$30 million for Commercial and Financial Center in GuatemalaMonday, January 19, 2009 The work, Interamericas World Financial Center, is currently in the excavation phase and will be completed by the middle of 2011. Prensalibre.com reports: "The investment for this building is estimated to exceed $30 million (Q234 million), said Jose Sanchez Gongora, the project designer and coordinator, to the Prensa Libre daily. The 4 Major Credit Cards in PanamaWednesday, February 8, 2012 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. Guatemala: Competition for RemittancesThursday, May 3, 2012 $4.5 billion a year comes from the U.S., generating a fierce battle between 22 banks and transfer companies that compete for the market. The stiff competition for larger pieces of the cake that makes up remittances is leading banks and financial companies to sign alliances and join forces. Canal Bank and Lafise After Banco UniversalTuesday, October 13, 2015 Following the suspension of operations in June, the Banco Universal de Panama entered into an organizational process that culminated with the sale of assets and liabilities of the company. The invitation to participate in the expressions of interest was issued to all banking institutions with a general license in the Panamanian banking system. The finalists in this auction, as reported Prensa.com, are Canal Bank and Lafise. More Time to Sell Balboa Bank & TrustWednesday, February 1, 2017 An extension has once again been granted, this time until April 7, for the bank and brokerage firm to have access to the US financial market and be able to complete the process of its reorganization and sale. Wednesday February 1, OFAC extends licenses for Balboa and Balboa Bank & Trust Securities, until April 7, 2017. The licenses were due to expire on Friday 3 February. Guatemala: Negative Figures for Offshore BankingWednesday, February 14, 2018 At the end of 2017, the assets reported by these entities decreased by 4% compared to 2016, and profits were reduced by 1% in the same period. The political uncertainty generated by the cases of corruption revealed during the course of the year, added to the unfavorable performance of the economy, explained part of the results on offshore banking in Guatemala. Costa Rica: Bansol Changes Brand Name to PrivalThursday, September 3, 2015 After having bought 100% of the shares of the Costa Rican bank Bansol, Prival Bank announced that from September 7 it will operate in the country under its own brand name. The purchase of 100% equity of Bansol was announced in April, and now the Bansol brand name is being replaced by the Panamanian bank. Panama: Boom in MortgagesFriday, July 3, 2015 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. Panama's Stanford Stock Brokerage Taken OverFriday, February 20, 2009 The seizure was conducted as a result of the take-over of its related bank, Stanford Bank Panama. In a press release, the National Commission of Securities of Panama indicated that it decided to take intervention action against Stanford Casa de Valores S.A. because of the existing legal actions in the United States against Robert Allen Stanford and the businesses related to him, and the administrative and operating take-over of Stanford Bank Panama, Inc. that occurred 3 days ago. Stanford Bank Panama is SoldMonday, September 28, 2009 The purchasing group is lead by businessman George F. Novey de la Guardia and company "QBE del Istmo S.A". Panama's Banking Superintendence announced an agreement with the U.S. custodian for the Stanford Bank legal case, under which shares of the Bank can be sold. The Superintendence expressed its intent of having both the bank and its brokerage house operating soon. Micro Finance Market in Panama GrowingThursday, October 2, 2014 The Superintendency of Banks has authorized the start of operations of a new entity, Canal Bank, which will focus on financing SM's who are not bankarised. With capital of more than $6 million the Canal Bank, part of the National Insurance Group, has started operations. The new company aims to compete in a market that has grown significantly in recent years. Pension Administrator Bought for $27 millionTuesday, September 30, 2014 Global Bank Corporation has announced the acquisition in Panama of 100% of the equity interest of the Pension Fund Administrator Progreso. From a statement from the Superintendent of the Panama Stock Exchange (SMV): Panama: Balboa Bank Has New OwnerMonday, October 9, 2017 The Superintendency of Banks in Panama has authorized the transfer of 100% of the bank's share capital to Corporación BCT, of Costa Rican origin. From a statement issued by the Superintendent of Banks: Million dollar Sue Against Banking RegulatorMonday, November 26, 2018 Arguing that the institution was negligent in the process of intervention and sale of the bank, in Panama Balboa Bank shareholders filed a $74 million lawsuit against the Superintendence of Banks. The legal appeal filed by the Balboa Bank shareholders and admitted by the Third Chamber of the Supreme Court of Justice, points out to the Superintendence of Banks of Panama (SBP) to cause presumptive damages because of the sale price fixing of the bank's shares. Approval Given to Sale of Balboa Bank to Costa Rican GroupTuesday, July 11, 2017 The Superintendency of Panama estimates that the full process of transferring share capital to the BCT group will be completed in August of this year. From a statement issued by the Superintendency of Banks in Panama: |
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