• 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.
The Board of Directors of the Superintendency of Banks of Panama (SBP) has appointed Mr. David Alberto Davarro as Chairperson and Ms. Adriana Raquel Carles as Secretary.
These appointments are for a one-year period from 15th December 2023 to 15th December 2024, as outlined in Resolution SBP-JD-R-2023-01432, dated 5th December 2023.
The Board of Directors of the Superintendency of Banks serves as the highest consultation, regulation, and policy-setting body of the banking regulator. The Board is composed of seven (7) directors with the right to speak and vote.
The net credit portfolio of the International Banking Center (CBI) reached a total of USD 87.096 billion, reflecting a 4.3% or USD 3.60 billion increase in October 2023 compared to October 2022 when it totaled USD 83.49 billion, as revealed by the Banking Activity Report (IAB) for October 2023.
As of the end of the third quarter of 2023, the corporate banking credit portfolio of the National Banking System (SBN) grew by 4.2% year-on-year, reaching a total of USD 60.58 billion. The data suggests widespread growth in several economic sectors, with a particular emphasis on the corporate and household components, as revealed by the Banking Activity Report (IAB) for September 2023.
In celebration of its 25th anniversary, the Superintendency of Banks of Panama (SBP) hosted the 26th Annual Meeting of the Association of Bank Supervisors of the Americas (ASBA), the 108th Board of Directors Meeting, and the High-Level Meeting of the Basel Committee on Banking Supervision (BCBS).
According to August 2023 Banking Activity Report (IAB) released by the Superintendency of Banks, the credit portfolio within the corporate banking segment of the National Banking System exceeded USD 60 billion. This marks a significant 5% growth in August 2023, equivalent to an additional USD 2.89 billion, compared to August 2022 when the portfolio was valued at USD 57.17 billion.
On June 26, the IFRS Foundation through the International Sustainability Standards Board (ISSB) published the first two sustainability standards titled IFRS S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and IFRS S2 “Climate-related disclosures.”
The event was attended by Jorge Luis Almengor, Vice Minister of Finance; Amauri A. Castillo, Superintendent of Banks; the superintendents of Non-financial Reporting Entities and Insurance and Reinsurance (SSRP); and representatives from the financial sector.
The Superintendent of Banks, Amauri A. Castillo, and the Magistrate President of the Supreme Court of Justice, María Eugenia López Arias, signed a Cooperation Master Agreement. The purpose of this agreement is to establish a strategic alliance for the development of joint programs, training sessions, projects, and activities related to the banking and trust industries, as well as other matters pertaining to financial reporting entities.
Under the theme “Finance for Life: Strategies for a Sustainable Financial Future,” Kathy de Guardia, Director of International Projects and Affairs at the SBP, served as the guest speaker during the monthly update meeting hosted by the National Human Resources Association (ANREH, for its acronym in Spanish).
We are actively working to enhance financial literacy in the country. This time, the Financial Education program “Tu Balboa con Sentido,” under the leadership of the Superintendency of Banks, hosted the “Savings and Financial Plan” workshop for the Institutional Protection Service (SPI, for its acronym in Spanish) agents. During the workshop, participants gained knowledge about setting financial goals and managing personal finances.
The Superintendent of Banks, Amauri A. Castillo, delivered the opening remarks at the “Anti-Money Laundering, Countering the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT/WMD): Risk-based Approach Supervision, Financial Services and Products” Workshop organized by the Superintendency of Banks of Panama (SBP).
A group of Junior students majoring Banking and Finance, along with members of the faculty from Universidad Autónoma de Chiriquí, visited the headquarters of the Superintendency of Banks of Panama (SBP).
