Panama: Credicorp to Manage State Pension Payments

Credicorp Bank won the tender to be the Registrant Entity in charge of payments of the Capital Savings and Pension Fund of Public Servants (SIACAP).

Thursday, January 13, 2011

The bank will manage the opening and closing of individual accounts, benefit calculation and payments and delivery of statements to members of SIACAP.

The contract was disputed with Profuturo AFP. SIACAP is focused on providing additional benefits for invalidity pensions, disability and old age of public servants.

More on this topic

Profitability of Pension Insurance in El Salvador

May 2016

According to Fitch Ratings, pension insurance has become a problem in terms of technical profitability for the companies that sell them.

From a statement issued by Fitch Ratings:

Fitch Ratings - San Salvador - (April 28, 2016):

Pension insurance has become a challenge in terms of technical profitability for sellers, says Fitch Ratings.

Panama Awards Administration of State Pension Investments

January 2012

The companies Consorcio Aliado and Progreso have been awarded the tender to manage for 5 years investments for the Capital Savings and Pensions of Public Employees (SIACAP in Spanish).

The contract was disputed with the consortium Multibank / Multisecurities and HSBC.

"Progreso has already administered this system in which about 72 thousand employees are affiliated and which has assets of $630 million.

Tender for Exchange Service in Tocumen Airport

August 2011

The administrators of the Panamanian airport terminal are working on a tender for provision of a foreign exchange service.

The international tender is expected to be made before the end of this year, said Juan Carlos Pino, manager of Tocumen S.A.

"Enrique Pesantez, a tour operator, believes the currency exchange service at the airport will undoubtedly help tourists in the country because few companies offer this service.

El Salvador: Profitability of pension funds drops to 3%

January 2009

The profitability of the Pensions Savings System (SAP) dropped from 6.33% to 3.14%. reports: "There is no need to use a magnifying glass to look for the reasons. They are very clear, according to the superintendent of pensions, Victor Ramirez, and the director investments at the Crecer Pension Fund Administrator (AFP), Carlo Escalante.

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