looking toward the future

Founded in 1985 by partners with a clear vision, Alcogal has established itself as a leading law firm in Panama and the region. Our focus has always been on providing the highest quality legal services, guided by trust and excellence.

On this anniversary, we reaffirm our commitment to progress, innovation, and the strategic development of the country.

Celebrating 40 Years of Legal Excellence

Alcogal celebrates four decades of legal leadership, having played a key role in the country’s historic milestones. With over 200 team members, we reaffirm our commitment to evolving alongside our clients and building the future with integrity and excellence.

First Decade – 1985 to 1995

Global Growth: Making a lasting impact

During its first decade, Alcogal not only laid the groundwork for its international presence by opening offices in key jurisdictions across the Americas — including the Bahamas, Belize, and the British Virgin Islands — but also worked tirelessly to build strong relationships with many of our major corporate clients. This early effort proved essential, as 40 years later, these clients remain key pillars in our portfolio. Among our notable clients are Cable & Wireless Panama, Banco General, Banistmo, The Bank of Nova Scotia, and Citibank, among others. This strategic expansion marked the beginning of the firm’s strong commitment to a solid regional presence and a global vision. At the same time, our dedication to delivering exceptional service and understanding the specific needs of each client has allowed these relationships to endure and grow stronger over time.

1985 – We advised Banco General on the acquisition of part of Bank of America’s assets and loan portfolio in Panama.

1986 – We served as legal counsel in structuring the first syndicated loan agreement governed by Panamanian law. We represented a consortium of banks composed of Chase Manhattan Bank, Citibank, The First National Bank of Boston, Deutsche Bank International, Banco de Iberoamérica, and Banco del Istmo. The borrower in this transaction was Cervecería Nacional, setting a precedent in the evolution of corporate financing in Panama.

Second Decade – 1996 to 2005

1996 – We advised Evergreen on the concession of a port in Colón, a strategic transaction that strengthened the country’s maritime infrastructure and positioned Panama as a regional logistics hub.

1997 – We advised Cable & Wireless on the acquisition of 49% of INTEL’s shares, marking a milestone in the privatization of the telecommunications sector.

1998 – We were involved in the acquisition of Banco Ganadero by Banco Bilbao Vizcaya Argentaria (Panama).

1999 – We represented Banco Comercial de Panamá (Bancomer) in its merger with Banco General, creating what was then the largest bank in the region in terms of assets.

2005 – We advised Banco General on the purchase of the assets and liabilities related to Fleet National Bank’s banking operations in Panama, which operated a branch in the country under the name BankBoston.

1996 – We advised the Cisneros Group on structuring a strategic alliance with The Coca-Cola Company, which marked the end of its commercial relationship with PepsiCo. As part of the agreement, Coca-Cola acquired 50% of the shares of Hit de Venezuela, the Cisneros Group’s bottling company, in a transaction valued at approximately USD 500 million (USD 300 million in cash and USD 200 million in assets). This transaction led to the creation of a joint venture called Coca-Cola y Hit de Venezuela. PepsiCo’s exclusion from the Venezuelan market subsequently triggered a legal process.

1998 – We represented Kansas City Southern Railroad in the privatization of Panama’s historic railway, facilitating its transformation into a key logistical corridor for global trade.

1998 – We advised Constellation Power during the bidding process to acquire 51% of the shares of ENSA. After winning the bid, the acquisition was formalized through Panama Distribution Group. Since then, our firm has provided comprehensive legal counsel to ENSA in all its operations.

2000 – We advised on the merger by absorption of Banco Bilbao Vizcaya (Panama) and Banco Exterior, with the former remaining as the surviving entity and subsequently changing its name to Banco Bilbao Vizcaya Argentaria (Panama).

2005 – We represented Constellation Power in the sale of Panama Distribution Group to Ashmore Energy. Despite the change in shareholders, Ashmore requested that Alcogal remain as ENSA’s legal counsel, a role we have continued to fulfill without interruption.

Third Decade – 2006 to 2015

2006 – We represented Grupo Unidos por el Canal in the USD 3.2 billion contract for the construction of the third set of locks of the Panama Canal, consolidating the country as a world-class maritime transit hub.

2007 – We advised PSA Panama International Terminal on the negotiation and drafting of the contract-law with the Panamanian government for the development and operation of a world-class port terminal.

2007 – We represented Citibank in its acquisition of Grupo Financiero Uno for approximately USD 1.3 billion.

2009 – We advised The Bank of Nova Scotia on the acquisition of the assets and liabilities of BNP Paribas, Panama Branch.

2010 – We were involved in the acquisition of BAC-Credomatic by Grupo Aval for approximately USD 1.9 billion.

