Panama Banks
An informative website where you can discover all the necessary information of the Panamanian Banks.
Panamanian bank accounts are often surrounded by myths and taboos. In this article, part of our Panama Bank Account series, we aim to dispel some of these myths and provide clarity. Also, don’t forget to visit our Frequently Asked Questions about bank accounts in Panama. Myths Panamanian banks have long been shrouded in intrigue and mystery, thanks in part to their association with offshore banking and media portrayals in movies and TV shows. This has led to the development of several myths surrounding them, some harmless and some with negative implications. Here are some of the most common myths about Panamanian ...
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Panama City, Panama – January 22, 2024 – The assets of Panama’s International Banking Center (CBI) grew 4.2% year-over-year in November 2023, reaching $146.1 billion, according to data from the Superintendency of Banks of Panama. The growth was driven by a 4.5% increase in the total loan portfolio, which reached $87.5 billion. This growth was largely due to the stock of loans extended in previous periods, as the performance of new loans has slowed significantly. In 2022, new loans grew by around 38%, but in the first 11 months of 2023, they grew by only 5%. Deposits at the CBI ...
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Panama's International Banking Center (CBI) witnesses remarkable growth, with assets soaring to $146.1 billion, marking a substantial $5.9 billion increase. Fueled by a robust credit portfolio, the report highlights a 4.2% year-on-year surge, showcasing the sector's resilience and dynamic financial performance throughout 2023.
Panama celebrates a positive shift as it exits the FATF gray list, gaining approval from credit rating giants S&P and Fitch. While hailed as a win for the financial system, the analysts emphasize that this triumph won't alter Panama's credit ratings. Insights from Joydeep Mukherji and Todd Martinez shed light on the implications, emphasizing the pivotal role fiscal challenges play in shaping the country's economic trajectory. The removal from the FATF list marks a potential boon for foreign investment and an improved business environment in Panama.
The Panama Banks October 2023 report unveils a 4.3% surge in the International Banking Center's net loan portfolio, reaching US$87.1 billion. Despite a 4.9% dip in new credits, the sector adapts amid interest rate adjustments, emphasizing risk management for sustained financial health.
Discover how ACH Xpress is reshaping Panama's banking landscape, boasting over 2 million active users. Juan Melillo, Caja de Ahorros' General Manager, hails the positive impact on financial experiences. Banistmo's Aimeé Sentmat de Grimaldo emphasizes speed and security, while BAC Panama's Ramón Chiari supports innovations for a simplified digital life. Despite the benefits, the article underscores the need to educate consumers on the gradual shift towards a more connected, digital economy.
Panama's SBP enacts a 60-day reorganization for Atlas Bank, effective Dec 1, 2023. All banking operations suspended. Explore the implications and regulatory measures in place. Stay updated on this significant development in the financial sector.
"Panama retains its top-tier status in Latin American financial inclusion, as revealed in Credicorp's latest IIF Index. Despite a minor dip, Panama leads with 52 points, showcasing superior knowledge of financial products. The report unveils key insights into digital wallet adoption, savings trends, and trust in the financial system, solidifying Panama's position as a regional leader in inclusive finance."
According to an official bulletin from the Spanish government, the Ministry of Finance in Spain has excluded Panama from its official list of countries considered to be tax havens and non-cooperative jurisdictions, which will be in effect during 2023. The bulletin, dated February 9th, states that 24 countries remain on the list. The criteria for determining non-cooperative jurisdictions have been updated in accordance with international work conducted both within the European Union and the Organisation for Economic Co-operation and Development (OECD). The bulletin also explains that the list will be reviewed periodically based on international updates and national developments. In ...
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Panamanian banks continue evolving and adapting to the technological changes in an effort to be at the forefront of tech. It will now be easier for a customer to request a banking product or open an account since they can do so using facial recognition technology. Credicorp Bank has positioned itself as a local leader in e-commerce and operations related to online payments. The corporate activity of this bank has also focused on enhancing the user experience of its customers. Credicorp Bank has signed a contract with the European company FacePhi for the supply of biometric technology that allows customers ...
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Mr. Amauri Castillo has been appointed as the new Superintendent of Banks in 2020. The lawyer and specialist in finance and banking already worked in the Superintendency as Secretary, so he knows the management of the institution. Mr. Castillo had also been part of several bank executive-boards. The oath was carried out in the office of the Minister of Economy and Finance Mr. Héctor Alexander, who highlighted the importance of the banking sector in the finances of the country, and in turn how this affects the development of the economy, so he pondered the challenge that the new superintendent will ...
