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Venezuela's Banesco to set up regional headquarters in Panama

Venezuelan bank Banesco is setting up a regional headquarters in Panama next year for an expansion project in Central America and the Caribbean.

Thursday, May 22, 2008

©image: Gabriel López Chópite

Costa Rica, Guatemala and the Dominican Republic are the first countries that Banesco executives have set their sights on. Ricardo Ayala, chairman of the bank's board, emphasized that Banesco would finance the expansion from its own resources.

Source: Prensa.com

Key entities

Banesco

Countries

Costa Rica Guatemala Dominican Republic Panama

Insight

start operations Banking

Banesco looking to expand

September 2008

The bank is planning to start operations in Costa Rica and the Dominican Republic in the first quarter of 2009.

According to Alberto De Armas, executive president of the Venezuelan bank, they would offer banking services in both countries to meet the needs of consumers in those markets.

Banesco To Open in Dominican Republic

September 2010

Banesco was authorized by the Panamanian Banking Superintendence to open a branch in Dominican Republic.

From yesterday’s official government newspaper:

“BANESCO is authorized to open a branch in Dominican Republic.

This authorization has no relation with Banesco’s compliance with any rules and regulations in place in Dominican Republic, which the company will have to comply with”.

Banesco in Panama Updates Growth Policies

March 2009

Increased controls on lending to sectors such as construction and a reduction in branch openings are some of the measures.

Jorge Salas, Bank manager, informed Prensa.com: "There will be three new branches that the bank will open this year instead of five; tactics will change and the focus will be monitoring whom we lend to more closely, without excluding any segment in particular."

Palmerola Airport to begin operations in August

June 2008

President Manuel Zelaya has announced that Honduras' fifth international airport, at Palmerola, will start operations on August 2, when the United States will close down its military operations there.

The president said that in two weeks he will sign an agreement with the United States based on an agreement dating back to May 1957, that established the military support that Washington has provided for 51 years.

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