Everything You Need to Know About 62 Panama’s Banks

Panama’s banks offer a comprehensive range of financial services, catering to both national and international clients

The Panama’s banks system is unique in the global financial landscape. It operates without a central bank and uses the U.S. dollar as its official currency, known locally as the Balboa. This setup has helped Panama become a key financial hub in Latin America, thanks to its consistent stability and growth. Panama’s banks play a crucial role in this framework, providing essential financial services locally and internationally.

Panama operates without a central bank and uses the US dollar as its official currency, with an exchange rate of 1:1 established by law with the Balboa, which is the national currency. Balboa coins are minted in denominations from one cent to one Balboa, equivalent to one dollar. This structure eliminates exchange rate risk and provides a stable monetary environment for both domestic and international financial transactions. Panama’s banks leverage this stability to offer a wide range of financial services, ensuring a solid and predictable economy.

Panama’s financial system is diverse, comprising banks, securities firms, pension funds, insurers, and cooperatives. This variety fosters a robust and flexible financial sector capable of meeting various economic needs. Both local and international banks in Panama play a crucial role in this ecosystem, adapting to the changing demands of the market and consumers.

The banking system in Panama is diverse and robust, featuring a mix of local and international banks that offer a wide array of financial services. These banks are strictly regulated to ensure their stability and efficiency, making them a fundamental pillar of the Panamanian economy. Opening accounts for non-residents in Panama can be tedious, but with the help of our experts, we can make it happen.

Through their ability to adapt to changing conditions in the global financial market, Panama’s banks continue to play a crucial role in the country’s economic and social development.

Financial Supervision of Panama’s Banks

Panama uses a segmented supervision model with different regulatory bodies overseeing various financial sectors. These regulators collaborate through the Financial Coordination Council (FCC). Banks in Panama are subject to strict regulations to ensure their stability and proper functioning, which helps build trust among investors and consumers.

At the core of Panama’s financial system is its International Banking Center (IBC). This center balances domestic and international operations, with each segment representing roughly half of the total assets. This structure allows Panama’s banks to function as a regional financial hub, maintaining a strong local presence while facilitating the flow of capital across borders.

Panamanian banks employ various financing strategies. While local banks primarily rely on domestic deposits, foreign banks operating in Panama use a mix of local and international funding sources. This flexibility strengthens the system and enables it to support both local and international business activities. Panamanian banks are known for their ability to adapt to changing conditions in the global financial market.

Recent reports from the Superintendency of Banks of Panama, as of May 2024, indicate solid performance in the banking sector. With total assets of $148.697 billion, the International Banking Center has shown an annual growth of 5%. Panama’s banks continue to demonstrate strong solvency and liquidity indicators, reflecting their ability to handle economic challenges and maintain investor confidence.

Banks with General Licenses in Panama

Atlas Bank (Panamá), S.A.

Atlas Bank began operations in 2017 but was liquidated in March 2024 by the Superintendency of Banks of Panama due to liquidity and insolvency issues. The bank, headquartered in Costa del Este, had a capital of $43,325,000 and operated two branches. The strict regulations governing Panama’s banks help maintain the stability and reliability of the banking system.

BAC International Bank, Inc.

Founded in 1995, BAC International Bank is headquartered in Torre BAC and operates 29 branches across the country. With a capital of $970,387,118 and a workforce of 2,428 employees, it is one of the largest banks in Panama. Panama’s banks, like BAC International, offer a wide range of financial services, from savings accounts to commercial loans.

Banco Aliado S.A.

Established in 1992, Banco Aliado is based in Obarrio and operates under a General License. With eight branches and 12 ATMs, the bank has a capital of $212 million and employs 435 people. Panamanian banks, such as Banco Aliado, play a significant role in the national economy by providing essential services to individuals and businesses.

Banco Azteca (Panamá), S.A.

A subsidiary of a Mexican entity, Banco Azteca started operations in 2005. It has 15 branches and a capital of $11,589,061, but does not operate its own ATMs, employing 312 people. Banks like Banco Azteca in Panama are known for their focus on financial inclusion and providing banking services to all segments of the population.

Dollarized Economy Without a Central Bank

BBP Bank S.A.

Founded in 2009 and headquartered in Punta Pacífica, BBP Bank operates without branches or ATMs. With a capital of $15,500,000 from Ecuador, the bank employs 38 people. Banks in Panama, including BBP Bank, benefit from a regulatory environment that promotes transparency and operational efficiency.

Banco Davivienda (Panamá) S.A.

Founded in 1966, Banco Davivienda is based in Torre Davivienda and operates six branches and 11 ATMs. With capital of $19,100,000 from Colombia, it employs 179 people. Banks in Panama, like Banco Davivienda, significantly contribute to the country’s economic and social development through their financial services.

