Panama: Multibank surpasses $5.5 million to reserves

The Equilibrium rating agency reported that as of June 30 2008, the bank had $5.5 million "risk with Lehman Brothers".

Friday, October 24, 2008

Multibank is the second bank to publicly reveal that it has investments affected by international financial crisis.

This is in addition to the $3 million that Banviviendo of Grupo Mundial moved to reserves, due to an investment in bonds in the bankrupt Lehman investment bank.

The Superintendency of Banks expects that a total of $115 million could be affected. Of that amount, only $8.5 million has been publicly declared.

More on this topic

Multibank Targets Regional Banking Market

March 2012

The Panamanian bank is continuing its expansion plans in Central and South America.

Multibank, an entity founded on Panamanian capital, intends to consolidate and expand its share of the banking sector in Colombia and Central America, where it has already acquired full control of Macrofinanciera SA (Colombia) and the incorporation of the company Multi Resuelve (Costa Rica), focused on financing the purchase of cars.

Panama: Crisis does not halt demand for credit cards.

November 2008

In spite of inflation and the world financial crises, Panamanians continue acquiring credit cards and the banks have not increased their restrictions.

As of September of this year the banking system credit card balance reached 629.8 million dollars, up 5.6 million dollars as compared to August's numbers of 324.2 million dollars, according to the Bank Superintendent's Office.

No Latin American country will be saved from crisis

October 2008

The financial crisis will affect all Latin American countries, despite the fact that they are better position than in the past to withstand it, said Juan Jose Daboub, general director of the World Bank.

Daboub, ex minister of Economy for El Salvador, will be in Panama next week and in his country of origin, where he will participate in the Ibero-American Summit.

The Lehman effect on Honduras

September 2008

"The global financial crisis has cause the main investment bank in the US to go bankrupt and will produce an strong impact on the Honduras' weak economy.

"Economic growth will stop, limiting access to credit and as a result the upward trend of interest rates will continue," the ex-president of the Central Bank of Honduras, Maria Elena Mondragon, warned.

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