(NewsroomPanama) Panama’s International Banking Center aims to become “the main financial center for Latin America” according to the Superintendent of Banks, Alberto Diamond.
A recent report presented to the banking community, diplomats and Panamanian officials showed that the center grew an estimated 11.4 percent in 2010, reaching $71.3 billion in consolidated assets.
He stressed that, even amid the economic downturn that affected Panama because of the global financial crisis, has maintained and upward trend over the last four years leveraged by sound control standards and prudence.
The center estimates that, in 2010, the Panamanian economy grew approximately 7 percent, “marking a clear recovery and showing that the crisis has been overcome.”
Net income in 2010 was $1.67 billion, an increase of 16.1 percent compared to 2009.
Deposits to the national banking system amounted to upwards of $44 billion in the same year.
In terms of liquidity in Diamons confirmed anachievement of 65.76 percent in assets, but well above the 30 percent required by international banking standards.
Foreign borrowing reached an estimated $19 billion in 2010, over was approximately $15.6 billion in 2009 with a growth of 22.6 percent.