Alemán, Cordero, Galindo & Lee's ‘excellent' team advises an impressive roster of leading Panamanian banks on high-profile domestic financing deals, and also has a strong international component to its practice, with a stellar record of acting for both lenders and borrowers on cross-border mandates, including transactions governed by New York law. The broad practice spans leveraged and acquisition finance, project finance (with a notable emphasis on the renewable energy sector), asset finance and real estate finance, as well as regulatory issues. Arturo Gerbaud, who is commended for his experience in the full range of banking and finance matters, leads the sizeable team, which also includes up-and-coming partners Patricia Cordero and Rita de la Guardia, both of whom are well versed in domestic and multi-jurisdictional financings; Rafael Marquínez, who has played a key role on recent sustainable and green finance transactions; and associates Karla Rivera and Rafael Amar.

Arias, Fábrega & Fábrega is renowned for its prowess in acting on the lender side of complex, multi-jurisdictional financings, advising an enviable client base of leading Panamanian and international banks and multilateral development organisations. The team is skilled in the full range of acquisition financings, debt refinancings and syndicated loans, and also has a strong project finance offering. In addition, its recent caseload includes advising on major M&A transactions in the Panamanian banking sector (as well as handling related regulatory approvals). At the helm of the practice, Estif Aparicio is a high-profile name for the financing of public infrastructure projects. Fernando Arias F, an expert in interbank lending, fintech initiatives and project finance, and Javier Yap Endara are other key names at the partner level. Senior international associates Cedric Kinschots, who has considerable experience in energy and infrastructure project finance, and Donald Canavaggio provide capable support.

Alfaro, Ferrer & Ramírez remains a preferred choice to advise local and international lenders, including major Panamanian banks and an array of multilateral development agencies. The practice strikes a balance between transactional and regulatory work, with a strong record of assisting with cross-border loans, project finance (particularly in the renewable energy and healthcare sectors) and real estate finance, as well as clients’ dealings with the financial services regulator. The ‘excellent‘ Roberto Harrington, a go-to adviser to international clients, and María Alejandra Cargiulo, who focuses on the regulatory side, lead the practice alongside Luis López Alfaro and Alfredo Ramírez Jr. On the project finance front, the team also benefits from the expertise of Annette Bárcenas and Juan Antonio Alfaro. Associate Alfredo Ramírez Pabón and international associate Ana Cristina Negrón stand out at junior level.

Counting local and international banks, private investment groups and key players in the aviation, real estate, telecoms and energy sectors among its clients, Galindo, Arias & López is equally adept at handling domestic and cross-border mandates. Well known for its formidable aviation finance offering, its wide-ranging practice also encompasses syndicated loans, acquisition finance and real estate and project finance, in addition to growing expertise in the field of green financing. Department head Roberto De Araujo López, who has an emphasis on assisting international banks with commercial and regulatory issues in Panama; Diego Herrera, whose areas of expertise include project finance; aviation finance specialist Cristina Lewis; and Jose Luis Sosa are the key names at top level. Key figures in a strong second line include counsel Daniel Sessa and associate Andrés Sanjur. Former associate Claudia Juárez left the firm in mid-2024.

‘One of the most prestigious firms in Panama', Morgan & Morgan has an impressive record of acting on both the lender and borrower side of complex financings, advising on cross-border loans, refinancings, acquisition finance and regulatory issues. Project finance is also a key pillar of the practice; the team’s recent workload includes assisting with high-profile transactions in the energy and mining sectors. Inocencio Galindo, who has a wealth of experience in infrastructure finance, leads the practice with the ‘fabulous' Kharla Aizpurúa, who also oversees the firm’s fintech offering alongside regulatory specialist Roberto Vidal. Ramón Varela and Ana Carolina Castillo (who focus on energy-related financings) and Francisco Arias are also names to note. The deep bench also includes international associate Miguel Arias M. and associates Arantxa Fernández and Ariana Linares (who joined from BAC Credomatic in June 2023).

