Thebanking system system ofPanama is mainly made up ofprivate banks, much of it with international capital. During the last two decades of the 20th century, Panama's banking system has strengthened as one of the most importantfinancial centers inLatin America. This is due to the legal facilities for establishing banks in Panama, support provided by theGovernment of Panama, its geographical location, its relative economic and political stability and thedollarization of its economy.
The first attempts to create abanking institution in Panama date back to the time when the country was part ofGran Colombia; in 1826 the "Revenga Project" was created, which attempted to establish anational bank for Gran Colombia that would have its headquarters inBogotá and three other branches located inCaracas,Guayaquil andPanama City; however, the project was never completed and the idea was discarded.
The first bank established in Panama dates back to 1861 and was known as theBanco de Circulación y Descuentos Pérez y Planas, which was in charge of circulating paper money that was printed by theAmerican Bank Note Company. TheBanco de Pérez y Planas cancelled its patent in 1867 and in 1869 a new bank calledBanco de Panamá was established. In 1866 theExchange Bank of Colon appeared, also in charge of issuing banknotes, but it quickly disappeared due to breach of contract in 1873. In 1865 and 1867 two banks were created, first the publicBanco del Estado Soberano de Panamá, which in 1880 would become the issuer and the other theBanco de Ehrman, in charge of the purchase of foreign currency, which continued to operate after theseparation of Panama from Colombia. In 1885 theSaving Bank was created based in Colón, but a fire destroyed the bank and it disappeared.
In 1903, the first two modern Panamanian banking institutions were created: theInternational Bank Corporation, which would later be calledFirst National City Bank of New York, nowCitibank, and theBanco Hipotecario y Prendario, which was enacted by law byPanamanian PresidentManuel Amador Guerrero on June 13 of that year and began operations shortly thereafter on October 12. The latter changed its name to the currentBanco Nacional de Panamá, which initially financed the agricultural and livestock activity of that country. The Government of Panama also createdCaja de Ahorros in 1934, an institution that was initially a mortgage institution that later expanded its services. Other notable banking institutions wereBanque National de Paris, nowBNP Paribas, the first bank with European capital established in Panama, andBanco General, founded in 1955, being the first Panamanian bank with private capital.
On July 8, 1941, Law 101 was passed, regulating banking activity in Panama, leaving theMinisterio de Hacienda y Tesoro (Ministry of Finance and Treasury) in charge of controlling the banking system and theContraloría General de la República (Comptroller General of the Republic) in charge of supervising it. Despite this, activity grew rapidly and without major controls, so the government had to adopt legal measures to avoid financial problems. Thus, Cabinet Decree No. 238 was approved on July 2, 1970, establishing the first Banking Law in that country, which created theComisión Bancaria Nacional (National Banking Commission) as an entity promoting banking activity in Panama.
The Cabinet Decree No. 238 allowed the development of the International Banking Center inPanama City, promoting the arrival of capital from several banks oriented mainly towards financing inLatin America. Since then,Panama has become one of the main financial centers in the region.
It was not until February 26, 1998 that a regulatory body for banking activity was established in Panama, when theSuperintendencia de Bancos de Panamá (Superintendency of Banks of Panama) was created.
The following list shows the banks that are registered with theSuperintendencia de Bancos de Panamá (Superintendency of Banks of Panama) as of September 2024.[1] Banks operating in Panama are classified into three types: those with ageneral license, which allows them to conduct both domestic and international operations; those with aninternational license, which allows them to operate only outside of Panama; andrepresentative offices, which serve as liaison offices without conducting banking activities within the country. Anofficial bank is a bank owned by theGovernment of Panama.
