Panama Business News

  $31 million will invest new companies in Panama according to the Ministry of Commerce  The Ministry of Commerce and Industry (MICI) reported that the National Commission of Free Zones approved the licenses for the establishment of the companies Commils, S.A., Panametco, S.A., and Albrook Export Services, Inc., in the free zones Panexport, Panapark and Albrook, respectively, which will make a joint initial investment of B/. 31,829,777.00. Source: ECOTV Panama MICI indicated that licenses for the establishment of companies will generate 60 new jobs for Panama. "The operations of these companies will generate more than 60 new direct and indirect jobs and will contribute to the local economic revitalization, highlighted the Vice Minister of Foreign Trade, Juan Carlos Sosa, who chaired the meeting of the Commission." He noted that the licenses of the three companies, dedicated to the manufacture, processing and rental of real estate, reaffirm the confidence of the nati

  Banco General is the company and the leader with the best reputation in Panama in 2022 The Corporate Reputation Business Monitor (MERCO), the reference monitor for Latin America, has presented for the fifth consecutive year the rankings of the 100 companies and the 100 leaders with the best reputation in the country in 2022. The event, led by Raquel Robleda, CEO of Merco Panama, has also had the presence of José Manuel Lancha, corporate director of Merco Spain, who has participated with the presentation "Business Reputation from the MERCO Perspective". Source: MERCO For the fifth consecutive year, Banco General (1st) is at the head of the most reputable companies in Panama in the Merco Empresas ranking, followed by the Panama Canal Authority (2nd) and Copa Airlines (3rd), which repeat positions, showing the stable value of reputation. On the other hand, Riba Smith Supermarkets rose from 6th to 4th place and Caja de Ahorros from 9th to 5th. The top 10 are completed by:

  The Inter-American Development Bank and IDB Invest will hold their annual meeting in Panama from March 16 to 19 The Inter-American Development Bank (IDB) and IDB Invest will hold their Annual Meeting in Panama between March 16 and 19. Economic and financial leaders from the 48 IDB member countries and the private sector will address development challenges and opportunities in Latin America and the Caribbean, ranging from the impacts of climate change to ensuring equitable and sustainable growth. Source: IDB The meeting will take place at the Panama Convention Center and will be the 63rd edition of the Annual Meeting of the IDB Board of Governors and the 37th edition of the IDB Invest Board of Governors, which works with the private sector in the region. The Boards of Governors of the IDB and IDB Invest are the highest decision-making bodies of the IDB Group and are made up of the ministers of finance and economy and other senior officials of its member countries. In Panama,

With an investment of $88 million, CAF will build a headquarters building in Panama The Development Bank of Latin America (CAF) will build a headquarters building in Panama with an investment of $88 million to serve its member countries in the northern region, announced the president of the bank Sergio Díaz-Granados. Source: La Estrella de Panamá The multilateral financial institution has offices in thirteen countries and its own buildings at its headquarters, which is Caracas, Venezuela. But it also has buildings in Uruguay, Bolivia and now it will have it in Panama. Here it will serve its member countries of the northern region CAF has offices in thirteen countries and its own buildings at the headquarters, which is Caracas, Venezuela. But it also has buildings in Uruguay, Bolivia and now it will have it in Panama where it will house its corporate offices and will strengthen its presence in Panama as a regional hub. "We want this work to become an essential piece of social and c

  Panama´s Caja de Ahorros obtains, for the first time, an international investment grade rating from Moody's Investors Services Moody's Investors Services, one of the three main credit rating agencies worldwide, granted Caja de Ahorros the long and short-term international risk rating: Baa2, negative outlook and Prime-2, respectively. Source: Caja de Ahorros This rating is based on the bank's solid capital base, the stable profile of its deposit sources and the support of the State. Juan E. Melillo, general manager of Caja de Ahorros, pointed out that in the last five years, Caja de Ahorros has drawn a clear strategic path by strengthening its finances, as a strategic arm of the National Government. It focuses on local financial positioning and competitiveness, through a solid economic structure, with the aim of attracting more sources of investment and international financing, as a financial hub of the Americas. In June, Fitch Ratings granted the Caja de Ahorros

