Panamanian law firm Icaza, González-Ruiz & Alemán has joined White & Case LLP’s Miami office, in counselling the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to structure the legal frame work of Howard Air Force Base.
Panama firm Arias, Fábrega & Fábrega has advised Banco Bilbao Vizcaya (Argentaria) and Citibank in a US$120-million eurodollar syndicated loan agreement to subsidiaries of the Spanish company Unión Fenosa, SA. The loan was made to Unión Fenosa´s Panamanian electric distribution subsidiaries, Empresa de Distribución Eléctrica Metro-Oeste, SA and Empresa de Distribución Eléctrica Chiriquí, SA.
Panamanian firm Arias, Fábrega & Fábrega represented Bank of America Securities LLC and ING Bank NV, the joint arrangers in a US$110-million commercial paper programme for Banco Continental de Panamá SA, the third-largest Panamanian-owned bank in terms of assets. The deal closed on June 7.
Hughes Hubbard & Reed LLP has just helped Primer Banco Del Istmo, the largest bank in Panama, with an issue of US notes.
The Chamber of Commerce, the Association of Business Executives (APEDE), EAN PANAMA, the Panamanian Chamber of Telecommunications and the Association of Users of the Colón Free Zone have submitted a list of recommendations to Panama’s Minister of Commerce and Industry on the question of how the legal norms regarding Panamanian electronic commerce should be.
The Republic of Panama recently enacted four pieces of legislation to strengthen its fight against money laundering.
On June 30 the integration of Banco Comercial de Panamá (Bancomer) and Banco General was completed, creating Central America's largest bank.
Law No. 47 regarding migration regulations enters into effect on 24 March 2000 amending several rules applicable to foreigners visiting or residing within the Republic of Panama.