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Reply With QuoteTMMCLAUGH (05-27-2009)
How many banks are there in Panama? Some publications say more than 100, others more than 200. But in reality there are "only" 75 banks in Panama. That number includes:Note: 4 banks have both a General and International Banking License. Therefore the total number is only 75.
- 2 official government owned banks.
- 41 banks with a General (Full) Banking License. These banks are Class A banks authorized to do business with clients from all over the world, including Panama.
- 36 banks with an International (Offshore) Banking License. These banks are Class B banks authorized to do business with clients from all over the world, not including Panama.
This list is updated once a month.
Government-Owned Banks
Banco Nacional de Panamá
http://www.banconal.com.pa
Slogan: N/A
Date: 12/10/1904
Address: Torre Banconal, Via España y Calle 55
Branches: 62
Employees: 2542
Capital: $500,000,000.00
Country of Origin: Panama
Phone: +507 505-2000
Caja de Ahorros
http://www.cajadeahorros.com.pa
Slogan: El Banco de la Familia Panameña (The Bank of the Panamanian Family)
Date: 05/07/1934
Address: Via España y Avenida Manuel Espinoza
Branches: 42
Employees: 1596
Capital: $97,084,902.62
Country of Origin: Panama
Phone: +507 508-1000
Banks With A Full Banking License
BAC International Bank, Inc.
http://www.bac.net
Slogan: Valores como los tuyos. (Your values are our values)
Comment: The bank is originally from Nicaragua and has representations in that country as well as Guatemala, El Salvador, Honduras, Costa Rica, Panama and USA. In Panama since 1995.
Date: 25/08/1995
Address: Calle Aquilino de la Guardia, Edificio BAC Credomatic
Branches: 10
Employees: 642
Capital: $113,565,253.87
Country: Nicaragua
Phone: +507 206-2700
Bancafé (Panamá), S.A.
http://www.bancafe-pa.com
Slogan: N/A
Comment: The bank started out in the Colon Free Zone in 1966 and now has offices in Panama City, Colombia and Miami.
Date: 11/12/1966
Address: Ave. Manuel Maria Icaza, Calle 52 Este No. 18, Campo Alegre
Branches: 1
Employees: 53
Capital: $23,100,000.00
Country of Origin: Colombia
Phone: +507 264-6066
Banco Aliado, S.A.
http://www.bancoaliado.com
Slogan: Más que un banco, un aliado... (More than a bank... an ally)
Comment: In business since 1992, initially focused on Free Zone related financing but now a full service bank.
Date: 14/07/1992
Address: Calle 50 y 56, Paitilla
Branches: 1
Employees: 93
Capital: $80,000,000.00
Country of Origin: Panama
Phone: +507 302-1555
Banco Azteca (Panamá), S.A.
http://www.bancoazteca.com.pa
Slogan: Cambiamos la banca, cambia tú tambien. (We changed banking, so why don't you change/switch too?)
Comment: A subsidiary of Grupo Elektra and Grupo Salinas from Mexico. In Panama since 2005.
Date: 01/03/2005
Address: Calle Jorge Zarak, Plaza Americana, Local 2
Branches: 6
Employees: 401
Capital: $18,030,000.00
Country of Origin: Mexico
Phone: +507 278-7400
Banco Bilbao Vizcaya Argentaria (Panamá), S.A. (BBVA)
http://www.BBVAPanama.com
Slogan: adelante. (Onward.)
Comment: BBVA is from Spain and has representations all over Latin America. In Panama since 1995.
Date: 01/07/1983
Address: Calle 42 y Avenida Balboa
Branches: 15
Employees: 284
Capital: $28,700,000.00
Country of Origin: Spain
Phone: +507 207-2100
Note: Foreigners interested in opening an account need a banking reference from (and existing account with) any other BBVA in the world.
Banco Continental de Panamá, S.A.
Has merged with Banco General (see below).
Banco Cuscatlán de Panamá, S.A.
http://www.bancocuscatlan.com
Slogan: El banco para mentes sin fronteras. (The bank for borderless minds.)
Comment: Banco Cuscatlan is from El Salvador and has expanded to Guatemala, Honduras, Costa Rica and Panama. In Panama since 2003.
Date: 09/06/2003
Address: Calle 50, Edificio Cuscatlan
Branches: 20
Employees: 515
Capital: $42,000,000.00
Country of Origin: El Salvador
Phone: +507 208-8300
Banco Delta, S.A. (BMF)
http://www.bandelta.com
Slogan: Creciendo Contigo. (Growing with you.)
Comment: In buisness since 2006, focused on microfinance.
