Elizabeth Heurtematte

Practice Areas

• Corporate and Business Law/M&A.

• Global Wealth and Private Client.

• Banking and Finance.

• Compliance/AML Regulations.

Career

Elizabeth Heurtematte is a Founding Partner at LOVILL, where she advises local and international companies on mergers and acquisitions, legal due diligence, structuring of financing agreements, licensing procedures before regulatory authorities, issuance of legal opinions on securities and banking law in Panama, corporate restructurings, and tax optimization strategies. She also has extensive experience in wealth protection matters, including private interest foundations, trusts, wills, legacies, and other fiduciary matters.

Her role as Chairman of her family’s investment group and participation in numerous corporate public and private boards and business ventures, give her a special insight into business matters, in addition to her legal expertise. Mrs. Heurtematte is also active in the nonprofit sector, serving on numerous boards of organizations that support the arts, education and health. She is a member of the National Bar Association of Panama. She is also a Fellow of the Aspen Institute and member of Class X of the Central American Leadership Initiative.

She has been widely recognized for her leadership in the legal field. In 2025, Vogue México y Latinoamérica named her among the five Latin American women lawyers who are “breaking the mold” in their profession.

She has a B.A. in International Relations and Latin American Studies from the Elliot School of International Affairs at George Washington University, where she graduated Summa Cum Laude and was named distinguished scholar of Class of 2003, a Juris Doctor from Northwestern University School of Law in Chicago, IL, and an LLM in Law and Administration from INIDEM Business School in Panama.

Languages Spoken

• English

• Spanish

Work Highlights

• Advised Bank of China Limited (Panama Branch) and ICBC Peru Bank S.A. on the legal structuring and disbursement of both local and international financing for the Bogotá Metro Project. This transaction involved a dual-currency structure, totaling COP 1.2 billion and USD 230 million. The financing supports the development of Colombia’s most ambitious infrastructure initiative to date: the First Line of the Bogotá Metro.

• Advised Grupo CrediQ on US$200 million Loan structured by Bladex and Banco Agrícola. The transaction involveda multi-jurisdictional structure spanning Panama, Costa Rica, El Salvador, and Guatemala, along with over a dozen financial institutions. The loan was structured by Bladex in collaboration with Banco Agrícola S.A., a member of Grupo Bancolombia, and granted to Inversiones CrediQ S.A. and other related entities.

• Represented seller, the largest logistics, security and mailing services company in Central America with headquarters in Guatemala in the sale of two business units dedicated to the secure transportation of valuables in Central America to a Spanish company which expanded its presence to 20 countries and increased its workforce to approximately 60,000 employees after the acquisition.

• Advised an international investment and insurance fund established in Asia in the acquisition of a major South African insurance company with presence in Latin America, Africa, Europe, and Asia. The transaction involved the sale of a pension fund, a trust and a life insurance company. Lovill gave the client multi-tier advice regarding all tax, regulatory, competition and corporate aspects of the sale.

• Advised a multinational company in the purchase of a logistics holding group. The sale involved the negotiation of several bonds to guarantee the obligations of the seller, in the event of non-compliance of its obligations, and a trust to secure payment for the shares. The client obtained comprehensive advice involving every step of the transaction, from the negotiation of the agreement to the payment of the corporate taxes to finalize the transaction.

• Represented a subsidiary of a global telecommunications operator and IT services company in the closing of its business operations in Panama, which included cancellation of their licenses, dissolution and liquidation process, settlement of debts, tax returns and distribution to partners resulting from the liquidation.

• Advised a family office to restructure their family patrimony and governance structure for the implementation of their family protocol. The service included formation, merging and dissolution of corporations, issuance of new shares, drafting of shareholders agreements, drafting foundation bylaws, confidentiality agreements, designations and guidelines for fiduciary agents, amongst others. LOVILL also led discussions and counseled family members in different aspects of their governance structure.

• Advised a family office to create a corporate and succession structure in connection to the profits generated by all their operative companies. We drafted a shareholder’s agreement to regulate corporate governance between the family, dividends and to limit the transfers of shares to non-family members. We also drafted the foundation bylaws to regulate the distribution of profits between the beneficiaries at death of the heads of the family. Our legal advice led the family to set up all their family businesses under one entity, providing simplicity in decision making, as well as creating an effective succession plan.

• Advises in regulatory and anti-money laundering matters an American multinational financial services corporation, dedicated to facilitating electronic funds transfers throughout the world.

• Carried out a legal audit for a real estate developer and hospitality management group focused on prevention against money laundering and compliance with Law 23 regime, including the preparation of the strategy and roadmap for their executives and compliance department.

• Advised Guarantor in a cross-border credit facility granted by Overseas Private Investment Corporation (OPIC) for US$142.5 Million Dollars and Citibank N.A., for US$11.8 Million Dollars, totalizing up to US$154.3 Million Dollars, for financing borrowers’ clients in acquisition of vehicles. Borrowers are the largest financier of prestigious car brands and leaders in vehicle financing in the Central American countries where they operate.

• Advised one of the main banks in Central America in the potential acquisition of a Panamanian general license bank. Lovill carried out the legal due diligence of the target bank and provided legal and regulatory advice to the client for its evaluation of the purchase of shares and merger with target bank.

• Advised lender, a private equity company whose mission is to help developing countries through supporting economic growth, employment and technology transfer investing in clean energy, financial services and agrobusiness sectors, in a term loan facility agreement of US$25 Million Dollars granted to the primary non-bank financial institution in Latin America and the Caribbean in infrastructure and energy financing.