Panama Banking Sector
Panamanian banks are among the most stable banks in the world and Panama itself is the second largest international banking center in the world, after Switzerland. The Panamanian banking industry has many competitive advantages in its favor: dollarized economy, safety and system reliability, stability in the rules, confidentiality, free flow of capital, reasonable operating costs, asset´s growth of the International Banking Center (IBC) in the recent years and the adoption of international standards in banking. Global investors begin to see Panama as a strategic point for investment, a gateway to contribute to the development of the region, thanks to the connectivity of Panama and an open economy.
Panamanian banking center has the distinction of not being touched by major international crisis thanks to its own characteristics, its ssafe banking practices and efficient and reliable regulation and supervision.
There are approximately around 100 local and international banks in Panama. 45% of the assets are external. An important element for the banks wishing to settle in Panama, is that they can expand their operations in this region from Panama.
Banks in Panama also offer very competitive interest rates. The rates of current accounts and savings accounts may change without notice, vary depending on the LIBOR (London InterBank Offering Rate), are subject to minimum deposits and / or minimum balance requirements and / or certain terms for CD .
Another advantage of Panama is an investment grade awarded by the major rating agencies (Fitch Ratings, Standard & Poors, Moody's), which reflects a strong outlook for the economic growth, its budget cuts and its tax reform system.
The Superintendency of Banks of Panama, with the aim of strengthening the banking center of Panama, established in its strategic plan the main purpose which includes a projection for Panama as an International Banking Center of Latin America.
We have relationships with a variety of local and international banks in Panama through which you can open your offshore bank accounts, personal accounts, corporate accounts among others.
