Alemán, Cordero, Galindo & Lee
Rankings
Awarded leading firm in Latin America 2026
Ranked Departments:
Ranked Individuals:
Overview
Provided by Alemán, Cordero, Galindo & Lee
Managing Partner: Arturo Gerbaud
Contact Partners: Patricia Cordero and Rita de la Guardia
Number of Partners Worldwide: 14
Number of Other Lawyers Worldwide: 30
Languages: Spanish, English, French
Firm Overview:
Alemán, Cordero, Galindo & Lee (Alcogal), established in 1985, is one of Panama's leading law firms. It offers comprehensive legal services with a strong focus on banking, finance, corporate M&A, and dispute resolution. Alcogal represents large corporations in Panama and provides services to major local and foreign banks. The firm advises companies across various industries, including telecommunications, transportation, construction, and retail.
Alcogal is experienced in handling complex international transactions and public tenders. Its offshore practice is supported by offices in the British Virgin Islands, Belize, the Bahamas, and a network of correspondents worldwide.
Main Areas of Practice:
Banking, Finance & Capital Markets:
Alcogal handles various banking and finance matters, including loan agreements, securities transactions, IPOs, and tender offers. It is considered the leading banking firm in Panama.
Representative Transactions:
- Assisted in a US$380 million bond issuance by San Miguel Industrias PET S.A.
- Advised on a US$1.85 million bond offering by Aeropuerto Internacional de Tocumen.
- Acted as counsel for Elektra Noreste, S.A. in a US$100 million corporate bond issuance.
- Advised on a US$200 million loan to Global Bank Corporation.
- Acted as counsel for a US$400 million bond issuance by Banco General, S.A.
- Advised on the Republic of Panama's US$400 million credit facility.
- Advised on a US$1 billion bond issuance by Banco Nacional de Panamá.
- Advised on a US$610 million bridge loan for Gas Natural Atlántico and Costa Norte LNG Terminal.
- Assisted in a US$100 million credit agreement to acquire Scotiabank's operations in El Salvador.
- Acted as counsel for a US$300 million bond issuance by Global Bank Corporation.
- Advised on a US$500 million bond issuance by Empresa de Transmision Electrica, S.A.
- Advised on an exchange offer of US$550 million senior notes by Avianca Holdings, S.A.
Corporate & M&A:
The firm advises on tax, regulatory, liability, and confidentiality matters, as well as on operations reorganization and restructuring.
Representative Transactions:
- Advised Cable & Wireless Panamá S.A. on the acquisition of Claro Panamá.
- Advised Grupo Aval on the acquisition of Multibank Financial Corp.
- Advised Banco Panamá on its merger with Banco Aliado.
- Advised Partners Group on acquiring a 50% stake in EnfraGen LLC.
- Advised on the US$350 million sale of the Soho Project.
Litigation & Arbitration:
Alcogal has a robust litigation and arbitration practice, representing clients in complex disputes across various sectors. The firm handles commercial litigation, arbitration, and alternative dispute resolution, providing strategic advice to achieve favorable outcomes.
Representative Transactions:
- Represented a major telecommunications company in a high-stakes arbitration involving contractual disputes.
- Successfully defended a multinational corporation in a complex commercial litigation case.
- Acted as counsel in an international arbitration concerning a significant infrastructure project.
- Advised a financial institution in a dispute over regulatory compliance and enforcement actions.
- Represented an energy company in an arbitration related to a breach of contract claim.
Ranked Offices
Provided by Alemán, Cordero, Galindo & Lee
Panama - Head office
Panama
2nd Floor, Humboldt Tower, East 53rd Street Marbella PO Box 0819-09132 , Panama, Panama, Panama, 0819-09132, Panama
Ranked Departments
Ranked Individuals
Articles, highlights and press releases
39 items provided by Alemán, Cordero, Galindo & Lee
Jurisdiction and Competence: Key Aspects of the New Civil Procedure Code
Panama’s new Civil Procedure Code redefines judicial roles, expands small claims jurisdiction, and integrates arbitral tribunals. It ensures access to justice, timely rulings, and impartial judges, supported by associate judges and a new Judicial Office.
Judicial Terms in Panama’s New Code of Civil Procedure: Innovations and Challenges.
Panama’s new Civil Procedure Code enforces strict judicial deadlines, including loss of jurisdiction after one year. It modernizes evidence rules and digitizes filings, aiming for faster, fairer trials and stronger judicial protection.
Litigating in the Digital Era: The Challenge of Electronic Evidence, Foreign Documents, and Electron
In Panama, digital evidence like emails, chats, and e-signatures is now central to litigation. Admissibility hinges on authentication, translation, and legal validation—especially for foreign documents. Lawyers must master tech protocols to ensure evidence is accepted.
