The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.
The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks.
Since 2007 Colombian bankers have made progress in the region, led by Bancolombia with $3,216 million and Grupo Aval with $2.821 million.
For example, in Panama they have operations with "... large international banks because it is considered a tax haven, where it is possible to make investments and transactions swiftly and without a lot of questions being asked by local controlling entities," noted an article in portafolio.co.
In January 2013, banks granted the construction sector loans worth $2.92 billion, which is $89.6 million more than in January 2012, when the figure was $2.83 billion.
These type of loans, represent 11.45% of the loans granted by the National Banking System, which adds up to a total of $33.5141 billion.
During 2012, loans to agriculture and fishing recorded an increase of 16.95%, reaching $1.1886 billion.
Although the agriculture and fishing sectors are less favored by the local banking system, during 2012 the amount of loans granted by the National Banking System (SBN by its initials in Spanish) increased by 16.95%, standing at $1.1886 billion, of which, according to figures from the Superintendency of Banks of Panama (SBP), 63%, or $756.2 million, were intended for livestock.
HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.
HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.
Citibank, with $242 million; BAC International Bank, with $176.5 million; HSBC Bank, with $134 million and Banco General, with $133 million, are the banks that have the highest loan amounts.
The annual amounts of loans taken out using credit cards in Panama last November amounted to $867.9 million, far surpassing the $61.1 million figure for the same period in 2010.
Better internet connections and mass use of mobile phones have led to an increase in phishing scams.
In the last year (2010) alone losses of $18 billion and $20 billion were reported, according to information from the Federal Bureau of Investigation (FBI).
"Phishing, which was widespread last year in the Panamanian market, is a type of fraud that uses fake emails which redirect clients to a copy or imitation of a legitimate website, so that personal and confidential information can be gathered and used to commit fraud" reported Prensa.com.
In 2010, nine new banks entered the banking sector in Panama.
Of these, four are local private banks, three have international license and two are foreign banking entities.
The new operations launched are Banco Lafise Panama (March 10), Bank of Nova Soctia (Panama) SA (Oct 10) Prival Bank (March 10), Balboa Bank & Trust Corp (May 10) Banco La Hipotecaria (June-October), Uni Baak & Trust Inc. (Dec-10), Andbanc (Feb-10), Banca Privada D'Andorra (April-October) and International Bank of Peru (May 10).
The investment responds to a change in the branch infrastructure with greater movement in the country.
The head of HSBC Panama announced the investment, adding that, "it is work in progress. What we are seeking is to enable customers to get access to all the bank's services," reports Prensa.com.
HSBC Panama will offer more products and services for its Panamanian customers.
Ernesto Fernandes, president of HSBC Panama, commented that the bank's Panamanian offices will feature the same infrastructure they have in the rest of the world.
Capital Bank, a Panamanian banking entity, requested authorization to purchase 100% of Bancolat's shares.
Bancolat Overseas is property of MTS Holdings Corporation, an entity located in the British Virgin Islands. For its part, MTS Holdings is fully owned by HSBC Bank in Panama.
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