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Panamanian banks remain at the forefront of innovation and now use drones to move different products between bank branches. Banistmo made the first flight, as part of a pilot plan to make the operation of interbank messaging more efficient. The pilot project arose after the identification of various logistic requirements that Banistmo required for the efficient exchange of documents between its branches. The first flight traveled a distance of about 2 km from point to point within the Panamanian metropolitan area. The flights were authorized by the Autoridad de Aeronautica Civil (ACC) [Aviation Authority] and supported by LatAm Drones, specialists ...
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Cybersecurity and new threats to the global financial system will bring together experts from seven countries in Panama to review for three days the new prevention measures to be taken. The Asociacion Bancaria de Panama (Banking Association) organizes the IV Symposium on Information Security and Fraud Prevention and is aimed at the banking, insurance, investment, and securities sector, among others, looking to update about “possible technological threats and share the best prevention practices that lead to elevate and improve your security controls. ” Panama Banks look to combat any serious threats, for them, it is necessary to have a fraud ...
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The Superintendency of Banks of Panama, through Resolution SBP-0205-2019 of November 8, 2019, ordered the Forced Liquidation of Allbank, Corp. The order based on Articles 154 and subsequent of Chapter XVIII, Title III of the Banking Law. This measure was adopted after two months of evaluation performed by the Interim Administrator, as well as the Superintendency of Banks; where they concluded that: due to the financial, operational and corporate governance situation of Allbank, Corp., neither a reorganization or sale of the bank will be viable. The official press release state that “Allbank, Corp. did not present an effective short-term solution, ...
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Through Resolution SBP 0169-2019, the Superintendency ordered the operational and administrative control of AllBank, Corp, effective as of 3:00 pm, of September 2019, based on the provisions of Article 131 of the Banking Law. In an official statement, it is argued that in the opinion of the superintendency the bank finds itself in a position of high exposure of its liquid assets. The official statement also states that the main shareholder of AllBank owns Banco del Orinoco, N.V. A banking entity established in Curaçao, this bank has a quarter of AllBank’s liquid assets and also has a third of investments ...
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This article about opening a bank account in Panama is part of our series of post about Bank Accounts in Panama. If you are thinking in opening a bank account in Panama we invite you to review the complete series of post since you will find a lot of useful information, you can start in our Bank Account in Panama. Or you can follow the next links. Bank Account in Panama Requirements Account Types How to Open a Corporate Bank Account How to Open a Personal Bank Account If you are not familiar with the banks in Panama, they are ...
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Why open a bank account in Panama? Panama is considered one of the best and most reliable financial centers in the world after Switzerland. Panama also adheres fully to bank secrecy laws. Panama is widely recognized as one of the best offshore banking jurisdictions in the world. And it’s no surprise … Panama’s banks are stable, conservative and well managed, and equally important, Panama’s economy is strong and diversified. In fact, Panama is one of the safest economies in Central America, with low debt to GDP, stable sources of income and use of the US dollar. Panama regulators are strong, ...
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Types of Bank Account in Panama are usually the same types as you can find anywhere around the world. Although, be Panamanian regulation there are defined as follow. Saving Account Payroll Account Checking Account Invesment Account Term Deposit Savings accounts Local Name: Cuenta de Ahorros Interest: Do earn Maintenace Cost: No Persona Type: Individual/Corporations Type of Bank Account in Panama whose demand deposits availability can be immediate. Savings accounts are a type of account in the Panamanian banking sector that generate interest in favor of the account owner. Interest rates Maintenance Frequent questions Interest rates Interest rates Interest Rates vary ...
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Opening a bank account in Panama is perhaps a more bureaucratic process than in other countries. You must take into account that any bank under Panamanian regulation will ask you for certain documentation to open your bank account. We at PanamaBanks.info have written an article in which we list and explain in a simple way what is the documentation that you must prepare to open your Bank account in Panama, you can find it in this link Requirements for Opening a Bank Account in Panama. Before looking at the methods to open a bank account in Panama, it is important ...
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Banco Aliado acquires Banco Panama and is strengthened within the strongest banks in the Panamanian banking sector. Banco Aliado through its subsidiary Allied Pacific Inc. has signed a promise agreement for the acquisition of Grupo Centenario de Inversiones, SA., which owns 100% of the shares of Banco Panamá therefore under this agreement all Banco Panama shares will be added indirectly to Banco Aliado. During the process, Banco Aliado received the financial advisory Lazard, while Banco Panama was advised by Citigroup Global Markets Inc. Banco Panama has a good network of branches, a portfolio of private banking, loans, deposits, and assets, ...
