Banking In Panama

As one of the most dynamic parts of Panama’s economy, international banking plays is a major player in Panama’s success today. As the second largest banking centre in the world with over 120 banks in Panama City alone, Panama plays a significant role in the world financial arena.

Panamanian banking legislation has established three types of banking operation:

• General license banks that operate full services and compete for domestic deposits and loans
• International License or "Offshore" banks for individuals or organisations located overseas
• Representative Offices that perform representational activities in Panama

Banks are organized into two groups: the Panamanian Banking Association (Panamanian and foreign banks) and the Association of Panamanian Banks (Panamanians banks only). The are licensed and regulated by the Banking Supervisory Authority (Superintendencia de Bancos) and as the banking sector is second only in size to Switzerland, banks are considered to by the international banking community to be very stable.

Documents necessary to open a bank account in Panama:

1. Completed application form
2. A clear photocopy of passports for each signatory on the bank account. This should be notarised, and must include the passport number, signature and the most recent entry/exit stamps (if any)
3. 2 reference letters from your local bank or any financial institution you have a history with

Some of the most important banks in Panama:

OFFICIAL BANKS

GENERAL LICENSE BANKS

INTERNATIONAL LICENSE BANKS