# List of banks in Panama

The banking system system of Panama is mainly made up of private 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 important financial centers in Latin America. This is due to the legal facilities for establishing banks in Panama, support provided by the Government of Panama, its geographical location, its relative economic and political stability and the dollarization of its economy.

## History

The first attempts to create a banking institution in Panama date back to the time when the country was part of Gran Colombia; in 1826 the "Revenga Project" was created, which attempted to establish a national bank for Gran Colombia that would have its headquarters in Bogotá and three other branches located in Caracas, Guayaquil and Panama 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 the Banco de Circulación y Descuentos Pérez y Planas, which was in charge of circulating paper money that was printed by the American Bank Note Company. The Banco de Pérez y Planas cancelled its patent in 1867 and in 1869 a new bank called Banco de Panamá was established. In 1866 the Exchange 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 public Banco del Estado Soberano de Panamá, which in 1880 would become the issuer and the other the Banco de Ehrman, in charge of the purchase of foreign currency, which continued to operate after the separation of Panama from Colombia. In 1885 the Saving Bank was created based in Colón, but a fire destroyed the bank and it disappeared.

## Beginning of modern banking

In 1903, the first two modern Panamanian banking institutions were created: the International Bank Corporation, which would later be called First National City Bank of New York, now Citibank, and the Banco Hipotecario y Prendario, which was enacted by law by Panamanian President Manuel Amador Guerrero on June 13 of that year and began operations shortly thereafter on October 12. The latter changed its name to the current Banco Nacional de Panamá, which initially financed the agricultural and livestock activity of that country. The Government of Panama also created Caja de Ahorros in 1934, an institution that was initially a mortgage institution that later expanded its services. Other notable banking institutions were Banque National de Paris, now BNP Paribas, the first bank with European capital established in Panama, and Banco General, founded in 1955, being the first Panamanian bank with private capital.

## Legislation

On July 8, 1941, Law 101 was passed, regulating banking activity in Panama, leaving the Ministerio de Hacienda y Tesoro (Ministry of Finance and Treasury) in charge of controlling the banking system and the Contraloría 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 the Comisión 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 in Panama City, promoting the arrival of capital from several banks oriented mainly towards financing in Latin 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 the Superintendencia de Bancos de Panamá (Superintendency of Banks of Panama) was created.

## List of banks in Panama

The following list shows the banks that are registered with the Superintendencia de Bancos de Panamá (Superintendency of Banks of Panama) as of September 2024. Banks operating in Panama are classified into three types: those with a general license, which allows them to conduct both domestic and international operations; those with an international license, which allows them to operate only outside of Panama; and representative offices, which serve as liaison offices without conducting banking activities within the country. An official bank is a bank owned by the Government 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 forced liquidation |
| Crèdit Andorrà | International license | Andorra | 2008 | Bank in voluntary liquidation |
| 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 | |
| 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 | |

## Defunct banks of Panama

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. |
| 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. |
| Bancafé Panamá | Colombia | 1976-2012 | The parent company, Bancafé Colombia, merged with Banco Davivienda. |
| Banco Continental | Panama | 1972-2007 | Acquired by Banco General. |
| Banco Comercial de Panamá (Bancomer) | Panama | 1979-2000 | Acquired by Banco General. |
| Banco Cuscatlán | El Salvador | 1994-2008 | Operations in Panama acquired by Citibank, merged with Banco Uno to form Citibank (Panama) S.A. |
| Banco del Pacífico | Ecuador | 1980-2019 | Panama operations acquired by investors to form Pacific Bank. |
| Banco de Ultramar | Panama | 1978-1993 | Bankruptcy due to mismanagement and money laundering. |
| Banco G&T Continental | Guatemala | 2008-2019 | Merged with GTC Bank. |
| Banco Internacional | Panama | 1973-2002 | Acquired by Banco Continental. |
| Banco Interoceánico | Panama | 1970-1994 | Bankruptcy due to mismanagement and money laundering. |
| Banco de Latinoamérica (Bancolat) | Panama | 1982-2001 | Acquired by Banistmo. |
| Bank Leumi | Israel | 1982-2015 | Ceased operations in Panama due to low profits and high regulatory costs. |
| Banco Mercantil del Istmo | Panama | 1966-2003 | Merged with parent companyBanistmo. |
| Banco Trasatlántico | Panama | 1979-2012 | Acquired by Balboa Bank & Trust. |
| Banco Panamá | Panama | 2008-2020 | Acquired by Banco Aliado. |
| Banco Panameño de la Vivienda (Banvivienda) | Panama | 1981-2018 | Acquired by Global Bank. |
| Banco Universal | Panama | 1994-2016 | Acquired by Canal Bank. |
| Banco Uno | Panama | 1994-2008 | Acquired by Citibank, merged with Banco Cuscatlán to form Citibank (Panamá) S.A. |
| BBVA | Spain | 1983-2013 | Operations in Panama acquired by BAC Credomatic. |
| BNP Paribas | France | 2006-2010 | Operations in Panama acquired by Scotiabank. |
| Capital Bank | Panama | 2008-2023 | Acquired by Mercantil Banco. |
| Chase Manhattan Bank | United States | 1955-2000 | Operations in Panama acquired by HSBC. |
| Citibank Panamá | Panama | 2008-2015 | Acquired by Scotiabank. |
| HSBC Bank Panama | Panama | 2008-2013 | Acquired by Bancolombia, renamed to Banistmo. |
| Lloyds TSB Bank | United Kingdom | 1990-2004 | Operations in Panama acquired by Banco Cuscatlán, merged with Panabank to form Banco Cuscatlán-Panabank. |
| MiBanco | Panama | 1997-2014 | Voluntary liquidation. |
| Panabank | Panama | 1984-2004 | Acquired by Banco Cuscatlán, merged with Lloyds TSB Bank Panamá to form Banco Cuscatlán-Panabank. |
| Pribanco | Panama | 1962-2001 | Acquired by Banistmo. |
| Primer Banco del Istmo (Banistmo) | Panama | 1984-2008 | Acquired by HSBC, renamed to HSBC Bank Panama. |
| Produbank | Ecuador | 2005-2015 | Acquired by St. Georges Bank. |