Panama City is a major world center for international banking and related financial activity. The absence of currency exchange controls allows cash to flow in and out of Panama freely, enticing investors to bring their banking activities to Panama.
Panama has a well-developed banking system and has become an important international banking hub for years, now the hub has 62 banks in the Bank Center.
The Banks in Panama are categorized by the Panamanian Banking Law in three different types of Banks, according to the license granted:
These banks can be generally viewed as safe and with good ratings.
The State Banks as their name implied are banks owned by the Government of Panama and under the Panamanian Banking Law.
They can perform business only in Panamanian territory.
This license type is the more commonly used among the Banks in Panama, in fact in the List of Banks in Panama, you will find that the 60% of the Banks in Panama are under a General License.
This type of license allows the Bank to do business in Panamanian territory as well as abroad, and therefore the more widely used.
Only 36% of the Banks in Panama are under an International License.
This type of license allows the Bank to do business only overseas Panamanian territory.
To formulate economic and social policy, administer and provide resources for the execution of government plans and programs, promoting the greater well-being of the population.
The Superintendency of Banks of Panama is the official entity in the Republic of Panama that is in charge of banking and fiduciary supervision.
All Banks must maintain, at all times, a minimum balance of liquid assets equivalent to the percentage of the gross total of their deposits to be determined periodically by the Superintendency. This percentage shall not exceed thirty five percent (35%) and until the Superintendency decides otherwise, that percentage will be thirty percent (30%).
All banks that engage in banking business in the Republic of Panama, are subject to inspection and supervision of the Superintendence to confirm their financial stability and structure of compliance with the provisions of the Banking Law.
Amauri Castillo and son, at an event of the Panamanian Association of Executives
Had a special discussion session with The Topic: "The Future of Work" with Mrs. Carmen Pagés, Head of the Labor Markets Division of the Inter-American Develpomnet Bank
Presenting "Fintech" solutions in Panama