Date: 01/07/2006
Address: Via España 122 y Calle Elvira Mendez, Edificio Torre Delta, Planta Baja
Branches: 1
Employees: 135
Capital: $5,442,325.05
Country of Origin: Panama
Phone: +507 340-0000
Banco de Bogotá, S.A.
http://www.bancodebogotainternacional.com
Slogan: N/A
Comment: Originally from Colombia, this bank has expanded to New York, Miami, the Bahamas and Panama. In Panama since 1967.
Date: 15/08/1967
Address: Avenida Balboa y Via Italia, Centro Comerical Plaza Paitilla, Local 5
Branches: 1
Employees: 43
Capital: $18,501,725.00
Country of Origin: Colombia
Phone: +507 208-1100
Banco de Guayaquil (Panamá), S.A.
http://www.bancoguayaquil.com
Slogan: N/A
Date: 20/12/1923
Address: Details coming soon
Branches: Details coming soon
Employees: Details coming soon
Capital: Details coming soon
Country of Origin: Details coming soon
Phone: Details coming soon
Banco Pichincha Panamá, S.A.
http://www.pichinchapanama.com
Slogan: En confianza, siempre. (Always in trust.)
Was founded on 11 april, 1906 in Ecuador.
Date: 05/06/2006
Address: Torre Banco General, Marbella, Piso 23
Branches: 1
Employees: 6
Capital: $21,000,000.00
Country of Origin: Ecuador
Phone: +507 264-7448
Banco General, S.A.
http://www.bgeneral.com
Slogan: N/A
Date: 01/04/1955
Address: Calle Aquilinio de la Guardia, Torre Banco General, Marbella
Branches: 56
Employees: 2550
Capital: $547,500,000.00
Country of Origin: Panama
Phone: +507 303-5001
Banco Internacional de Costa Rica, S.A. (BICSA)
http://www.bicsapan.com
Slogan: Somos su equipo. (We are your team.)
Date: 20/09/1976
Address: Calle Manuel Maria Icaza 25
Branches: 1
Employees: 170
Capital: $65,000,000.00
Country of Origin: Costa Rica
Phone: +507 208-9500
Banco Latinoamericano de Exportaciones, S.A. (BLADEX)
http://www.blx.com
Slogan: una Trayectoria, un Compromiso, una Vision (a Track Record, a Commitment, a Vision)
Date: 02/01/1979
Address: Calle 50 y Aquilinio de la Guardia
Branches: 0
Employees: 181
Capital: $281,418,007.88
Country of Origin: Multinational
Phone: +507 210-8500
Banco Panameño de la Vivienda, S.A. (BANVIVIENDA)
http://www.banvivienda.com
Slogan: N/A
Date: 08/04/1981
Address: Calle 41 y Avenida Balboa, P.H. Aseg. Mundia, Bella Vista
Branches: 17
Employees: 456
Capital: $61,311,762.00
Country of Origin: Panama
Phone: +507 300-4700
Banco Trasatlántico, S.A.
http://www.bancotrasatlantico.com
Slogan: N/A
Date: 18/05/1979
Address: Calle Manuel Maria Icaza y Ricardo Arias
Branches: 3
Employees: 32
Capital: $20,000,000.00
Country of Origin: Panama
Phone: +507 269-2318
Banco Universal, S.A.
http://www.bancouniversal.com
Slogan: N/A
Date: 01/12/1994
Address: Calle B. Norte y Avenida 1era Este, David, Chiriqui
Branches: 7
Employees: 110
Capital: $10,000,000.00
Country of Origin: Panama
Phone: +507 775-4394
Banco Uno, S.A.
http://www.bancouno.com.pa
Slogan: Una sola Región, una sola Red Financiera. (One Region, one Financial Network)
Date: 24/08/1994
Address: Calle 50 y 84 Via Israel, San Francisco
Branches: 17
Employees: 690
Capital: $42,194,000.00
Country of Origin: Nicaragua
Phone: +507 270-5899
Banesco Banco Universal, C.A.
http://www.banesco.com
Slogan: N/A
Date: 06/11/1974
Address: Avenida Samuel Lewis, Torre HSBC,iso 1
Branches: 1
Employees: 7
Capital: $25,507,522.43
Country of Origin: Venezuela
Phone: +507 264-9133
Banesco, S.A.
http://www.banesco.com
Slogan: N/A
Date: 05/02/2007
Address: Calle Aquilinio de la Guardia y Calle 47
Branches: 7
Employees: 273
Capital: $12,000,000.00
Country of Origin: Venezuela
Phone: +507 282-2000
Bank Leumi Le-Israel, B.M.
