Credit Card Market in Panama

The portfolio of loans granted through credit cards grew by 18% between November 2012 and November 2013.

Monday, January 27, 2014

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 January to November last year banks operating in the local market managed to finance an additional $186 million compared to the year 2012 ... " .

" Among the banks with the largest balance of loans approved through credit cards are BAC, Citibank (Panama), Banco General, Banistmo and Banesco ... " .

" ... The good performance of this portfolio is due to the supply from various banks operating in the local market , which allows consumers to have several options when applying for all types of financing," said Julio Aguirre, from the Banking Association of Panama (ABP by its initials in Spanish).



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In response to the country's health crisis, 15 banks have granted a 90-day extension for their customers to make their personal credit card, home mortgage, vehicle and personal loans.

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In February 2016 the mortgage loan portfolio exceeded $13 billion, 15% more than was recorded in the same period in 2015.

For the remainder of the year it is estimated that the total mortgage portfolio of the banking system will far exceed what it was in 2105, at a time when there is increasing demand for this type of financing and there remains a significant shortage of low and middle income housing.

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