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The last Banking Activity Report revealed a few days ago with statistical information until October 2018, shows a small increase in domestic credit compared to October 2017, when comparing the credit portfolio of both Octobers, 2018’ shows an increase of 2,542 million dollars. The increase is only driven by the private sector as the credit portfolio of the public sector closed with a decrease of 33 million (-4.1%) compared to October 2017. Of the credit portfolio of the private sector, the clusters with the highest relative growth were Industry with 25.5% growth (678 million) and agriculture with 14.4% (60 million). ...
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Global Bank acquired 99.972% of the shares of Banvivienda, for an estimated price of USD $245 million a transaction that reduces the banking market in Panama and continues to concentrate on large players. As part of the transaction, Banvivienda shareholders will continue in the banking business with 5% of Global Bank’s capital stock. The transaction is subject to approval by the Superintendency of Banks and the Superintendency of the Securities Market, is expected to be completed by the end of this year. The agreement with Banvivienda will allow Global Bank to incorporate more than 39,000 customers and a network of ...
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The purchase of housing in conjunction with personal loans are the main drivers of the consumer credit in Panamanian Banks, according to a report by the Superintendency. Compared to the previous year, mortgage credit increased by 5.2% in the private sector. According to the Banking Activity Report of April 2018, the sectors that drive the growth of the banking center showed favorable growth indicators, mortgage loans that have an increase of 7.6%, and personal loans, in turn, reach 9.9%. With this growth, we can note that residential mortgage credit continues to be one of the financings that maintain an increasing ...
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New banking liquidity regulation was issued by the Superintendency whereby the provisions on liquidity risk management and the short-term liquidity coverage ratio are established. The document is based on Basel III and will be effective as of July 2018 for all Panama Banks that operate with a general and international license. Among the main aspects of the new banking liquidity regulation, we will found that the Panamanian banks must comply with senior management that will be responsible for developing and implementing the liquidity risk management strategy, in accordance with the bank’s risk tolerance. This strategy should include specific policies for ...
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According to the last report from superintendence, the Panamanian banks maintain an increase in profits. Reduction in external loans, deposit capture, and growth of domestic credit are the drivers of the profits of the International Banking Center in Panama. The Panamanian banks recorded a profit of US $ 390 million at the end of February 2018, which represents a growth of 19.1%, compared to February 2017, when reached US$ 327 million. This result is attributed to the ability to generate profits through operational income, which continues to reflect a positive growth trend, characterized by the capture of local deposits of ...
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Banistmo issued in the Panamanian capital market the first series of bonds of the Corporate Bonds Revolving Program for up to USD $300 million. The issue has a long-term local rating of AAA (bread) granted by Fitch Ratings and was co-structured by Banca de Inversión Banistmo and Banca de Inversión Bancolombia. The funds raised from the issue will be used by Banistmo to finance the growth of the loan portfolio and diversify its funding sources. The placement of USD $50 million over a period of 5 years reaffirms confidence in the strength of the institution and Banistmo’s commitment to contribute ...
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Multibank Inc., issued $ 300 million in Unsecured corporate bonds in international markets, on November 6, 2017, under the modality “144A / Reg. S”. The issuance listed on the Singapore Stock Exchange, the first of an international nature of the bank, denominated in US dollars and subscribed for more than three times the maximum amount of available bonds, was marketed to a wide range of institutional investors at an international level, the allocations ended up distributed among 116 entities in North America, South America, Europe and Asia. The bonds have a tenor of 5 years (due 2022) and pay a ...
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Sale of BALBOA BANK & TRUST CORP (Reorganization Process Update). By official announcement (Resolution SBP-0198-2016) dated on October 27, 2016 the Superintendence of Banks in Panama ordered an extension for the reorganization of the bank which must be completed within the ninety (90) day period, which may be anticipated or extended, based on a motivated request of the reorganizer, as provided in numeral 3 of article 142 of the Panamanian Banking Law. This measure becomes effective as of Tuesday, November 1, 2016, starting at 2:30 p.m. As we published on our previous news, the main objective of the Superintendence is ...