| Bank | Type of bank | Country of origin of Capital | Founded | Notes |
|---|---|---|---|---|
| BAC Credomatic | General license |  Colombia | 1995 | |
| Banco Aliado | General license |  Panama | 1992 | |
| Banco Azteca | General license |  Mexico | 2005 | |
| Banco Davivienda | General license | Colombia | 1966 | |
| Banco de Bogotá | General license | Colombia | 2013 | |
| Banco Delta | General license | Panama | 2006 | |
| Banco Ficohsa | General license |  Honduras | 2013 | |
| Banco General | General license | Panama | 1955 | |
| Banco Nacional de Costa Rica | General license |  Costa Rica | 1976 | |
| Banco La Hipotecaria | General license | Panama | 2010 | |
| Banco LAFISE Panamá | General license | Panama | 2010 | |
| Banco Latinoamericano de Comercio Exterior (Bladex) | General license | Multinational | 1979 | |
| Banco Nacional de Panamá | General license | Panama | 1904 | Official Bank |
| Banco Pichincha | General license |  Ecuador | 2006 | |
| Banco Prival | General license | Panama | 2010 | |
| Bancolombia | General license | Colombia | 2012 | |
| Banesco Panamá | General license |  Venezuela | 2007 | |
| BANISI | General license | Ecuador | 2008 | |
| Banistmo | General license | Panama | 2010 | |
| Bank of China | General license |  China | 1994 | |
| BBP Bank | General license | Ecuador | 2009 | |
| BCT Bank International | General license | Costa Rica | 2008 | |
| Bi-Bank | General license |  Guatemala | 2016 | |
| Caja de Ahorros | General license | Panama | 1934 | Official Bank |
| Canal Bank | General license | Panama | 2014 | |
| Citibank | General license |  United States | 2014 | |
| Credicorp Bank | General license | Panama | 1993 | |
| Global Bank | General license | Panama | 1994 | |
| Industrial and Commercial Bank of China | General license | China | 2021 | |
| Keb Hana Bank | General license |  South Korea | 1980 | |
| Mega International Commercial Bank | General license |  Taiwan | 1974 | |
| Mercantil Banco | General license | Venezuela | 1978 | |
| Metrobank | General license | Panama | 1991 | |
| MMG Bank | General license | Panama | 2003 | |
| Multibank | General license | Colombia | 1987 | |
| Pacific Bank | General license | Honduras | 2013 | |
| St. Georges Bank | General license |  Nicaragua | 2004 | |
| Scotiabank | General license |  Canada | 1974 | |
| Towerbank | General license | Panama | 1971 | |
| Unibank | General license | Panama | 2010 | |
| Atlantic Security Bank | International license |  Cayman Islands | 1984 | |
| Austrobank Overseas | International license | Ecuador | 1995 | |
| Banca Privada d'Andorra | International license |  Andorra | 2011 | Bank in forcedliquidation |
| Crèdit Andorrà | International license | Andorra | 2008 | Bank in voluntaryliquidation |
| Banco Davivienda Internacional | International license | Colombia | 2015 | |
| Banco de Bogotá | International license | Colombia | 1988 | |
| Banco de Crédito del Perú | International license |  Peru | 2002 | |
| Banco de Occidente | International license | Colombia | 2015 | |
| Bancolombia | International license | Colombia | 1973 | |
| Banco Popular Dominicano | International license |  Dominican Republic | 1983 | |
| BBVA | International license | Colombia | 2025 | |
| BHD International Bank | International license | Dominican Republic | 2006 | |
| BPR Bank | International license | Dominican Republic | 2016 | |
| GNB Sudameris Bank | International license |  United Kingdom | 1970 | |
| Inteligo Bank | International license |  Bahamas | 1997 | |
| Itaú | International license | Colombia | 1998 | |
| Abanca | Representative office |  Spain | 2014 | |
| Banco General Overseas | Representative office | Cayman Islands | 1986 | |
| Commerzbank | Representative office |  Germany | 2007 | |
| EFG International | Representative office |  Switzerland | 2023 | |
| JP Morgan Chase | Representative office | United States | 2011 | |
| Proven Bank | Representative office |  Saint Lucia | 2015 | |
| Safra National Bank of New York | Representative office | United States | 2008 | |
| UBS AG | Representative office | Switzerland | 2007 | |
| UBS Switzerland AG | Representative office | Switzerland | 2015 |
The following list provides banks that have ceased operations in Panama. These closures may have occurred for a variety of reasons, including mergers, acquisitions, financial insolvency, or regulatory measures.
