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

Alemán, Cordero, Galindo & Lee
Arturo Gerbaud photo


Partner (1992). Areas of practice include: Banking Law, Corporate Law, Securities Law and Project Financing.


Partner – Alemán, Cordero, Galindo & Lee (1992-Present); Associate – Alemán, Cordero, Galindo & Lee (1990-1992); Partner – 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)


Duke University, LL.M. (1987); Universidad Santa María La Antigua, LL.B (1986).

Lawyer Rankings

Panama > Corporate and M&A

(Leading individuals)

Arturo GerbaudAlemán, 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 > Capital markets

(Leading individuals)

Arturo GerbaudAlemán, Cordero, Galindo & Lee

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 > Banking and finance

(Leading individuals)

Arturo GerbaudAlemán, 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.