AFRA

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Banking & Insurance

Due to its location and political and economic stability, Panama has earned a reputation as one of the top financial centers in the world, having already more than 75 local and international banks operating in the country.

Many of these banks have been advised by the legal team of AFRA in the process of structuring and organizing its institutions, helping them negotiate and prepare all types of contracts relating to banking and insurance and offering a complete portfolio of services, including:

  • Formation
  • Negotiating & preparing banking agreements
  • Regulatory matters
  • Counsel on day-to-day matters
  • Audits
  • Loans
  • Insurance
  • Mergers & acquisitions
  • Taxation
  • Project finance
  • Securities
  • Dissolution

We also advise on insurance and reinsurance both domestic and foreign insurance companies, as beneficiaries and policyholders. Our portfolio of services in insurance includes property, casualty and financial risks, maritime insurance and compensation, and assistance in the field of litigation in liability claims, among others.

The government of Panama has strict banking requirements and auditing guidelines and regulations and laws that hold banks to certain restrictions and meet various requirements. Alfredo Ramirez and Annette Bárcenas advised the Presidential Commission on the drafting of the 1998 Banking Law.

Panama’s government has strict banking requirements and auditing guidelines. The Superintendency of Banks was. The Superintendency is an autonomous entity of Panama with funds that are separate and independent from the central government, created to replace the National Banking Commission. The Superintendency of Banks has several powers, including:

  • Issuing banking licenses
  • Advising the Panamanian government
  • Supervising financial institutions
  • Ordering reorganizations and forced liquidations of banks
  • Authorizing mergers of banks
  • Authorizing bank closures
  • Commercial Law

Because of the intimate connection between the banking industry and the national economy, the Panamanian Government established certain regulations for banks, in order to promote transparency between financial institutions and consumers.

AFRA has built a reputation providing comprehensive and experienced legal advice on local and foreign banking and insurance. Our lawyers are committed to meet all the needs of our clients in a personalized manner tailored to each client. It is because of this professional and highly personalized service, that we have earned the trust of many of the largest banking corporations and insurance companies worldwide.

Send your questions on Banking and Insurance to partners Alfredo Ramirez Jr. and/or Luis R. López Alfaro