Arias, Fábrega & Fábrega acted as counsel to Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) a leading export financing bank in Latin America and one of the largest banks in Panama by assets, in connection with an update to its Euro Medium Term Note Program ("EMTN"), whereby Bladex may issue and sell from time to time up to an aggregate principal amount of US$2.25 billion in Euro Medium Term Notes.

Bladex previously updated its EMTN Program in 2010 and 2007.