Slogan: N/A
Date: 02/10/1982
Address: Calle Manuel Maria Icaza, Edificio Grobman No. 10, Campo Alegre
Branches: 0
Employees: 19
Capital: $10,000,094.74
Country of Origin: Israel
Phone: +507 263-9377
Bank of China Limited
Slogan: N/A
Date: 18/07/1994
Address: Calle Manuel Maria Icaza No. 14
Branches: 1
Employees: 16
Capital: $11,060,000.00
Country of Origin: Republica Popular China
Phone: +507 263-5522
BNP Paribas Sucursal Panamá
http://www.bnpparibas.com.pa
Slogan: The bank for a changing world
Date: 31/12/1975
Address: Via España 200
Branches: 0
Employees: 117
Capital: $10,000,000.00
Country of Origin: France
Phone: +507 263-6600
BNP Paribas Private Bank, Sucursal Panamá
http://www.bnpparibas.com.pa
Slogan: The bank for a changing world
Date: 30/01/2006
Address: Via España 200
Branches: 1
Employees: 45
Capital: $10,000,000.00
Country of Origin: France
Phone: +507 264-8555
Capital Bank, Inc.
http://www.capitalbank.com.pa
Slogan: N/A
Date: 02/01/2008
Address: Calle 50, Edificio PH Global Plaza, Planta Baja, No. 1
Branches: 1
Employees: 27
Capital: $11,400,000.00
Country of Origin: Panama
Phone: +507 209-7000
Citibank, N.A.
http://www.citibank.com.pa
Slogan: N/A
Date: 17/08/1904
Address: Calle 50, Edificio Plaza Panama, Piso 11
Branches: 4
Employees: 204
Capital: $10,553,940.14
Country of Origin: United States
Phone: +507 210-5900
Credicorp Bank, S.A.
http://www.credicorpbank.com
Slogan: Cuenta con nosotros. (Count on us.)
Date: 03/06/1993
Address: Plaza Credicorp Bank, Avenida Nicanorde, Obrarrio
Branches: 17
Employees: 379
Capital: $24,050,000.00
Country of Origin: Panama
Phone: +507 210-1111
Global Bank Corporation
http://www.globalbank.com.pa
Slogan: N/A
Date: 30/06/1994
Address: Calle 50, Torre Global Bank
Branches: 25
Employees: 803
Capital: $87,654,136.92
Country of Origin: Panama
Phone: +507 206-2000
HSBC Bank (Panamá), S.A.
http://www.pa.hsbc.com
Slogan: Su banco donde quiera, cuando quiera (Banking when you want, where you want)
Date: 01/08/2004
Address: Avenida Aquilinio de la Guardia y Calle 47 Este, Marbella
Branches: 19
Employees: 878
Capital: $1,287,465,522.93
Country of Origin: Netherlands
Phone: +507 263-5855
Korea Exchange Bank, Ltd.
http://www.koexbank.com
Slogan: N/A
Date: 10/12/1980
Address: Edificio Torre Global Bank y Calle 50, Piso 19, Obarrio
Branches: 0
Employees: 11
Capital: $10,000,000.00
Country of Origin: Republic of Korea
Phone: +507 340-3360
Mega International Commercial Bank Co. Ltd.
http://www.megabank.com.tw
Slogan: N/A
Date: 01/08/1974
Address: Calle 50 y Esquina Margarita de Vallarino Edificio ICBC No. 74
Branches: 1
Employees: 48
Capital: $10,000,000.00
Country of Origin: Republica de China (Taiwan)
Phone: +507 263-8108
Metrobank, S.A.
http://www.metrobanksa.com
Slogan: N/A
Date: 12/12/1991
Address: Torre Metro Bank P.B. Punta Pacifica Cl Pta Coronado
Branches: 1
Employees: 62
Capital: $50,000,000.00
Country of Origin: Panama
Phone: +507 204-9000
MiBanco, S.A. B.M.F
http://www.mibancopanama.com
Slogan: ¿Tambien tienes tu sueño? Juntos lo haremos realidad. (Do you too have your dream? Together we'll turn it into reality.)
Date: 02/01/1998
Address: Avenida Principal, Calle E, Edificio Mi Banco
Branches: 6
Employees: 53
Capital: $3,891,603.00
Country of Origin: Panama
Phone: +507 274-0242
MMG Bank Corporation
http://www.mmgbank.com
Slogan: N/A
Date: 31/03/2003
Address: Calle 53, MMG Tower, Piso 11, Marbella
Branches: 0
Employees: 47
Capital: $10,000,000.00
Country of Origin: Panama
Phone: +507 265-7600
Multi Credit Bank, Inc.
http://www.multibank.com.pa
Slogan: Creando Valor. Siempre. (Creating Value. Always.)
