HSBC to Invest $7 Million in Panama

The investment responds to a change in the branch infrastructure with greater movement in the country.

Thursday, July 29, 2010

The head of HSBC Panama announced the investment, adding that, "it is work in progress. What we are seeking is to enable customers to get access to all the bank's services," reports Prensa.com.

The process includes an image change, fitment of more ATMs and improvements to the services available online via Internet banking.

Currently the bank possesses 55 branches in Panama.



More on this topic

Panama Authorizes Chinese Bank License

June 2020

Panamanian authorities announced that the Industrial and Commercial Bank of China Ltd. was approved for a general license to operate in the local system.

The information was confirmed by the head of the Superintendency of Banks, Amauri Castillo, who explained that the Asian banking institution will be able to operate in Panama's financial center and do business in and from the national territory.

Nicaragua: Banking Agencies Keep Closing

August 2019

Since the beginning of the political crisis in the country, several banks have decided to close some of their service centers, and only during the first half of 2019 have 56 branches been reported closed.

In April 2018, the country plunged into a political crisis that has dragged the economy into recession.

Central American Banking: Outlook for 2017

January 2017

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.  

BAC Invests $4.2 Million in Panama

April 2010

Within its national expansion process, the banking entity opened 8 new branches.

CEO Jaime Moreno explained they based their decision in the expectative that Panama will continue growing as a center for international financial transactions.

“We had to change the institution to reflect the market’s current demand”, he told newspaper Panamá América.

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