Panama Considering Merger of State Banks

'Caja de Ahorros' would be merged with 'Banco Hipotecario Nacional', and 'Banco Nacional de Panamá', with 'Banco de Desarrollo Agropecuario'.

Tuesday, September 29, 2009

A commission was formed to study the initiative, composed by Alberto Vallarino, Economy Minister, Alberto Diamond, Banking Superintendent and Darío Barbey, CEO of the National Bank of Panama.

"The managers of the affected entities were contacted ... to know their reaction, but their spokespersons said they prefered to wait for Vallarino's return, in order to find out more about the proposal".

More on this topic

Bankers Who Don't Understand their Business?

October 2012

The presidents of Costa Rican state banks said they "do not know why they are paying higher fees" than those paid by private banks.

EDITORIAL

The phenomenon of the nerve with which too many Latin American officials are flaunting their irresponsibility is increasing.

Television pictures showed a formal meeting chaired by the Chief Executive of Costa Rica, President Chinchilla, accompanied by her Vice-Minister of Finance, Central Bank President and other members of the economic team, and presidents and directors of the three main public banks in the country, the Banco Nacional, Banco de Costa Rica and Banco Popular.

Best Savings Rates are in Public Banks

June 2012

Public banks in Costa Rica are competing with the state, paying almost 10% interest in order to raise funds in local currency.

The three state banks and the Banco Popular are offering an interest rate of 10%, while private banks are paying 9% on deposits on terms of between 5 and 7 months.

Costa Rican State Banking Profits Decrease

April 2009

In the first quarter of 2009 state bank profits fell by 25% when compared to the same period in 2008.

According to the Superintendent of Financial Institutions (SUGEF), the opposite happened with private banks, which increased their profits by 12% over the same period.

$117.5 million for the state financial sector in Costa Rica

November 2008

The initiative proposed by president Oscar Arias seeks to strengthen the sector and shield it from the global crisis.

The president said that the National Bank, the Bank of Costa Rica and the Agricultural Bank of Cartago have enough liquidity and that this is just a preventative measure.

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