Ricardo M. Arango, partner of Arias, Fábrega & Fábrega and Head of its Capital Markets and Banking Practice Group, has been elected Chairman of the Board of Directors of the Panama Stock Exchange.  Mr. Arango has served as member of the Board several terms.

Mr. Arango is widely recognized as a leading capital lawyer in Panama by a number of industry publications and ranking agencies, including Chambers & Partners (www.chambersandpartners.com), The International Financial Law Review (www.expertguides.com), PLC Which Lawyer? (www.practicallaw.com), Latin Lawyer 250 (www.latinlawyer.com), and The International Who’s Who of Capital Markets (www.whoswholegal.com). He was one of the lead drafters of Panama’s 1999 Securities Law. Recent representative capital markets transactions under this lead include:

• US$90 million securitization of mortgages for La Hipotecaria
• US$300 million notes issue of AES Panama
• US$100 million notes issue of Elektra Noreste
• US$364 million IPO of Copa Holdings on the NYSE
• US$150 million securitization of toll-road receivables of ICA Panama
• US$1.3 billion exchange offer of the Republic of Panama for new global bonds
• US$125 million securitization of SWIFT remittances for Banco Cuscatlán

Mr. Arango also acts as Secretary of the Board of Directors of Banco Latinoamericano de Exportaciones (Bladex) since 2002 and as Director of Corporación La Prensa, the largest circulation newspaper in Panama, BG Investments, a securities firm affiliated with Banco General, and MHC Holdings, a publicly traded holding company in Panama.

Mr. Arango received a Bachelor of Laws from the University of Panama in 1983, a Masters of Laws from Harvard Law School in 1984 and a Masters of Laws from Yale Law School in 1985. He is admitted to practice in New York and Panama.