Banking Organisation for Economic Co-Operation and Development tax haven Banks Double Taxation Taxes bank tax systems Tax treaties banking system Societe Generale Superintendency of Banks of Panama bank closing Alberto Vallarino BNP Paribas

Panama: BBVA Will Limit Itself to Local Operations

The bank's activity in the local market will be limited to commercial banking, focused on the resident population.

Wednesday, September 30, 2009

©image: Raúl Hernández González

Two factors motivated this decision by the bank: the country's qualification as a "tax haven" by the Organisation for Economic Co-operation and Development (OECD), and its presence in the "black list" of the Spanish government.

Alberto Conde, BBVA's Panama General Manager, told Laestrella.com.pa that "...the measure was decided with their head offices in Spain... 'This removes opportunities in the non-resident and the offshore banking sectors'...".

Source: laestrella.com.pa

Key entities

Organisation for Economic Co-Operation and Development Banco Bilbao Vizcaya Argentaria

Countries

Panama

Insight

tax haven bank Banks Banking

Panamá targeted by OEDC

October 2008

The Organization for Economic Development and Cooperation is combating countries considered tax havens, and Panama is in the list.

A report on fiscal cooperation published by OEDC on september 29 states that "there are still important restrictions in accesing banking information with fiscal purposes" in three of it member countries (Austria, Luxembourg and Switzerland), and in other tax havens like Panama and Singapur.

Avoiding Being Called "Tax Haven"

August 2009

The government of Panama will foster the negotiation and signature of treaties to avoid double taxation.

A proposal approved by the Minister Cabinet will also analyze "where it is good for national interests to apply the Retorsion Law to countries discriminating Panama".

IDB loan to help BBVA Panama boost lending for small businesses

November 2009

The Inter-American Development Bank approved a $15 million loan to provide Banco Bilbao Vizcaya Argentaria (Panama), S.A. (BBVAP) with long-term funding to support its lending to small and medium-sized enterprises.

Additionally, the IDB helped catalyze a parallel US$25 million loan from the German development lender Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG) to BBVAP, a unit of the Spanish Grupo BBVA.

IDB, BBVA Panama sign $15 million to boost lending for small business

March 2010

BBVAP and IDB signed documents for a $15 million loan to provide BBVAP with long-term funding to support its lending to small and medium-sized enterprises.

The IDB loan will allow BBVAP to significantly expand its lending to SMEs, a strategic sector for economic growth and job creation in Panama.

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