Arias, Fábrega & Fábrega advised Grupo Bancolombia in the acquisition of, and merger with, Valores Bancolombia Panamá, S.A. by Securities Banistmo S.A. in the Republic of Panama, thereby integrating its securities operations in the country.

The firm simultaneously requested and obtained four approvals from the Securities Regulator, the Bolsa de Valores de Panamá, Latinclear and the Ministry of Economy and Finance, pursuant to the following licenses or registrations held by the merged entities: brokerage dealer licenses before the Securities Regulator, registration before the Bolsa de Valores de Panamá, membership before Latinclear and designation as Market Creator (Creador de Mercado) by the Ministry of Economy and Finance, respectively.