We advised Banco Nacional de Panamá, as banking lawyers in Panama, in connection with two international loans with MIGA guarantee. In the first transaction, Societe Generale Paris participated as lenders and had a value of up to US$150 million.

The second transaction was in relation to a loan of up to US$360 million subscribed with Banconal COVID Relief Facility S.a.r.l, also as lenders.

Both facilities are part of Banco Nacional de Panama´s strategy to provide liquidity to the Panamanian banking system in response to liquidity constraints that are emerging from the COVID-19.

Partners Arturo Gerbaud and Eloy Alfaro B., together with senior associate Rita de la Guardia, assisted Banco Nacional de Panamá. Both transactions closed in July 2020.

Banco Nacional de Panama

In the absence of a central bank, BNP is considered systemically important and plays certain traditional central bank roles.

The National Bank of Panama is not a central bank since it lacks the main attributes that characterize these institutions:

  • the issuance of paper money
  • control of the banking system.

However, by virtue of legal provisions and international agreements, this bank carries out some activities that are typical of a central bank such as acting as a clearing house for the financial sector and lender to the domestic financial system.
The National Bank of Panama exercises a wide range of private banking businesses. Within this function, the Bank has historically fulfilled its leading role in the development and promotion of productive activities, with emphasis on agricultural activities in the interior of the country.

About Societe Generale

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of the world.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale employs over 138,000 members of staff in 62 countries and supports on a daily basis 29 million individual clients, businesses and institutional investors around the world.

Societe Generale has three complementary core businesses

  • French Retail Banking, encompasses the Societe Generale, Crédit du Nord and Boursorama brands, each offering a full range of financial services with an omnichannel setup at the cutting edge of digital innovation.
  • International Retail Banking, Insurance and Financial Services to Corporates, with networks in Europe, Russia and Africa, and specialized businesses that are leaders in their markets.
  • Global Banking & Investor Solutions, with recognized expertise, key international positions and integrated solutions.

Banking Lawyers in Panama

Alcogal advises many of the world’s largest and most sophisticated financial institutions on a full-range of banking, securities and related regulatory matters in the Republic of Panama.

Our banking lawyers in Panama advise our clients regarding their ongoing regulatory and disclosure obligations with all the relevant local and foreign authorities, and ensure they are up to date concerning all legislative developments. In addition, we regularly represent financial institutions and/or intermediaries in the process of obtaining government-issued licenses to operate in Panama, in accordance with banking and securities laws.