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Reorganization of BALBOA BANK & TRUST CORP. By official announcement (Resolution SBP-0116-2016) on July 1, 2016, the Superintendence of Banks in Panama ordered the reorganization of BALBOA BANK & TRUST, CORP. that should begin July 4, 2016, at 2:30 pm local time. This decision was approved based on the recommendations adopted by the interim bank manager that was appointed by the Superintendency of Banks of Panama when took bank control. Mr. Ariel Antonio Sanmartín Méndez has been appointed as the Reorganizer of BALBOA BANK & TRUST. The decision for the reorganization of Balboa Bank & Trust seeks to bring greater ...
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United States Department of the Treasury issued special licenses to Balboa Bank & Trust The United States Department of the Treasury issued special licenses to Balboa Bank & Trust and the bank’s brokerage, including last week at the Clinton List, as part of the so-called The Waked Money Laundering Organization (Waked MLO). The grant will allow the Bank and the Brokerage entities to have access to the US financial system until June 14, 2016, the special licenses to Balboa Bank & Trust and other companies involved in the investigation are principal to protect companies’ employees. The US Government with this decision ...
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Solid and Secure Panamanian Banking System By public announcement on May 7, 2016, the Superintendence of Banks state that the Panamanian Banking System is strong and steady and that the Balboa Bank’s Case is an isolated one. This public broadcast came after a number of unofficial and fraudulent comments and false news about future action of the Panamanian Bank Authority against more banks institutions within the Panamanian Bank System. “Any communication from unofficial sources warning of situations not elsewhere specified or guaranteed by our institution, only have the purpose and objective of creating instability and mistrust, healthy and safe operation ...
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Seizure of Control of BALBOA BANK & TRUST CORP. By official announcement (Resolution SBP-0087-2016) on May 5, 2016; the Superintendence of Banks orders the seizure of administrative and operating control of BALBOA BANK & TRUST CORP. effective at 2:30 p.m. on Thursday, May 5, 2016. Based on Article 131 of the Banking Law the authority can take control over the bank. This decision was adopted as the result of the actions taken by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against Waked Economic Group. Waked Economic Group according to US investigation is closely related ...
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Reorganization of BANCA PRIVADA D’ANDORRA period extended By official announcement (Resolution SBP-0077-2015) on May 8, 2015 the Superintendence of Banks in Panama order the reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ) that should be completed within a period of ninety (90) days which has been extended by the Banks Superintendence on official announcement (Resolution SBP-0130-2015) on Aug 7, 2015 based on Panamanian Banking Law. The Reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. was ordered by means of Resolution SBP-0077-2015 dated 8 May 2015. By the Panamanian Banking Law, the reorganization must be completed within a ninety (90) day period; this deadline can be ...
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Reorganization of BANCA PRIVADA D’ANDORRA By official announcement (Resolution SBP-0077-2015) on May 8, 2015 the Superintendence of Banks in Panama order the reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ) that should be completed within a period of ninety (90) days which may be anticipated or extended by the Banks Superintendence which should be based on a Reorganizer’s petition as stated in Panamanian Banking Law. Mr. Jaime De Gamboa was appointed as the Reorganizer of BANCA PRIVADA D’ANDORRA (PANAMA). The Panama Banks Superintendent Authority stated that Mr. Gamboa satisfies all the requirements needed to comply with the duties as the Banking Law establish, ...
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The Seizure of Control of BANCA PRIVADA D’ANDORRA was stated in an official announcement by the Superintendence, their choice was made because of the genuine probability that BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. would not have access to most of the Assets required to meet depositor demands, which could influence the Bank’s operations in Panamanian Jurisdiction. The Seizure of Control of BANCA PRIVADA D’ANDORRA is in part due to the greater part of its fluid resources are in the Group’s Bank in Andorra. Seizure of Administrative and Operating Control of BANCA PRIVADA D’ANDORRA (PANAMA) In compliance with the procurement’s of Article ...
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At a service managed by Mr. Dulcidio De La Guardia, Minister of Economy and Finance on Friday, March 13, 2015, Mr. Ricardo Fernandez De Dianous accepted the workplace of Superintendent of Banks Panama. Mr. Fernandez De Dianous was named Superintendent by Mr. Juan Carlos Varela, President of the Republic, by method for Executive Decree 50 dated 10 May 2015, distributed on Official Gazette N° 27738 dated Thursday, March 12, 2015. The pronouncement sets up that this arrangement will run simultaneously with the presidential term of office (2015 – 2019). Mr. Ricardo Fernandez De Dianous will run as Banks Superintendent form ...
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