Balboa Bank & Trust will open on May 31; it was recently authorized to operate by the Banking Superintendence.
The institution was born after Strategic Investors Group Inc. completed the purchase of 100% of the shares of Stanford Bank (Panama) S.A.
“Ramón Martínez Stagg, executive vice president and CEO of Balboa Bank & Trust, remarked that the bank has a solid financial structure and a robust service platform to grow in a sustainable way”, reported Panamá América.
The Industrial Bank of El Salvador is completing the procedures at the Financial System Superintendence to formally become a bank.
According to the Superintendence, shareholders will hold 1% or more of the social capital of said company which is being created and includes: Banco Industrial S.A. (from Guatemala), Construagro S.A. (from El Salvador), y José Luis Zablah Touché (from El Salvador).
Venezuelan bank Banesco is setting up a regional headquarters in Panama next year for an expansion project in Central America and the Caribbean.
Costa Rica, Guatemala and the Dominican Republic are the first countries that Banesco executives have set their sights on. Ricardo Ayala, chairman of the bank's board, emphasized that Banesco would finance the expansion from its own resources.
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