Banking Banks Superintendency of Banks of Panama bank banking system new bank Bank opening declining profits profit Balboa Bank & Trust Banco Internacional del Perú - Interbank Mergers & Acquisitions Ramón Martínez Stagg Stanford Bank (Panamá), S.A. Strategic Investors Group Inc.

New Banks Arrive in Panama

In the first six months of 2010, the Panamanian Banking Regulator (SBP) granted permits to six new operators.

Sunday, August 9, 2009

©image: Michael Nyika

The Panamanian Banking Regulator is now studying a further seven requests for upcoming approval.

"Foreign and mixed groups such as Banco Prival, Banca Privada D’Andorra, Banco Lafise Panamá, Banco Internacional de Perú and Banco La Hipotecaria have seen potential in the country," writes Capitales.com.

Amauri Castillo, SBP's secretary general, adds that the arrival of financial groups reflects Panama's rapid port development, which has converted it into a banking center.

Source: Capitales.com

Key entities

Superintendency of Banks of Panama

Countries

Panama

Insight

Banks bank new bank Banking

New Banks in Panama

February 2011

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.

Panama: 5 New Banks Authorized to Operate

June 2010

In the first half of the year the Banking Superintendence (SBP) has authorized 5 banking institutions to operate in the country.

These are “Banca Privada D’Andorra S.A.”, “Banco Prival, S. A.”, “Banco Lafise Panamá, S. A.”, “Banco Internacional de Perú, S. A.” and “Banco La Hipotecaria, S. A.”.

12 Banks Request Licenses to Operate in Panama

April 2010

Panama’s banking superintendence is processing 12 requests by financial institutions to operate in the country.

These include Peru’s Interbank, La Hipotecaria S.A., Allbank Corp., as well as Venezuelan, Argentinean and Central American groups.

Under current law, General License Banks must pay a fixed yearly fee of $30.000 plus a variable sum of $35.000 per million in assets.

Banesco Announces Operations in Costa Rica

October 2011

The Venezuelan bank’s participation in the Costa Rican market will be marked by flexibility and adaptability to local characteristics.

Representatives from local banks, in the face of entry of a new competitor, agreed that this will stimulate the segment of medium-sized banks.

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