Arias, Fábrega & Fábrega acted as Panamanian counsel to HSBC Bank (Panama), S.A. in connection with the registration with the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores de Mexico) and the listing in the Mexican Stock Exchange  (Bolsa Mexicana de Valores, S.A.B. de C.V.) of a program for the issuance of unsecured Negotiable Banking Certificates (Certificados Bursátiles) of HSBC Bank (Panama), S.A. in the aggregate principal amount of 10,000,000,000 Mexican Pesos, Euros or UDIs (approximately US$1,000 million Dollars in total). The specific terms and conditions of each series of Negotiable Banking Certificates, including interest, will be determined by HSBC Bank (Panama), S.A. upon issuance. 

This transaction has various novelty features. First, it is the first time that a Panamanian issuer registers in Mexico and raises funds in the Mexican capital markets. For the Mexican capital markets, the transaction represents an interesting experience of regionalization, as one of the largest Central America banks has chosen the Mexican capital markets to secure financing for its operation and not other more traditional financial centres. 

HSBC Bank (Panama), S.A. holds a general banking license in Panama and is one of the largest Central America banks measured in terms of assets.

White & Case SC (Mexico) participated in this transaction as Mexican counsel to the HSBC Bank (Panama), S.A.