Representatives of the banking guild say that since the reestablishment of diplomatic relations, banks in the Asian country have expressed interest in the Panamanian market.

Although the conditions and legal framework in which correspondents of large international banks operate in the country still need to be improved, representatives from the banking sector believe that the arrival of Chinese financial companies would help accelerate this process of improvement.

The president of the Banking Association of Panama (ABP), Carlos Eduardo Troetsch, commented that the arrival of Chinese banks “… is a great opportunity for Panama.” Although the president of the ABP admits that there is a route to be taken regarding the issue of correspondent banks, he stated that the country has been improving.”

Elfinancierocr.com reports that “…For Troetsch it is an issue that remains important, and soon he will start to travel to present correspondents and regulators with the new initiatives and the situation in Panama. He added that there may be 80 to 300 banks in the country that have relationships with correspondents with Panama.”