Date: 28/03/1990
Address: Via España E. Prosperidad
Branches: 14
Employees: 494
Capital: $98,749,000.00
Country of Origin: Panama
Phone: +507 294-3500
Primer Banco del Istmo, S.A. (BANISTMO)
http://www.banistmo.com
Slogan: N/A
Date: 07/09/1984
Address: Calle 50, 77 Este, San Francisco
Branches: 37
Employees: 1507
Capital: $577,323,112.20
Country of Origin: Panama
Phone: +507 270-0015
Produbank (Panamá), S.A.
http://www.produbank.com
Slogan: N/A
Date: 03/04/2006
Address: Avenida Aquilinio de la Guardia y Calle 47 Este, Edificio Ocean Business Plaza
Branches: 0
Employees: 8
Capital: $20,000,000.00
Country of Origin: Ecuador
Phone: +507 269-5564
St. Georges Bank & Company, Inc.
http://www.stgeorgesbank.com
Slogan: N/A
Date: 16/11/2004
Address: Calle 50 y 74 Este, Edificio P.H. St. Georges Bank and Company, Piso 11
Branches: 13
Employees: 355
Capital: $21,500,000.00
Country of Origin: Nicaragua
Phone: +507 322-2022
Stanford Bank (Panamá), S.A.
http://www.stanfordbankpanama.com
Slogan: Performance. Stability. Opportunity.
Date: 25/08/2003
Address: Torre Generali, Piso 19, Avenida Samuel Lewis y Calle 54, Obarrio
Branches: 2
Employees: 49
Capital: $28,424,229.36
Country of Origin: United States
Phone: +507 208-7300
The Bank of Nova Scotia (SCOTIABANK)
http://www.scotiabank.com
Slogan: N/A
Date: 31/10/1974
Address: Avenida Frederico Boyd y Calle 51
Branches: 3
Employees: 145
Capital: $10,000,000.00
Country of Origin: Canada
Phone: +507 208-7700
Towerbank International, Inc.
http://www.towerbank.com
Slogan: Hacemos la diferencia (We make the difference)
Date: 14/10/1971
Address: Calle 50 y Beatriz M. de Cabal, Edificio Tower Plaza
Branches: 1
Employees: 137
Capital: $50,800,000.00
Country of Origin: Panama
Phone: +507 269-6900
Banks With An International Banking License
Atlantic Security Bank Sitio Web
http://www.asbnet.com.pa
Slogan: N/A
Date: 19/09/1984
Address: PH Plaza Banco General Piso 28 y 29
Branches: 0
Employees: 71
Capital: $3,000,000.00
Country of Origin: Cayman Islands
Phone: +507 215-7311
Austrobank Overseas (Panamá), S.A.
http://www.austrobank.com
Slogan: Keep it SAVE
Date: 16/08/1995
Address: Calle 53, Este Marbella, Torre Morgan & Morgan, Planta Baja
Branches: 0
Employees: 52
Capital: $3,000,000.00
Country of Origin: Ecuadro
Phone: +507 223-4455
BAC Bank, Inc.
http://www.bac.net
Slogan: Valores como los tuyos (Values like yours)
Date: 01/02/2003
Address: Aquilinio de la Guardia, Edificio BAC
Branches: 0
Employees: 10
Capital: $10,000,000.00
Country of Origin: Panama
Phone: +507 206-2719
Note: This bank also has a General License (under the name of BAC International Bank, Inc.)
Bancafé (Panamá), S.A.
http://www.bancafe-pa.com
Slogan: N/A
Date: 03/05/1988
Address: Avenida Manuel Maria Icaza, Calle 52 Este No. 18, Campo Alegre
Branches: 1
Employees: 1
Capital: $6,000,000.00
Country of Origin: Colombia
Phone: +507 264-6066
Note: This bank also has a General License
Banco Agrícola (Panamá), S.A.
http://www.bancoagricolapanama.com
Slogan: Uniendo sus transacciones (Unifying your transactions)
Date: 14/03/2002
Address: Edificio Global Bank No. 17, Local E y F, Calle 50
Branches: 0
Employees: 4
Capital: $30,000,000.00
Country of Origin: El Salvador
Phone: +507 263-5762
Banco Corfivalle (Panamá), S.A.
