Panama to become financial hub for Central America

Panama is well on the way to becoming the financial hub for Central America, as it has just been chosen to be the site of the Central American Council of Superintendents of Banks permanent headquarters.

The aims of this agency are to ensure close corporation between member countries. These member countries currently consist of the Dominican Republic, El Salvador, Guatemala, Costa Rica, Honduras, Nicaragua, and of course Panama.

Alberto Diamond, Panama Bank superintendent has said that the country's financial hub grew by around 11.4% in 2010 and has consolidated assets totalling $71.3 billion. Net revenue was $1.67 billion which is 16.1% more than 2009, and much of this came from foreign exchange transactions and commissions and dividends.

The banking industry here is quite conservatively managed which led to Panama banks achieving just over 65.7% asset liquidity in 2010 which is more than twice the required 30%.

Source: Property Abroad