By making some adjustments, the sector has been able to resist the onslaught from the global financial crisis.

This in from LaPrensa.com

Since its inception in 1970 with the creation of the banking law, Panama’s banking and financial sector has grown and molded itself to the characteristics of the economy, making adjustments but surviving after each crisis experienced at regional and global levels.

Throughout the years, the industry has found a way to adapt itself to the prevailing worldwide conditions, and has undergone changes as the market has grown and demand for banking products has increased.

Currently the number of banks operating in the country amounts to 91, of which 47 have a general license, 29 are licensed internationally and 14 are representative offices.

An article in Prensa.com reports: “What happened, according to the manager of the risk rating agency Equilibrium, Raul Castrellón, is that banks have shown their ability to make strategic financial adjustments to any threat to their stability.

“The market has managed to avoid the crisis very well, based on a strategy of adjustments, however not all banks have been able to do the same,” the analyst said while stressing that the composition of the internal loan portfolios has undergone significant changes. ”

Source: Prensa.com