Banco Delta, S.A.

Banco Delta began operations in 2006 and is headquartered on Vía España. With seven branches, two ATMs, and 294 employees, the bank operates with capital of $21,990,337 from Panama. Panamanian banks, such as Banco Delta, are committed to the growth and stability of the country’s financial sector.

Banco de Bogotá, S.A.

Banco de Bogotá, a Colombian financial entity, has been operating in Panama since 2013. Located on Avenida Aquilino de la Guardia, it has a team of five employees and a capital of $11 million. Banks in Panama, including Banco de Bogotá, are crucial for capital flow and business development both locally and internationally.

BANISI, S.A.

Banisi, headquartered in Bella Vista, began operations in 2008. With two additional branches, seven ATMs, and capital of $60,400,000 from Ecuador, it employs 202 people. Panamanian banks, like Banisi, offer personalized services tailored to meet the needs of their clients.

Diversity in Panama’s Financial System

Banco Ficohsa (Panamá), S.A.

Banco Ficohsa, a subsidiary of a Honduran group, began its operations in 2013. Headquartered in Costa del Este, the bank has two branches, two ATMs, and a capital of $49,720,000 from Honduras. Banks in Panama, like Banco Ficohsa, play a crucial role in financial intermediation and supporting the local economy.

Banco General, S.A.

Founded in 1955, Banco General is one of the strongest banks in Panama. With 72 branches, 625 ATMs, and a capital of $500,000,000, it employs 4,637 people. Banks in Panama, such as Banco General, are fundamental to the country’s economic stability and growth.

Banco Internacional de Costa Rica, S.A. (BICSA)

BICSA has been operating since 1976 and is headquartered in the PH BICSA Financial Center. With one additional branch, one ATM, and a capital of $132,787,000 from Costa Rica, it employs 235 people. Panamanian banks, like BICSA, facilitate international trade and foreign investment in the country.

Banco Lafise Panamá S.A.

Founded in 2010, Banco Lafise is headquartered in the Santa María Golf & Country Club Business District. It has four branches, four ATMs, and a capital of $15,500,000, employing 145 people. Panama’s banks, like Banco Lafise, are vital for financial inclusion and regional economic development.

Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX)

Established in 1979, BLADEX is headquartered in Tower V of the Business Park. With capital of $288,643,060 from multiple nations and 252 employees, it operates without additional branches or ATMs. Panamanian banks, such as BLADEX, play a significant role in international trade and financing.

The International Banking Center Hosts Most of Panama’s Banks

Banco La Hipotecaria, S.A.

Founded in 2010 and headquartered on Vía España, Banco La Hipotecaria operates with just one additional branch and no ATMs, employing 98 people with a capital of $39,701,287 from Panama. Panama’s banks, such as Banco La Hipotecaria, play a crucial role in facilitating financing for home purchases and other real estate projects.

Bancolombia S.A.

Operating in Panama since 2012, Bancolombia has a single branch located in Plaza Marbella. Without ATMs, the bank has a capital of $42,000,000 and employs 7 people. Banks like Bancolombia in Panama support the development of businesses and investment projects in the region.

Pacific Bank, S.A.

A subsidiary of an Ecuadorian group, Pacific Bank began operations in 2013. Headquartered on Calle Aquilino de la Guardia, it operates without additional branches or ATMs and has a capital of $18,250,100. Panama’s banks, such as Pacific Bank, contribute to the vibrancy of the local financial sector.

Banco Pichincha Panamá, S.A.

Banco Pichincha, an Ecuadorian parent company, has been operating in Panama since 2006. Located on Calle 50, it operates without additional branches or ATMs, employing 78 people with a capital of $21,000,000. Panama’s banks like Banco Pichincha offer a wide range of financial products and services to meet the needs of their clients.

Banco Prival, S.A.

Founded in 2010, Banco Prival is headquartered on Calle 50 and Calle 71. With two additional branches, no ATMs, and a capital of $55,940,000, the bank employs 148 people. Panama’s banks, like Banco Prival, are known for their focus on private banking and wealth management.

Financing Strategies of Panama’s Banks

Banesco (Panamá), S.A.

Operating in Panama since 2007, Banesco is headquartered on Avenida Aquilino De La Guardia. The bank has 23 branches, 46 ATMs, and employs 976 people, with a capital of $62,320,815 from Venezuela. Panama’s banks like Banesco provide comprehensive banking services and innovative financial solutions.

Bank of China Limited

Bank of China has been operating in Panama since 1994, with its headquarters in Ph Oceania Business Plaza. It has no ATMs and employs 70 people, with a capital of $31,060,000. Panama’s banks, such as Bank of China, facilitate financial transactions between Asia and Latin America.

BCT Bank International S.A.

