Arias, Fábrega & Fábrega acted as councel to Bancolombia, the largest bank in Colombia, in connection with its US$897.5 million simultaneous public tender offer in Panama and El Salvador for the shares of Banagrícola, S.A., the holding company of Banco Agrícola, the largest Salvadorian bank. 

This was the first time that a public tender offer was simultaneously launched and settled in two countries in Central America.