Fabrega Molino garners praise for its 'extensive experience' in the banking and finance arena, with a notable strong suit in advising local and international banks - both as lenders, agents and arrangers and as borrowers - on the structuring of loans. Other core areas of expertise include assisting with the establishment of banking operations in Panama, including all related regulatory issues, and with M&A financing. Denisse Correa, who was elevated to the partnership in September 2023, leads the practice, with support from associate Pablo Martinelli, who plays a key role in advising on complex, cross-border financings. The team also leans on the experience of senior partner Juan Pablo Fábrega.

Project finance is the calling card of the banking and finance practice at Icaza, González-Ruiz & Alemán, which advises an array of domestic and international banks, public bodies and construction companies on high-profile developments. The team has been consistently active in advising on the financing of transport infrastructure projects, including port facilities and road networks, and has also assisted with recent healthcare and utilities projects. Gabriel González-Ruiz, who draws on four decades’ experience of advising international financial institutions and consortia on project financings; Luis Chalhoub, who wins praise for his ‘exceptional' service; and Michelle O de de la Guardia oversee the practice. Alfredo Fonseca is also a key name for financings in the energy and infrastructure sectors.

Arias' banking and finance practice leverages its extensive network of offices in Central America and close connections to international law firms to handle a steady stream of cross-border mandates, including advising on regional transactions alongside the firm’s other branches. The team predominantly acts on the lender side, assisting international banks, development finance institutions and other financial services providers with loans to Panamanian entities in the financial services, tourism, manufacturing and wholesale sectors, among others. María Cristina Fábrega, whose areas of expertise include fintech, asset finance, and project and infrastructure finance, leads the team.

Dentons' ability to tap into its extensive regional and global network is a clear asset for international clients, including leading foreign banks, financial institutions and fintech companies. The team is skilled in advising lenders on multi-jurisdictional transactions – although it is also active on the borrower side – with a broad practice that covers syndicated loans, project finance, shipping finance and acquisition finance, as well as regulatory compliance. Panama managing partner Gisela Álvarez de Porras, who is experienced in international finance, leads the team, ably supported by associate Angie Mei Sánchez, an expert in cross-border shipping finance transactions.

Hailed for its ‘extensive industry experience and expertise', LOVILL has a robust record of advising international banks and private equity funds on cross-border transactions with a Panamanian component, including project finance and acquisition finance – although it is equally adept at advising corporate borrowers. Co-founding partner Elizabeth Heurtematte heads the practice, and is noted for her strength in project finance; her recent workload includes advising on major developments in the transport and energy sectors. Fellow co-founder Isabel Cristina López and Alejandro Fung, who provides ‘an excellent service' to an array of financial institutions and multinational companies, are also key members of the team.

The ‘very efficient and reliable' team at Pardini & Asociados is noted for the strength of its borrower-side practice, advising a diverse roster of high-net-worth family businesses and large multinationals (particularly in the aviation, shipping and mining sectors). Asset finance is a core area of expertise for the firm, which assists with the financing of the acquisition of real estate, aircraft and marine vessels, with a strong emphasis on handling cross-border transactions. Managing partner Juan Francisco Pardini, who has excellent recent experience in financings with a UK component, and Juan José Espino, a key contact for shipping finance, steer the team.

Energy and infrastructure-related financings remain a core source of mandates for the banking and finance team at SIGMA International and Global Market Attorneys, which wins praise from clients for its ‘exceptional' work. The corporate and finance boutique is strongly geared towards advising on the Panamanian law aspects of multi-jurisdictional transactions, benefitting from the international experience of its team, with notable skill in acting for borrowers on the financing of major transport and energy projects. Managing partner Cecilio Castillero leads the team, while senior associate Mónica Moreno and Eric Carles provide capable support.

Highlighted for its ‘client-centric approach' and ‘thorough grasp of banking, commercial and financial law', boutique firm Virtù Atelier Legal counts a host of prominent local banks, international financial institutions and brokerage houses among its clients. The team is skilled in advising on syndicated loans, debt restructuring and project finance, and also stands out for its ‘extensive experience in regulatory matters', drawing on the expertise of practice head Ana Lucrecia Tovar (previously an adviser to the banking and securities regulators) and Marelissa Quintero (the former superintendent of the SMV). Melissa Cortizo and project finance specialist Marcia Arosemena de Paz are also key contacts.