Banking assets at historical levels - $55.7B
The banks reported net gains of $444.1M in the first five months of the year.
Edith Duarte Castle ecastillo@prensa.com

The total assets of the Panamanian banking center have reached values never seen before. As of May closing, the consolidated assets totaled 55 billion 79 million dollars, an increase of 17% in comparison to May of 2006, when they added 47 thousand 250 million dollars. This amount surpasses 52 billion 258 million that the bank reached in assets in 2006, which they were elevated in the history of international financial center of Panama.

The profits also mark record numbers. The banks reported net gains of 444,1 million dollars in the first five months of the year, 19,4% superior to those of 2006. The extraordinary performance obeys to a series of factors, between which they excel the external commercial surroundings, the growth of the credit to the private sector - to a monthly average of 15% - and a strong liquidity.

Ex- banker Edgardo Lasso emphasizes that the data demonstrate that "Panama is fashionable" and that all the sectors are requiring financial resources to keep up with demand. On the other hand, the general manager of HSBC Panama, Joseph Salterio, indicated that every day Panama "is seen as a much more interesting country to deposit funds and to invest". Recently, two new banks opened in Panama city, Natixis and UBS AG, and other five are in the process of opening operations.