Alcogal acted as Panamanian legal counsel to BAC International Bank, Inc. in its merger by absorption with Multibank, Inc., whose operational integration was completed on June 9, from which date both entities operate as a single institution under the BAC brand. The firm advised BAC from start to finish on the largest banking sector transaction in Panama in more than a decade: from the corporate structure of the merger and its authorization by the Superintendency of Banks of Panama, to the contractual, capital markets, insurance, tax and antitrust aspects of the integration. The transaction consolidates BAC as the second-largest bank in Panama’s financial system by assets and loan portfolio, and makes Panama Grupo BAC’s main market in the region. Alcogal’s team was led by partners Rafael Marquinez and Patricia Cordero. The operation represents a relevant milestone for Panama’s banking center.