Panamanian authorities announced that the Industrial and Commercial Bank of China Ltd. was approved for a general license to operate in the local system.

The information was confirmed by the head of the Superintendency of Banks, Amauri Castillo, who explained that the Asian banking institution will be able to operate in Panama’s financial center and do business in and from the national territory.

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Castillo told Laestrella.com.pa that “… Once the Chinese bank is licensed, there is still a whole process to go through in terms of pre-operational preparation.”

The superintendent added that “… Initially, the bank will start with an authorized capital of $50 million and its potential clients will be institutional and the banks themselves, which will also contribute, in some way, to providing liquidity to the system.”

With the opening of operations in Panama, the bank will have five offices in Latin America, since it has a presence in Argentina, Peru, Mexico and Brazil.

Source: laestrella.com.pa