Galindo & Lee fields a four-partner team capable of handling the full spread of capital markets matters, but is particularly renowned for its expertise in debt capital markets transactions, with an impressive recent track record in advising on both domestic bond issuances and cross-border Rule 144A/Regulation S offerings. In addition to advising local and regional issuers, the firm’s strong reputation in international matters makes it a preferred choice to act for foreign financial institutions. Managing partner Arturo Gerbaud, who has extensive experience advising both underwriters and issuers on complex bond offerings, leads the team. Rafael Marquínez, Patricia Cordero and Rita de la Guardia – all of whom were promoted to the partnership in 2022 – are also active members of the practice.

Panama > Corporate and M&A

(Leading individuals)

Arturo Gerbaud – Alemán, Cordero, Galindo & Lee

M&A powerhouse Alemán, Cordero, Galindo & Lee has a stellar track record in advising on both the purchaser and seller side of high-profile transactions, with notable capabilities in cross-border matters and deals in the banking and energy sectors. It also has growing expertise in the telecoms, technology and logistics spaces. Its client base ranges from major multinationals and leading Panamanian corporations to smaller emerging businesses. The department is headed by the highly experienced duo of Arturo Gerbaud, an expert in the financial services sector, and former Minister of Foreign Affairs Alejandro Ferrer, whose practice takes in energy and telecoms-related transactions and antitrust matters. Other well-regarded partners in the sizeable team include Raúl Borrell, a specialist in the natural resources and maritime fields, Rita de la Guardia, who is also admitted to practice in New York and is well versed in international transactions, Patricia Cordero and Rafael Marquínez, while Diego Anguizola (another member of the New York Bar) and Mario Vlieg stand out at the associate level.