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

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.  

El Salvador: Banco Azul Starts Operating

July 2015

The new entity, founded with 100% local capital, has started operating two branches offering products such as savings and checking accounts, personal loans, mortgages and corporate lending.

The entity started with an initial capital of $60 million, provided entirely by Salvadoran investors, as reported by representatives of the bank when they started the license application process.

Panama Banking and Greylisting

February 2015

"It is imperative that banks have the necessary controls that enable them to timely detect suspicious money laundering activities."

The new president of the Banking Association of Panama (ABP) is proposing the creation and implementation of a Code of Conduct for unionized entities, similar to what exists for other banking associations in the region.

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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