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Showing posts from May, 2016

Credit Suisse to close Panama private banking office

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Credit Suisse to close Panama private banking office. A Credit Suisse spokesperson said the Panama office closure had been planned for a long time and had nothing to do with the Panama Papers scandal
Switzerland’s second largest bank, Credit Suisse, has confirmed that it is closing its private banking operations in Panama. The news comes just one month after the Panama Papers controversy.
“We will close our advisory office with around 20 employees,” a Credit Suisse spokesperson told Miguel Sanchiz in Panama, confirming a report on the online news platform Finews.ch.
The spokesperson said the closure had been planned for a long time and had nothing to do with the Panama Papers scandal that has rocked the financial world.
A series of reports in April based on millions of documents leaked from the Panama law firm Mossack Fonseca revealed how its lawyers worked with big banks, including Switzerland’s Credit Suisse and UBS Group AG, to create numerous offshore shell companies for world leaders…

CEMEX looking to protect Madden/Alajuela Lake in Panama

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CEMEX looking to protect Madden/Alajuela Lake in Panama. Mining is often considered harmful for the environment but the Mexican multinational CEMEX, dedicated to manufacture building materials, has shown that this is not always the case.
The company was given a concession of 559 hectares to extract limestone in Chilibre, to the east of Panama City, next to the AlajuelaLake, the reservoir of the Panama Canal and the source of water for the Chilibre plant that supplies this vital liquid.

The four mining licenses were given by the Panamanian government in 2015, provoking protests from residents of the lake area and environmentalist groups who said that the mining activity  would affect the ChagresNational Park, threatening the water supply of 1,600,000 Panamanians Since then, CEMEX changed its strategy and is planning to extract limestone now from a smaller area.
Gina Forte, CEMEX Communications Manager said that the company decided to exploit only 34 hectares, which represents 7% of the to…

Citibank drops out from financing line 2 of Metro in Panama

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Citibank drops out from financing line 2 of Metro in Panama. The Line 2 Consortium, responsible for the design and construction of the second line of the Panama Metro, confirmed that Citigroup left the financing structure of the project and that "being negotiated with various institutions who have taken the participation of Citibank".
The Line 2 Consortium said Citigroup output of the financing structure will not impact the execution of the project, which builds up an advance of 15%.  Being a turnkey project, the consortium led by Odebrecht, it was commissioned to seek funding.
The Ministry of Economy and Finance (MEF) approved the structure presented by the contractor, which would have represented a financial cost of $ 213.7 million and would have to be added to the thousand 857.7 million for the design work and construction.
In the structure originally supported, in addition to Citi, there were the Japanese Mizuho Bank and The Bank of Tokyo-Mitsubishi and the New York offic…

The Salsano Group announced today it has acquired 500 hectares of land in Pacora, Panama. The equity deal is worth 125 million USD

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The Salsano Group announced today it has acquired 500 hectares of land in Pacora, Panama. The equity deal is worth 125 million USD. "We are very proud that we were able to close this large transaction. We believe in the growth of Panama and we are bullish on Pacora and Chepo. The Government and the MOP are investing in this area in infrastructure as the city of Panama is growing east.”
Line 2 of the New Metro will service the area. Highway from Pacora to Chepo will be expanded by the Public Works Ministry (www.mop.gob.pa). A few kms from the project, land prices are 10 times higher (around 250 USD / sq mt). The legal advisor of the transaction was leading law firm Morgan and Morgan
Mr. Sandro Salsano, chairman and president of Salsano Group commented on the successful closing, "We are very proud that we were able to close this large transaction. We believe in the growth of Panama and we are bullish on Pacora and Chepo. The Government and the MOP are investing in this area in i…

DineEquity® Enters Panama With First IHOP® Restaurant Opening In Panama Famed IHOP Restaurant Brand

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DineEquity® Enters Panama With First IHOP® Restaurant Opening In Panama Famed IHOP Restaurant Brand- DineEquity, Inc.® one of the world's largest full service restaurant companies, will enter the Panama market with the first IHOP® restaurant ("IHOP)" opening on May 23 in Panama City, it was announced today by Daniel del Olmo, President of International, DineEquity Inc.  The restaurant is one of six IHOP locations planned for Panama during the next five years under an agreement with franchise partner Collins Rada Group Inc. and its affiliates.
Located in Costa del Este, Avenida Centenario, RadaPlaza, Ciudad de Panamá, the restaurant is expected to bring 150 new jobs to the economy as well as additional tax revenue and ongoing local spending on supplies, ingredients and marketing and other services.
"We are delighted to bring the world famous IHOP menu and hospitality to our guests in Panama," said del Olmo.  "We've been interested in being part of this vi…

Bladex leads successful syndication of a US$59 million 3-Year Senior Unsecured Term Loan Facility for Banco Aliado S.A. (Panama).

