Panamanian Banks List: List of Panama Banks

55 Panamanian banks operate in Panama, including domestic and foreign international financial institutions. The banks available to you will depend on your client profile and banking needs.

In this article, we’re exploring the list of Panamanian banks. We’ll share specific financial institutions and which ones fall under the category of the major banking entities and the largest banks in Panama. We’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 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 Panamanian banks.

Table of Contents

  1. Panamanian Banks: List of Banks in Panama
  2. What Are the Leading Banks in Panama?
  3. Frequently Asked Panama Banking Questions
  4. Do You Want to Open a Panama Bank Account?

Panamanian Banks: List of Banks in Panama

There are 55 Panamanian banks, including domestic and foreign financial institutions. Each bank has a very specific client profile that they cater to, which means they are not suitable for every client type. 

Panamanian banks are broken down into the following categories: two state-owned banks, 40 general licensed banks, and 13 international licensed banks.

Below we share nine of the 55 Panamanian banks that currently operate in the country.

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

Foreign non-residents looking to open accounts with finance companies and banks in Panama City will have other financial institutions (not listed above) that are typically better suited to your needs.

Can an Expat Open an Account With Panamanian Banks?

Yes, an expat can open an account with banking institutions, including the list of regulated banks in Panama as long as they choose the right financial institution, meet the account opening requirements, and have a suitable client profile. Not all banks in Panama will accept expat clients. Bank selection will be an important factor to consider when choosing where to open a bank account in Panama as an expat.

What Are the Leading Banks in Panama?

The leading banks in Panama include both local and international financial institutions, such as Banco General, Banistmo, Citibank, and Banco Nacional de Panama.

Banco General is one of the largest local banks operating in Panama,  offering a wide range of banking services for residents and local business owners.

Citibank is one of the largest international banks in Panama, operating with a general banking license. It does not offer retail consumer banking services. Instead, Citibank offers commercial and investment banking services.

Both of these financial institutions play a critical role in Panama’s financial sector, offering a wide range of banking services to both individuals and businesses. Most people will want to open an account with one of the largest banks in Panama (like Banco General), these banks are generally not available to non-resident applicants.

Foreign non-residents (and certain residents) should instead focus their energy on applying for accounts with banks in Panama that specifically cater to international clients.

If you are interested in learning more about banking 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.

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 the Panamanian banks list. If you have further questions you would like answered, don’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 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 Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.

Does Panama Have a Bank of America?

No, Panama does not have a Bank of America. Bank of America, while it does have a presence in other countries including Mexico, it does not have a branch or subsidiary in Panama.

Can a US Citizen Open a Bank Account in Panama?

Yes, a US citizen can open a bank account in Panama. US citizens can even open bank accounts in Panama without visiting the country. To do so, applicants will need to identify a bank that offers the specific services they require, navigate the account opening requirements, obtain any required certifications, submit proper documents, and make a qualifying deposit.

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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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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