The construction of the energy generation plant using natural gas by AES Colon will be financed with a syndicated loan from the CABEI, Banistmo, Bancolombia and other banks.
Those involved in the syndicated loan are Banistmo, Bancolombia, the Central American Economic Integration Banco General and Global Bank, reports Capital.com.pa. The plant, which will have the capacity to generate up to 381 MW of energy from natural gas, was announced in 2015 by the company AES Colon, who was awarded the contract to supply 350 MW of power.
In April this year the mortgage loan portfolio of the banking system amounted to $12 billion, 15% more than in the same month in 2014.
The growing demand for homes in Panama is the main factor behind the steady growth in mortgage lending, which is expected to continue rising due to the deficit that still exists in the availability of housing.
The growth in the portfolio between April 2014 and March of this year was $1.545 billion.
The Superintendency of Banks in Panama has reported that consumer loans amounted to $5.16 billion with four banks hogging 54% of the total.
The four banks holding 54.6% of the personal loans are la Caja de Ahorros, Banco Nacional, Banistmo and Banco General.
Estrategiaynegocios.net reports that "... In first place is Banco General, with 16.7%, managing $860.6 million; second is Banco Nacional, with 15.2%, managing $781.8 million; Banistmo, with a 13.3% market share, has an equivalent of $679.1 million and Caja de Ahorros, with 9.5% has a balance of personal loans of $492.5 million. "
At the end of 2013 the balance of these loans in the banking system exceeded $10 billion, representing growth of 30% in the last three years.
The increase in the real income of households, the Preferred Interest Act and the increased demand for housing in the medium / high cost category, have strengthened the portfolio of mortgage loans in the country, with the balance of this portfolio up to March this year standing at $10.296 billion, $9.041 billion for homeownership loans and $1.254 billion for commercial premises.
The portfolio of loans granted through credit cards grew by 18% between November 2012 and November 2013.
Up until November 2013, the balance of active cards reached a total of $1.207 billion, while in the same period of 2012 it was $1.021 billion, representing an increase of 18% , according to statistics from the Superintendency of Banks of Panama (SBP).
Seguros Assa has sold the remaining 21% of shares held by the Profuturo Fund the largest banking institution in Panama.
Banco General "... announced that it has acquired 630 shares belonging to the Seguros ASSA Insurance Company in the pension and severance fund Profuturo ..." reported Anpanama.com.
With this move the bank will be the owner of 100% of the company Profuturo.
It is the biggest issue in Panama within the private sector authorized by the Superintendency of Securities of Panama for $470 million in total.
The General Bank was the structuring firm and main buyer of the bonds, the first two series were placed at interest rates of 6.25% and 6.75%.
The funds will be used to refinance "the balance of the existing debt contracted for $397.4 million with a syndicate of banks and originally used for the construction of the AES Changuinola hydro plant in Bocas del Toro ..." reported Capital.com.pa.
In Panama the scheme which provides financing with preferential interest rates is a major factor in the growth of mortgage loans.
With the enactment of Act 3 of 1985, which established a system of interest rates in certain mortgage loans, residential mortgage financing has shown good performance. It has also supported the construction sector as a way to reduce the housing deficit in the country.
The portfolio of loans for the purchase of vehicles saw its highest growth in the month of August 2013, when it increased by 17% compared to the previous month.
Up until August personal loans totaled $4.728 billion, credit cards $1.137 billion and auto loans $901.5 million.
The consumer loan portfolio alone, as of August, covers 19% of the loan portfolio of the Local National Banking System (NBS) amounting to $36.344 billion.
Dividends corresponding to telecoms shares in the first quarter of the fiscal year 2013-14 totaled $13.8 million.
"The government, which owns 49% of the shares, is entitled to $6.8 million and an equal amount will got to CWC CALA Holdings Limited, through its shareholding of 49%", reported Prensa.com. Of the remaining 2%, $278 thousand will be allocated to the trustee (Banco General SA).
The Panamanian Electronic Payments Network has invested $7 million in a new technology platform that will incorporate debit cards which use chips, and is expected to be operational from January 2014.
This was announced by the CEO of Security and Fraud Prevention, Abdy Sanjur. "The change reflects the wider acceptance of smart cards around the world, as well as the rules on transfer of responsibility and governmental administration" reported Capital.com.pa.
A comparative analysis of fees and nominal annual interest rates for the first week of August 2013 on credit and financing cards.
From information published by the Consumer Authority of Panama:
Background
"Credit Card: An instrument which is magnetic, electronic or using other technology from the execution of a credit agreement previously concluded between a financial intermediary and another person, in order to facilitate the lease of or to obtain goods and services or obtaining cash from business affiliated to the system. "
A comparative analysis of costs and nominal annual interest rates has been released giving details for the first week of May 2013 for credit cards and financing cards.
From information published by the Consumer Authority of Panama:
Background Information
"Credit Card: Magnetic instruments, electronic instruments or other technology related to a credit agreement contract previously concluded between a financial intermediary and another person, in order to facilitate a lease or obtain goods and services or obtaining cash from businesses affiliated to the system. "
Transactions and inquiries at ATMs and ownership of credit and debit cards, have doubled in cost over the past two years.
At some banks, membership fees have grown from an average of $15 to $21.40 for debit cards, which is an increase of 42.6%.
Regarding the cost of transactions and inquiries at ATMs, they have gone from $0.50 to $1.07 per transaction, which represents an increase of over 100%.
Panamanian banks are preparing for the migration from magnetic to chip cards in an effort to reduce fraud in the country.
Although the change from magnetic to chip cards (EMV) in Panama is being applied gradually, banks such as Bac Credomatic and Banco General are already applying the finishing touches to adopting this new technology.
Amauri Castillo, advisor to the Superintendency of Banks in Panama (SBP), said that "some banks are better prepared than others and this will be a gradual process, but the important thing is that the infrastructure, at least at the level of ATMs, is now ready ".
español
7974
