The reasons given by the bank is Panama´s inclusion on the list of tax havens in France.
An article in Prensa.com reports, "The Minister of Economy, Alberto Vallarino, said the bank followed a closing schedule which existed prior to Panama negotiating with France a treaty to avoid double taxation, but also said they would return when the country is out of the French listing.”
Source: Prensa.com
More on this topic
June 2010
The reason would be Panama’s permanence in Fance’s tax-haven list, said the entity.
In a letter to the Panamanian Banking Superintendence (SBP), the banking institution explains that another reason would be the presence of Panama in the tax haven list of the Organization for Economic Co-Operation and Development.
September 2009
The French bank announced the sale of its Panamanian operations, arguing political and strategic motives.
In addition to leaving Panama, where it operated for 57 years, the bank will also leave Costa Rica, Argentina and Uruguay.
"An anonymous source from the banking industry reported that BNP Paribas executives announced their staff that OECD's pressure weighed in their decision of selling Panama's operations", reported Prensa.com.
May 2011
The bank Hong Kong and Shanghai Banking Corporation (HSBC) argue that the main reason for the closure is the effects of the global economic crisis.
In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts.
September 2010
In November the bank will close down its operations due to lack of clients.
The closure was announced on 25 August by El Salvador's Financial System Regulator (SSF in Spanish).
Víctor Ramírez, SSF head, indicated that the decision to close was made by the bank itself, adding that, "it is no longer in their interests to stay open since the original idea was to provide services to manufacturing companies but as this sector has suffered there is less incentive to stay".
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