Precautionary Measures Regime in the New Civil Procedure Code: Orality as a Guiding Principle
Panama’s new Civil Procedure Code modernizes precautionary measures by making orality the guiding principle. It introduces faster hearings, technical criteria like plausibility and proportionality, and digital communication, ensuring more agile and balanced judicial protection.
Alcogal Advises IDB Invest in Banistmo’s USD 100 Million Sustainable Bond Issuance
Alcogal advised IDB Invest as anchor investor in Banistmo’s US$100M sustainable bond issue, supporting women-led SMEs and climate resilience projects in Panama’s public securities market.
Alcogal Advises Banco Ficohsa (Panama) on US$30 Million Securities Program and Celebrates at Latinex
Alcogal advised Banco Ficohsa (Panama) on registering its US$30M Revolving Corporate Securities Program, structured by Global Bank. Rafael Marquínez and Lilah Levin led the legal team and joined the bell-ringing ceremony at Latinex.
Alcogal Advises on Bladex’s Landmark US$200 Million AT1 Bond Issuance
Alcogal advised Bank of America Securities, JP Morgan Securities, and Jefferies in Bladex’s first international AT1 bond issuance for US$200M. The legal team included Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez.
Alcogal Advises BBVA Colombia on Securing International Banking License in Panama
Alcogal advised BBVA Colombia on securing its International Banking License in Panama, marking a key step in its regional expansion. Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez led the legal team.
Alcogal Advises on USD 2 Billion Financing for Grupo Nutresa in Colombia
Alcogal advised on the structuring of a USD 2 billion financing for Grupo Nutresa, one of Latin America’s leading food conglomerates with operations in over 14 countries and presence in more than 80 markets.
Scotiabank Leads $350 Million Syndicated Loan to Naturgy Panama with Legal Advisory Support
Alcogal acted as legal advisors to Scotiabank, in its role as structurer, and to a syndicate of 14 banks, in connection with a $350 million syndicated loan granted to Naturgy Panama.
BAC Secures Landmark International Financing with Alcogal’s Legal Support
Alcogal advised BAC International Bank, Inc. on a landmark USD 500 million international syndicated financing, the largest of its kind in Panamanian banking history. The deal, involving SMBC, JPMorgan, and Wells Fargo, highlights confidence in BAC and Central America's economy.
Alcogal acts as legal counsel in transaction between Scotiabank and Davivienda
Alcogal is acting as legal counsel to The Bank of Nova Scotia in the recent transaction involving transferring its banking operations in Colombia, Costa Rica, and Panama to Banco Davivienda.
Alcogal advises on the sale of Panama Canal Railway Company to APM Terminals.
Alcogal advised CPKC and Lanco Group/Mi-Jack on the sale of PCRC to APM Terminals.
Panama Promotes Internationalization with New Secondary Market Registration Exemption
We invite you to read an insightful article by Alcogal's partner, Rafael Marquínez, on Panama's new secondary market registration exemption. This measure enhances Panama's competitiveness, aligns with global practices, and boosts investment opportunities. Don't miss out on this important update.
Responsibilities of a Board Member
Discover the key responsibilities of board members in Panamanian corporations in this insightful article by Alcogal's partner, Rita de la Guardia. Learn about their functions, civil and criminal liabilities, and how to avoid legal issues. Don't miss out on this essential read!
Updated Guide for the Issuance of Labeled Thematic Financial Instruments by Latinex Panama
Discover the latest insights on sustainable financing in Rafael Marquínez's article. Learn about the new guidelines, international standards, and transparency measures that are shaping the future of sustainable investments
Pledge ¨for quotas of International Cruises Services
Alemán, Cordero, Galindo & Lee advised Topsail Holdo LLC, Topsail Debtco LLC, and Apollo Group LLC on a pledge over Panamanian companies' quotas. This pledge secures up to USD 180 million in credit facilities for Topsail Debtco LLC from a bank syndicate and Regions Bank.
Panama Internationalizes Securities Issuance with Euroclear Bank
Significant moment for the Panamanian capital market
Commentary: Key Insights on Global M&A Trends in 2024 from a Panama Perspective
Commentary on McKinsey’s analysis on the top M&A trends in 2024
Alcogal advises Banco General and Microserfin
Alcogal successfully advised Microserfin and Banco General in Panama's first Social Bond issuance listed on Latinex.
Alcogal advises Global Bank in connection with a USD 50M loan
Alcogal Advised Grupo Bancolombia
Alcogal advised Grupo Bancolombia and a bank syndicate in the historic acquisition of Grupo Exito by Grupo Calleja
Alcogal advised Promerica Financial Corporation
Alcogal advised Promerica Financial Corporation (PFC), in the issuance of senior secured notes for US$225 million.
