Panama Business News

  Davivienda signs agreement with Scotiabank and takes over its operations in Panama Banco Davivienda announced the signing of an agreement with The Bank of Nova Scotia (Scotiabank Canada) to integrate Scotiabank's operations in Colombia, Panama and Costa Rica. Source: EL TIEMPO The agreement was previously approved by the Board of Directors of Davivienda and will allow Scotiabank to become a shareholder of Davivienda with an approximate 20% stake and representation on its Board of Directors. And on January 6, the banking entities made the agreement public. The transaction is subject to the corresponding regulatory approvals in each of the countries involved, a process that is expected to be completed in the second half of 2025. During this period, both entities will continue to operate independently. The financial entity indicated that transactions through its digital channels will be free of charge during the emergency derived from the coronavirus. With the integration, Daviviend...

  Fitch Ratings reaffirms Panama's BB+ rating with a stable outlook Fitch Ratings has reaffirmed Panama's BB+ rating with a stable outlook, based on a high Gross Domestic Product (GDP) per capita, low inflation, and macro-financial stability supported by the country's dollarization, as well as solid medium-term growth prospects, focused on logistics activities and the Panama Canal, a key strategic asset for the Panamanian economy. Source: Telemetro MEF reveals that in public finances, Fitch forecasts that the Non-Financial Public Sector (NFPS) deficit will increase to 7.0% of GDP in 2024. However, Fitch points out that the country's positive aspects are offset by several economic challenges, including: Deficiencies in governance and public finances. A narrow and eroded public revenue base. High public debt and a growing interest burden. Reliance on external markets to finance the fiscal deficit. The report also highlights that the administration of President José Raúl M...

  AM Best Affirms Credit Ratings of Chubb Seguros Panama S.A. The ratings reflect Chubb Panama’s strategic importance as a subsidiary of Chubb Limited, which on a consolidated basis has a balance sheet strength that AM Best assesses at the strongest level, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). Source: Business Wire AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of “aa+” (Superior) of Chubb Seguros Panama S.A. (Chubb Panama) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable The rating affirmations reflect Chubb Panama’s integration and support from Chubb Limited, one of the world’s largest insurance groups, which provides synergies and operating efficiencies to the Panama subsidiary. The stable outlooks reflect AM Best’s expectation that Chubb Limited will maintain its strongest balance sheet stre...

  Air Panama acquires two Dash 8-400 aircraft One of the Dash 8-400 aircraft that have joined the air Panama fleet Source: Aviation Business Regional carrier Air Panama has taken delivery of two Dash 8-400 aircraft. The newcomers are the first aircraft of this type on the airline’s fleet and will be deployed on on both domestic and international routes. The aircraft were acquired through aircraft trading firm Jetcraft Commercial. This dealer had in turn acquired   of 19 Dash 8-400s from Alaska Air’s regional subsidiary, Horizon Air. Eduardo Stagg, CEO, Air Panama, said: “Jetcraft Commercial has played a key role in supporting our fleet expansion, allowing us to strengthen our network and meet rising demand. The Dash 8-400’s fuel efficiency and reliability make it a perfect fit for both our domestic and regional operations helping us optimise our services while enhancing the overall passenger experience.” Richard Libby, VP Sales, Jetcraft Commercial, added: “The Das...

  Banco La Hipotecaria is sold to Cuscatlán Centroamérica The purchase-sale agreement is subject to regulatory approval by the Superintendency of Banks of Panama. The amount of the agreed purchase-sale transaction was not specified. Source: EFE The ASSA Group S.A. announced on Tuesday that it has agreed with Inversiones Cuscatlán Centroamérica, S.A. the sale of 100% of the shares of the La Hipotecaria holding company, whose main subsidiaries are Banco La Hipotecaria S.A. in Panama, La Hipotecaria S.A. in El Salvador and La Hipotecaria Compañía de Financiamiento S.A. in Colombia. Inversiones Cuscatlán is a holding company for various banking and insurance businesses in Central America that operate independently. Its companies include Banco Cuscatlán El Salvador, Seguros e Inversiones S.A. (SISA) in El Salvador, Banco Cuscatlán Honduras, Tarjetas Cuscatlán Guatemala and the recent acquisition of Banco Inmobiliario in Guatemala, and currently has a client portfolio of close to 2 milli...