Arias, Fábrega & Fábrega acted as Panamanian counsel to BNP Paribas Group in connection with local regulatory matters arising in connection with the acquisition of 75% of Fortis Bank.

As a result of this transaction, 11.6% of BNP Paribas Group's ordinary shares and voting rights were transferred to the Belgian State, and 1.2% to the Grand Duchy of Luxembourg. From the local perspective, ARIFA had to determine whether the transaction would trigger any requirements to BNP Paribas Group-owned entities in Panama to seek approvals from local regulators, such as the Banking Superintendency of Panama and the National Securities Commission.

Fortis bank is now part of the BNP Paribas Group, which becomes the number 1 bank in the eurozone by deposits with a domestic retail business now in four founding countries of the European Union: Belgium, France, Italy and Luxembourg.