2011 – We advised Icatech Corporation on the sale of Corredor Sur, one of Panama City’s main highways, to Empresa Nacional de Autopistas, S.A. (ENA), a government entity, for approximately USD 420 million.

2013 – Alcogal advised Banco Bilbao Vizcaya Argentaria on the sale of 100% of its shares to Grupo Aval, through its subsidiary Leasing Bogotá, Panama. The transaction was completed for a value of USD 646 million.

2006 – We advised Grupo Banistmo on the acquisition of Banistmo by HSBC, one of the most significant transactions in the banking sector in the region.

 2007 – We advised Citibank on the acquisition of Grupo Cuscatlán for approximately USD 1.4 billion.

2008 – We advised London & Regional on its successful bid and subsequent role as master developer of the Panama Pacifico Special Economic Area, a flagship project with a committed minimum investment of USD 705 million.
2010 – We advised The Bank of Nova Scotia on the acquisition of BNP Paribas Wealth Management’s private banking business.

2010 – We advised Shell on the sale of its retail fuel distribution operation in Panama to Petróleos Delta.

2011 – We advised Icatech Corporation on the sale of Corredor Sur, one of Panama City’s main highways, to Empresa Nacional de Autopistas, S.A. (ENA), a government entity, for approximately USD 420 million.

2015 – We advised PSA Panama International Terminal on the drafting, negotiation, and execution of a new contract-law with the Republic of Panama.

Fourth Decade – 2016 to 2025

2016 – We advised AES on the financing for the construction of a liquefied natural gas-based power plant.

2019 – We advised Banco Panamá in connection with its acquisition by Banco Aliado through a merger valued at USD 210 million.

2020 – We advised AES Panama Generation Holdings, S.R.L. in connection with a corporate bond issuance of up to USD 1.4 billion and a loan facility of up to USD 105 million.

2021 – We advised Cable & Wireless Panama and its shareholder and operating partner, Liberty Latin America, on the acquisition of Claro Panama.

2023 – We advised ENSA in the negotiation of its collective labor agreement with the union representing ENSA employees, ensuring a successful and harmonious process.

2024 – We advised Grupo Bancolombia and a group of banks on the structuring of a syndicated loan for the acquisition of Grupo Éxito by Grupo Calleja, a landmark transaction in the region.

2024 – We advised Intervial Chile in the public bidding process launched by the Ministry of Public Works for Panama’s first Public-Private Partnership (PPP). The project aimed to rehabilitate and improve 246 kilometers of the Eastern Pan-American Highway.

2025 – We advised CPKC and Lanco Group/Mi-Jack on the sale of Panama Canal Railway Company (PCRC) to APM Terminals. Since the start of the concession in 1998, we have provided legal counsel to PCRC in all aspects of its operations, reflecting our long-standing commitment and the trust our clients place in our firm.

2017 – We represented Desarrollo Turístico Buenaventura in the development of “Buenaventura,” the largest and most exclusive beach and golf resort in Panama.

2020 – We advised Grupo Aval on the acquisition of 96.6% of the shares of Multi Financial Group Inc., parent company of Multibank Panama.

2021 – Alcogal advised Tocumen International Airport on a bond issuance of USD 1.855 billion, the largest ever issued in Panama at the time, aimed at financing the airport’s expansion and modernization.

2022 – We advised Grupo APC on the majority sale of APC Buró to Experian, one of the world’s leading credit risk companies.

2023 – Asesoramos a ENSA como deudor en un préstamo sindicado por USD 100 millones otorgado por BID Invest y Scotiabank, destinado a ampliar el acceso a la electricidad en Panamá.

2024 – We advised Microserfin and Banco General on the structuring and placement of the first Social Bond issuance in Panama.

2025 – We acted as legal counsel to The Bank of Nova Scotia in the transfer of its banking operations in Colombia, Costa Rica, and Panama to Banco Davivienda, in a transaction that marks a milestone in the regional financial sector.

Campaign Assets

Press Release

We celebrate 40 years of excellence as one of Panama’s most prestigious law firms. Founded by Jaime Alemán with a vision of excellence, integrity, and commitment, the firm has grown to over 200 team members and has closely accompanied the development of the country’s business and financial landscape. Since its inception, we have provided key legal counsel in sectors such as banking, infrastructure, and commerce, building a reputation grounded in trust and quality service.

Over the past four decades, Alcogal has played a fundamental role in landmark projects that have shaped Panama’s modernization—such as the expansion of the Canal, the privatization of telecommunications and railways, and the financing of Tocumen International Airport. The firm has also served as a strategic partner in the development of the Panama Pacifico Special Economic Area and continues to advise the country’s leading banks. Today, Alcogal reaffirms its commitment to the future, investing in innovation, the development of its legal talent, and excellence in client service.

