Table of Contents
Introduction
If you are looking for a country to choose your bank, then Panama is one of the best countries known for its stable and developing financial system. Due to its favorable location, strong economy, and liberal banking policies, it is a preferred choice for many people and businesses who want to open off-shore bank accounts. This article will highlight the best 10 banks in Panama, along with their distinct features, products, and advantages.
1. Banco Nacional de Panama
The biggest bank in the country in terms of assets is Banco Nacional de Panama, also known as Banconal. Since its establishment in 1904, it has been providing trustful banking services to both individuals and businesses. Banconal offers a wide range of products such as savings and checking accounts, loans, and credit cards. With many branches and a good online banking system, the customer is offered a convenient way to bank anywhere in Panama.
2. Banco General
Banco General is one of the biggest banks of Panama and is also praised for its good financial position and polite customers’ service. For this reason, it has come up with several digital banking products such as mobile banking and online account opening. The bank also divides its services into different categories depending on the customers’ needs and preferences and includes corporate, private, and international banking. Several awards have been made to Banco General for the clients’ needs in the banking industry. This is because Banco General has a good customer service.
3. Banco Internacional de Panama
Banco Internacional de Panama, or Banistmo, is a subsidiary of Bancolombia, one of the biggest banks in Latin America. Banistmo provides all sort of banking services from personal to business banking and investment banking. Having a good international presence and affiliation with other major banks around the world, Banistmo focuses on the digital transformation of its services and offers products like the digital wallet and contactless banking. It also has a focus on innovation with digital offerings such as the virtual wallet and contactless banking.
4. Banco Aliado
Banco Aliado has grown to be one of the local banks that focus on providing personalized banking services. Its strategy of concentrating on the formation of long-term relationships with the customers and the provision of unique financial products is designed to meet the needs of the customers. The bank also offers a number of products and services in the area of personal banking, business banking and mortgage loans. It has a strong customer base in Panama due to its high interest rates and good customer relations.
5. Banco Panamá
Though relatively new in the Panamanian banking system, Banco Panamá is quickly creating a name for itself due to its new approaches. This bank offers online account opening, mobile banking, and virtual cards as digital banking services. This bank has a focus on financial education to enable the customer to make the right decisions regarding their money. Because of the ease of use of the platform and the focus on the customer, Banco Panamá is a good bank for customers who are familiar with technology.
6. Banco Delta
Banco Delta is popular for being a financially strong bank that offers personal attention to its clients. It also offers various products and services, such as savings and checking accounts, loans, and credit cards. The bank is especially interesting for customers who are expats and retirees. Due to the fact that Banco Delta is a transparent company and focuses a lot on the customer’s satisfaction, it has become a strong bank in the Panamanian market.
7. Banco Ficohsa
As a member of Grupo Financiero Ficohsa, the biggest financial group in Central America, Banco Ficohsa provides a complete range of banking products and services for individuals, businesses, and investors. The bank focuses on the technology, which increases the availability of the services such as the mobile banking and the digital wallet. It also has a good social responsibility program that includes various community development projects in Panama.
8. Banco Lafise
Banco Lafise is one of the biggest banks in Panama and has expanded its operations to offer a number of financial services to individuals, companies and international clients. The bank is especially popular in trade finance and offers a number of products that are targeted at facilitating international trade for its clients. The bank has a focus on innovation which allows the client to transact through the digital banking channel.
9. Banco Cuscatlán
As a part of Grupo Terra, a leading business group in Central America, Banco Cuscatlán provides a full spectrum of banking products and services for personal, business and wealth management. As a customer-focused bank, it provides products that are suitable to the needs of each client. Banco Cuscatlán is a digital bank and its main goal is to provide its users with better banking experience.
10. Banco Promerica
Banco Promerica has also become one of the biggest banks in Panama. It provides a large number of products and services across the retail banking, corporate banking, and wealth management. Banco Promerica is renowned for its excellent customer service; it offers solutions-oriented services together with strong focus on technology and simple digital banking.
Conclusion
It is therefore important to choose a bank that one would like to have financial relationships with in Panama. The ten largest banks in the country provide a full spectrum of banking services, which include traditional bank products as well as new digital products. To help you choose the best bank for you, we have highlighted the major advantages and characteristics of each bank.