(Alcogal) advised Banistmo S.A. in public offering for US$64 million
Alemán, Cordero, Galindo & Lee (Alcogal) advised Banistmo S.A., as Arranger, Underwriter, and Agent, in connection with the public offering of the Series C Commercial Bonds by Bayport for US$64 million, issued under Bayport's revolving US$200 million corporate bond program.
Alcogal advised ENSA Panamá in a US$100 million loan
Alemán, Cordero, Galindo & Lee (Alcogal) advised ENSA Panamá, as the borrower, in a US$100 million loan granted by BID Invest and Scotiabank
Alcogal represented Multibank, Inc, in a US$200M registration of revolving corporate bond program
Alcogal represented Multibank, Inc. (the "Issuer") in the registration of a revolving corporate bond program for US$200M (the "Program") through the abbreviated registration process for recurring issuers with the Superintendency of Capital Markets, so that the bonds
Alcogal advised Banco General with registration before the Capital Markets Superintendency
In order to replace the LIBOR with the SOFR as the reference rate for the calculation of interest, Alcogal, advised Banco General, S.A. as arranger and agent, with the registration before the Superintendency of Capital Markets, of the amendment to the terms and conditions
Alcogal advised Banco General in a US$23.5 MM public offering of corporate bonds.
Alemán, Cordero, Galindo & Lee (Alcogal) advised Banco General, S.A., in its capacity as arranger, underwriter, and agent, in connection with the public offering of corporate bonds of Hyland Commercial Corp. (the "Issuer"), in the amount of US$23.5 MM,
Alcogal advised SMBC, Citigroup Global Markets and JP Morgan Chase Bank
The firm advised Sumitomo Mitsui Banking Corporation, Citigroup Global Markets and JP Morgan Chase Bank, N.A., as arranger, as well as the creditors, on a loan to Global Bank Corporation for US$200 million.
JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Alcogal participated as Panamanian counsel to the underwriters in a bond offering issued by Banco General
Jurisdiction and Competence: Key Aspects of the New Civil Procedure Code
Panama’s new Civil Procedure Code redefines judicial roles, expands small claims jurisdiction, and integrates arbitral tribunals. It ensures access to justice, timely rulings, and impartial judges, supported by associate judges and a new Judicial Office.
Judicial Terms in Panama’s New Code of Civil Procedure: Innovations and Challenges.
Panama’s new Civil Procedure Code enforces strict judicial deadlines, including loss of jurisdiction after one year. It modernizes evidence rules and digitizes filings, aiming for faster, fairer trials and stronger judicial protection.
Litigating in the Digital Era: The Challenge of Electronic Evidence, Foreign Documents, and Electron
In Panama, digital evidence like emails, chats, and e-signatures is now central to litigation. Admissibility hinges on authentication, translation, and legal validation—especially for foreign documents. Lawyers must master tech protocols to ensure evidence is accepted.
Precautionary Measures Regime in the New Civil Procedure Code: Orality as a Guiding Principle
Panama’s new Civil Procedure Code modernizes precautionary measures by making orality the guiding principle. It introduces faster hearings, technical criteria like plausibility and proportionality, and digital communication, ensuring more agile and balanced judicial protection.
Alcogal Advises IDB Invest in Banistmo’s USD 100 Million Sustainable Bond Issuance
Alcogal advised IDB Invest as anchor investor in Banistmo’s US$100M sustainable bond issue, supporting women-led SMEs and climate resilience projects in Panama’s public securities market.
Alcogal Advises Banco Ficohsa (Panama) on US$30 Million Securities Program and Celebrates at Latinex
Alcogal advised Banco Ficohsa (Panama) on registering its US$30M Revolving Corporate Securities Program, structured by Global Bank. Rafael Marquínez and Lilah Levin led the legal team and joined the bell-ringing ceremony at Latinex.
Alcogal Advises on Bladex’s Landmark US$200 Million AT1 Bond Issuance
Alcogal advised Bank of America Securities, JP Morgan Securities, and Jefferies in Bladex’s first international AT1 bond issuance for US$200M. The legal team included Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez.
Alcogal Advises BBVA Colombia on Securing International Banking License in Panama
Alcogal advised BBVA Colombia on securing its International Banking License in Panama, marking a key step in its regional expansion. Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez led the legal team.
Alcogal Advises on USD 2 Billion Financing for Grupo Nutresa in Colombia
Alcogal advised on the structuring of a USD 2 billion financing for Grupo Nutresa, one of Latin America’s leading food conglomerates with operations in over 14 countries and presence in more than 80 markets.
Scotiabank Leads $350 Million Syndicated Loan to Naturgy Panama with Legal Advisory Support
Alcogal acted as legal advisors to Scotiabank, in its role as structurer, and to a syndicate of 14 banks, in connection with a $350 million syndicated loan granted to Naturgy Panama.