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Bladex leads successful syndication of a US$59 million 3-Year Senior Unsecured Term Loan Facility for Banco Aliado S.A. (Panama). Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the "Bank"; NYSE: BLX) announced today the successful closing of a US$59 million 3-year senior unsecured syndicated Loan Facility for Banco Aliado, S.A. ("Banco Aliado").
Established in Panama in 1992, Banco Aliado is the fourth-largest Panamanian-owned bank in terms of consolidated assets and net loan portfolio. The bank is 100% owned by Grupo Aliado S.A., a financial group comprised of renowned Panamanian entrepreneurs with extensive experience in local and foreign trade.
Bladex was the Sole Lead Arranger and Bookrunner, and Administrative Agent for the Facility. The deal constitutes the second international syndicated facility arranged by Bladex in the last two years for Banco Aliado.
The transaction attracted financial institutions from China, Curacao, Panama, Switz…

AB InBev to Transfer SABMiller’s Panama Business (Cerveceria Nacional) to Ambev

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AB InBev to Transfer SABMiller’s Panama Business (Cerveceria Nacional) to Ambev. nheuser-Busch InBev NV agreed to transfer SABMiller Plc’s Panamanian business (Cerveceria Nacional) to Ambev SA in exchange for the Brazilian brewer’s business in Colombia, Peru and Ecuador as the maker of Budweiser focuses on more established markets. The transaction is conditional on AB InBev completing its takeover of SABMiller, the companies said in a statement Friday, without giving financial details.
In addition, Ambev agreed to transfer to AB InBev its business in Colombia, Peru and Ecuador, AB InBev informed shareholders last week to Miguel Sanchiz in Panama.
The exchange would allow AB InBev to focus on countries where the SABMiller businesses were well established and would enable Ambev to initiate operations in Panama and further expand its businesses in Central America.
The transaction was conditional on the successful closing of the proposed business combination between AB InBev and SABMiller, a…

Citigroup revives Panama's Tocumen airport bond sale

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Citigroup revives Panama's Tocumen airport bond sale. Citigroup has revived a bond sale for Panama's TocumenAirport that did not settle as planned after pricing last week, according to two market sources.
The bank is marketing the May 2036 bond issue at a yield of 5.625%, wide to the 5.375% at which the original deal priced on May 4. That deal failed to settle as planned last Wednesday.
Tocumen has announced a minimum size of US$500m for the revived bond sale, compared to the US$625m of the May 4 trade.
Sole lead manager Citigroup told investors in an email seen by IFR on Wednesday that the company was "evaluating appropriate next steps" but did not offer an explanation to Miguel Sanchiz in Panama on why the May 4 deal had been effectively canceled.

Cunningham Energy opens office in Panama

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Cunningham Energy opens office in Panama.Cunningham Energy LLC has reported that it has executed a working agreement with a new international affiliated entity, Cunningham Energy S.A. This new entity based in Panama City, Panama is open as an international business development and sales office.
“Cunningham Energy S.A. was formed to accommodate the needs and interests of international investors seeking access to Oil & Gas participation outside the United States. Panama has extended a warm welcome to our employees, and we are grateful to be doing business in Central America,” commented Ryan Cunningham of Cunningham Energy.

“Our pool of international clients has been expanding, which presents a need to service and cultivate that effort with an international entity and office outside the United States. Our firm is also evaluating possible Oil & Gas operating activities throughout Central and South America.” Cunningham Energy S.A. is located in the recently completed BICSAFina…

Miami Grill Signs Multi-Unit Deal With Panama Developer

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Miami Grill Signs Multi-Unit Deal With Panama Developer. The hottest fast casual brand announces exclusive deal in Panama. The South Florida-based chain has announced its partnership with Almez Comercial, S.A., a multi-unit development company with exclusive rights to Panama.  
“The Miami Grill brand is rapidly growing within the international market and we’re excited to see that growth take us into Panama,” says Robert Haar, VP of Franchise Development of Miami Grill.
Almez Comercial, S.A. is a multi-unit developer that has the signed exclusive rights to open up locations in Panama. The company joins the Miami Grill family as a successful developer with Administradora General de Franquicias. The official leading the team is also a longtime Miami Grill fan, since his days spent traveling with his family, eating at every location from Miami to Orlando. Almez Comercial, S.A. officials became aware of the franchising opportunity through a meeting with Enrique Tellez, a Senior Trade S…

Turkish Airlines begins services to Panama

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Turkish Airlines begins services to Panama. Turkey’s flag carrier Turkish Airlines has added two more nations to its global reach by beginning service to Bogota, Columbia’s capital, and Panama City, capital of Panama. With the integration of these two cities, Panama City and Bogota, the carrier now operates to 14 destinations in 6 countries across the Americas.
The other points across the Americas are Buenos Aires, Sao Paulo, Toronto, Chicago, Houston, Los Angeles, New York, Washington, Boston, Montreal, San Francisco and Miami.
The inaugural flight to Bogota and Panama City was celebrated by M. İlker Aycı, Turkish Airlines’ Chairman of the Board and the Executive Committee, with participation of protocol and media representatives and also Turkish Airlines’ employees at the El DoradoAirport in Bogotá. Andres Ortega, El DoradoAirport’s CEO and Gustauo Him, Republic of Panama’s Ministry of Tourism also welcomed the first flight to these cities.
M. İlker Aycı, Turkish Airlines’ Chairm…

T.Y. Lin International Wins Program Management Contract for 4th Bridge over the Panama Canal

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T.Y. Lin International Wins Program Management Contract for 4th Bridge over the Panama Canal. T.Y. Lin International (TYLI), a globally recognized full-service infrastructure consulting firm, announces that TYLI was awarded the Program Management Contract for the 4th Bridge over the Panama Canal. Continuing the firm’s legacy in the Republic of Panama for the delivery of state-of-the-art transportation projects, the 4th Bridge over the Panama Canal marks TYLI’s third major bridge project involving crossings over the world-renowned canal.
Over the last three decades, starting in 1994, TYLI has been assisting the Republic of Panama Ministry of Public Works (MOP) with the widening and retrofitting of the iconic Bridge of the Americas, which opened in 1962, and facilitating ongoing bridge repair and maintenance. The firm was also responsible for the feasibility study, preliminary design, and final design of the CentennialBridge, also known as the Panama Canal Second Crossing, which opened t…