In order to attend with greater agility, now in Panama the Superintendence of Banks will be able to manage via e-mail the claims submitted to it.
To speed up the processes for the attention of claims before the regulatory entity, the Board of Directors of the Superintendence of Banks of Panama (SBP), approved Agreement No. 8 -2020 of July 16, 2020, which amends Articles 8 and 13 of Agreement No. 3-2008.
The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
Because of the slowdown in the issuance of loans, in 2018 the profits of banks in Costa Rica grew just 3% over what was recorded in 2017.
Figures from the Central Bank of Costa Rica show the deceleration reported in loans granted during the first nine months of last year, detailing that up to December 2017 the credit portfolio to the private sector registered an 8% year-on-year increase, while the indicator concerned up to September 2018 dropped to 5%.
The Legislative Assembly has approved the absorption of Bancredito by Banco de Costa Rica, which must take on both the entity's assets and its obligations.
After determining that Banco Crédito Agrícola de Cartago (Bancrédito) was not financially viable, last March the National Council of Supervision of the Financial System (Conassif) recommended the absorption of the financial institution, a process that was completed yesterday when the Assembly voted in favor of the suggestion.
Fitch foresees returns for Nicaraguan banks, however the result will not be as good for the banking industry in Panama, Guatemala or El Salvador.
From Fitch's report "2017 Outlook: Central American and Dominican Republic Banks"
The 2017 Central American bank rating outlook is stable for 2017, reflecting slight changes in growth and financial performance, according to a new Fitch Ratings report. The evolution of some factors, such as interest rates and private investment, or the emergence of events that could increase reputation risk could alter the banking outlook.Stable Rating Outlook: The ratings of most banks in the region have a stable outlook, reflecting the fact that their credit profile will not undergo significant changes in Fitch's base scenario.Movements in the ratings will be derived mainly from adjustments in ratings of parent banks or sovereign ratings, or of unanticipated events.
The International Banking Center reported $118 billion in assets in 2015, $10 billion more than was recorded in 2014.
In 2015 the International Banking Center in Panama reported total assets in the order of $118,477 million, 9.2% more than the amount reached in 2014, when the figure reached $108,419 million, according to figures from the Superintendency of Banks in Panama.
The Superintendency of Banks and Other Financial Institutions of Nicaragua has authorized Banco Corporativo to carry out financial intermediation activities in the country.
The entry of a new financial market participant is received favorably by other banks, provided that "... competitors receive the same conditions. 'Under these paramenters I do not see any problem' ...", mentioned Laprensa.com.ni Juan Carlos Samson, manager of BAC Credomatic.
Private banks operate with margins between interest rates which are considerably lower than state banks.
An article in Elfinancierocr.com points out that "the five banks with the lowest margins in the country are private ones, as is clear from a study by EF based on data reported to the Superintendent of Financial Institutions (Sugef) for December, 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.
These periods are the most popular, which is why the government is trying to capture more in this segment, putting pressure on state banks who are also looking for resources in colons because they make the most loans in this currency, while the private banks are largely removed from that segment, said Luis Carlos Mora, chief financial officer of Banco Nacional.