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Alcogal: 40 años mirando hacia el futuro

Ciudad de Panamá, marzo 2025 – Hace cuatro décadas, Jaime Alemán tuvo una visión clara: construir una firma legal que redefiniera la excelencia en el ejercicio del derecho en Panamá. Para materializar su propósito, reunió a un equipo de socios estratégicos que compartían su compromiso con la integridad, la calidad y la confianza en el servicio legal. Juntos, fundaron Alemán, Cordero, Galindo & Lee (Alcogal), sentando las bases de una firma que, con el tiempo, se consolidaría como una de las más prestigiosas del país.

Lo que comenzó como un sueño se convirtió en una firma de referencia en Panamá y la región. Hoy, con más de 200 colaboradores, Alcogal ha sido testigo y protagonista de la evolución del entorno empresarial y financiero del país, brindando asesoría clave en algunos de los proyectos más trascendentales en sectores como la banca, la infraestructura y el comercio.

“Al fundar Alcogal, mi objetivo fue crear una firma que ofreciera servicios legales de la más alta calidad, con un enfoque en la excelencia y la integridad. Me enorgullece ver cómo, después de 40 años, seguimos siendo un referente en la profesión”, expresó Jaime Alemán, socio fundador de Alcogal.

Desde sus inicios, la firma ha mantenido un principio fundamental: la confianza es el pilar de toda relación legal. Para Arturo Gerbaud, socio administrador de Alcogal, esa confianza ha sido clave en el crecimiento de la firma: “En estos 40 años, hemos logrado consolidar una reputación basada en la calidad de nuestro trabajo y en el compromiso con nuestros clientes. Ese seguirá siendo nuestro norte en los años por venir”.

40 años acompañando el desarrollo de Panamá

El crecimiento de Alcogal ha ido de la mano con el desarrollo económico de Panamá. Desde la década de 1990, la firma ha participado en algunas de las transacciones más emblemáticas que han impulsado la modernización del país.

En 1997, Alcogal asesoró a Cable & Wireless en la adquisición del 49% de las acciones de INTEL, hoy Cable & Wireless Panamá S.A., marcando un hito en la privatización del sector de telecomunicaciones. Un año después, la firma representó a Kansas City Southern Railroad en la privatización del ferrocarril de Panamá, facilitando su transformación en un corredor logístico clave para el comercio global. En el ámbito portuario, asesoró a Evergreen en la concesión de un puerto en Colón, fortaleciendo la infraestructura marítima del país.

Uno de los hitos más significativos en los que Alcogal jugó un papel fundamental fue en la expansión del Canal de Panamá. En 2006, representó al Grupo Unidos por el Canal en el contrato de $3.2 mil millones para la construcción del tercer juego de esclusas, una obra que consolidó a Panamá como un centro de tránsito marítimo de clase mundial.

El sector financiero también ha sido clave en la trayectoria de Alcogal. A lo largo de los años, la firma ha asesorado y continúa asesorando a los principales bancos de Panamá y la región, entre ellos Banco General, Banistmo, The Bank of Nova Scotia, BAC, Multibank, Caja de Ahorros, Davivienda, Bancolombia, Citibank y Global Bank, apoyándolos en financiamientos estratégicos y transacciones regulatorias.

En el ámbito de la infraestructura, Alcogal participó en la emisión de bonos del Aeropuerto Internacional de Tocumen por $1,855 millones, la más grande en la historia del país, asegurando la expansión del principal hub aéreo de la región. Además, ha sido un socio estratégico en el desarrollo de la zona económica especial Panamá Pacífico, asesorando a London & Regional en un proyecto que ha superado los $1,000 millones en inversión y que continúa atrayendo empresas y talento internacional a Panamá.

Para Rafael Marquínez, socio de Alcogal, el papel de la firma en estos hitos refuerza su compromiso con el futuro: “Hemos acompañado a nuestros clientes en los momentos más importantes de la economía panameña, y seguimos comprometidos en brindarles el mejor asesoramiento legal”.

Compromiso con el futuro

Con cuatro décadas de experiencia, Alcogal mantiene su compromiso de evolucionar junto a sus clientes y prepararse para los cambios y oportunidades que definirán los próximos años. Los pilares de su trayectoria siguen intactos:
✔ Compromiso con la excelencia, garantizando un servicio legal de primer nivel.
✔ Presencia en hitos clave, asesorando en proyectos que han impulsado el desarrollo de Panamá.
✔ Talento y proyección, apostando por la formación y crecimiento de sus abogados para seguir brindando asesoría estratégica de alto impacto.

