The financial group G & T Continental has obtained a general license to expand the services it provides in Panama, where it plans to strengthen its corporate and private banking area.
Tuesday, February 13, 2018
The financial institution started operations in Panama in July 2008 under the name of Banco Financia, S.A. (BMF) and in 2009 changed its name to Banco G & T Continental (Panamá) S.A.
Prensalibre.com reports that with the new license, "... G&T Continental Panama's products and services options are growing substantially and gaining momentum, especially in the business category, enabling new supply options consistent with its growth goals, both in terms of services, as in products, to satisfy their current and potential customers."
"...From the perspective of the G & T Continental Financial Group, this milestone in Panama gives firm ground to the regionalization of the business, consolidating itself as a Central American group. "We are satisfied with the performance of our site in Panama and we have no doubt that in this new stage its growth will be sustained and solid, strengthening the strategic objectives of the group in Central America," said Enrique Rodríguez, general manager of the G & T Continental Financial Group."
Representatives of the banking guild say that since the reestablishment of diplomatic relations, banks in the Asian country have expressed interest in the Panamanian market.
Although the conditions and legal framework in which correspondents of large international banks operate in the country still need to be improved, representatives from the banking sector believe that the arrival of Chinese financial companies would help accelerate this process of improvement.
According to Fitch low capitalization indicators continue to reflect a structural weakness, with a potential reduction in the net interest margin and relatively high dividend payments.
From a statement issued by Fitch Central America:
Largest banks in Guatemala: Sovereign Risk Puts Pressure on Ratings
With the purchase of another 20% stake, Bancolombia Group now holds 60% of the shares of the Group Agromercantil de Guatemala.
Two years after the acquisition of a 40% stake of Argomercantil Holding Group, Grupo Bancolombia has decided to consolidate its presence in the country by acquiring a further 20%. The Colombian company said the acquisition is part of a consolidation strategy in Guatemala and Central America.
BNP Paribas, who recently announced its exit from Panama, is one more big bank joining the exodus of important financial entities leaving the country.
Chase Manhattan Bank was the first big bank to leave the country, in 2000. It was followed by The Bank of Tokyo Mitsubishi, Banque Sudameris, BankBoston, UBS, ABN Amro Bank, Societé Génerale and now BNP Paribas.
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