Panama: Multibank surpasses $5.5 million to reserves

The Equilibrium rating agency reported that as of June 30 2008, the bank had $5.5 million "risk with Lehman Brothers".

Friday, October 24, 2008

Multibank is the second bank to publicly reveal that it has investments affected by international financial crisis.

This is in addition to the $3 million that Banviviendo of Grupo Mundial moved to reserves, due to an investment in bonds in the bankrupt Lehman investment bank.

The Superintendency of Banks expects that a total of $115 million could be affected. Of that amount, only $8.5 million has been publicly declared.

More on this topic

No Latin American country will be saved from crisis

October 2008

The financial crisis will affect all Latin American countries, despite the fact that they are better position than in the past to withstand it, said Juan Jose Daboub, general director of the World Bank.

Daboub, ex minister of Economy for El Salvador, will be in Panama next week and in his country of origin, where he will participate in the Ibero-American Summit.

The Lehman effect on Honduras

September 2008

"The global financial crisis has cause the main investment bank in the US to go bankrupt and will produce an strong impact on the Honduras' weak economy.

"Economic growth will stop, limiting access to credit and as a result the upward trend of interest rates will continue," the ex-president of the Central Bank of Honduras, Maria Elena Mondragon, warned.

The Lehman effect on El Salvador

September 2008

The Lehman Brothers bankruptcy will not directly affect the Salvadoran financial and stock market, but analysts point to effects on the macro-economy.

The critical session experience on Monday at the New York Stock Market Exchange and the main stock exchanges in Europe, Asia and Latin America, due to the Lehman Brothers bankruptcy and buy out of Merril Lynch, have caused economists and experts to consider the effects and slight repercussions on the Salvadoran economy.

Two new companies to join Panama Stock Exchange

August 2008

Multibank, a private bank with Panamanian capital, and the Sociedad Inversion Inmobiliaria Balboa, which belongs to the Costa Rica Group Financiero Improsa, plan to join the stock exchange.

Executive vice-president of Multibank, Isaac Btesh, said that the registration and approval of common stocks from the bank are awaiting the OK from the National Stock Commission.

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