Durante 40 años en Alcogal hemos mirado hacia el futuro, contribuyendo con nuestra asesoría especializada y visión estratégica a forjar los sectores claves en Panamá. Hoy, seguimos mirando hacia el futuro con el mismo compromiso, evolucionando con nuestros clientes y preparándonos para los desafíos y oportunidades que definirán las próximas décadas.

Para conocer más sobre la historia y el impacto de Alcogal en estos 40 años, visite www.alcogal.com/40años.

Acerca de Alcogal

Alcogal es una firma de abogados líder en Panamá, especializada en derecho corporativo, financiero y regulatorio. Con una trayectoria de cuatro décadas, la firma sigue comprometida con ofrecer asesoría legal de excelencia a clientes nacionales e internacionales.

Alcogal: 40 Years Looking Toward the Future

Panama City, March 2025 – Forty years ago, Jaime Alemán had a clear vision: to build a law firm that would redefine excellence in the practice of law in Panama. To bring this vision to life, he gathered a team of strategic partners who shared his commitment to integrity, quality, and trust in legal service. Together, they founded Alemán, Cordero, Galindo & Lee (Alcogal), laying the foundation for a firm that would go on to become one of the most prestigious in the country.

What began as a dream has become a benchmark law firm in Panama and the region. Today, with over 200 team members, Alcogal has witnessed and played an active role in the evolution of the country’s business and financial landscape, providing key legal counsel in some of the most significant projects across sectors such as banking, infrastructure, and commerce.

“When I founded Alcogal, my goal was to create a firm that would deliver the highest quality legal services, with a focus on excellence and integrity. I’m proud to see that, after 40 years, we remain a reference point in the legal profession,” said Jaime Alemán, founding partner of Alcogal.

From its earliest days, the firm has upheld a core principle: trust is the foundation of every legal relationship. For Arturo Gerbaud, managing partner at Alcogal, that trust has been central to the firm’s growth: “Over these 40 years, we’ve built a reputation based on the quality of our work and our commitment to our clients. That will continue to guide us in the years ahead.”

40 Years Supporting Panama’s Development

Alcogal’s growth has gone hand in hand with Panama’s economic development. Since the 1990s, the firm has participated in some of the country’s most iconic transactions, helping drive its modernization.

In 1997, Alcogal advised Cable & Wireless on the acquisition of 49% of INTEL’s shares—now Cable & Wireless Panama S.A.—marking a milestone in the privatization of the telecommunications sector. A year later, the firm represented Kansas City Southern Railroad in the privatization of the Panama Railway, facilitating its transformation into a key logistics corridor for global trade. In the port sector, Alcogal advised Evergreen on the concession of a port in Colón, strengthening the country’s maritime infrastructure.

One of the most significant milestones in which Alcogal played a key role was the expansion of the Panama Canal. In 2006, the firm represented Grupo Unidos por el Canal in the USD 3.2 billion contract for the construction of the third set of locks—an undertaking that established Panama as a world-class maritime transit hub.

The financial sector has also been central to Alcogal’s track record. Over the years, the firm has advised—and continues to advise—many of Panama’s leading banks and regional institutions, including Banco General, Banistmo, The Bank of Nova Scotia, BAC, Multibank, Caja de Ahorros, Davivienda, Bancolombia, Citibank, and Global Bank, supporting them in strategic financing and regulatory transactions.

In infrastructure, Alcogal participated in the USD 1.855 billion bond issuance for Tocumen International Airport—the largest in the country’s history—ensuring the expansion of the region’s main air hub. The firm has also been a strategic partner in the development of the Panama Pacifico Special Economic Area, advising London & Regional on a project that has surpassed USD 1 billion in investment and continues to attract international companies and talent to Panama.

For Rafael Marquínez, partner at Alcogal, the firm’s role in these milestones underscores its forward-looking commitment: “We’ve stood by our clients during the most important moments in Panama’s economic history, and we remain committed to providing them with the best legal counsel.”

Commitment to the Future

With four decades of experience, Alcogal continues to evolve alongside its clients and prepare for the changes and opportunities that will shape the years to come. The pillars of its legacy remain firmly in place:

✔ A commitment to excellence, delivering top-tier legal services.

✔ A presence in key milestones, advising on projects that have driven Panama’s development.

✔ Talent and vision, investing in the growth and training of its attorneys to continue offering high-impact strategic counsel.

For 40 years, Alcogal has looked toward the future, contributing through expert legal counsel and strategic insight to the growth of key sectors in Panama. Today, the firm continues to look ahead with the same commitment—growing with its clients and preparing for the challenges and opportunities that will define the decades to come.

About Alcogal

Alcogal is a leading law firm in Panama, specializing in corporate, financial, and regulatory law. With a four-decade track record, the firm remains committed to providing outstanding legal counsel to both local and international clients.