New bank formed in Panama

Unión Nacional de Empresas, a leading business conglomerate, has founded a new Panamanian bank, Banco Panamá. The bank plans an IPO shortly on the Panama stock exchange.

Thursday, May 15, 2008

The bank will have no overall individual owner; no one will be allowed more than a 10 percent holding.
Guillermo Quijano, Jr., chairman of the board of the new bank, said that it formed a natural extension of the existing interests of Unión Nacional de Empresas, which include, hotels, restaurants, housing and equipment hire.

More on this topic

Honduras: Forced Liquidation of Banco Continental

October 2015

It has been announced that deposits up to $9,200 (L200,000) per person will be returned, and then payments to employees, depositors and others, noting that "... there are sufficient resources to address them all."

The cause is the inclusion of the institution in the list of the U.S Office of Foreign Assets Control, and the freezing of its assets abroad.

SWOT Analysis of Panamanian Banking

June 2009

The traditionally high competitiveness of Panama as a financial center is being threatened by the pressures bearing down on it from multiple fronts.

The auditing firm KPMG is carrying out, under assignment by the Superintendent of Banks, an analysis of the competitiveness of the Panamanian banking center.

Panama's banking system could see billion-dollar profits

July 2008

There may be a banking crisis in other parts of the world, but not in Panama. Net profits there for the National Banking System could easily surpass the billion-dollar marke this year, according to the risk rating agency Equilibrium.

The agency forecast is based on good results the banking system has enjoyed during the first quarter of 2008: asset growth of 16.8 percent to 28.213 billion dollars and profits of 300 million dollars, up from 172.8 million during the first quarter of 2007.

Panama's banks celebrate strong first quarter

May 2008

Panama's banking system is growing rapidly with major increases recorded in credits, deposits and assets.

The system closed the first quarter with total net profits of US$300 million, a 29.1 percent year-on-year increase, a private sector credit portfolio that was 18 percent up at US$20 billion and a 17.8 percent rise in domestic savings.

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