Arturo Gerbaud de la Guardia
Partner
Contact Details
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Panama, Panama
Contact Details
@
Panama, Panama
He has held key positions such as Chairman of Latinex Holdings, S.A., the Latin American Stock Exchange, and the Latin American Central Securities Depository. He also served as a director of the Superintendency of Banks of Panama from 2003 to 2019 and participated in drafting the country’s Securities Law.
He has been recognized at the highest level across multiple practice areas by international publications such as Chambers and Partners, The Legal 500, and IFLR1000, and has been described as a leading lawyer in banking and finance law in Panama. His practical approach and deep regulatory knowledge position him as a leader in the Panamanian legal field.
Accolades




Representative Transactions
Alcogal advised the HPH Joint Venture Consortium — composed of Hyundai Engineering & Construction Co., POSCO E&C, and Hyundai Engineering Co. — in the financing of the Panama Metro Line...
Alcogal advises The Bank of Nova Scotia in a strategic transaction that is reshaping regional banking.We are proud to announce that we have supported our client, The Bank of Nova Scotia, in the successful closing of the integration of its operations in Colombia, Costa Rica,...
Alcogal advises BofA Securities and J.P. Morgan in Mobiliare LatAm’s landmark USD 500 million international issuanceAlcogal advised BofA Securities and J.P. Morgan in Mobiliare LatAm's inaugural USD 500 million senior bond issuance due 2032, issued under Rule 144A/Reg S — the largest issuance by a...
We acted as Panamanian legal advisors in Bladex’s first international AT1 bond issuance, which reached an amount of USD 200 million and received strong interest from international investors. The transaction...
We advised Grupo Nutresa.Alcogal advised on the structuring of financing for Grupo Nutresa in Colombia, a transaction valued at USD 2 billion. Grupo Nutresa is one of the leading food conglomerates in Latin...
We acted as legal counsel for The Bank of Nova Scotia.We acted as legal counsel for The Bank of Nova Scotia in the recent transaction involving the transfer of its banking operations in Colombia, Costa Rica, and Panama to Banco...
"Alcogal served as legal advisor to a bank syndicate in the historic acquisition of Grupo Éxito by Grupo Calleja. Our firm played an essential role providing expertise and specialized advisory...
Alcogal advised Multibank, Inc. with the registration of subordinated corporate bonds"Alemán, Cordero, Galindo & Lee (Alcogal) advised Multibank, Inc. with the registration of subordinated corporate bonds for USD100 M. Alemán, Cordero, Galindo & Lee (Alcogal) represented Multibank, Inc. (the “Issuer”) (i) with...
Alcogal advised Banco General, S.A., as arranger, in connection with the registration of the common shares of Supermercados Xtra, S.A.Alemán, Cordero, Galindo & Lee (Alcogal) advised Banco General, S.A., as arranger, in connection with (i) the registration of the common shares of Supermercados Xtra, S.A. with the Superintendence of...
Alcogal advised Banco General, S.A., as arranger, in connection with (i) the registration of the common shares of Supermercados Xtra, S.A. with the Superintendence of Capital Markets (SCM) and their...
Alcogal advised Grupo Aval in its corporate reorganization processAlcogal advised Grupo Aval in its corporate reorganization process. This reorganization resulted in the spinoff of a 75% equity stake in its indirect subsidiary BAC Holding International Corp. (BHI), in...
Alcogal advised on the public offering and bond issuance of Fountain Hydro Power Corp.Alcogal advised Fountain Hydro Power Corp., as Issuer, in connection with a USD110 million corporate bonds issuance registered by the Superintendency of Capital Markets and listed in Latinex, issued for...
Alcogal acted as legal counsel to G.B. Group Corporation (holding company of Global Bank Corporation) in (i) the exchange process of Series A and Series B cumulative preferred shares without...
Alcogal advised Banco General, S.A. in the multi-million dollar offering and issuance of corporate bonds by Supermercados Xtra, S.A.We advised Banco General S.A. as arranger, in connection with the amendment to certain terms and conditions of a USD250,000,000 corporate bonds issuance that Supermercados XTRA, S.A. has registered with...
Alcogal assisted the initial purchasers in connection with the USD380 million bond issuance by San Miguel Industrias PET S.A. and NG PET R&P Latin America S.A.We assisted Citigroup, Credit Suisse, JP Morgan, and Santander, as initial purchasers, on matters of Panamanian law, in the issuance of 3.5% secured senior notes due in 2028 for a...
Personal Achievements
Practice Areas
Experience
Education
Languages
- Spanish
- English
Bar Admission
- 1986, Panama
Memberships
- Presidential High Level Commission for the Modernization of the Capital Markets
- Drafter, Securities Law of Panama
- Director, Superintendency of Banks of Panama (2003-2019)
- Director and President, Central Latinoamericana de Valores, S.A.
- Director and President, Latinex Holdings, Inc.
- Director and President, Bolsa Latinoamericana de Valores, S.A. (Latinex)
- Panama Bar Association
- Director, Soluciones de Microfinanzas S.A. (Microserfín)