Slogan: N/A
Date: 15/12/2004
Address: Calle 50, PH Global Plaza, Piso 9, Bella Vista
Branches: 0
Employees: 9
Capital: $6,019,000.00
Country of Origin: Colombia
Phone: +507 263-9272
Banco de Bogotá, S.A.
http://www.bancodebogotainternacional.com
Slogan: N/A
Date: 21/04/1988
Address: Avenida Balbia y Via Italia, Centro Comercial Plaza Paitilla, Local 5
Branches: 0
Employees: 43
Capital: $17,637,400.00
Country of Origin: Colombia
Phone: +507 208-1100
Note: This bank also has a General License
Banco de Crédito del Perú
http://www.viabcp.com.pe
Slogan: N/A
Date: 25/07/2002
Address: Torre Banco Continental, Piso 28
Branches: 0
Employees: 10
Capital: $3,000,000.00
Country of Origin: Peru
Phone: +507 215-7815
Banco de Crédito Helm Financial Services (Panamá), S.A.
http://www.bancodecredito.com.pa
Slogan: More than a bank
Date: 15/04/1998
Address: Calle 53 Este Marbella, Edificio World Trade Center, Piso 19
Branches: 0
Employees: 20
Capital: $14,687,000.00
Country of Origin: Colombia
Phone: +507 265-2820
Banco de Finanzas (Internacional), S.A.
Slogan: N/A
Date: 20/11/1997
Address: Calle Aquilinio de la Guardia, Edificio Torre Banco General, Piso 25
Branches: 0
Employees: 8
Capital: $3,000,000.00
Country of Origin: Panama
Phone: +507 223-6588
Banco de la Nación Argentina
Slogan: N/A
Date: 01/09/1977
Address: World Trade Center, Piso 5, Oficina 501
Branches: 0
Employees: 23
Capital: $3,000,000.00
Country of Origin: Argentina
Phone: +507 269-4666
Banco de Occidente (Panamá), S.A.
http://www.bancoccidente.com.pa
Slogan: N/A
Date: 30/06/1982
Address: Calle 50 y Aquilinio de la Guardia, Edificio American Intl
Branches: 0
Employees: 26
Capital: $12,770,596.49
Country of Origin: Colombia
Phone: +507 263-8144
Banco del Centro, S.A.
Slogan: N/A
Date: 16/03/1978
Address: Via España 120, Piso 3
Branches: 0
Employees: 5
Capital: $15,100,000.00
Country of Origin: Venezuela
Phone: +507 223-5062
Banco del Pacífico (Panamá), S.A.
http://www.bancodelpacifico.com.pa
Slogan: Nuestro servicio hace la differencia (Or service makes the difference)
Date: 07/07/1980
Address: Calle Aquilinio de la Guardia y Calle 52
Branches: 0
Employees: 16
Capital: $11,325,900.00
Country of Origin: Ecuador
Phone: +507 263-5833
Banco Internacional Altas Cumbres, S.A.
Slogan: N/A
Date: 03/01/2005
Address: Calle 72 Este San Francisco, Edificio Anfra
Branches: 0
Employees: 5
Capital: $4,560,844.65
Country of Origin: Panama
Phone: +507 270-3044
Banco Internacional de Costa Rica, S.A. (BICSA)
http://www.bicsapan.com
Slogan: Somos su equipo. (We're your team.)
Date: 20/09/1976
Address: Calle Manuel Maria Icaza 25
Branches: 0
Employees: 170
Capital: $65,000,000.00
Country of Origin: Costa Rica
Phone: +507 208-9500
Banco Lafise Panamá S.A.
http://www.bancolafisepanama.com
Slogan: N/A
Date: 01/11/2006
Address: Torre Global Bank, Piso 37, Area Bancaria
Branches: 0
Employees: 29
Capital: $5,000,000.00
Country of Origin: Panama
Phone: +507 340-9400
Banco Santander (Panamá), S.A.
http://www.bancosantander.com.pa
Slogan: N/A
Date: 01/08/1973
Address: Torre ADR, Avenida Samuel Lewis
Branches: 0
Employees: 5
Capital: $3,942,100.00
Country of Origin: Spain
Phone: +507 264-7678
Bancolombia (Panamá), S.A.
http://www.bancolombiapanama.com
Slogan: Llegó el momento de crecer (The moment for growth has arrived)
Date: 26/04/1973
Address: Plaza Marbella, Calle Aquilinio de la Guardia y Calle 47
Branches: 0
Employees: 68
Capital: $14,000,000.00
Country of Origin: Colombia
Phone: +507 263-6955
Banex International Bank Corp.
http://www.banexinternational.com
Slogan: N/A
Date: 01/02/2002
Address: Torre ADR, Oficina 6-D, Avenida Samuel Lewis y Calle 58, Bella Vista
Branches: 1
Employees: 3
Capital: $8,000,000.00
Country of Origin: Guatemala
Phone: +507 263-5936
BCT Bank International, S.A.
http://www.corporacionbct.com
Slogan: N/A
Date: 16/09/2002
Address: Calle Aquilinio de la Guardia, Torre Banco General, Piso 15, Oficina No. 1502
Branches: 0
Employees: 6
Capital: $25,000,000.00
Country of Origin: Costa Rica
Phone: +507 269-9565
BHD International Bank (Panamá), S.A.
