Arias, Fábrega & Fábrega advised Asociación Panameña de Credito on Panamanian security regulations, in connection with a corporatisation process which will see the credit bureau make the shift from non-profit organisation to a corporate entity with shareholders.

The first process, which began in 2010, was authorised by members of Asociación Panameña de Credito on 12 June, 2012. Following a lock-up period until 2013 in which investors are not allowed to sell or redeem shares, the bank will be able to conduct commercial transactions, and may also seek eventual listing on the Panamanian stock exchange.

The corporatisation process is comprised of two separate transactions, one of which will see Grupo APC, the newly created holding company, issue US$5 million worth of shares in 2013. The second will see Asociación Panameña de Credito provide credit notes to its current members for some US$6 million.

Asociación Panameña de Credito, which is Panama's sole provider of credit references, hopes to use the transformation from an NGO into a commercial group to provide a wider range of products as well as to secure new alliances with international credit bureaus.