Awards for Excellence 2009: Panama
Best Bank: Banco General
As the largest locally owned bank in Panama, Banco General holds 27.2% of the domestic deposits market. In the past 12 months, the bank has taken strides into central America focusing on big corporations that have operations throughout the region.
These efforts have been rewarded with earnings up 58.9% in 2008. Results were strong across the board, with return on average equity reaching 19.4% and an increase in total assets of 8.7% to $7.9 billion.
Banco General’s success is partly explained by the merger with Banco Comercial, which was successfully completed in 2008. The bank has also continued to push forward in mortgage provision and holds 31% of the market today.