Slogan: N/A
Date: 15/12/2006
Address: Edificio Torre Global, Calle 50
Branches: 0
Employees: 6
Capital: $5,000,000.00
Country of Origin: Dominican Repubic
Phone: +507 340-9200
Blubank, Ltd.
http://www.blubank.net
Slogan: N/A
Date: 08/01/1997
Address: Ave. Aquilinio de la Guardia, Edificia Torre Banco General, Piso 16
Branches: 0
Employees: 35
Capital: $3,000,000.00
Country of Origin: Bahamas
Phone: +507 265-7300
Banco Colpatria-Red Multibanca Colpatria, S.A., Sucursal Panamá
http://www.colpatria.com
Slogan: Para eso estamos (That's why we exist.)
Date: 08/05/2005
Address: World Trade Center, Oficina 1501
Branches: 0
Employees: 8
Capital: $3,570,000.00
Country of Origin: Colombia
Phone: +507 301-0717
ES Bank (Panamá), S.A.
http://www.gespanama.com
Slogan: N/A
Date: 01/03/2002
Address: World Trade Center, Piso 19, Oficina 1902, Calle 53
Branches: 0
Employees: 4
Capital: $30,000,000.00
Country of Origin: Portugal
Phone: +507 Portugal
FPB International Bank Inc.
Slogan: N/A
Date: 16/05/2005
Address: Calle 50 y Aquilinio de la Guardia, Edificio Banco Continental, Piso 16
Branches: 0
Employees: 9
Capital: $10,000,000.00
Country of Origin: Brazil
Phone: +507 210-6600
First Central International Bank
http://www.firstcentralib.com
Slogan: Tiene para usted (Has it for you)
Date: 15/06/2005
Address: Torre Generali, Piso 23, Oficina 23 D, Ave. Samuel Lewis
Branches: 0
Employees: 8
Capital: $3,750,000.00
Country of Origin: Panama
Phone: +507 264-7336
GNB Sudameris Bank, S.A.
http://www.gnbsudameris.com
Slogan: N/A
Date: 15/09/1970
Address: Area Bancaria, Calle Manuel Maria Icaza No. 19
Branches: 0
Employees: 10
Capital: $13,000,000.00
Country of Origin: United Kingdom
Phone: +507 206-6900
GTC Bank, Inc.
http://www.gytcontinental.com.gt
Slogan: N/A
Date: 22/06/2001
Address: Calle 53 Este, World Trade Center, Oficina 203
Branches: 0
Employees: 82
Capital: $45,356,000.00
Country of Origin: Guatemala
Phone: +507 265-7371
International Union Bank, S.A.
http://www.iubank.com
Slogan: N/A
Date: 20/07/1981
Address: Torre Las Americas, Piso 8, Oficina 805, Punta Pacifica
Branches: 0
Employees: 3
Capital: $4,000,000.00
Country of Origin: Venezuela
Phone: +507 204-5730
Natixis
http://www.natixis.com
Slogan: N/A
Date: 03/09/2007
Address: Calle 50, Edificio Torre Global, Piso 26
Branches: 0
Employees: 13
Capital: $8,000,000.00
Country of Origin: France
Phone: +507 206-6400
Popular Bank Ltd., Inc.
http://www.popularbank.com.pa
Slogan: N/A
Date: 16/08/1983
Address: Edificio Banco General, Piso 20, Marbella
Branches: 0
Employees: 23
Capital: $35,400,000.00
Country of Origin: Dominican Republic
Phone: +507 264-4166
Scotiabank Perú, S.A.A. Sucursal Panamá
http://www.scotiabank.com.pe
Slogan: N/A
Date: 09/09/2006
Address: Torre Banco Continental, Piso 30
Branches: 0
Employees: 4
Capital: $3,000,000.00
Country of Origin: Peru
Phone: +507 215-7820
Note: Scotiabank also has a General License under the name of "The Bank of Nova Scotia"
TAG Bank, S.A.
Slogan: N/A
Date: 01/02/2006
Address: Calle 53, Marbella, MMG Tower, Piso 6
Branches: 0
Employees: 4
Capital: $9,983,251.61
Country of Origin: Brazil
Phone: +507 294-1300
Opening an Offshore Bank Account in Panama
Offshore banking and opening an offshore bank account in Panama is easier than it sounds, but not as simple as it used to be.
Many Panama banks do open non-resident bank accounts for foreigners, but if you don't live in the country it's a bit more difficult and can take a relatively long time (several weeks or even months). Typical account opening requirements for non-residents include two bank references from your home country, as well as two professional references and two personal references, preferably from within Panama.
