Arias, Fábrega & Fábrega acted as counsel to Banco General, S.A., the largest Panamanian-based bank, in connection with its US$250 million issuance of perpetual subordinated bonds registered in with National Securities Commission of the Republic of Panama and listed in the Panama Stock Exchange. Banco General, one of the largest banks in Central America, has operations in Costa Rica, Colombia, Mexico and other Central American countries.

Banco General's perpetual bonds are the first securities of its nature issued in Panama under the recently enacted banking capital adequacy rules. These perpetual bonds are a hybrid debt instrument with a fixed interest rate and no maturity date.
It is the first time that a Panamanian-owned bank registers and lists in Panama, New York Law-governed perpetual subordinated bonds.