The Board of Directors of the Superintendency of Insurance and Reinsurance of Panama has approved the appointment of Mr. Fernando Sucre Míguez as its representative on the Board of Directors of the Superintendency of Banks of Panama.

The deposit portfolio of the International Banking Center (CBI) grew by 9% as of February 2024, amounting to USD 107.06 billion, a year-on-year increase of 9% compared to February 2023 when it totaled USD 98.22 billion, according to the Banking Activity Report (IAB) issued by the Superintendency of Banks of Panama (SBP).

• Panama becomes the third country in Latin America and the Caribbean and the first in Central America to launch its Sustainable Finance Taxonomy.

• This key instrument will facilitate the flow of trade and capital towards environmentally sustainable investments in Panama, contributing to the transition towards a resilient, sustainable, and inclusive national economy.

Banks comprising the International Banking Center (CBI) are off to a strong start in 2024, as evidenced by significant growth in both loans and deposits. according to the Banking Activity Report (IAB) issued by the Superintendency of Banks of Panama (SBP), the net loan portfolio of the International Banking Center saw a notable increase of 5.9% as of January, totaling USD 88.24 billion. This represents a USD 4.87 billion rise compared to the same period last year when it stood at USD 83.36 billion.

Banks have successfully adhered to regulatory requirements while also demonstrating resilience in the face of market fluctuations.

The Financial Coordinating Council (CCF), through its working group on Anti-Money Laundering, Countering the Financing of Terrorism, and Financing the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD), consisting of the Superintendency of Insurance and Reinsurance of Panama (SSRP), the Superintendency of Banks of Panama (SBP), and the Superintendency of the Securities Market of Panama (SMV), organized the first seminar entitled “Effective Corporate Governance: Insights from Coordinated Supervision in AML/CFT/WMD,” aimed at representatives of financial conglomerates operating in the country.

The International Monetary Fund (IMF) concluded its mission in Panama, presenting its conclusions on the national economy in the organization’s traditional Article IV report.

With the purpose of contributing to and supporting the educational development of the student community, the Superintendency of Banks of Panama (SBP) donated a 15-person capacity minibus to Centro Educativo Multigrado Las Zanguengas located in La Chorrera, Panamá Oeste.

The assets of the International Banking Center (CBI) amounted to USD 146.15 billion, reflecting a USD 5.93 billion increase compared to November 2022. This translates into a year-on-year growth of 4.2%. The growth in banking assets is mainly attributed to the expansion of the net loan portfolio that totaled USD 87.49 billion, a 4.5% year-on-year growth, or USD 3.79 billion more.

With the purpose of strengthening best financial practices and adapting to the global financial environment, the Prevention and Control of Illicit Operations Division of the Superintendency of Banks of Panama (SBP) held the 6th Financial Crimes and Regional Threats Awareness Conference.