You can contact Panama banks directly, but things often move more smoothly if you go through a lawyer or an existing client of the bank who can introduce you to an account representative.
TMMCLAUGH (05-27-2009)
Very interesting, I thought Panama had hundreds of banks but it's only 75!
Nice (research) work. I wonder why do so many publications (mostly travel) say that Panama has in excess of 100 foreign banks. Hmm...
"Few cities in Latin America can match the diversity, cosmopolitanism and sheer energy of Panama City..." - THE ROUGH GUIDE
Can anyone tell me which banks are good and reliable? For fees, customer support,etc.
While some may be somewhat better than others, they're all good and reliable...Originally Posted by busyguy
"Few cities in Latin America can match the diversity, cosmopolitanism and sheer energy of Panama City..." - THE ROUGH GUIDE
In this list what is the best bank with best banking service?
That is an impossible question to answer until you define what you mean by "banking service."
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What is a good bank?
It would have internet banking (in English), with wire transfer functions, and a direct SWIFT - that is transfers would be directly to the bank, not through another 'bigger' bank.
It would be concerned about security. That is, no general emails sent with account info - access only via their https website.
It would have free or nearly free accounts.
So, out of the 75 or so, which ones are 'good' based upon this?
Thanks
Wire transfers are the same at all Panama banks, as are the fees (because they're regulated by a national board). And, they're high, whether sending or receiving.
SWIFT transactions all go through US banks, as far as I know; the difference is that the biggest banks will use an intermediary of the same name (e.g., HSBC), even though it is technically a separate bank. Others will use other US banks as intermediaries.
Free is not possible, but nearly free is; Panama banks nickel-and-dime you to death. E.g., my last bank charged me $5 for monthly statements, even though I didn't want them and had to go to the bank branch to get them.
My current bank checking and savings accounts are free with a $250 minimum balance, but they still charge me 10¢ per check if I write more than 2 checks a month. Also, I don't have an ATM/debit card; all banks here charge you for those (usually $25-30/year).
Internet banking is all over the map, from awful to fair -- nothing like you get in the US or Canada. I'm pretty happy with my current bank -- Multibank -- and they offer the choice of English or Spanish. You'll just have to visit the others' sites to see what they offer.
As far as email security, I can't answer that, because I've never tested it. But I can tell you that most banks, like all businesses in Panama, do not respond well to emails. This is an "in-person" country for business dealings. I.e., I got good response from Multibank when I sent my email questions about opening an account, but if I had a problem, I would never use email -- because I know the problem would never get fixed that way.
Because of this last issue, I would choose a bank that had a physical presence near where I live in Panama -- because when/if you do have a problem, you'll need to go into the branch. Also, I'd never use anyone's ATMs for making deposits.
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Several of the banks that I have looked at do have their own SWIFT #. Most xfers do go through an intermediary banks, depending upon what bank is sending the wire and such. That is not an issue as it is NORMAL.
What is not so good is xfer instructions something like:
Transfer to: HSBC Bank, SWIFT: MRMDUS33
To credit account: XYZ Bank (Panama), Account No. 000123456
For further credit to: Customer ABC, Account No. 999888111
Fees are another thing. There should not be a fee for having a business account with a couple of $K in it nor for internet banking. Fees for xfer should be reasonable, in the $15-25 range. I also noticed some have free debit cards as well.
As for email, unless it is encrypted, it is like sending your information on the back of a post card, but much worse!
As always, research ...
Thanks.
Which banks have both a General and International Banking License?
Mpuman, are you sure about that free debit card in Panama? I've not seen that...
Wire transfer fees in Panama are a percentage of the amount transferred.
I believe this is standard throughout the country:
From $0 to $10,000 - 1/4%, minimum fee $12.50
From $10,000 to $50,000 - 1/8%, minimum fee $25
More than $50,000 - 1/16%, minimum fee $62.50, maximum fee $500
Plus:
SWIFT fee (only for sent wire transfers) - $20
Compliance fee (only for sent wire transfers) - $5
Here are a couple good discussions and notes about Panama banks:
Money in Boquete - Boquete Panama
News Release - Panama Issues : HSBC Horror Stories
Again, I have not done an extensive study, that is the reason that I am posting! Hopefully someone has direct experience for commercial / business accounts.
The HSBC issues have been well known for quite sometime, both in Panama & the rest of the world.
Scotiabank Panama appears to have free debit card /w acceptable min balance. As for wire fees, don't know with them as I can't find a fee schedule online for the Panama operation. Also their Panama site is in Spanish only which is a bit of a challenge for me (although I do use a translator).
Many others, like Banco General, BANVIVIENDA, Tower don't seem to have published fee schedules, again making it difficult. With half a hundred or so more to try to check out, the task is great!
