BNP Paribas, who recently announced its exit from Panama, is one more big bank joining the exodus of important financial entities leaving the country.
Chase Manhattan Bank was the first big bank to leave the country, in 2000. It was followed by The Bank of Tokyo Mitsubishi, Banque Sudameris, BankBoston, UBS, ABN Amro Bank, Societé Génerale and now BNP Paribas.
The fall of Lehman Brothers and the sale of Merrill Lynch shook stock markets all over the world.
These announcements have caused a general fall in the international markets, however, the Panama Stock Exchange did not react to these events. As a matter of fact, it closed with a 1.31% increase.
The Banking Superintendence of Panama believes that it is to early to measure the impact that this new thrust in the sub-prime (or high risk mortgage) crisis will have on the financial system.
The growth of the banking business and its increasing complexity have been behind the reform of the Decree Law 9, issued Feb. 26, 1998.
The Office of the Superintendent of Banks has worked out a series of agreements that regulate a new law that will go into effect next month. The agreements relate to ensuring an adequate capital base in the nation's banks as well as liquidity, concentration and consumer protection.
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