A subsidiary of a Costa Rican bank, BCT Bank has operated in Panama since 2008. Headquartered on Calle 50, it has six branches, six ATMs, and employs 142 people, with a capital of $44,500,001. Panama’s banks like BCT Bank  play a crucial role in promoting trade and investment between Central America and the rest of the world.

BI-BANK, S.A.

BI-BANK, a Guatemalan subsidiary, has been in Panama since 2016. Located in Obarrio, it has one additional branch, four ATMs, and employs 115 people, with a capital of $90,000,000. Panama’s banks, such as BI-BANK, offer a variety of financial services to support businesses and individuals.

Canal Bank S.A.

Established in 2014 and headquartered in Costa del Este, Canal Bank operates with four additional branches, 20 ATMs, and employs 199 people, with a capital of $39,703,501 from Panama. Panama’s banks like Canal Bank play a significant role in financing infrastructure and development projects in the country.

Recent Performances and Challenges of Panama’s Banks

Capital Bank Inc.

Founded in 2008 and headquartered on Calle 50, Capital Bank operates six branches and 45 ATMs, employing 300 people with a capital of $81,359,906. Banks like Capital Bank in Panama are crucial for financing and supporting the growth of small and medium-sized enterprises.

Citibank, N.A. Sucursal Panamá

Citibank, with its headquarters in Punta Pacífica, has been operating in Panama since 1904. It has two branches, no ATMs, and employs 108 people with a capital of $20,427,452. Panama’s banks, such as Citibank, provide global financial services and corporate banking solutions.

Credicorp Bank S.A.

Founded in 1993 and headquartered in Plaza CredicorpBank, Credicorp Bank operates 16 branches and 42 ATMs, employing 674 people with a capital of $44,050,000. Panamanian banks, like Credicorp Bank, offer a wide range of financial services to individuals and businesses.

Global Bank Corporation

Global Bank, established in 1994, is headquartered in Torre Global Bank. With 33 branches, 153 ATMs, and a capital of $272,416,118, it employs 1,513 people. Banks like Global Bank in Panama are leaders in providing comprehensive banking services and financial solutions.

Banistmo S.A.

A Colombian subsidiary, Banistmo has been operating in Panama since 2004. It has 39 branches, 335 ATMs, and employs 2,274 people with a capital of $755,069,972. Banks like Banistmo are essential for the economic and social development of Panama.

KEB HANA BANK

Founded in 1980 and headquartered in Global Bank Tower, KEB HANA BANK operates without additional branches or ATMs, employing 18 people with a capital of $20,000,000. Panama’s banks like KEB HANA BANK facilitate financial transactions between South Korea and Panama.

Wide Range of Services Offered by Panama’s Banks

Mega International Commercial Bank Co. Ltd.

Founded in 1974 and headquartered in Torre Davivienda, Mega Bank operates one additional branch without ATMs, employing 24 people with a capital of $85,000,000. Panamanian banks like Mega Bank play a crucial role in financial intermediation between Asia and Latin America.

Mercantil Banco, S.A.

Established in 1978 and headquartered in Torres de las Américas, Mercantil Banco has two additional branches and three ATMs, employing 208 people with a capital of $71,397,935. Panama’s banks, such as Mercantil Banco, support the country’s economic and financial development.

Metrobank, S.A.

Founded in 1991 and based in Torre Metrobank, Metrobank operates three additional branches and 11 ATMs, employing 313 people with a capital of $123,000,000. Panamanian banks like Metrobank offer high-quality financial services and personalized solutions to their clients.

MMG Bank Corporation

Established in 2003 and headquartered in MMG Tower, MMG Bank operates without additional branches and has one ATM, employing 193 people with a capital of $20,000,000. Panama’s banks, like MMG Bank, are known for their focus on wealth management and private banking.

Multibank Inc.

Founded in 1987 and headquartered in Edificio Prosperidad, Multibank operates 19 additional branches and 56 ATMs, employing 1,042 people with a capital of $183,493,019. Panamanian banks, such as Multibank, provide a wide range of financial services for individuals and businesses.

St. Georges Bank & Company, Inc.

Established in 2004 and based in P.H. St. Georges Bank, St. Georges Bank operates 12 additional branches and 12 ATMs, employing 622 people with a capital of $70,500,000. Panama’s banks like St. Georges Bank offer comprehensive banking services and tailored financial solutions.

National and Foreign Capital Banks in Panama

The Bank of Nova Scotia (Scotiabank)

Founded in 1974 and headquartered in Torre de las Américas, Scotiabank operates 11 additional branches and 71 ATMs, employing 726 people with a capital of $81,515,979. Banks in Panama, like Scotiabank, provide global financial services and corporate banking solutions.

Towerbank International Inc.

