Arias, Fábrega & Fábrega acted as counsel to Grupo Bandelta Holding Corp., the holding company of Banco Delta, S.A. (BMF), one of the 3 banks in Panama with micro-finance banking license, in connection with the registration of 6,000 preferred shares, in 3 series (C, D and E), with an initial selling price of US$1,000 per share, registered with the National Securities Commission of the Republic of Panama and their listing in the Panama Stock Exchange.