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A Fresh New Perspective on Panama Banking

By admin | May 26, 2009

I was back in Panama City last week and one of the most interesting meetings I had was with a young man who is setting up a new bank in Panama from scratch, almost single handedly! Right now he spends his days meeting with lawyers, other Panamanian bankers, bank regulators and contractors who are working on installing everything from the floor tiles upwards in the building that will shortly bear the name of his new bank.

Single handedly? Well not quite. What he is actually doing is opening the new Panama subsidiary of his employer, a European boutique private bank that is looking to expand their existing presence in Latin America.

What I liked is the breath of fresh air this will bring to Panama’s rather staid and conservative banks with their ‘take it or leave it’ attitude. For example, they will be offering multi-currency accounts, allowing you to hold 30-plus international currencies in just one account, with one account number and one login access for the internet banking. They are also introducing a customer-focused approach, something that is sorely lacking in Panamanian banks at the moment.

Right now this bank is still not open. They expect to open in 4 – 6 months with full banking facilities including a street level walk-in retail bank with tellers. (In other words this will be a real bank, not just a represenative office.)

However, if you are going down to Panama in the next few months you could certainly meet with this gentleman and start the process of opening your Panama bank account. Feel free to contact me and I will be happy to introduce you. The only condition is that this service is limited to QWR subscribers. There is no charge for personal account introductions, but we do make a nominal charge of about $1000 for corporate account introductions (Panama corporations and foundations, but also IBCs and Trusts from other jurisdictions are acceptable.)

Don’t miss out on this excellent opportunity to open your bank account in Panama!

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