How Many Banks Are in Panama? Banking in Panama

There are 55 banks in Panama, including state-owned banks, local banks, and international banks.

In this article, weโ€™re exploring how many banks are in Panama. The list weโ€™ll share below will include some of the top global financial institutions and largest banks in Panama, including both the local and foreign financial institutions operating in the country. Weโ€™ll also answer common questions we receive from people exploring this topic.

This article is part of our free series on the largest banks in Panama. You can access this series right now by using the link above.

In addition to detailed account opening guides, this free series on Panama banking also discusses the largest financial institutions in Panama, opening requirements, the costs of banking, and much more. Use the link above to start exploring all of your free Panama banking content right now.

Alternatively, use the table of contents to continue exploring more information on how many banks are in Panama.

Table of Contents

  1. How Many Banks Are in Panama?
  2. Frequently Asked Panama Banking Questions
  3. Do You Want to Open a Panama Bank Account?

How Many Banks Are in Panama?

There are 55 banks in Panama, including two state-owned banks, 40 general licensed banks, and 13 international licensed banks. Only a small number of these banks are suitable for each client type.ย 

Both residents and non-residents of Panama are eligible to apply for accounts in Panama. That said, not all major global institutions and banks operating in Panama are created equal. Itโ€™s important to carefully assess each bankโ€™s preferences and requirements before choosing where to apply for a bank account.

Here is a list of some of the local and international financial institutions that currently operate in Panama, including some of the best highly recommended banks and most popular banks, such as Banco General and Banco Nacional de Panama.

Local Financial Institutions in Panama

  • Banco General
  • Banistmo
  • Banco Aliado
  • Banco Nacional de Panama
  • Credicorp Bank
  • BAC International Bank

International Financial Institutions in Panama

  • Citibank
  • Santander
  • Scotiabank
  • BBVA Panama
  • BHD International Bank
  • Inteligo Bank

How Many International Banks Are in Panama?

There are 13 international financial institutions in Panama. These 13 international financial institutions offer offshore banking services to a wide range of client types. That said, many of these banks have restrictions on the clients they serve and the banking services they can offer.

Itโ€™s important to confirm bank acceptance policies, the banking services offered, and the costs of banking before spending time and effort applying to possibly the wrong banks.

If you are interested in learning more about opening accounts in Panama, donโ€™t forget to visit our comprehensive guide on banking in Panama, available in the link above.

Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.

Do You Want to Explore All Your Offshore Banking Options?

Frequently Asked Panama Banking Questions

Below are a few of the most common questions we receive from people exploring how many banks are in Panama. If you have further questions you would like answered, donโ€™t hesitate to get in touch with us directly.

What US Banks Are in Panama?

The US banks that operate in Panama include Citibank and JPMorgan Chase. The difference between these three financial institutions ultimately comes down to the type of license they have. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase has the authority to act as a representative in Panama.

What Is the Most Popular Bank in Panama?

The most popular bank by Panamanian citizens is Banco General. However, many foreign residents of Panama use large regional financial institutions like Banistmo. That said, itโ€™s important to note that both Banco General and Banistmo are difficult to access for foreign individuals and companies looking to open an account in Panama.

Do You Want to Open a Panama Bank Account?

If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.

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+ Plus, get YOUR most pressing bank account opening questions answered by our team!

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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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