The Banking Business
Panama has the most modern and successful international banking centers in Latin America. As of December 31, 2009, a total of 90 banks were operating in the country, of which forty-four (44) are General License Banks, twenty-nine (29) are International License Banks, and seventeen (17) are Representative Offices.
In the Banking Center operate banks from different regions, which is a reflection of globalization and openness of the System. Thus, were reported 71 banks with foreign capital, which represents 79% of the banks of the Center, and 19 banks with Panamanian capital.
Today, close to 75% of deposits are from abroad, which underlines the important service this international banking center provides to the region.
Panama’s new comprehensive banking law (Decree No. 2 of 2008) meets the standards of leading financial centers around the world for transparency and regulation and conforms to the recommendations of the Basel Commission.
The Republic of Panama maintains a firm commitment to fight and maintain a proactive and efficient role against money laundering and the financing of terrorism and organized crime through its different governmental bodies and in close cooperation with other jurisdictions.
Panama's banking system has effectively achieved the following, among others factors:
- International Standards
- International cooperation
- Modern legislation
- Competitive advantages
Complementing its Private Banking platform, FPB provides a wide variety of investment products through its Broker Dealer.