  Capital Bank is acquired by Mercantil Banco in Panama With this transaction, 100% of the issued and outstanding shares of Capital Bank, as well as 100% of the issued and outstanding shares of Mercantil Banco, S.A. (MBSA, a subsidiary of MHFI) are transferred to a new entity that will be owned by MHFI (80%) and the previous owners of Capital Bank (20%). Source: La Estrella It was also announced that the merger of Mercantil Banco, S.A. is contemplated. (MBSA), and Capital Bank, but preparations are being made, before carrying out the corresponding regulatory procedures. For now, both institutions will operate independently and in coordination as far as regulations allow. More than five months after signing the share purchase agreement, Mercantil Servicios Financieros Internacional, S.A. (MSFI), through its subsidiary Mercantil Holding Financiero Internacional, S.A. (MHFI), this Tuesday, December 6, formalized the purchase of Capital Bank, Inc. and subsidiaries (Capital Bank). I

Experian acquires majority stake in APC Panama After an exhaustive process, the Board of Directors submitted for approval by the Shareholders' Assembly the purchase-sale proposal that it considered meets the best conditions to maximize the value of shareholders, collaborators, clients and the financial system of Panama. Source: Sumarse Org The General Assembly of Shareholders of Grupo APC, S.A. approved by a large majority to sell 70% of its shareholding in APC BURÓ, S.A. to the company Experian Latam Holdings Unlimited. Experian is the world leader in information services and has been named one of the world's most innovative companies by Forbes. It operates in 44 countries with more than 18,000 highly talented employees, investing in new technologies and innovation, helping companies and consumers around the world to access credit and maximize financial inclusion. Experian's innovation contribution will be key in the development and implementation of new solutions in the m

  AM Best Affirms Credit Ratings of Chubb Seguros Panama S.A. 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. Source: Business Wire The ratings reflect Chubb Panama’s strategic importance as a subsidiary of the Chubb U.S. Group of Insurance Companies (Chubb U.S. Group), 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). The ratings also reflect the company’s integration and support from its group, which provides synergies and operating efficiencies to the Panama subsidiary. The stable outlooks reflect AM Best’s expectation that the Chubb U.S. Group will maintain the strongest level of risk-adjusted c

Grupo Amarey and MedTech reinforce with alliance operation in Panama Johnson & Johnson MedTech, the world's leading company in products for open and laparoscopic surgery, has decided to start an alliance with the company UCITECH, a subsidiary of the Amarey Nova Medical Group, to distribute its well-known sutures, bleeding control solutions, trocars, forceps, and more. elements of minimally invasive surgery, with the objective of providing high quality technology and innovation to the Panamanian people. Source: Periodico Digital Centroamericano The company, with Colombian capital, has 600 employees, invoices 75 million dollars a year and projects significant investments in the markets of Panama and Costa Rica over the next few years. With this alliance, UCITECH seeks to become one of the major providers of surgical solutions for Panamanian doctors and their patients, hoping to offer the Ethicon Inc. portfolio in a market of approximately 20,800 surgeries per year (open and minim

  Alstom receives maintenance contract from Panama Metro Scope of the contract consists of the preventive and corrective maintenance of the rolling stock, signalling and power supply system of Panama Metro’s Line 2.The 21 km viaduct line can transport 16,000 passengers per hour in each direction, as well as over 40,000 passengers per hour in one direction with a horizon-year capacity. Source: Railway Technology French multinational rolling stock manufacturer Alstom has secured a new three-year maintenance contract from Panama Metro (MPSA).The firm will be responsible for the preventive and corrective maintenance of the rolling stock. The 21km viaduct line can transport 16,000 passengers per hour in each direction. Alstom already offered maintenance services for the line, which is under operation since April 2019. As part of the new contract, Alstom already commenced work on Panama Metro’s Line 2. The company intends to use Panamanian technicians and specialists to conduct wor