| Bank | Country of origin of Capital | Years of operation | Notas |
|---|---|---|---|
| ABN AMRO |  Netherlands | 1971-2001 | Operations in Panama acquired by Banco Mercantil del Istmo.[2] |
| Balboa Bank & Trust | Panama | 2005-2017 | Acquired by BCT Bank International, following the bank's reorganization after facing sanctions from U.S. authorities for alleged links to a money laundering network based in Panama.[3] |
| Bancafé Panamá | Colombia | 1976-2012 | The parent company, Bancafé Colombia, merged withBanco Davivienda. |
| Banco Continental | Panama | 1972-2007 | Acquired by Banco General.[4] |
| Banco Comercial de Panamá (Bancomer) | Panama | 1979-2000 | Acquired by Banco General.[5] |
| Banco Cuscatlán |  El Salvador | 1994-2008 | Operations in Panama acquired byCitibank, merged with Banco Uno to form Citibank (Panama) S.A.[6] |
| Banco del Pacífico | Ecuador | 1980-2019 | Panama operations acquired by investors to form Pacific Bank.[7] |
| Banco de Ultramar | Panama | 1978-1993 | Bankruptcy due to mismanagement and money laundering.[8] |
| Banco G&T Continental | Guatemala | 2008-2019 | Merged with GTC Bank. |
| Banco Internacional | Panama | 1973-2002 | Acquired by Banco Continental.[9] |
| Banco Interoceánico | Panama | 1970-1994 | Bankruptcy due to mismanagement and money laundering.[8] |
| Banco de Latinoamérica (Bancolat) | Panama | 1982-2001 | Acquired byBanistmo.[10] |
| Bank Leumi |  Israel | 1982-2015 | Ceased operations in Panama due to low profits and high regulatory costs.[11] |
| Banco Mercantil del Istmo | Panama | 1966-2003 | Merged with parent companyBanistmo. |
| Banco Trasatlántico | Panama | 1979-2012 | Acquired byBalboa Bank & Trust.[12] |
| Banco Panamá | Panama | 2008-2020 | Acquired by Banco Aliado.[13] |
| Banco Panameño de la Vivienda (Banvivienda) | Panama | 1981-2018 | Acquired by Global Bank.[14] |
| Banco Universal | Panama | 1994-2016 | Acquired by Canal Bank.[15] |
| Banco Uno | Panama | 1994-2008 | Acquired byCitibank, merged with Banco Cuscatlán to form Citibank (Panamá) S.A.[6] |
| BBVA | Spain | 1983-2013 | Operations in Panama acquired byBAC Credomatic.[16] |
| BNP Paribas |  France | 2006-2010 | Operations in Panama acquired byScotiabank.[17] |
| Capital Bank | Panama | 2008-2023 | Acquired byMercantil Banco.[18] |
| Chase Manhattan Bank | United States | 1955-2000 | Operations in Panama acquired byHSBC.[19] |
| Citibank Panamá | Panama | 2008-2015 | Acquired byScotiabank.[20] |
| HSBC Bank Panama | Panama | 2008-2013 | Acquired byBancolombia, renamed toBanistmo.[21] |
| Lloyds TSB Bank | United Kingdom | 1990-2004 | Operations in Panama acquired by Banco Cuscatlán, merged with Panabank to form Banco Cuscatlán-Panabank.[22] |
| MiBanco | Panama | 1997-2014 | Voluntaryliquidation.[23] |
| Panabank | Panama | 1984-2004 | Acquired by Banco Cuscatlán, merged withLloyds TSB Bank Panamá to form Banco Cuscatlán-Panabank.[22] |
| Pribanco | Panama | 1962-2001 | Acquired byBanistmo.[24] |
| Primer Banco del Istmo (Banistmo) | Panama | 1984-2008 | Acquired byHSBC, renamed toHSBC Bank Panama.[25] |
| Produbank | Ecuador | 2005-2015 | Acquired by St. Georges Bank. |