The finance minister of Panama, Dulcidio De La Guardia, is seeking international co-operation to help the country tackle issues such as tax evasion and drug trafficking. In addition, he tells Silvia Pavoni, he is also looking to the UK to assist in cultivating an environment in which fintechs can thrive.
While BAC Panama remained in top position, other Colombian-owned lenders fared less well in the Top 100 Central American Banks ranking, leaving the way open for Panamanian, Costa Rican and Guatemalan banks to make up ground.
A new generation of sovereign wealth funds – from resource-rich economies in Africa and Latin America – has emerged over the past few years. While these new funds are still relatively small, their impact could be sizable if they enable their source countries to secure stable economic growth and mitigate future risks associated with the booms and busts of the commodity cycle.
Panama's buoyant economy has allowed its banking sector to flourish. And, with future economic growth as good as guaranteed with the forthcoming completion of the Panama Canal expansion, many of the country's lenders are making moves to further capitalise on the country's prosperous position.
Blessed with a geographical location that sees it link the Atlantic and Pacific oceans, and the trade that comes with it, Panama is keen to show that there is more to the country than its world-famous canal. Mining, tourism and finance are rapidly growing areas in Panama, though, as senior figures in the country discuss, a labour shortage poses a threat to this impressive growth story.
With an economy on the rise and an influx of new foreign investment, Panama's businessman-turned-president Ricardo Martinelli is planning to push on with taking advantage of the country's location and expanding the Panama Canal, as more ships look to transport goods between the Atlantic and Pacific oceans.