New Banks in Panama

In 2010, nine new banks entered the banking sector in Panama.

Monday, February 28, 2011

Of these, four are local private banks, three have international license and two are foreign banking entities.

The new operations launched are Banco Lafise Panama (March 10), Bank of Nova Soctia (Panama) SA (Oct 10) Prival Bank (March 10), Balboa Bank & Trust Corp (May 10) Banco La Hipotecaria (June-October), Uni Baak & Trust Inc. (Dec-10), Andbanc (Feb-10), Banca Privada D'Andorra (April-October) and International Bank of Peru (May 10).

Prensa.com reports that one of the main objectives set by the Superintendence is to position Panama as a banking hub in Latin America.

More on this topic

More Swiss Banks in Panama

July 2013

Swiss bankers have detected interesting sectors in the country to whom they can provide services and financing.

"Proof of this is that it is not only the banks USB, BSI and Merrill Lynch whose representative offices form part of the International Banking Center (CBI), but also at least another three new ones will soon implement projects in Panama," reported Capital.com.pa.

Uni Bank & Trust Opens in Panama

September 2010

With an investment worth more than $50 million, by the end of the year the banking institution will begin operations in the country with the opening of two branches.

Uni Bank & Trust president, Joseph L. Salterio, told the press that the company is developing an agressive growth plan to gain market share over the next two years in Panama's central provinces.

New Banks Arrive in Panama

August 2010

In the first six months of 2010, the Panamanian Banking Regulator (SBP) granted permits to six new operators.

The Panamanian Banking Regulator is now studying a further seven requests for upcoming approval.

"Foreign and mixed groups such as Banco Prival, Banca Privada D’Andorra, Banco Lafise Panamá, Banco Internacional de Perú and Banco La Hipotecaria have seen potential in the country," writes Capitales.com.

12 Banks Request Licenses to Operate in Panama

April 2010

Panama’s banking superintendence is processing 12 requests by financial institutions to operate in the country.

These include Peru’s Interbank, La Hipotecaria S.A., Allbank Corp., as well as Venezuelan, Argentinean and Central American groups.

Under current law, General License Banks must pay a fixed yearly fee of $30.000 plus a variable sum of $35.000 per million in assets.

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