BAC Secures Landmark International Financing with Alcogal’s Legal Support
Alcogal advised BAC International Bank, Inc. on a landmark USD 500 million international syndicated financing, the largest of its kind in Panamanian banking history. The deal, involving SMBC, JPMorgan, and Wells Fargo, highlights confidence in BAC and Central America's economy.
Alcogal acts as legal counsel in transaction between Scotiabank and Davivienda
Alcogal is acting as legal counsel to The Bank of Nova Scotia in the recent transaction involving transferring its banking operations in Colombia, Costa Rica, and Panama to Banco Davivienda.
Alcogal advises on the sale of Panama Canal Railway Company to APM Terminals.
Alcogal advised CPKC and Lanco Group/Mi-Jack on the sale of PCRC to APM Terminals.
Panama Promotes Internationalization with New Secondary Market Registration Exemption
We invite you to read an insightful article by Alcogal's partner, Rafael Marquínez, on Panama's new secondary market registration exemption. This measure enhances Panama's competitiveness, aligns with global practices, and boosts investment opportunities. Don't miss out on this important update.
Responsibilities of a Board Member
Discover the key responsibilities of board members in Panamanian corporations in this insightful article by Alcogal's partner, Rita de la Guardia. Learn about their functions, civil and criminal liabilities, and how to avoid legal issues. Don't miss out on this essential read!
Updated Guide for the Issuance of Labeled Thematic Financial Instruments by Latinex Panama
Discover the latest insights on sustainable financing in Rafael Marquínez's article. Learn about the new guidelines, international standards, and transparency measures that are shaping the future of sustainable investments
Pledge ¨for quotas of International Cruises Services
Alemán, Cordero, Galindo & Lee advised Topsail Holdo LLC, Topsail Debtco LLC, and Apollo Group LLC on a pledge over Panamanian companies' quotas. This pledge secures up to USD 180 million in credit facilities for Topsail Debtco LLC from a bank syndicate and Regions Bank.
Panama Internationalizes Securities Issuance with Euroclear Bank
Significant moment for the Panamanian capital market
Commentary: Key Insights on Global M&A Trends in 2024 from a Panama Perspective
Commentary on McKinsey’s analysis on the top M&A trends in 2024
Alcogal advises Banco General and Microserfin
Alcogal successfully advised Microserfin and Banco General in Panama's first Social Bond issuance listed on Latinex.
Alcogal advises Global Bank in connection with a USD 50M loan
Alcogal Advised Grupo Bancolombia
Alcogal advised Grupo Bancolombia and a bank syndicate in the historic acquisition of Grupo Exito by Grupo Calleja
Alcogal advised Promerica Financial Corporation
Alcogal advised Promerica Financial Corporation (PFC), in the issuance of senior secured notes for US$225 million.
(Alcogal) advised Banistmo S.A. in public offering for US$64 million
Alemán, Cordero, Galindo & Lee (Alcogal) advised Banistmo S.A., as Arranger, Underwriter, and Agent, in connection with the public offering of the Series C Commercial Bonds by Bayport for US$64 million, issued under Bayport's revolving US$200 million corporate bond program.
Alcogal advised ENSA Panamá in a US$100 million loan
Alemán, Cordero, Galindo & Lee (Alcogal) advised ENSA Panamá, as the borrower, in a US$100 million loan granted by BID Invest and Scotiabank
Alcogal represented Multibank, Inc, in a US$200M registration of revolving corporate bond program
Alcogal represented Multibank, Inc. (the "Issuer") in the registration of a revolving corporate bond program for US$200M (the "Program") through the abbreviated registration process for recurring issuers with the Superintendency of Capital Markets, so that the bonds
Alcogal advised Banco General with registration before the Capital Markets Superintendency
In order to replace the LIBOR with the SOFR as the reference rate for the calculation of interest, Alcogal, advised Banco General, S.A. as arranger and agent, with the registration before the Superintendency of Capital Markets, of the amendment to the terms and conditions
Alcogal advised Banco General in a US$23.5 MM public offering of corporate bonds.
Alemán, Cordero, Galindo & Lee (Alcogal) advised Banco General, S.A., in its capacity as arranger, underwriter, and agent, in connection with the public offering of corporate bonds of Hyland Commercial Corp. (the "Issuer"), in the amount of US$23.5 MM,
Alcogal advised SMBC, Citigroup Global Markets and JP Morgan Chase Bank
The firm advised Sumitomo Mitsui Banking Corporation, Citigroup Global Markets and JP Morgan Chase Bank, N.A., as arranger, as well as the creditors, on a loan to Global Bank Corporation for US$200 million.
JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Alcogal participated as Panamanian counsel to the underwriters in a bond offering issued by Banco General