In what appears to be a reaction to the scandals caused by the allegations of corruption on the part of members of the previous administration, Citibank and Banco Nacional have stopped attending to the accounts where the Democratic Party's administrators deposited money coming mainly from electoral subsidy.
The portfolio of loans granted through credit cards grew by 18% between November 2012 and November 2013.
Up until November 2013, the balance of active cards reached a total of $1.207 billion, while in the same period of 2012 it was $1.021 billion, representing an increase of 18% , according to statistics from the Superintendency of Banks of Panama (SBP).
From 23 to 27 September, a Panamanian delegation will visit South America in search of new investors who might be interested in participating in the local stock market.
The delegation led by the Ministry of Economy and Finance (MEF), the Superintendency of the Securities Market, the Superintendency of Banks and the Panama Stock Exchange, will visit Santiago de Chile, Lima, Peru and Bogota and Medellin in Colombia. Also participating are brokerage houses which are part of the Market Makers program (Creadores de Mercado).
A comparative analysis of costs and nominal annual interest rates has been released giving details for the first week of May 2013 for credit cards and financing cards.
From information published by the Consumer Authority of Panama:
"Credit Card: Magnetic instruments, electronic instruments or other technology related to a credit agreement contract previously concluded between a financial intermediary and another person, in order to facilitate a lease or obtain goods and services or obtaining cash from businesses affiliated to the system. "
The Equilibrium Agency, a subsidiary of Moody's, lowered the ratings from AA+ to AA and modified the forecast from "stable" to "negative."
Prensa.com reports that "this downgrade is in response to "the lower financial strength of its shareholder, which is affecting the support grade assigned in the rating. This has occurred within the context of greater credit risk as a result of the absorption of Bank One in October 2008," the report read."
Panamá Pacífico with thousands of interested visitors to its stand in Expocomer 2010, not only offered the Key Note speech of thursday, but launched the residential phase of this great development on the banks of the Panama Canal