AFRA advised Banco Aliado on its strategic acquisition of Banco Panama in a transaction that exceeded US$ 200 million. This transaction is part of the ongoing consolidation that is taking place in Panama’s banking sector. AFRA supported Banco Aliado throughout the due diligence process and provided legal advise during the transactional and negotiation phase, which extended for several months. Once the acquisition is finalized, Banco Aliado will become the fourth largest bank of Panamanian capital, with assets over US$ 4 billion. Lazard acted as financial advisor to Banco Aliado. Partners Luis R. López Alfaro, Roberto Harrington, Ricardo Moreno and María Alejandra Cargiulo led the team, and associates Ana Cristina Negrón and Ana Raquel Sedda provided key support. The transaction is currently waiting for regulatory approval and other customary conditions before closing.