Case Details

Banesco Holding Latinoamérica, S.A. and Banesco (Panamá), S.A. v. Republic of Panama (ICSID Case No. ARB/23/41)

Subject of Dispute:

Insurance company
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Panama - Spain 1997
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Banesco Holding Latinoamérica, S.A. (Spanish), Banesco (Panamá), S.A. (Panamanian)
Respondent(s):

Republic of Panama (Panamanian)
Date Registered:

September 8, 2023
Date of Constitution of Tribunal:

March 5, 2024

Composition of Tribunal

President:

Franz X. STIRNIMANN FUENTES (Peruvian, Swiss) - Appointed by the Parties
Arbitrators:

Rafael RINCÓN ORDOÑEZ (Colombian) - Appointed by the Claimant(s)
Álvaro GALINDO (Colombian, Ecuadorian) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Clifford Chance S.L., Madrid, Spain
Respondent(s):

Ministerio de Economía y Finanzas, Panama City, Panama
LALIVE, Geneva, Switzerland
Language(s) of Proceeding:

Spanish
Status of Proceeding:

Pending
Latest Development:

December 3, 2025 - Each party files a statement of costs.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Procedural Order No. 3

Available on the ICSID Website

Procedural Order No. 1 (April 29, 2024) Spanish (Original)

Procedural Order No. 2 (April 29, 2024) Spanish (Original)

Procedural Order No. 3 (February 6, 2025) Spanish (Original)

(a) Original Proceeding

Date	Development
September 8, 2023	The Secretary-General registers a request for the institution of arbitration proceedings.
November 23, 2023	Following appointment by the Claimants, Rafael Rincón Ordóñez (Colombian) accepts his appointment as arbitrator.
November 24, 2023	Following appointment by the Respondent, Alvaro Galindo (Ecuadorian/Colombian) accepts his appointment as arbitrator.
March 5, 2024	Following appointment by agreement of the parties, Franz X. Stirnimann Fuentes (Peruvian/Swiss) accepts his appointment as presiding arbitrator.
March 5, 2024	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Franz X. Stirnimann Fuentes (Peruvian/Swiss), President, appointed by agreement of the parties; Rafael Rincón Ordóñez (Colombian), appointed by Claimants; and Alvaro Galindo (Ecuadorian/Colombian), appointed by Respondent.
April 12, 2024	The Tribunal holds a first session by video conference.
April 29, 2024	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
April 29, 2024	The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality.
August 12, 2024	The Claimants file a memorial on the merits.
December 30, 2024	The Respondent files a counter-memorial on the merits.
February 6, 2025	The Tribunal issues Procedural Order No. 3 concerning production of documents.
February 28, 2025	The Claimant files a reply on the merits.
May 1, 2025	The Respondent files a rejoinder on the merits.
June 9, 2025	The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.
June 13, 2025	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
July 28, 2025 - August 1, 2025	The Tribunal holds a hearing on jurisdiction and the merits in Madrid, Spain.
December 3, 2025	Each party files a statement of costs.