Established in 1971 and headquartered in Tower Financial Center, Towerbank has seven additional branches and 12 ATMs, employing 201 people with a capital of $93,807,007. Panama’s banks, such as Towerbank, are vital for economic development and financing business projects.

Unibank, S.A.

Founded in 2010 and headquartered in Grand Bay Tower, Unibank operates two additional branches and two ATMs, employing 95 people with a capital of $62,559,992. Panamanian banks like Unibank offer quality financial services and personalized solutions to their clients.

Industrial and Commercial Bank of China Limited (ICBC)

Founded in 2021 and headquartered in MMG Tower, ICBC operates without additional branches or ATMs, employing 32 people with a capital of $50,000,000. Banks in Panama, such as ICBC, facilitate financial transactions between China and Panama, promoting bilateral trade and investment.

Banks with International Licenses in Panama

ASB Bank Corp.

Founded in 1995 and headquartered in PH The Towers, ASB Bank operates without ATMs or additional branches, employing 145 people with a capital of $73,000,000. Panamanian banks like ASB Bank play a significant role in international financial intermediation.

Austrobank Overseas (Panamá), S.A.

Established in 1995 and headquartered in Edificio Sorti, Austrobank operates without ATMs or additional branches, employing 45 people with a capital of $20,500,000. Panama’s banks, such as Austrobank, facilitate international financial transactions and investment management.

Commercial and Private Banking to Serve All Types of Clients

Banco Credit Andorra (Panamá) S.A.

Founded in 2008 and headquartered in Torre de las Américas, Banco Credit Andorra operates without ATMs or additional branches, employing 50 people with a capital of $11,950,000. Banks in Panama, like Banco Credit Andorra, offer private banking and wealth management services.

Banco Davivienda Internacional (Panamá), S.A.

Established in 2013 and based in Torre Davivienda, Banco Davivienda Internacional operates without ATMs or additional branches, employing 100 people with a capital of $63,217,000. Panamanian banks, such as Banco Davivienda Internacional, support international trade and investment.

Banco de Bogotá (Panamá), S.A.

Founded in 1988 and headquartered on Calle Aquilino de la Guardia, Banco de Bogotá operates without ATMs or additional branches, employing 75 people with a capital of $64,788,225. Banks in Panama, like Banco de Bogotá, are essential for financial intermediation and supporting international business.

Banco de Crédito del Perú

Established in 2003 and headquartered in PH The Towers, Banco de Crédito del Perú operates without ATMs or additional branches, employing 60 people with a capital of $10,500,000. Panamanian banks, such as Banco de Crédito del Perú, facilitate trade and investment between Peru and Panama.

Banco de Occidente (Panamá), S.A.

Founded in 1982 and based in PH Pacific Center, Banco de Occidente operates one additional branch without ATMs, employing 80 people with a capital of $30,556,932. Panama’s banks, like Banco de Occidente, are vital for economic development and project financing.

Panama’s Banks Have a Strong International Structure

BHD International Bank (Panamá) S.A.

Founded in 2006 and headquartered in Torre Banco Panamá, BHD International Bank operates without ATMs or additional branches, employing 85 people with a capital of $30,000,000. Banks in Panama, like BHD International Bank, facilitate international financial transactions.

BPR BANK, S.A.

Established in 2013 and based in Torre Financiera, BPR Bank operates without ATMs or additional branches, employing 50 people with a capital of $23,000,000. Panamanian banks, such as BPR Bank, play an important role in international financial intermediation.

GNB Sudameris Bank S.A.

Founded in 2000 and headquartered in Área Bancaria, GNB Sudameris operates without ATMs or additional branches, employing 100 people with a capital of $30,000,000. Panama’s banks, like GNB Sudameris, facilitate international trade and investment.

Inteligo Bank Ltd.

Established in 1996 and headquartered in Torre Financiera, Inteligo Bank operates without ATMs or additional branches, employing 99 people with a capital of $3,000,000. Panamanian banks, such as Inteligo Bank, offer private banking and wealth management services.

ITAÚ (Panamá) S.A.

Founded in 1997 and headquartered in Midtown of the World Trade Center, ITAÚ operates without ATMs or additional branches, employing 39 people with a capital of $65,919,000. Panama’s banks, like ITAÚ, facilitate international financial transactions.

Popular Bank Ltd. Inc.

Established in 1983 and based in Edificio Banco General, Popular Bank operates without ATMs or additional branches, employing 76 people with a capital of $42,400,000. Panamanian banks, like Popular Bank, play a significant role in international financial intermediation.

Bancolombia (Panamá), S.A.

Founded in 1973 and headquartered in Plaza Marbella, Bancolombia operates without ATMs or additional branches, employing 144 people with a capital of $14,000,000. Panama’s banks, like Bancolombia, support business development and investment projects in the region.