In this article, we’re exploring the major banks in Panama. We’ll share which financial institutions are leading the financial sector, including the largest banking firms and largest banks in Panama, and 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 banks in Panama, Panama opening requirements, the costs of banking in Panama, 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 the major financial institutions in Panama.
Table of Contents
- What Are the Major Banks in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Are the Major Banks in Panama?
The major banks in Panama include both local and international financial institutions. The major local financial institution in Panama is Banco General and the major international financial institution in Panama is Citibank.
Both Banco General and Citibank have a very specific client profile that they cater to, which means they are not suitable for most international banking clients.
Major local financial institutions that play a critical role in the country’s financial sector include Banco General, Banco Nacional de Panama, and Banistmo.
Banco General is one of the largest local financial institutions in Panama with total assets of $16 billion. Banco General has a strong presence in Panama, the Caribbean, and also throughout Central America. The bank offers a wide range of financial services, such as saving accounts, chequing accounts, investment options, loans, and much more.
Banco Nacional de Panama, also known as the primary financial institution or main bank of Panama, is the second-largest financial institution in Panama, holding over $13 billion in total assets. This financial institution serves as the country’s main bank for public sector operations. In fact, Banco Nacional is fully owned by the Panamanian government.
Banistmo, while only holding $2 billion in total assets, has over 60 branches in Panama and still plays a critical role in the country’s financial sector.
Below you will find a list of the leading financial institutions, including the largest banks in Panama by assets, both local and international institutions.
Local Panamanian Leading Banks
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Credicorp Bank
- BAC International Bank
Largest International Banks in Panama
- Citibank
- Santander
- Scotiabank
- BBVA Panama
- BHD International Bank
- Inteligo Bank
Importantly, if you are looking to open accounts in Panama as a foreign non-resident, there are other financial institutions (not listed above) that are typically better suited to your needs.
It’s also important to directly compare all of the account opening options, banking services, and currencies available to you so you can find a bank that will realistically open accounts for you.
This means you need to understand your client profile, financial needs, desired deposit level, and much more before you start the process of applying for accounts in Panama.
If you are interested in learning more about opening accounts in Panama, don’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.
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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the major banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Most Popular Bank in Panama?
The most popular financial institution by Panamanian citizens in Panama is Banco General. However, many foreign residents of Panama use large regional financial institutions like Banistmo. That said, it’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.
What US Banks Operate in Panama?
The US financial institutions that operate in Panama include Citibank and JPMorgan Chase Bank. The difference between these two banks ultimately comes down to the type of license they have. Citibank has a general banking license to operate in the country, whereas JPMorgan Chase Bank has the authority to act as a representative in the country. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.
What Is Panama’s Largest Bank?
Panama’s largest financial institution is Banco General. Banco General is a local financial institution, offering a wide range of banking services for residents and local business owners. Foreign non-resident individuals and businesses will most likely have a difficult time opening bank accounts with Banco General.
Does Bank of America Have Branches in Panama?
No, Bank of America does not have branches in Panama. While Bank of America does have a presence in other countries including Mexico, it does not have a branch or subsidiary here.
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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