Too bad about Stanford, as they had free MC debit card, no cost banking, no incoming wire fee, and a $25 outgoing wire fee. Other than a perceived issue with the SEC that has bankrupted them internationally, they almost met the requirements ... perhaps they need to be taken off this list!
As I said, I believe wire transfer fees are standardized across all banks in Panama -- at least that's what one bank told me when I complained. :-)
I know some ex-pats who like Scotiabank -- but as you said, no internet transactions in English, and I thought that was a deal-killer for you.
Remember, Panama is still a third-world country, despite pretensions to the contrary. The internet is rarely used for business here, and most business web sites are simply brochures; they won't help much. You have to be here, on the ground, talking to the banks and the people who use them. This ain't Kansas, Dorothy.
What a lot of people do is first find a lawyer they can trust, then take that lawyer's recommendation for banks -- and there's a lot of good sense in that. If the lawyer likes the bank, chances are s/he has connections who can help you.
All in all, we can compare pennies here and dollars there regarding bank fees, but when it comes down to it, the bank you should choose is the one where you get the best service. And, usually -- or, especially in Panama -- that means finding one individual (manager or above) whom you can go to, time after time, with questions.
E.g., maybe Bank A offers a free debit card, but when an ATM eats your card or doesn't deliver the money it said it did, or debits your account for no apparent reason -- and it's guaranteed, just like car wrecks, that that will happen to you in Panama -- then how long will it take you to get the problem fixed? Me, I'd rather pay Bank B a small fee for their debit card *if* I knew I had an inside contact who'd take care of me.
The "perceived" issue at Stanford? You mean, like, 8 billion missing dollars? Maybe you should read the article in the March 9 edition of The New Yorker about Alan Stanford.
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Having a Spanish Only website, is a disadvantage, but not a deal killer. Any yes you are right about fees and such. And yes, being on the ground is important, that is why I am asking, as I am not there (right now).
As for relying on anything that 'The New Yorker' "reports" as the whole story is pretty far fetched! A lot of digital and print ink is out there. Lots of conjecture, lots of accusations, a lot of falsehoods, and very little beef.
Ponzi schemes and banks in general are about the same deal. Not wanting to start on Allen (don't know him), but lets see, 'they' have been 'investigating' him for like 15 years. Then the SEC, in its civil complaint, alleged that he took at least $1.6 billion in personal loans, basically seize and lock down everything with his name on it. No crime has been discovered yet ... they just cry that he 'is not cooperative'.
So where did he put the money? Does he have the millions needed to fight the SEC? So what if the SEC did the same thing to ANY institution that has banking? Do you think that the deal would be any different? Actually its the real banks that do Ponzi - how much in assets do they have? According to the Bank Supervisor in Panama, Stanford has more assets there to cover all of it depositors - with some left over!
I'm not defending Allen, he MAY be a scam, creep, pompous, good, bad, cheat, or any number of other adjectives ... what I am questioning is the SEC's actions and if it was the prudent thing to do. There has been NO CRIME, not even alleged - yet they are 5-6 weeks into it. I don't know about you guys, but it seems like to me that a real crime needs to be committed before such a drastic action.
A civil action is different than a criminal action, at least it used to be in the USA. Looks like the deal was to shut down his operations ... maybe to cover up other issues? Perhaps all he needed to do was to take the bailout money that other banks and companies (some forced) did!
Do you know of a bank called Panama Trust Savings Guarantee?
I have not, and nothing comes up in 10 pages of Google. But that does not mean they don't exist.
Where did you find or hear that name?
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An assocaite of mine is thinking about doing business with them. Although she didn't quite say if they were an institution like a bank or savings and loan, I beleive it may be the name of either an escrow company or trust account. I just wanted her to check them out before getting involved. She doesn't have an address yet, so I just assumed it was in Panama.
What banks on this list are only from Panama and don't do business in other countries like HSBC and Citibank?
Not sure what you mean by "do business". Each bank, even HSBC/Citibank are subject to the exact same rules as everyone else.
Normally the banks in Panama are divided into three categories:
Government-Owned (since they have no central bank)
State-Controlled Banks in Panama - Government Owned
Banks with a general license:
Banks in Panama - List of Banks in Panama with a General License
The offshore (international banks):
List of Banks in Panama - Banks in Panama with an International License
Of the banks on the general list, it's almost impossible to work out the international affiliations through ownership and such. Banco General just established themselves in Costa Rica and so on....
Best wishes, Ed
Last edited by EdBowers; 10-12-2009 at 05:35 PM. Reason: typo
Can anyone advise Banks that accept to open accounts for non residents? I heard it is pretty tricky and they usually dont like that.
Would the fees change if I am non resident ?
thanks!
Ilo
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