Societe Generale Closing Operations in Panama

French bank Societe Generale completely closed its operations in the country, where it maintained a representation office.

Thursday, September 30, 2010

The reasons given by the bank is Panama´s inclusion on the list of tax havens in France.

An article in Prensa.com reports, "The Minister of Economy, Alberto Vallarino, said the bank followed a closing schedule which existed prior to Panama negotiating with France a treaty to avoid double taxation, but also said they would return when the country is out of the French listing.”

More on this topic

Costa Rica: Bancrédito will No Longer Be a Commercial Bank

May 2017

The state bank will stop performing financial intermediation activities and, despite proof of its inefficiency, will be converted into a promotion and development bank.

From a statement issued by the President of Costa Rica:

The Governing Council, meeting at a shareholders meeting at Banco Crédito Agrícola de Cartago (Bancrédito), decided to accelerate the transformation of that entity into a promotion and development bank, by executing a plan that would allow the entity to gradually cease to perform financial intermediation activities before December 31, 2017.

HSBC Closes Office in Guatemala

May 2011

The bank Hong Kong and Shanghai Banking Corporation (HSBC) argue that the main reason for the closure is the effects of the global economic crisis.

In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts.

Société Generale Could Cease Panamanian Operations

June 2010

The reason would be Panama’s permanence in Fance’s tax-haven list, said the entity.

In a letter to the Panamanian Banking Superintendence (SBP), the banking institution explains that another reason would be the presence of Panama in the tax haven list of the Organization for Economic Co-Operation and Development.

BNP Paribas Sells Panamanian Operations

September 2009

The French bank announced the sale of its Panamanian operations, arguing political and strategic motives.

In addition to leaving Panama, where it operated for 57 years, the bank will also leave Costa Rica, Argentina and Uruguay.

"An anonymous source from the banking industry reported that BNP Paribas executives announced their staff that OECD's pressure weighed in their decision of selling Panama's operations", reported Prensa.com.

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